Budget Help!
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Budget Help!
| Thu, 03-23-2006 - 4:09pm |
Hi All-
I'm making some serious plans to move out of my mother's house ASAP! I'm trying to get the hell out there within the next 2 months! I need help with figuring out a budget... I've been guilty of not doing a proper budget and then getting myself into trouble later down the line... hehe SIGH
Is $450 a month too high or too low? I'm not counting rent or utilities, credit cards, daycare... that's on a separate budget/expense I've accounted for...
This is for personal budget.
Example:
$200 Gas (planning on moving closer to work to avoid this cost)
$150 Groceries
$100 Entertainment/MISC
What might I add, lessen on the list?
Thanks for any help,
PoolDiva

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I don't know where you live, but is bussing or public transportation an option? I have to drive part-way and park/ride, but I am saving almost $45 a WEEK in gas, with the prices as high as they are. That's almost your entire gas budget. Plus, you can factor in long term wear/tear on your vehicle, which I don't know if you've budgeted for, but if not, you should, or have an emergency savings, even if it's only $10 from every paycheck that you put aside.
Also, clip coupons, shop sales for groceries. I buy in bulk to save money when I can, (like giant packs of toilet paper, paper towels, laundry soap, etc. from Wally World or whoever has the best deals when I'm shopping for it.)
Budgeting is so not my strong point, I'm a complete shopaholic, so I hope the others give you good advice!
Good luck!
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I would write more, but am on my way out the door!
Stephanie
I am (and I know Aly (babypookie)) on the DASP board is an AWESOME budgeter. We have tons of advice on how to save money and I can run through suggestions if you want, but as far as a true budget for you personally, I would have to see everything you spend/make in a months time to be able to help you set something up. I am not asking you to post it all on here, of course! ;)
This is what I do. I make an excel spreadsheet for every month. I keep track of anything I buy--and I mean anything. I take all my reciepts at the end of the day and log them. Then I match it to my bank site to balance it all out. I know where every cent of my money goes and it helps me think about what I have due and if i really NEED something or just WANT it. I also budget $10-20 dollars for b-day gifts for people for the month. Everyone understands I am a single mom and I search for very nice small gifts that are meaningful to the person.
I am also a good saver, though this year has been rough with gas and heat being SO expensive. I might have to give in and call my power company to ask to make payments...ugh! That thought is killing me and I don't want to do it!
I do have a life ins policy that I can cash in later (or not), and I also have an IRA and a 529 plan for my kids. I am working really hard to get my credit cards paid off by the end of this year, too, but I am also not doing well with that because I just don't seem to have as much left over as I would like and I would rather save it and make the minimum payment for some reason. I don't know what's wrong with me. Money makes me feel secure and the higher dollar amount I have, the better I feel.
Anyway, I would account for what you spend now so you can have a realistic feel of what you can cut and not cut out. Always, always over estimate!! ;)
--snow
My suggestion for a budget is to take out the cash you figure you'll need for either the month, or between paycheques and leave your cards at home.
The groceries seem low.
Hi Pooldiva,
The others have given GREAT advice. First's excel chart is very detailed and organized. Snow is very detailed in her recording and she is right - every cent matters.
I have experimented with all sorts of ways of keeping myself on a budget. One of the best is to list how many paychecks you get each month and then arrange the bills coming out of each so each bill is paid on time. This helps manage cash flow.
Of course I agree that you have to make a list of everything you spend in a month and categorize it so you have a realistic feel for how much you need and where to cut. It helps a lot to ask yourself on each purchase - do I really need this? And how can I get it even cheaper. Do you have to get your hair blowdried? Can you just get it wet cut? Can you get rid of extraneous items like cable tv packages? Or too much insurance?
You also need a long range plan to increase your networth so you are more independent. I feel this is important in all aspects of life - it helps you have self esteem and a goal to work on. You may want to figure a way to increase your earnings - go to school or ask about new opportunities where you work. Or buy your own place - even if a small condo or townhome. And to pay off debt and start a little savings.
I like to make a total for all bills and then figure an amount I can spend as extra for a month. I use Microsoft Money and set up bills on a monthly basis - then pay them 3 months out so I can watch cash flow and keep things tight as needed.
It is fun to read how everyone does this and gather new ideas - I am sure we will all learn a lot.
Good luck with your move and keep us posted!
I think this is my first post here (single mother of 4) but you might want to reconsider $150 a month on groceries for sure - does that include everything like cleaning products, household paper supplies etc? Use of
Thank you to everyone who posted! It was good to hear different things and get some much needed support!
I am a little scared to move out, only because of my mother's reaction, guilt-trip, and ridiculing... I know that when I move out this time, I will be completely cut off, and I have to make sure I have all my bases covered.
I want this to be the last time I'll need her help financially... even if it means me suffering a little bit in the short term. Short-term strain for long-term gain...
I think all of you have a point on upping the groceries to included things as shampoo, laundry detergent, etc... I'm hoping to find something either closer to work and/or closer to the daycare to shorten the commute and shorten the gas/mileage on my car.
Right now it takes me nearly an hour to drive my son to daycare, and then from daycare to work. I leave the house at around 7:30am and get to work a little before 8:30am...
Thanks again, please keep the advice coming!
PoolDiva
Stephanie
Diva,
I think you should keep your plans to yourself and not tell your mom.
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