Friday, December 17, 2004

Budgeting Smart

OK...so I signed the lease today.

Now I need to figure a system to best use my money. I get paid weekly,(and weakly)and I've got to figure out the best way to budget the money from week to week so that I have the amount to pay the rent and also that car payment

Does anyone have an easy system for something like this. Breaking down each week's pay and where it goes, how much can be used that week, and how much needs to be saved towards the bigger bills? Ideally, I also need to be able to put something towards savings as well. Is it even worth it to move your money around so that some is in a higher interest account for short periods? As short as a couple weeks?

In the past, I never put too much thought into this, and it cost me dearly. I was paying bank fees all over the place, because my checking account had a $150 "overdraft" protection, but each time you dipped into that, there was a $6.00 fee. I believe I personally paid for the holiday party at the bank one year. I haven't done this in over a year and half, and don't intend to start now, but want to be smart with my budgeting and finances.

3 comments:

evil_twin said...

Try http://www.betterbudgeting.com/

Neville said...

This method may not work for everyone, but I've had success with it. If living on a tight budget, FORCE yourself to put a certain percentage of your money towards savings/investing before you touch a penny.

If you realize you are short on rent money after you put money away for savings, then MAKE SOME! Not as simple as it sounds, but when people are desperate they get very clever.

In other words, pretend you don't have the money and try to make some more. It seems if you got a regular stream of web design projects you would be in good shape.

Just a thought! Goodluck!
-Neville

Jonathan said...

i haven't tried it myself, but you might want to take a look at http://mvelopes.comjonathan@mymoneyblog.com