The easiest way to manage your money is through careful budgeting. It can be a real pain, but once you start you will no longer freqk out about money issues. First of all track your expenses and income for a month so that you know what you have to work with, then track […]
Written on Sunday, July 20th, 2008 by tommylangley :: 0 comments to this post
The easiest way to manage your money is through careful budgeting. It can be a real pain, but once you start you will no longer freqk out about money issues. First of all track your expenses and income for a month so that you know what you have to work with, then track things that you ultimately have to pay for (ie. food, transportation to school/work, etc.) these things must be essential items.
From this, take another 10% out as savings. It may seem obnoxious but this will make sure you have money if you ever hit a real financial issue, and it will give you wiggle room if you want to make a major purchase.
After that divide the rest of the money up week by week and give yourself a “fun” allowance, this can be used for any extras that are not neccessities, anything you want really. But by giving yourself a set amount per-week you no longer “borrow” money you don’t have yet. If you run into a week where you have a lot of expenses or something extra consider first “borrowing” from another week that you’ve already earned for, or consider borrowing from your savings. Otherwise try and avoid touching your money outside of your allowance. Hope it helps, and good luck!
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