How do you budget your money?

September 2, 2009 1 Comment

Are you a big spender or are you a budget officer? In this time of financial crisis how do you spend your money? Money is an essential factor for the society, it is the one that defines one’s status in life. Budgeting is a careful way of planning on how to spend your money. Different people have different needs and wants therefore different budgets also exists.

I try to spend my money wisely by buying things only when needed. I always allocate almost 50% of my budget for food because it is the most important thing my body needs.

How do you spend or budget your money?

Ricker said:

Im very Frugal even though Im very young and as many say I should still be out spending my money and dont have a care in the world. Ive always been a hard working and not being able to spend my money. I put majority of my money away and am now saving for a house. I just recently bought a new car in cash. I use many ways to budget my money and reduce me from spending my money. I set a list when I go shopping (i.e milk, bread, etc I get anything thats not on that list. I also get the flyers and see whats on sale and what I need. I get coupons for the products that I can which saves a few more dollars. Although Im on a restricted diet I cant use alot of coupons for my food but for other things such as shampoo, conditioner, toothpaste and so on. I match the sales with the coupons and get them free or under a $1. I also reuse things – for example when my butter is empty I use the container for leftovers or such. I always scope out the clearance espectially things as vitamins and cold medication. Stores such as Zellers and WM always have them on clearance but they dont expire for a few years. Since Im in college I dont bring in a lot of money. I cut down on going out, eatting out, and other things like that. I often carpool with my roomates to save on gas.

I give myself so much money a week i.e 20$ including groceries and if I go over I take it off my next weeks groceries and if I go under I add it to the next weeks stash. Its all in your state of mind. I tell myself that I dont have any money to spend so I dont spend my money irresponsible but wisely.

Also, its in the way your raised and how responsible and money smart your parents were/ are. Studies have shown that just like abuse the way your parents managed their money will rub off onto you.

My parents were decent with their money but saved up for items they really wanted. Im the same way with my money. Whereas my friends parents are in huge amounts of debt and spnd their money irresponsible and their kids have no money saved up and are in debt.

You just have to find what works for you.

Good Luck! It can be done. It all depends on how much time and energy you want to put into it.

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Comments

  1. domiwi says:
    September 27, 2009 at 2:17 am

    Just this week, my husband and I enrolled in a debt management plan because we were stupid when we were a bit younger and racked up quite a bit of credit card debt. One of the things that we had to do to get started with that was to look at our budget and adjust it so that our lives would be workable. Well, even before we started the debt management, I was a stickler for money. I had to know where every single penny went and if I saw too much going to one place, it made me very unhappy.
    If we didn’t spend a dime more than the way that I’ve budgeted things for the coming month, we will be able to come out about 250 dollars ahead. I’d like to hope that can happen but even if it doesn’t, as long as we don’t fall short we are going to be in a good position for the simple fact that it is only going to take us less than 3.5 years to be out of credit card debt.

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