Budgeting Tips?

trouts mom

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Welp, here I am again 4 days from payday and I only have like $15 for groceries until then..

I am very good at bills and debts and have never had a late payment or anything..but I am not so good at actually having money last until the next payday. This results in crappy food eating for a few days


My friend suggested I cash my paycheck and put all the actual cash in different jars for certain things..ie: food, entertainment..etc..and NOT be allowed to go to another jar when one jar is empty..

Has anyone tried the jar method? Any others good tips? My problem is I am impulsive..I could easily have enough money to last if I just didn't buy "those 4 cds and go for dinner and a movie two nights in a row"


Thanks guys!
 

crazyforinfo

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Originally Posted by Trouts mom

My friend suggested I cash my paycheck and put all the actual cash in different jars for certain things..ie: food, entertainment..etc..and NOT be allowed to go to another jar when one jar is empty..
I do something similar to what your friend said but at the bank. I have multiple savings accounts each with a different purpose.

It might just be a matter of self control which is so hard.
 

lunasmom

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See, I'm the opposite. If I have cash on hand, I automatically spend it. For me its best if it rests in the bank and have all my bills automatically pay when they're due.

You may want to do something such as price out the average you pay per month in bills, including groceries, gas etc. Then whatever is leftover, place that on a Visa gift card. Only take the gift card with you when you go out with friends or buy yourself and use that for dinner, movies, whatever. When you get low and its a new month, refresh the amount.
 

babyharley

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I used to have the same problem

Now, when I get paid, I make a list of what I need to get, like groceries & household necessities & bills that need to be paid, and then whatever money is left, is free to be spent however I wish. If I don't have the extra money after bills & necessities, then no fun for me
 

katachtig

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The most straight-forward thing (and most boring) you need to do is budget. Spend about a month keeping track of all of your expenses. Where are you spending the money? (housing, food, recreation, clothes, etc.) After you have figured it all out, then decide what you want to spend on each area and keep track. Make savings a goal and pay the savings account first when you get a paycheck.

This is something that can be done on a simple spreadsheet.
 

duchess15

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Originally Posted by katachtig

The most straight-forward thing (and most boring) you need to do is budget. Spend about a month keeping track of all of your expenses. Where are you spending the money? (housing, food, recreation, clothes, etc.) After you have figured it all out, then decide what you want to spend on each area and keep track. Make savings a goal and pay the savings account first when you get a paycheck.

This is something that can be done on a simple spreadsheet.
Always pay your bills first. If there is something I want, I always ask myself if I really need it. If not, then I pass it on. I would also look for some things you want online. It's a lot cheaper even with shipping costs and it keeps you from impulsive buying.

Budgeting is your best tool. I have multiple money market funds and always pay into those first. I even have one for Lexi. So with each pay raise, I increase the funds also. I never see the extra money because it goes there first, but it also helps me should I ever need money for emergencies.

Also, when buying groceries if you do a lot of cooking, try to stick to food you can eat as leftovers for at least two days. That may help with the food cost a bit also. If you get meat, split it in portions and that will give you a few extra days also.
 

beck4582

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I make an Excel spreadsheet every month. I automatically subtract my bills out of the total amount before I do anything extra. That way, I know that my checks will clear. Instead of going by what the bank says I have in my account, I go by what my spreadsheet says I have.
 

tierre0

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I am very impulsive when it comes to spending money as well mostly because I use my bankcard for almost everything.
It is way to easy to spend money when you do that though.
Now I generally take $75 in cash from each paycheck and this is what I use for things I would consider for entertainment, e.i. movies, take-out food, impulse purchases(cat toys being the main one). When it's gone well then I just have to wait until next pay.
I have been doing that for about a year and it has worked great...Now I even sometimes have a few bucks left over from that.
 

strange_wings

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Originally Posted by Trouts mom

My problem is I am impulsive..I could easily have enough money to last if I just didn't buy "those 4 cds and go for dinner and a movie two nights in a row"
My suggestion, if you must buy those cds (I'm a music addict too, I must buy 1 or 2 cds a month), find the cheapest way to do so. Used, online, sales, etc. Many online stores are $5-$10 cheaper per cd and some have free shipping. If you like popular, big label stuff - used would be an even better option.
If you have to compare prices some it takes the impulsiveness out of it to a degree and you may even reconsider before you buy - or at least that is my theory.
 

goldenkitty45

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Write down on paper a budget - list the bills, food, entertainment, savings.

Start with savings first - even if its only $10 put it in the savings.

Then figure out approximately how much you usually spend on food a month - divide by the number of times you get paid (weekly, bi-weekly) so you have your food money.

Then the bills.

Then the entertainment.

If you put it in writing you will see where the money goes - trick is to "tell" the money where it is going - if you don't, then it will go where it wants and disappear and you won't know where it went.
 

glitch

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Oh I wish I could give you an idea on how to save cash, but Im broke too! I live paycheck to paycheck, and since my DH is the one getting the paycheck that worth a darn its hard!! I couldn't put 10 in for savings if my life depended on it! Theres no extras here, diapers are $80/month, wipes are $15/month, rent is 525/month, utitilites are 200, so on an so forth! By the time Im done paying bills Im using coupons to get food and snacks for the kids!! And with the price of gas right now!!
 

catlover19

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I am so bad at budgeting. I have almost stopped eating fast food in the last 2 weeks and I have so much more money. My boyfriend got paid yesterday, and we have $65 left out of the $283 we had yesterday (he gets paid weekly, thats why its smaller).

After this month, we are going to start saving half of every pay cheque and all of my boyfriends commission cheques.
 
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trouts mom

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I do write everything down..every single time I get paid. I take out the money for bills..and then with the leftovers I lump the groceries, entertainment, gas all together. I think thats where my problem is...you see if I do too many "entertaining" things, it ends up cutting into my grocery money..and this is where I end up. I use my debit card all the time and lose track that way.

This is why I thought maybe seperate jars of cash for groceries/gas/entertainment..so when my entertainment money is gone..thats it..no more fun for Nat
 

crazyforinfo

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Originally Posted by Trouts mom

I do write everything down..every single time I get paid. I take out the money for bills..and then with the leftovers I lump the groceries, entertainment, gas all together. I think thats where my problem is...you see if I do too many "entertaining" things, it ends up cutting into my grocery money..and this is where I end up. I use my debit card all the time and lose track that way.

This is why I thought maybe seperate jars of cash for groceries/gas/entertainment..so when my entertainment money is gone..thats it..no more fun for Nat
Give it a shot and see how the jar idea works out for you.
 

crazyforinfo

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Originally Posted by Duchess15

Do whatever you think will work for you. That is why I DON'T have a debit card.
Yep. I only use our debit card when we are on vacation. They are just EVIL.
 
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trouts mom

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Originally Posted by Crazyforinfo

Yep. I only use our debit card when we are on vacation. They are just EVIL.
Thats ALL I use..I never even have a dollar on me
 

catlover19

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Originally Posted by Trouts mom

Thats ALL I use..I never even have a dollar on me
Me either. I found $4 in the bottom of my purse today and I have absolutely no idea where it came from.
 
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