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I'm a senior in high school, with less than 60 days until graduation.
I've worked at a part time job for about 4 years and I have nothing to show for it. I seriously have not saved any money at ALL!
I'm getting an apartment with my best friend in early August. But I'm SO stressed about money.
I've been reading, and I have to say, thank you SO much for your tips, but anything else you guys could think of that would help me out would be so wonderful!
I need a budget but I don't know how to begin one. Please help!
Everyones been there. The benefit you have is you're still young.
Sit down with a piece of paper and create headings:
INCOME (less taxes)-FIXED EXPENSES (this would include items such as-car payments /rent/ utilities/
phone/insurance etc. )VARIABLE EXPENSES (this would include credit card payments(begin with the minimums and gradually work up to paying a bit more each time)/ gasoline, groceries, entertainment, shopping etc.) This gives you an idea how to sort it out and see where you are putting your money verses where it NEEDS to go.
Hope this is what you're looking for!
You are half way there already.. just WANTING to have a budget is half the battle !
First track your spending.. no matter how small.
Second .. read Anything by Dave Ramsey :-)
Third.. when you get paid.. give 10% to church... save 10% and spend 10% according to your budget.
Budget will include car insur. clothing.. entertainment& misc.
Some use the envelope system.. set aside a determined amount for each catagory.. when the envelope is empty !! no more spending :-)
As you are just starting out, you really have no idea what some of your costs are going to be. I found a 4 page budget for here: www.ourfamilyplace.com/
To begin, copy down which expenses you will have. Here at my home, I list them on the front of a 6x9 manilla envelope, titled by month. The bills are listed in order of when they are due. (actually, I created it on the computer and print them onto the envelope)
I also list the estimate of what I expect each bill to be. The actual payment is written in after I pay the bill. I can easily identify if I have misplaced a bill this way.
The paid bills are put in the envelope, along with bank reconcilations and other fiscal documents.
Good Luck, have fun and remain thrifty!
After you plan your budget, make sure you keep track of where your money actually goes. We keep all our reciepts and enter all our expenses on an spread sheet once a week-- it is really an eye opener to see how what we planned to do with our money differs from what we actually do. For instance, If you plan to spend 150 on groceries, but you really spend 250, this is important to know for future budget planning.