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  #1  
Old 01-10-2008, 12:04 AM
Juanito
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Join Date: Jan 2008
Posts: 2
Question Really need some budgeting advice...Please Help

I feel really uncomfortable bringing this up.

Only in the last year have I managed to get out of credit card debt, and have become better at managing my money. I have been out of college for almost 5 years and still working to establish myself in my career as well, a comic artist.
However, I am still uncertain about my own skills in finances.

When I was growing up my brother and I never learned anything about managing money. This was because my were bad financial planner themselves and made many irresponsible financial decisions. Everything I learned about money, I learned on my own.

All I know that you should have a budget, and my strategy for tracking expenses has become to simply keep every single receipt for the month and put them in a box, etc. Then, at the end of the month i calculate every receipt to see if I kept to the budget.

Sometimes i forget to add it up for a month or two and then i have tons of receipts to sort through.

This method is kinda painstaking, and am wondering if its better to write it down on a more daily basis, i read that this seems like a more practical approach.

Like I said I'm a bit unsure about this, and really need some constructive feedback.
  #2  
Old 01-10-2008, 09:12 AM
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mcmama
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Join Date: Sep 2005
Posts: 7,837
I had a problem with writing it down in my marriage - was always something to bludgeon me with.

YOu are how old (probably young) and you have access to a computer, and you are not doing any electronic tracking? Your method is paper based? That's a problem. Most young people don't do things like that.

I find that keeping track helps with as much electronic tracking as possible. Debit card, online banking, etc. YOu can get the same "service" from some debit cards as you can with credit cards, without the interest. I pay for car expenses, gas, tolls, groceries, on the debit card. I can track that electronically or download it to software. (PLEASE DO NOT COME BACK AND ANSWER THE OP WITH A LINK TO A PLAN OR SOFTWARE, SPAMMERS) I pay my mortgage and bills from online banking, which is free.

All that helps me keep track on an ongoing basis. This is a good way for me to budget.

It also helps to allocate a certain amount of cash each week for those things that 'add up". Then you can see what is really wiping you out.

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  #3  
Old 01-10-2008, 09:22 AM
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purelegance
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Join Date: Dec 2006
Posts: 2,013
i'm not much better - but i use my debit card and keep a watch on my bank account online. i used to use quicken & would have a little ritual of entering all my expenses at night. maybe try that? also, thenest.com has a budgeter on it. HTH
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  #4  
Old 01-10-2008, 10:00 AM
Juanito
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Join Date: Jan 2008
Posts: 2
i do use electronic methods of keeping track of certain things, like checking my bank account, savings, and now an investment account, just not all the time.

im thinking of getting a palm device to track purchases on a daily basis. I don't have Quicken or anything like that on my computer.
  #5  
Old 01-20-2008, 07:21 PM
buckeyefrank
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Join Date: Jan 2008
Posts: 4
I am a financial planner and have some tips for you. As painful as it seems, you need to create a budget. Before the beginning of the month, create a REALISTIC budget. Spend every penny you expect to make in the month on paper. Take a few categories and pull the cash out of the bank. Put the cash in separate envelopes. One for food, one for gasoline, clothing also maybe. Buy only food from the food envelope and gasoline from the gasoline envelope. When the envelope is empty, you stop spending. This method will help you eliminate the hassle of the receipts. You may want to keep them though so you can review where you're spending your cash. This can be eye opening.
Please don't use the excuse that you don't know how to handle money, so you won't try (I've seen that a lot). Everyone can learn how to handle money. It's all about changing habits. I would suggest listening to a radio talk show host named Dave Ramsey. He has a program to help individuals eliminate debt and teaches them how to win with money. You can listen to archives on www.daveramsey.com
  #6  
Old 01-21-2008, 05:43 AM
AdamG
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Join Date: Dec 2007
Posts: 14
Thats a good way of keeping a strict budget.

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