Need budgeting advice for the month.

[DanCa]

Hello everyone I have a serious question. On a monthly paycheck, where you get paid via monthly not weekly, I was wondering how do you manage to budget your self so your not broke by the third week. I figure this is a good time to ask as am making out my monthly budget sheet now. Thanks Danny.

[Omphaloskepsis]

1. When I was on Financial Aid for school....

We got our checks every three months. This was difficult. I used to put my money in envelopes by the week. Put your funds in by week and never touch next weeks envelope.

[DanCa]

2. That is really good advice and something I never would have thought of.

Thanks :D)

[Omphaloskepsis]

7. And just to clarify..

The first week of the month would contain rent, electric, and ect...

[MissB]

3. The first thing

is to make sure you know what your cash flow is going to be. You know what is coming in and when it is coming in - do you know what is going out (bills) and when they are due? I pre-plan my year in December for the next year - all the bills from the previous year are reviewed and added to the next year if applicable.

I like the envelope idea. I wouldn't do that only because I use Microsoft Money for tracking my cash flow. In the past, I've divided whatever was left after bills ("spending money") into two portions (because we get paid 2x a month - you'd have to divide it into four portions) and subtract half of that from the bottom line and create a future imaginary deposit for the following week (you'd have to create 3 future imaginary deposits for the other three weeks). Make sense?

[DanCa]

4. Yeah it does :D

Disablity pay is so frustrating, I guess any fixed income is. I guess my problem is that after rent doctors and such I only have about 125 -150 to play around with.

[yewberry]

5. Also

figure out how much you'll have for the month after you've paid bills, then begin to allot money weekly for groceries, then incidentals, then pocket money. Try hard not to go over your daily (or weekly, if that's how you choose to distribute) "allowance." Build in some indulgences if you can so that you don't feel cheated.

Shop carefully--make friends with healthy, bulky foods (lentil soup, squash, broccoli, garbanzo beans, etc--sorry I can't help with how to shop cheaply & healthily for meat.) Don't buy convenience foods and never get sucked into Starbucks or their ilk.

Good luck, Danny. If you ever want any suggestions about how to scrounge up "end-of-the-month" (read: no more money) meals, please do ask. I'll help if I can.

Rachel

[DanCa]

6. You mean besides my ketchup soup dinner :) Thanks for the advice.

Oh btw our borders charges a buck twenty five for a small diet soda. I hear you on that over charge.

[Omphaloskepsis]

10. A cost saving tip..

Most fast Food places have ketchup packets. I steal them by the handful. Napkins too. For use as TP. I went like two months where the only food I could afford was potatoes. Mashed, fried, hashed. fuck. Then they shut the power off. One month with eating only top Raman. Sprinkle the powder and eat.

[DanCa]

11. Yeah I hear i that when we were little

we grew up splitting a hamburger meal among four kids. Heck back then cheese was considered a rich man's food. You know if you pay the extra five cents for it. Or whatever it costs.

[Omphaloskepsis]

13. I hear you...

The fucked up thing is my dad made 200k per year. I still remember hunting for change so we could buy a loaf of bread. Oh man, this is why I am so cheap. I would rather eat for 30 days then eat well for 10..

[DanCa]

15. Well my problem was I was fine untill i went on disability .

A monthyl pay period is so much more different than getting a bi- monthly check. Especially in todays economy . Thanks for the advice. I appreciate it. PS did you use space heatters too we did when growing up.

[Skelington]

14. Reminds me of the pankake, and mac cheese diet back in school.

[DanCa]

16. Hey skelington welcome to DU.

:hi: yeah DI just started a while ago . I can't get the hang of budgetting it.

[LeftyMom]

8. I pay most of my expenses up front

It's hard to do on so little money, but if you start stocking up on things you need when they go on sale so you can build up an excess of things you know you'll need to replace (food, toiletries, basic clothing items)so you won't be in a position to overpay for something at the last minute. Then pay everything you can (rent, non-perishable groceries, transportation expenses) right away so that you can live cheaply on the rest if you mess up the budgeting a bit.

Really I expect to be nearly broke before payday, but I also make sure I have all my anticipated needs taken care of so that lack of cash isn't a big issue.

I try to make sure I have something to do at the end of the pay period, but if I'm broke there's still the library and DU.

[hfojvt]

9. I never budget

I always have money in savings. Even when I made $6500 a year (way back in 1989) I was adding to my savings. I always got rent I could afford, and I never spent any money that I did not need to. I even got paid monthly in those days. I think it is better to get ahead even if that takes a few months of asceticism. I do not know how other people live without it.

[Scout]

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[supernova]

17. Pay your bills first

Utilities, groceries, rent/mortgage, telephone, basic clothing. etc.

From there, snip off some for savings... how much is up to you. If you have a 401K plan, take advantage of it. There are those of us who try to live off 1/2 our take home every month.

Then plan for for entertainment, incidentals, etc. last.

[SoCalDem]

18. Write out checks for your bills as soon as you get paid, deduct

them from your balance...Mail them if you have the envelopes already..

Most people have:

rent/mortgage
car payment(maybe)
insurance
elec
gas
water
phone
cable (maybe)


Whatever is left over, should be portioned out by week..and that's what you have to live on.. If you save one week, set it aside for a shortfall ..You might even manage to save enough here and there to start a nest egg:)

If you hold the bills until they are :due", you might be tempted to spend money you will need later..

Hang out with people who cook.. They may invite you to meals..a penny here a penny there :)

[SoCalDem]

19. also..

If you pay gas/elec , ask to get on level pay plan, then pay a bit more than they ask for..byt the settlement month, you will be ahead:)

also round up.. If your bill is $45.22, send $50.00.. getting ahead is nice for the times you come up a bit short..

Our car insurance is $122.00 a month, and I always send $150.00.. the level pay elec is $142 a month..I send $200.. that way when November rolls arouns (our settlement month), they either owe me money or I only have a bill of a few bucks..


and

buy what's on sale...there are lots of online recipes..

and cooking from scratch is cheaper (and tastier)

[pinto]

20. Pay your living bills first. Off the top. Rent, lights, gas, phone etc.

You'll make choices down the month, but the basics will be covered.

I live alone, so I buy "family packs" at the supermarket - on sale - and break 'em down to single serving sizes and freeze. I also make three meals out of one...you know - buy a chicken for $4 - 5 , roast it, left overs make sandwiches, leftovers make fried rice, carcass makes chicken soup/stew....

I'm not a Ramen fan, but pasta with garlic and oil is as cheap. A can of chick peas (favas) thrown in and you've got the meal that fed the Roman Legion - so they say.

I shop the perimeter in a supermarket first. The aisles are high ticket items, the perimeter is usually produce, meat, fish, bakery and dairy.

If you don't cook, look for the deals at local restaurants...one great piece of advice I got was to look for breakfast deals. They're usually a better bargain in a restaurant than any other meal.

Hang in there.

[DanCa]

21. Thank you all so much for your wonderful suggestions.

Ill apply them to this month and hopefully I'll wind up more with a five dollar starting budget. Thanks again :hug: