brianthephysicist Posted July 7, 2012 Share Posted July 7, 2012 So for most of my life, I've either been under the rule of 'my parents give me $X so that's how much I will spend' or, after I moved out, 'I'm earning $X a month and it costs $Y to live here and go to school but since Y>X, I officially have no money and can't buy anything other than what's absolutely necessary.' When my money situation stabilized to where I'm bringing in more money than I absolutely need to live, I started running into the problem of starting to spend too much money on stuff. Generally I wouldn't spend too much money on myself, but I would spend most of it on things I consider good things, like when a person invites me over their house for a party, I would bring something like beer, dessert, etc. whereas previously I couldn't afford to or like donating to charities or like returning the favor of all the people that invite me over their houses and invite them over my house or like faith based events (retreats, etc.). I don't have a good sense of how much is too much. I want to be able to do these good things, but I also want to save money for my future and for emergencies. As of right now, I know how much money I spend on rent (utilities incl.), gas, tithing, and school. I'm just trying to get a better understanding of what goes into figuring out what to do with the rest of my money. I guess I'm just looking for people to ramble on about their experiences and a little bit of the thought process behind this. Thanks everyone! Link to comment Share on other sites More sharing options...
Brother Adam Posted July 7, 2012 Share Posted July 7, 2012 Dave Ramsey's Financial Peace University. Link to comment Share on other sites More sharing options...
Jaime Posted July 7, 2012 Share Posted July 7, 2012 I was horrible at budgeting for a long time. Like really bad. But then I worked with a "budgeting mentor" to set up my finances. I put everything that was a monthly payment on autopay. Then I looked at the things that I would eventually have to buy again (clothes, car, tires, furnace, etc) and figured out how much money I needed to set aside for the eventuality of these things. So for example, I might put 30 bucks away each month for my clothing allowance and 25 for Christmas presents. then I was left with how much money I could spend on food gas and fun. It was surprisingly less than I anticipated. The discipline of keeping to the budget was not easy. It took six months to a year to finally get comfortable with it. But it was the budgeting that saved me years later when I was unemployed. Link to comment Share on other sites More sharing options...
morostheos Posted July 7, 2012 Share Posted July 7, 2012 I would recommend signing up for an online financial management tool, like Mint. They will help you to track where your money is going and how it varies month to month. From there you can create a budget. First you calculate the money you spend on bills, savings (retirement, emergency and general), and other necessary expenses. Then you can divy up what's left over into categories of other things you spend money on. A website I have learned a lot from is LearnVest. It is geared towards women, but the financial advice is going to be the same for both men and women. I actually learned about it from a man who loved it! [url="http://www.learnvest.com/knowledge-center/budgeting-101/"]Here's an article on budgeting they have[/url]. I also highly recommend their bootcamps for getting a budget created and other financial stuff. Link to comment Share on other sites More sharing options...
CatherineM Posted July 7, 2012 Share Posted July 7, 2012 [quote name='Brother Adam' timestamp='1341672823' post='2453119'] Dave Ramsey's Financial Peace University. [/quote] Double ditto Link to comment Share on other sites More sharing options...
Ed Normile Posted July 7, 2012 Share Posted July 7, 2012 So, $X and Y is money ? Thankfully here in America we have coins and bills that are clearly marked on them what they are worth, no wonder you are having a hard time.... ed Link to comment Share on other sites More sharing options...
MissyP89 Posted July 7, 2012 Share Posted July 7, 2012 (edited) [quote name='Brother Adam' timestamp='1341672823' post='2453119'] Dave Ramsey's Financial Peace University. [/quote] I've heard so much good about this. Brian, I'm ~90% certain Jesse and Elsie went through it together. Couldn't hurt to ask him. For me, budgeting has to do with setting specific goals as far as how much you're looking to save or what you want to buy *when*. But my experience is limited and I can't really articulate it. ETA: The online financial peace uni is a 16-week course for $100. Rofl. Edited July 7, 2012 by MissyP89 Link to comment Share on other sites More sharing options...
xTrishaxLynnx Posted July 7, 2012 Share Posted July 7, 2012 Looks like others have got it pretty much covered, but don't forget if you get the Sunday paper and/or you have a printer to check out the inserts or printable coupons for stuff you normally buy. I regularly save 50-80% on groceries using coupons, sometimes even more. It helps to not be brand-loyal, but even if you are you can save a lot. Link to comment Share on other sites More sharing options...
Groo the Wanderer Posted July 8, 2012 Share Posted July 8, 2012 (edited) [quote name='Brother Adam' timestamp='1341672823' post='2453119'] Dave Ramsey's Financial Peace University. [/quote] ^^^ THIS It WILL change your life, your outlook, and your finances Get the book if not taking it online. $3 at half price books Or go to Amazon (thru the phatmass link of course) The Total Money Makeover The Financial Peace Planner Deluxe Executive Envelope System Dave Ramsey's Financial Peace University Edited July 8, 2012 by Groo the Wanderer Link to comment Share on other sites More sharing options...
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