Budgeting help

[African_weasel]

So I just got my first paycheck from my new seasonal job. Since I only worked 9 hours it reminded my how important budgeting is.

Here are my objectives in teh mean time.

Weight under 190LBS
Buy a car
Have more money in the now

I have no bills other than the phone bill and no rent and I'm selling on ebay. If you guys have and pointers for me please let me know.

 

[Ymir]

Spend less than you earn, hahahaha. That's basically the gist of it. And if you have enough money saved, you should put a little bit of it to work for you and invest it.

That's what I know, anyway;

 

[VanillaCreme]

If you buy groceries, use coupons. And always - always - stash money away for incidentals. Even if it's a small amount every time you get paid.

 

[SofiasMami]

I put myself on an all-cash diet and I only spend cash without using a debit card. It hurts more to hand over cash than to just swipe a card. I go to the ATM once a week and give myself a weekly allowance. Once it's gone, that's it.
Last year I put away a few twenties each month to save for Christmas. When December came, I had a nice pile of cash to spend so I could buy gifts, decorations, Nutcracker ballet tickets, etc. without worry. You could do the same for buying a car.

And here is one of my favorite quotes of all time: "Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
From one of the best books ever, David Copperfield. Still holds true some 160 years later.

-Teresa

 

[African_weasel]

I put myself on an all-cash diet and I only spend cash without using a debit card. It hurts more to hand over cash than to just swipe a card. I go to the ATM once a week and give myself a weekly allowance. Once it's gone, that's it.
Last year I put away a few twenties each month to save for Christmas. When December came, I had a nice pile of cash to spend so I could buy gifts, decorations, Nutcracker ballet tickets, etc. without worry. You could do the same for buying a car.

And here is one of my favorite quotes of all time: "Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
From one of the best books ever, David Copperfield. Still holds true some 160 years later.

-Teresa

I've tried the all cash thing. I've used my debit card at least twice, but if I had more practice it will be second nature. Since I do a lot of online shopping I just use my paypal. Thankfully, I have I get ebay sales from time to tim so it helps with the income. Plus I'm working on a second job as well.

 

[user 108508]

So I just got my first paycheck from my new seasonal job. Since I only worked 9 hours it reminded my how important budgeting is.

Here are my objectives in teh mean time.

Weight under 190LBS
Buy a car
Have more money in the now

I have no bills other than the phone bill and no rent and I'm selling on ebay. If you guys have and pointers for me please let me know.

Good for you - sounds like you are headed in a great direction!

Trust the old saying, 'pay yourself first'. I would recommend taking 10-15% of every paycheck or online sale and put it right into a savings account that is not to be touched, unless it is a *true* emergency. If you don't have a bank account yet, put it in an envelope and out of sight. Be consistent with your contributions and just forget about it. You'll be glad you did later.

I would then suggest giving yourself an 'allowance' - again, consistency is key, if you are able. Pick an amount that you know you can handle, don't overshoot it. That is your 'in the now' money that you mentioned. Eating out with friends, movies, DVDs, electronics, whatever.

Then, you can pay the phone bill and save for a car with the balance. Any additional expenses could be accommodated, as well.

I hope that helps and best of luck to you. I really believe you can do this.

 

[African_weasel]

So I just got my first paycheck from my new seasonal job. Since I only worked 9 hours it reminded my how important budgeting is.

Here are my objectives in teh mean time.

Weight under 190LBS
Buy a car
Have more money in the now

I have no bills other than the phone bill and no rent and I'm selling on ebay. If you guys have and pointers for me please let me know.

Good for you - sounds like you are headed in a great direction!

Trust the old saying, 'pay yourself first'. I would recommend taking 10-15% of every paycheck or online sale and put it right into a savings account that is not to be touched, unless it is a *true* emergency. If you don't have a bank account yet, put it in an envelope and out of sight. Be consistent with your contributions and just forget about it. You'll be glad you did later.

I would then suggest giving yourself an 'allowance' - again, consistency is key, if you are able. Pick an amount that you know you can handle, don't overshoot it. That is your 'in the now' money that you mentioned. Eating out with friends, movies, DVDs, electronics, whatever.

Then, you can pay the phone bill and save for a car with the balance. Any additional expenses could be accommodated, as well.

I hope that helps and best of luck to you. I really believe you can do this.

I got two bank accounts about to have a savings. My limit is about 120$ depending on the paycheck and looking for a second job as the one I have maybe temporary.

 

[SofiasMami]

Sounds to me like you'll be just fine, just keep doing what you're doing.

-Teresa