Sticking To A Budget!

Discussion in Bank Accounts started by jamiew23 • Mar 29, 2015.

  1. jamiew23

    jamiew23Member

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    Has anyone got any tips on how to stick to a weekly budget?

    I'm at University at the moment and I completely suck and sticking to a budget and always end up going well over! I really want to save money up for the summer so I can get insured on my car again and go on a few adventures but I'm worried that I won't be able to afford it.

    I need a strict plan that I can follow each week! Any tips?
     
  2. clairebeautiful

    clairebeautifulActive Member

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    What kind of expenses do you have in college? The first thing you need to do is actually CREATE a reasonable budget, meaning, write down the things you absolutely MUST pay each month. Then, deduct these things from your paycheck.

    When we were first married, our budget list included (in order of importance):
    • tithe (10% off the top)
    • savings (10% into IRA's)
    • mortgage (or rent)
    • insurance (health, car, homeowners)
    • utilities (electric, phones, internet, water)
    • groceries
    • entertainment/fun
    You can see where entertainment, at the very bottom, was the lowest priority, and food was just above that. This meant that if there was nothing left from the paycheck at the end of the month, we did not eat out, or get gifts, or go to movies, etc. It also meant we had chicken more often than beef, if necessary.

    The only way to stick to a budget is to practice self control. Helps if you make all the non-negotiables auto-draft from your bank account. It also might help you (as you are in college) to have a debit card rather than a credit card, so that if the money is gone, you simply cannot pay.

    One thing listing your expenses will show you is if you are even making enough money to afford your current cost of life. If you are not, you might need to get another roommate, drop your car and take public transportation, or get another job.
     
  3. Lushlala

    LushlalaWell-Known Member

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    I would say exactly the same thing. Draw a budget, write it down, arrange direct debits and stick to it religiously. When you have monthly direct debits, it hurts when you see the money coming in and going out just as fast, but you have the assurance that everything on your budget is covered. That way what's left is basically for your groceries shopping and maybe if you're lucky a little extra spending money, if you're lucky.

    I would also stay clear of credit and store cards!
     
  4. jamiew23

    jamiew23Member

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    Thanks for the tips! I'd never think about getting a credit card so no worries there!

    I'll right down a list and stick to it! The problem is I'm in first year and everyone wants to go out and I guess I don't want to miss out but I'll have to stay strong! Maybe if I put aside a few pounds every week I can treat myself to a night out with everyone :)

    I'm going to try and hunt down cheap food alternatives to what I'm eating at the moment, things like rice and pasta.
     
  5. Gelsemium

    GelsemiumWell-Known Member

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    Fortunately I don't stick to a plan, but I do pile up expenses at the end of the month. At the beginning of the month I might spend a little more, but at the end when there's no money left I just contract and wait until the end of the month.
     
  6. jamiew23

    jamiew23Member

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    Haha fair enough, I'm really going to have to budget my money though if I'm going to afford having a good summer so need to stick to some sort of plan. When I go back to uni after Easter I'm going to write a list of expenses and stick to it :)
     
  7. pwarbi

    pwarbiActive Member

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    Ive found the only way is to write everything down, then put them in order, most important expense first. At least that way you have an idea where your money is going. Its very easy to buy this and that because they don't cost a lot, end of the month though it all adds up.

    What I think IS important as well though, is to make sure you do have some money left for the fun things as well though, nobody wants to live just to pay bills.
     
  8. Rosyrain

    RosyrainActive Member

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    Something that helps me is to put all of my cash into envelope and label them with spending categories. You then stuff each envelope with the amount of money you can devote to each. Once that money is all gone, you are done spending. This method of budgeting does require discipline.
     
  9. kjonesm1

    kjonesm1Active Member

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    This is awesome advise! I'm certainly not in school, but have always had issues budgeting and handling my money in general. I tend to find money saving deals, but end up splurging on something else. It's quite counter productive, but I need to establish a plan for real. Thanks for the tips.
     
  10. May102014

    May102014Active Member

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    I always have trouble sticking to a budget since my university days. I find it hard to control myself that I always ends up spending more than my budget. I am left with so little money at the end of the month. Asking for more money from my parents is not even an option for me. So to make both ends meet, I try to stretched out whatever little amount I have left, or worse, borrow money from my friends.

    Now that I am earning my own money, I am slowly learning how to control myself. Money does not grow on trees and I have to be wise in spending it. Something that helps me is to carry or bring just enough money whenever I go out. I only carry certain amount of money and some of it I left in the house along with my debit and credit cards. This works for me and I have been doing this everytime I go out in the house.
     
  11. Lushlala

    LushlalaWell-Known Member

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    Well done, Jamiew23! Not many people are able to resist the lure of "free money" provided by credit cards, because sometimes things are so tight; you really have no other option! I've been there, done that. -and my best advice would be; stay on that track and just NEVER go there. Only consider it if you can afford it because you have a job, and you know you can be disciplined enough to settle your balance in full every month to avoid the extortionate interest fees :)
     
  12. pwarbi

    pwarbiActive Member

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    If your living on a budget in the first place I think credit cards are the last thing that people need. It just becomes yet another expense that you have to lay back at the end of the month meaning of course that your budget is even smaller then it was before.
     
  13. thenextGeek

    thenextGeekActive Member

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    Consider your everyday expenses first. Take note of how much you spend for food, water, and lodging. Also add the expenses for electricity bills and phone bills. Compute for your total weekly expenses and get the amount from your weekly allowance.

    Let's say your total expenses for the week is 257$ and your weekly allowance is 300$. Get the 250$ from your allowance and put your 50$ in the bank. This way, you can save money while still making an extra 7$.
     
  14. S.O. Price

    S.O. PriceActive Member

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    I write down every single purchase I make. It's not that hard once you get used to it and it really helps you to determine where your money needs to go and where you are wasting money. It can be difficult to budget down to the penny because unexpected expenses do come up. So.... that means you should have a little wiggle room in your monthly budget just in case. If nothing unexpected comes up, then take any $ left over and sock it away for future unexpected expenses.
     
  15. Dora M

    Dora MWell-Known Member

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    It might sound ridiculous to you, but I have been religiously sticking notes and coins into my piggy banks. It's amazing ho w much money accumulates at the end of the month. But the trick is to get a piggy bank that you can't open easily. :) Or get one that you can't open at all, and see how long it takes until it's full.
     
  16. jamiew23

    jamiew23Member

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    I'd never do a credit card I really don't like the idea of them.

    I'm going to buy one of those money saving tins that can only be opened by a bottle opener ;) The advise you've all given it great so thank you very much! I might have a look into an iPhone app too where I can keep track of what I'm buying :)
     
  17. ACSAPA

    ACSAPAWell-Known Member

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    I used to do the envelopes in college. It works because you can see the actual amount of cash that you have to use in each category. When you see it as actual, concrete money, you're less likely to be wasteful with it because you can see it running out. It's easier to lie to yourself about your finances when you're using credit.
     
  18. Rosyrain

    RosyrainActive Member

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    I am not always the best at keeping track of my debit card and credit purchases and so using these cards is horrible for my budget. I tend to reserve the cards for bill payments and making online purchases. Like ASAP said, you are much more accountable for the actual cash that you have. I am more likely to think twice before buying something of I have to pull actual money out of my wallet.
     
  19. DrRipley

    DrRipleyExpert

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    If you can try and make all of your transactions in cash you could try separating all your small expenses by dividing your cash accordingly. I believe this works best because you are able to have a visual guide of what you are keeping track of which would make it easier for you to figure out if you are running low or have a bit extra on certain days.
     
  20. xTinx

    xTinxWell-Known Member

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    Let me give this a try. But then again, you're free to adopt suggestions that suit your better judgment:
    • List down your itinerary everyday and see if somewhere in between, you can avoid commuting.
    • Plan your menu or the food you'd like to eat throughout the week or month and then set aside an amount specifically for purchasing food.
    • Try to avoid eating out (especially at burger joints or fast food restaurants). This will save you a lot of money.
    • Get online gigs for extra income.