Hi everyone, I am 30 years 30-year-old male, I hate to say it, but I have no idea how to save money and create a budget. I would appreciate it if someone could assist me in getting this going. I am grateful.
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Budgeting can feel overwhelming, especially if you’re not sure where to begin. Trust me, I’ve been there. It wasn’t until I took a college course on budgeting, after living paycheck to paycheck, that I really got the hang of it. I hope my experience helps you understand that I get how tough it can be.
One thing that worked for me was breaking down my fixed monthly expenses and managing them carefully. For example, I split my rent payments, setting aside a portion from my paycheck on the 15th and the rest on the 30th. For my car payment, which was $200 at the time, I mailed $100 on the 15th and another $100 on the last day of the month. If I had extra money, I sent it in to pay off the car faster. I set up automatic payments for my car and renter’s insurance, splitting them into two payments each month. My cell phone bill was only set up for automatic monthly payments, so I had to manage that separately.
To stay on top of your budget, add up all your fixed expenses. You need to earn more than this total each month to cover these expenses and still have money left for food, clothes, and gas. Don’t forget to account for variable expenses as well.
I hope this helps clarify things for you!
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First, list all the essential expenses you need to cover, like rent, utilities, food, and insurance, along with their costs. Next, figure out your income and how often you receive it.
Start by using your income to cover these essential expenses. If you have any money left after that, focus on paying off debt first or saving for emergencies second. Finally, allocate money for non-essentials like dining out or streaming services.
You can use various budgeting apps or create a simple spreadsheet; many spreadsheet programs offer templates. Personally, I use YNAB, which offers a free trial, and the r/ynab community is very helpful.
For additional guidance, check out the r/personalfinance subreddit, which has a wiki with answers to common questions.
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I really got the hang of budgeting once I began planning my paychecks. I start by noting how much I’ll earn on a specific date. Then, I list all the expenses and bills I’ll need to cover before the next paycheck. I do this regularly. It’s common to find that you have too many bills for one paycheck, so it’s helpful to save a bit from each paycheck or pay some bills ahead of time. Following this routine helps me understand my spending and how much I should save.
For me, using an Excel spreadsheet works best. I’ve tried various apps and financial programs, but they all had their own limitations.