my bills are
$411/mo - rent
$40/mo - phone
$50/mo debt collection agency
$67/mo credit card
$25/mo gym
$25/mo personal debts
i make $500-$600 every 15 days
im frustrated because my bills dont line up on my paydays or i forget to pay them sometimes. And im always broke or in more debt by every paycheck.
Any advice would help
thank you
-R
your avg monthly income is 1000.00 subtract your debt and you have 382.00 left over for a month. Go to the dollar store and buy a calendar. Mark the days you owe your bills and then compare it to when you get paid. Get a big manila envelope and put 50.00 in it every pay day, this is your savings - don't touch it - begin paying your bills to the penny on the due date - not late and not early. All of your money should be accounted for, every penny. if you buy an apple, write it down and subtract it from what you have available - do not add what you have in your savings envelope - that money should be like "its not there" In a month or two, you will see that you have your bills in order and money put back, making it easier to breathe - don't eat out, buy your food and cook at home - eat left overs and brown bag it to work - live VERY frugally, even if yout hink oh I have a little money now..no - you don't - you are one check away from homelessness. then begin your search for a better paying job - or a part time side job - you are young and probably able to hold down two jobs - I know people older than you who hold 3 - so, don't get discouraged, and whenever you can, add more money to that envelope, but don't take money out of it - its like, last resort money
Budgeting is very important, especially for someone in your situation. You know what your expenses are, that's a good start, make those your priority. You do need to include transportation in your budget, whether you have a car or use public transport, there's cost there, unless you're lucky enough to live somewhere where you can walk everywhere. It's hard to save money when you live paycheck to paycheck, but anytime you have some to spare, just tuck it away, and in time it will add up.
Like someone else said, you can set your bills up to auto pay each month, most banks have that option now. If you can't or don't want to, then get a calendar or daily planner, and note there which bills need to be paid when.
For groceries, it all depends. I live alone and my grocery bill is usually 70-80 USD a week. If you have several markets to choose from in your neighborhood, go browse them all to compare prices on basic items like bread, milk, eggs, plus your favorite foods.
Work ethic is easy for some, not so much for others. Show up for every shift, do your best in each job, have a good rapport with your boss and coworkers, try to avoid any gossip or drama that inevitably shows up in every workplace (that part is the hardest), and be willing to take on extra tasks from time to time (that's what they'll remember when raise time rolls around), basically just treat people the way you'd want to be treated.
And yes, you do need to have some fun. There's plenty of ways to do that with little or no money. Check your newspapers for free or discounted concerts, exhibits or other events, and get a library card, a lot of public libraries have movies, music and sometimes even video games that can be checked out for free.
It requires self discipline. You don't make much money relative to your pay, so you will have to manage your money tightly.
- recording your spending is important. You must understand where the money is being spent.
- Try to get completely out of debt. If you didn't have enough money to buy the item with cash, how are you going to pay the cost of the item plus the interest and penalties. If you don't have the discipline to pay the credit card off each month, get rid of it.
- Once you get out of debt. Try to build an emergency account of approximately one month's pay. This will be used for unseen emergency expenses that would otherwise cause you to break your budget.
- Write out a budget based on your income and expenses. Adjust your expenses to match your income. This will dictate how much you have to spend on eating and having fun. Nothing wrong with occasionally eating out and having fun, if you can afford it. If not, you can have fun doing things that don't cost much money. A $1.65 redbox movie and a bag of orville Redenbacher popcorn, beats a $18 movie theatre and popcorn.
- Many beginning budgeters have had good luck with the cash envelope system. If you budget $400 for rent, write the check out and deduct it from your checking account. Mail it when the rent becomes due. If you budget yourself $25 for eating out, put the cash in a "fast food" envelope. When you run out of the cash, quit spending the money.
- On your budget, I would initially target trying to save about 5% of your check. Try to eventually work your way up to 10%. But get out of debt first.
- When you blow your budget, (and you will), don't give up. Start over the next month.
- Work ethic is also about self discipline. Read the book, " The seven habits of highly successful people".
- A good way to track spending is with Quicken software. Be faithful about recording all your expenses. You will be surprised at how much money you are waisting.
U got libraries where you live?
Plenty of books on creating a budget and pay bills on time.
When you get paid isn't the issue.
Learn how to save, earn more money, use a calendar and your bills will not be an issue.
Visit Dave Ramsey.com for common sense information on money and debt.
Good knowledge makes good luck easier.
just do direct debit with all your bills works for me and while your in your spare time look for another job and maybe if you have 6hrs+ after work free work part time get extra $20 maybe
