My monthly salary is between 4700 to 5000/month - net. Rent is $1200 Car payments $320 Hydro $60-70 Internet $60 Phone $60 Gas $250-300 Insurance $200 I put $500 in auto investment every month. Do eat out on certain weekends and groceries are usually around 100-200 as I am at my parents as well sometimes. I ended up accumulating quite a bit of debt due to my ex which is down to $7500 now ($5500 line of credit and $2000 on credit cards) I can be a bit of a shopaholic and like to live comfortably. Just need help with budgeting smartly so I can keep saving and also get rid of this debt in the next 3-4 months.
Every month, I print out a calendar and mark the dates of my bills’ due dates and pay days, along with amounts. I also carry forward the anticipated balances for additions and subtractions for each day there is a transaction when I fill this out on the first of the month.
I am unable to see the “big picture” from an app. But when I put it in writing, I can see exactly what my anticipated amount will be at the end of the month, which helps me budget for any additional expenses.
I concur with you! It has been helpful to me to put things in writing! Due to my unpredictable schedule, I carry a little calendar in my purse to record bills, pay days, and work days. I also entered the data into a computer spreadsheet. Performing it twice brings home my financial situation.
Consider using a reliable budgeting tool like YMAB or EveryDollar. It is helpful to my wife and me since we have a practice of making sure we have the money for an expense by looking over the budget before making a purchase. Then, debt repayment would be included as a line item so that you could deliberately budget for paying back a specific amount.
When you’re a shopaholic with debt, creating a budget can be challenging.
Eliminate the $2,000 credit card as soon as possible. Most likely, the interest rate is 30%.
It can be gotten rid of by not eating out for a month. the. Plan an online payment each week if you receive a paycheck on a weekly basis. Do the same if you receive biweekly pay.
Conduct a keyword search for “budgeting” at Khan academy.org. These are free, quick courses.
Firstly, congrats for making the significant decision to draft a budget! It’s a difficult task, and you should be commended much for it. To be fair, we come across a lot of people who likewise wish to strike a balance between the necessity to save money and life’s pleasures and comforts. In order to help you find something that truly works for you in the long and short term, some of the professionals we spoke with regarding this subject suggest using technology or, in other words, “gamifying” the budgeting process.