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How do you budget your earnings?

 
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liesnalibis View Drop Down
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    Posted: Sep 24 2013 at 2:11am
You can give rough percentages if you'd like or give your strategies to portioning your earnings for appropriate use.

For example: I have a checking and a savings, and I have a reloadable card that I put money on every month for recreation/wants (as opposed to needs) so I can keep my unnecessary spending in check.



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TokyoRose View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote TokyoRose Quote  Post ReplyReply Direct Link To This Post Posted: Sep 24 2013 at 5:23am
The biggest thing that has helped me is that I get paid only once a month.  All rent, utilities, and other major expenses are paid that day.  After that, I give myself a certain amount of cash and one credit card with a very low limit that I use for daily expenses that must be paid off by the next pay day.  Once the money is gone, though, it's gone until next pay day, so I really do need to be careful.
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Post Options Post Options   Thanks (2) Thanks(2)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Sep 24 2013 at 9:27am


I like to split my bill payments

I pay half of the total amount due for my bills each paycheck

I'm always surprised when others are surprised I do this

I don't understand waiting to pay a bill when its due, pay along the way if you can

I check my primary accounts every day and have an idea of how much I can spend each day


Edited by SamoneLenior - Sep 24 2013 at 9:27am
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Post Options Post Options   Thanks (4) Thanks(4)   Quote csungrl09 Quote  Post ReplyReply Direct Link To This Post Posted: Sep 24 2013 at 9:42am
i don't have any earnings but when I did, I paid my bills right away and then put aside (in savings) about $150 a check. With the help of my parents (who paid most of my bills; car note, phone bill, insurance), military benefits and my job as an RA supervisor during undergrad I was able to save $14,000 during my 4 years in school, only being paid a minimal amount, once a month.

Edited by csungrl09 - Sep 24 2013 at 9:43am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SamoneLenior Quote  Post ReplyReply Direct Link To This Post Posted: Sep 24 2013 at 9:46am

Also, you may want to set up an account for your bills and directly deposit the money needed to cover those bills into the account

so if you get direct deposit, have your bill money sent to one account and have some money for savings sent to your savings account

whatever makes it to your checking can be for food, gas/public transportation, health/toiletries and your wants

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Yardgirl Quote  Post ReplyReply Direct Link To This Post Posted: Sep 24 2013 at 10:46am
I let my company direct deposit 40% of my after-tax earnings to a savings account.

This is my budget template

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Post Options Post Options   Thanks (0) Thanks(0)   Quote IslandSuga Quote  Post ReplyReply Direct Link To This Post Posted: Sep 24 2013 at 10:54am
Every pay period I split my bills up so that a small amount goes toward each bill so when the time comes to pay them I'm not surprised or struggling to put my money together. I also pay myself both in my checking account and with cash and the rest goes to savings.
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