@Guest - You certainly seem to be maximizing interest rates, fees, and even the environmental factor with electronic statements. Any particular reason why you are keeping over 50k in cash? http://www.wisebread.com/asset-allocation-for-all-markets
I tried using Mint.com for a couple of months, religiously adding every tiny little daily expense into the site. I live outside the country and can't have a bank account here so I pay cash for everything. So the site couldn't track my expenses because I hardly ever pay with plastic. So it got really, really time consuming to categorize every expense I was entering and it got to be way too time-consuming. I kind of fell off the wagon and now I'm just trying to be extra mindful of what I buy, but as we all know, that doesn't always work. It'd be interesting to hear about cash-only spenders and how they set up a budget for themselves....
I was referred to the EAP program for financial difficulties. I made the mistake of stepping into an empty office to take an unpleasant call and was caught looking distraught. I only work 12-20 hours a week with no benefits.
One of the referrals the EAP gave me was Goodwill job services for the disabled. I am not disabled, but you can bet the company will use it to fire me, even though they said that was not in the works (yeah).
My concern is that any future employers will balk at hiring me because I was forced to call EAP.
My only problem is finding a full time job that will pay the bills :(
I try to follow a budget but it seems a little too obsessive and strict for me. I mostly just pay myself in savings first, allocate money to fixed expenses and throw money in several "irregular" spending accounts. I find that it works well for me, but I find myself beating myself up for not "saving" enough...kind of like the reverse of how I am with being on a diet.
So instead of being hard on myself, I just look at what I do ultimately save every year and that I have zero credit card debt. That's enough! I want to enjoy my money as well, since that is the purpose of it, to be spent.
As far as being taught, I kind of taught myself with a lot of online reading and blogs which I use the tips that seem to work into my lifestyle. I learned by my parents in that I should NOT do what they did.
I try to budget and do ok with one, but it is not set in stone. We have had to get creative with job lay offs and health probs, but we are making it and we have a good outlook for the future. All will be ok.
I budget and track spending on a monthly basis. My budget allows me to plan for my savings (403(b), Roths, and personal saving accounts) and expected expenses (mortgage, phone, Netflix, gym, etc.). I also set up "buckets" for grocery and gas. The rest of the money leftover is a "free for all" bucket that is used to buy everything else - clothes, household goods, restaurants, gifts.
I track my spending so that I know when I am over or under budget. When I'm under at the end of the month, I move that amount from checkings to savings of some kind. And the reverse if I'm over -- so I always have enough in my checking either way.
I think this could be called zero-sum budgeting, but I am not sure.
I do a written budget for every pay period, adding items that are anticipated in ahead of time also. I started doing a budget after many years of $ just slipping through our fingers with little to show for it. It gives me a sense of control and calm that is so much better than the chaos of not planning ahead. As to where I learned to budget, It was the Dave Ramsey show that finally got the concept to make sense to me.
Thanks for all the great articles and inspiration you provide here, I learn a lot from WiseBread.
I started using the old "envelop method" when I started college because I had a small amount of money that needed to last the entire semester. It evolved from there to a spreadsheet system, but is still just "money in a bunch of buckets".
To be successful, you have to be determined, committed and willing to make sacrifices. Don't worry about keeping up with the Joneses and don't get sucked into rampant consumerism, unless, of course, you've budgeted for it! :-)
I swear by sweet almond oil for a natural moisturizer. It's light, non-greasy and a tiny bit it all you need for face, body and massaged through dry hair.
Saw this linked from LifeHacker, and thought, "What a great idea!", and then saw all the gotchas. Probably wouldn't do this either, for the reasons mentioned.
How about this as an alternative, especially given the new "no overdraft" rules: create an account at a bank other than your main one, get a debit card on that account, and load that account with the money you intend to use. I still would carry some other cards in a really secure place as backup, but this would stop-loss you in case of theft or fraud. Could probably also arrange some way of EFT from your other bank into this one if needed, but of course that creates other potential losses...
No. But I do track all my spending. I don't budget in savings either -- I save whatever is leftover at the end of the month. I save more that way instead of budgeting away all my money.
Our version of a budget means sitting down every saturday to review a calender with bills that are monthly plotted in.We also have envelopes that hold money for the week to be used as the holder sees fit(lunch-Starbucks-any splurge).This is when we strategize for future goals and where the money will come from, months with 3 checks or tax return,rebate money etc.can be planned for these future goals.We roll change,take back bottles to fill an envelope.We both are paid every 2weeks on opposite weeks so the budget is run on 2 checks per person each month after deductions have come out for 401K/insurances so we live on that money for gas/electric,groceries,water,cell phones when what we deamed necessities are paid first.
I don't budget in a strict sense of the word. I DO track monthly spending on a spreadsheet modeled after business P&L reports. I spend no more than an hour every month entering in data from paystubs, bank account, and the single credit card I used to use (for six months only to have some history with it, now it sits in a drawer).
There are columbs for each month, as well as an annual (year-to-date) total, and YTD percentage of gross income for each expense. Expenses, even including payroll taxes, deductions, and IRA contributions go downward under each month. And the bottom two rows are total cash flow, in dollars and as a percentage. It's not always a posative number(I've have two negative cash flow months this year), but every negative cash flow month is followed by a much more posative cash flow month.
The simple act of tracking spending affects how I spend. I think it tends to work better for me than a budget because it doesn't neglect those periodic expenses that don't occur every month. I think it's difficult, psychologicly, for most of us to cram a semiannual auto insurance payment into a monthly budget. It's way too easy to borrow from that "car insurance envelope" one month and then forget to double up next month. It's also a more goal-oriented approach rather than a list of dos and don'ts.
I think tracking, especially when you do it month to month, and for the year in total, is the key to getting off the paycheck-to-paycheck cycle. It forces you to look at the big picture and make lasting adjustments to your financial habits. Rather than looking for places to sacrifice to make ends meet, you look at how much something is actually costing and decide that it's not worth it. Giving it up becomes a good thing rather than a sacrifice.
I could really use this book. My fiance and I recently got engaged and are paying for the majority of the wedding on our own. We are both senior finance majors who are continually piling up student loans. I have a stable job, but my fiance was laid off 6 months ago as a result of a certain large cell-phone carrier making huge employee layoffs in order to raise their stock price.
We are about to start our life together in a rough economy, with mounting debts that have paid for our supposed "leg-up" in the world, and I would really like to start off on the right foot. As newlyweds, I do not want money to be an issue and this book could help us on that path.
I'm a newbie to budgeting. I had almost 9K in credit card/random debt when I started..and I'm at 4K now. I'm excited to see that amount going down..down...GONE SOON! I have my amazing boyfriend to credit for the change. I'd always had what I thought was a 'budget', it was called 'pay the bills, and anything left-spend!' Savings? who needs it. It's been a process to re-learn how to really value the money I have, to save for emergencies and the future, and to see where my money was going. It's actually VERY freeing to have a budget.
My budget is constantly a Work-in-Progress. Of course we know what our fixed expenses are, but I make a budget for Everything Else every two weeks because that's when my husband gets paid.
I'm constantly having to think ahead so I won't be surprised when things pop up (because I'm not going to dig into savings for pop-ups). For example, school pictures are in two weeks so I know I need to allocate at least $40 of our miscellaneous money for those.
It's a CONSTANT work in progress. When my husband sees me scribbling in a notebook, he knows I'm "figuring". It drives me bonkers sometimes but it also works really well for us.
I try to budget. Really I do. As a master's student in graduate school, I am living off loans. My loan refunds come in at the beginning of the semester and that amount is what I have to live off of for the next three or four months. So, when I started graduate school I set up an Excel spreadsheet where I kept track of all my expenses. I have a general amount I try and stay under for each category (especially the variables such as food and gas). But I do have a set amount each month that I cannot go over. This is so my refund lasts me until the next semester.
I don't have a written budget, but I have a general idea of what I can spend and on what. For things other than necessities (rent, utilities, groceries), I use only one credit card and only charge what I can pay off at the end of the month. This helps keep my spending in control for things like entertainment, travel, clothing, etc.
@Guest - You certainly seem to be maximizing interest rates, fees, and even the environmental factor with electronic statements. Any particular reason why you are keeping over 50k in cash?
http://www.wisebread.com/asset-allocation-for-all-markets
I tried using Mint.com for a couple of months, religiously adding every tiny little daily expense into the site. I live outside the country and can't have a bank account here so I pay cash for everything. So the site couldn't track my expenses because I hardly ever pay with plastic. So it got really, really time consuming to categorize every expense I was entering and it got to be way too time-consuming. I kind of fell off the wagon and now I'm just trying to be extra mindful of what I buy, but as we all know, that doesn't always work. It'd be interesting to hear about cash-only spenders and how they set up a budget for themselves....
@Waldemar - I certainly think that setting up a special account for travel can be a great tool for stop-loss purposes as well as budgeting purposes.
Here's some more info on using your debit card abroad:
http://www.wisebread.com/travel-and-money-using-your-debit-card-on-the-road
@Karen - Are there no fees associated with owning said MC prepaid debit card?
You had me at "neighborhood garage sale event." Those exist? How do I organize one of those in my community?
I was referred to the EAP program for financial difficulties. I made the mistake of stepping into an empty office to take an unpleasant call and was caught looking distraught. I only work 12-20 hours a week with no benefits.
One of the referrals the EAP gave me was Goodwill job services for the disabled. I am not disabled, but you can bet the company will use it to fire me, even though they said that was not in the works (yeah).
My concern is that any future employers will balk at hiring me because I was forced to call EAP.
My only problem is finding a full time job that will pay the bills :(
I try to follow a budget but it seems a little too obsessive and strict for me. I mostly just pay myself in savings first, allocate money to fixed expenses and throw money in several "irregular" spending accounts. I find that it works well for me, but I find myself beating myself up for not "saving" enough...kind of like the reverse of how I am with being on a diet.
So instead of being hard on myself, I just look at what I do ultimately save every year and that I have zero credit card debt. That's enough! I want to enjoy my money as well, since that is the purpose of it, to be spent.
As far as being taught, I kind of taught myself with a lot of online reading and blogs which I use the tips that seem to work into my lifestyle. I learned by my parents in that I should NOT do what they did.
I try to budget and do ok with one, but it is not set in stone. We have had to get creative with job lay offs and health probs, but we are making it and we have a good outlook for the future. All will be ok.
I budget and track spending on a monthly basis. My budget allows me to plan for my savings (403(b), Roths, and personal saving accounts) and expected expenses (mortgage, phone, Netflix, gym, etc.). I also set up "buckets" for grocery and gas. The rest of the money leftover is a "free for all" bucket that is used to buy everything else - clothes, household goods, restaurants, gifts.
I track my spending so that I know when I am over or under budget. When I'm under at the end of the month, I move that amount from checkings to savings of some kind. And the reverse if I'm over -- so I always have enough in my checking either way.
I think this could be called zero-sum budgeting, but I am not sure.
I do a written budget for every pay period, adding items that are anticipated in ahead of time also. I started doing a budget after many years of $ just slipping through our fingers with little to show for it. It gives me a sense of control and calm that is so much better than the chaos of not planning ahead. As to where I learned to budget, It was the Dave Ramsey show that finally got the concept to make sense to me.
Thanks for all the great articles and inspiration you provide here, I learn a lot from WiseBread.
I started using the old "envelop method" when I started college because I had a small amount of money that needed to last the entire semester. It evolved from there to a spreadsheet system, but is still just "money in a bunch of buckets".
To be successful, you have to be determined, committed and willing to make sacrifices. Don't worry about keeping up with the Joneses and don't get sucked into rampant consumerism, unless, of course, you've budgeted for it! :-)
I swear by sweet almond oil for a natural moisturizer. It's light, non-greasy and a tiny bit it all you need for face, body and massaged through dry hair.
I'm working my best to follow one now, 1 month is so far so good!
Saw this linked from LifeHacker, and thought, "What a great idea!", and then saw all the gotchas. Probably wouldn't do this either, for the reasons mentioned.
How about this as an alternative, especially given the new "no overdraft" rules: create an account at a bank other than your main one, get a debit card on that account, and load that account with the money you intend to use. I still would carry some other cards in a really secure place as backup, but this would stop-loss you in case of theft or fraud. Could probably also arrange some way of EFT from your other bank into this one if needed, but of course that creates other potential losses...
No. But I do track all my spending. I don't budget in savings either -- I save whatever is leftover at the end of the month. I save more that way instead of budgeting away all my money.
Our version of a budget means sitting down every saturday to review a calender with bills that are monthly plotted in.We also have envelopes that hold money for the week to be used as the holder sees fit(lunch-Starbucks-any splurge).This is when we strategize for future goals and where the money will come from, months with 3 checks or tax return,rebate money etc.can be planned for these future goals.We roll change,take back bottles to fill an envelope.We both are paid every 2weeks on opposite weeks so the budget is run on 2 checks per person each month after deductions have come out for 401K/insurances so we live on that money for gas/electric,groceries,water,cell phones when what we deamed necessities are paid first.
I don't budget in a strict sense of the word. I DO track monthly spending on a spreadsheet modeled after business P&L reports. I spend no more than an hour every month entering in data from paystubs, bank account, and the single credit card I used to use (for six months only to have some history with it, now it sits in a drawer).
There are columbs for each month, as well as an annual (year-to-date) total, and YTD percentage of gross income for each expense. Expenses, even including payroll taxes, deductions, and IRA contributions go downward under each month. And the bottom two rows are total cash flow, in dollars and as a percentage. It's not always a posative number(I've have two negative cash flow months this year), but every negative cash flow month is followed by a much more posative cash flow month.
The simple act of tracking spending affects how I spend. I think it tends to work better for me than a budget because it doesn't neglect those periodic expenses that don't occur every month. I think it's difficult, psychologicly, for most of us to cram a semiannual auto insurance payment into a monthly budget. It's way too easy to borrow from that "car insurance envelope" one month and then forget to double up next month. It's also a more goal-oriented approach rather than a list of dos and don'ts.
I think tracking, especially when you do it month to month, and for the year in total, is the key to getting off the paycheck-to-paycheck cycle. It forces you to look at the big picture and make lasting adjustments to your financial habits. Rather than looking for places to sacrifice to make ends meet, you look at how much something is actually costing and decide that it's not worth it. Giving it up becomes a good thing rather than a sacrifice.
Hello ok I never heard about Hand Exfoliator, I try thank let me know ok smile .
I could really use this book. My fiance and I recently got engaged and are paying for the majority of the wedding on our own. We are both senior finance majors who are continually piling up student loans. I have a stable job, but my fiance was laid off 6 months ago as a result of a certain large cell-phone carrier making huge employee layoffs in order to raise their stock price.
We are about to start our life together in a rough economy, with mounting debts that have paid for our supposed "leg-up" in the world, and I would really like to start off on the right foot. As newlyweds, I do not want money to be an issue and this book could help us on that path.
Thanks for the consideration!!
I'm a newbie to budgeting. I had almost 9K in credit card/random debt when I started..and I'm at 4K now. I'm excited to see that amount going down..down...GONE SOON! I have my amazing boyfriend to credit for the change. I'd always had what I thought was a 'budget', it was called 'pay the bills, and anything left-spend!' Savings? who needs it. It's been a process to re-learn how to really value the money I have, to save for emergencies and the future, and to see where my money was going. It's actually VERY freeing to have a budget.
Good luck everyone!
My budget is constantly a Work-in-Progress. Of course we know what our fixed expenses are, but I make a budget for Everything Else every two weeks because that's when my husband gets paid.
I'm constantly having to think ahead so I won't be surprised when things pop up (because I'm not going to dig into savings for pop-ups). For example, school pictures are in two weeks so I know I need to allocate at least $40 of our miscellaneous money for those.
It's a CONSTANT work in progress. When my husband sees me scribbling in a notebook, he knows I'm "figuring". It drives me bonkers sometimes but it also works really well for us.
I try to budget. Really I do. As a master's student in graduate school, I am living off loans. My loan refunds come in at the beginning of the semester and that amount is what I have to live off of for the next three or four months. So, when I started graduate school I set up an Excel spreadsheet where I kept track of all my expenses. I have a general amount I try and stay under for each category (especially the variables such as food and gas). But I do have a set amount each month that I cannot go over. This is so my refund lasts me until the next semester.
Buy loose sage leaves and make a strong tea- reduces sweat by 50%- trust me it works!!!!!!
I don't have a written budget, but I have a general idea of what I can spend and on what. For things other than necessities (rent, utilities, groceries), I use only one credit card and only charge what I can pay off at the end of the month. This helps keep my spending in control for things like entertainment, travel, clothing, etc.
I think the organic products are also a niche to be considered.