Managing Money
 
 

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Managing Money

This is a discussion on Managing Money within the General Off Topic Discussion forums, part of the Life Beyond Horses category

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        12-13-2012, 10:22 AM
      #1
    Green Broke
    Managing Money

    So..I need help managing my money .-.
    I had it down pat while I was at college and had all cash, but now that I've come home and got a job with direct deposit, I keep coming up short when I think I have enough for something..
    I refuse to just let my mum deal with it and ask if I can get something from her or not, but I feel that with a minimum wage, full-time job I should have no problem shelling out about $200 for car insurance, a hundred for my lease, gas, and necessity food and still having some misc. Spending money.

    So..seeing that it was easier and I only came up short once after banking on a job that didnt come through while I was in college with just cash, should I just deal in cash and forget the direct deposit stuff?
    While I was in college I usually sat down the day I got my money and literally divided the money up in piles as to what it would be used for..usually: cigarettes, gas, food, extra. With that, I could afford a carton, gas twice, and a decent bit of snack foods around school meals with some extra for bits, toys, art stuff, etc.

    Also..Im switching jobs from a $9/hr position to minimum wage because I will NEVER work through a staffing agency again. My hours have been getting dropped off my paycheck, no one calls to tell me we're working different times, etc. As long as I can do my new job, I'll be bumped a dollar or so pretty quickly.

    So..any supoort or ideas for me? It's reslly stressing me out because Im trying, my mum's having a fit because she's still paying for car insurance and helping me out, and it's just not working out right on my end. :/
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        12-13-2012, 10:28 AM
      #2
    Trained
    It's probably not a problem of direct deposit but a problem of you keeping track, and you may just not have enough money.

    Are you using a checkbook to keep track of your transactions? It doesn't have to be on paper, it can be on a spreadsheet or a program.

    How much are you spending a month on things? What are your bills, when are they due and how much are they?
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        12-13-2012, 10:42 AM
      #3
    Weanling
    You can use an excel spread sheet to keep track. Basically still using your pile principle just on paper/computer instead of physically making piles. If your bank offers online-banking you can also use that to keep track. Calculate how much you make a month after taxes. Subtract bills, subtract a reasonable amount for gas and food and what's left, take some out for an emergency fund that is not to be used for other expenses. The leftover is "extra money". Make sure you keep track of how much you spend for gas/food and that it is within the range you subtracted. If for some reason you have to spend more on either of those, take it from the extra money stash. NOT from your bills stash. It's also good to always have a little of the extra cash left at the end of the month in case you need to dip into it. The budget might not always allow for it, but do as best as you can.

    Ah, the joys of being a grownup :)
         
        12-13-2012, 10:43 AM
      #4
    Trained
    Do you have a debit card?
    If I were you I would throw it in a drawer and pull out cash, then divide like you did before. Leave $50 in every time! No matter what. It really adds up!
         
        12-13-2012, 10:59 AM
      #5
    Green Broke
    I have a debit card and I always subtract all my reciepts out of the checkbook and keep it balanced every other day or so, depending on what I had to buy.

    I figured it might just be easier to do cash and leave an amount in the bank.

    My phone bill gets paid online, so id have to have 90.75 in the bank on top of that 50 or so as well.

    Im not l positive the exact amount for car insurance (mum said they're raising it because I'm not in school to almost $200), phone bill is $90.75 due on the 31st, takes me $50 to fill up my gas tank when I get to a quarter tank (I wont go below), and cigarettes are around $25-30 a week. I'll be switching out of direct deposit when I start this new job and will be getting paid every other week instead of the weekly pay I've been getting. Oh, and my lease is $100 a month, but I've been doing things to help work part of it off..this months is only $50, and so was last months (even though I got attacked (well..cornered) by one of her pigs and thought I was scrambling out the window to survive, lol).

    Also..excell is probably a bad idea, because I don't have a reliable computer, nor is it easy to use..takes ages to turn off/on and I just don't have the time to deal with it, lol.
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        12-13-2012, 11:13 AM
      #6
    Weanling
    I write down EVERY thing I spend money on... one thing that was a waste of money was smoking!! I am quitting right now, and even in the past 2 weeks I have noticed I have extra money. A pack of 25 lasts me 2 weeks at the moment.

    My rent is $900 ($1800, but my boyfriend and I split it), grocerys ( we take turns buying) but usually $200 every 2 weeks, cell phone $85, Insurance $120, Gas $60 lasts about 1 & 1/2 weeks.

    Before my pay day, I write down every bill that I need to pay with that cheque... if there are no bills, I take atleast half of the bill and put it aside (say for rent, every paycheque I take $450 and save it), just organize!
    With money I have left over from my bills, I take it in cash and put it under my matress, I kinda forget that I even have it there.

    It's hard to do, I am still struggling a little bit, but each week is getting better and I am not living "Paycheque to Paycheque"
         
        12-13-2012, 11:24 AM
      #7
    Trained
    Just to throw it out there. If you skip the cigs you could afford lessons or other horse stuff.
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        12-13-2012, 11:40 AM
      #8
    Green Broke
    I know, Im working on the smoking..it got bad while I was at Meredith Manor and the stress after coming home didnt help me stop, haha.
    Im getting better though, I was smoking a pavk and a half a day down there D: Im currently at 3/4ths of a pack a day now, and Im aiming for two packs a week as my next goal. Once I start work that isnt as stressful as working with people imported from Portugal that don't do anything and Im stuck doing everything in the section all at the same time ill slow down a lot.

    Im not so much interested in lessons though..at all. I don't intend to start riding english for a good while, and there's only one western barn around that actually offers lessons...and I ride better than the instructor, as well as my BOs 14yr old son.

    Fulford, where on earth do you get packs with 25? Lol
    My gas should be going down if I don't make it a habit of going to the barn 5 days a week, as it's a good 25 minute drive out (where I use to go 5 minutes and be there, lol). I don't think I could leave where im at now though..I actually enjoy being trusted as per my riding skills and not being put down constantly behind my back like I was before. Plus, its a much more friendly atmosphere, not to mention im treated like family there.

    Im just glad I don't have to pay for rent though..Id never make it without starving and finding rides to work.
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        12-13-2012, 11:42 AM
      #9
    Foal
    The first thing I would do is sit down and list where all your money goes. Also, keep a list of everything you spend for a couple weeks. Yes, the debit card does this, but.... If you grab a bag of chips and a soda when you get gas, and put it all on the card, when you see it you will think gas, not extras. Also, account for every dollar of cash you spend. After a couple weeks, ( I actually did this for 6 months), you will see where any of your "extra" money is going. You may find some things that you can reduce/remove from your spending.
    Does your bank charge you to have a savings account? If not, I would open one, and put in 10% of each paycheck. Even if you need to pull it out for bills, if you put it in a separate account it is out of sight/out of mind. Otherwise, could you ask your mum to just hold your savings for you? She wouldn't be controlling it, but could feel like she is "helping".
    Then, add up all your bills for the month, and divide them by 2 if you are being paid every other week.
    For example, if your phone is 90.75/month, you need 46.00 from each paycheck to cover this bill. If your car ins. Is 300.00 every 6 months, you would divide that 300 by 12 (6 month bill, paid every 2 weeks) so in this case you would need $25.00 out of each paycheck to cover car insurance. Once you know exactly what you need out of each paycheck, these are your comitted funds, and what you have after that is for "extras". It may help to actually just withdraw this amount, and use it on any item that isn't in your budget. It is very easy to swipe a debit card, when we wouldn't spend it if we had to use cash. Only you know what your spending habits are though.
    Subtract any bills paid out of the current check from the total comitted funds, and put the rest in the savings account.
    It will take a few weeks to get on track, but if you can track everything and stick with it for awhile, you will be amazed. I would not spend money on extras just because I didn't want to write it down.
    Also, if it helps motivate you, set a target goal. When you get XXX in your savings account, you will spend XX on something special.
    Smoking is an expensive hobby/habit, but so is my bottle of wine. Look at ALL your expenses, and decide what you can trim. If you cut your cigarette budget in half, you would have more money for something else.
    What are you putting on your W4 for withholdings? You want to make sure that taxes don't bite you in the butt either.
    Good Luck!
         
        12-13-2012, 11:53 AM
      #10
    Weanling
    Quote:
    Originally Posted by Iseul    
    Fulford, where on earth do you get packs with 25? Lol
    Wonderful Alberta, Canada... didn't know they even existed until I moved to Alberta. Maybe I'll smuggle them to you

    Quote:
    Otherwise, could you ask your mum to just hold your savings for you? She wouldn't be controlling it, but could feel like she is "helping".
    That's a good idea too - my mom helped me by holding onto my money, just gave me my spending money, took my rent, cell phone, insurance, gas and that was that. Made me mad, but now that I look back glad she did it!
    Your pretty lucky you don't have to pay rent! I have been since I was 16, my parents made me, either pay rent or get out and pay rent somewhere else. If I didn't have to now, I'd be banking a extra $900 every month
         

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