Hey guys, I started nursing school full time and can only for sure work 2 days a week. As much as I would love to work 16 hours both those days or work 2 extra evening shifts after school, I can’t rely on that because the SNF I work at is being strict with overtime now and purposely understaffing our units. I have a very small amount of savings that I can’t keep pulling out of, but I’m really struggling with budgeting and consolidating/cutting expenses. I tried Rocket Money but honestly, it didn’t help me. What do you guys use or what do you do to make sure you are staying within or under budget every pay period? I’m including food, outings, life, friends, entertainment etc… I’m really stressed and struggling and have considered quitting school though I’m still on the hook for a 40k loan I took to pay for it. Any help is appreciated. Thank you!
I use the Kakeibo approach to budgeting. You can find a link to the template I started with as a free PDF. The focus of Kakeibo is to spend what you don’t save, once you’ve taken into account your fixed bills. I’d recommend that you start off with a small savings goal such as 10% of your net income in a month, then increase your goal as you go. I like how with Kakeibo, part of the approach is to reflect on how you went and where you can improve in the coming month.
Track every penny you spend. Use an app like Fina Money to see exactly where your money goes. Cut out anything you don’t need—no extra meals out, no random buys. Focus on the important stuff: food, bills, and your loan. Meal prep to save money on food. For fun, set a small limit and stick to it. Don’t quit school; it’ll hurt more in the long run. Get the basics right, stay focused, and take it day by day.
Any money I earn goes into an online bucket. On the last day of the month, I transfer it to my local checking account, and that is then my money for the following month.
I use sinking funds and have a savings goal/strategy, not working from fixed amounts. I bank with a credit union and their app allows for a large number of digital ‘envelopes.’ My paystub is generally visible on Tuesdays and appears in my checking account on Wednesdays, so every Wednesday I have an automatic fixed $ transfer out of my checking account and into a sub-account. Then I charge everything to my credit card. Near the end of each month, I check what I spent against what I have my envelopes designated for.
Firstly, I recommend envelope budgeting. You can Google that to find something that works for you. But I figured I’d pitch my app, Centsible. It’s mobile/tablet only. I can give you 1-1 support if you’d like. Let me know if you’re interested.
YNAB for a decade. It’s the best.
I use a spreadsheet I made to set my budgets per category. Then I log my transactions within it and it auto sums my current spend per category. I compare my current spend to my budget as I go to make sure I’m staying within. I also have a subtotal for just my variable spending that I keep an eye on compared to what my budget maximum is.
At Budgetocity, we like to budget based on your income rather than expenses. We have a friendly calendar planner that will allow you to see what bills and expenses are due for that paycheck. It just makes more sense. Best of luck.
I use Dave Ramsey. The free version Every Dollar.
I am using this Google Sheet which is nice and free.