FairyFloss
Should We Budget our Weekly Pay?
November 25th 2007 21:57
YES!! Is the simple answer.
In todays society which is controlled by money we need to budget. For those earning little money, living out in the big wide world can be costly and can end you in financial ruins.
At my age i have been out of home since i was 18, so that is two years now.
I have loved it, but hated it at the same time.
If you are thinking of budgeting.... and you are paying off a loan/ credit card.
1. Pay it off weekly instead of monthly, this stops you spending the money you put aside
at the end of the month/fortnight
2. Try and save aswell, even if it is 20 dollars or less a week. This makes you feel better in knowing you have back up money and slowly building your savings.
3. Some cases it is more wise to get a personal loan to pay of other debts.
In this case i was in debt, by my credit card.... I decided i wanted to also complete a course in journalism so that means i was going to be paying $75 a month for 17months, and trying to pay min $60 p/w for my crefit card which was thousands in debt.
So i took out a very small loan, with the difference in interest ( being less) i could pay off my schooling on one go, and my credit card with money left to put back onto the loan to start paying it off.
Now i am not saying GO OUT AND GET A LOAN, OR CREDIT CARD. But you need to remeber a budget will keep you on track, look at when your bills are due, look at it before. Estimate how much each bill is BEFORE you get it and you can start putting away for it, so it isnt a massive blow to your weekly wage. I pay my rent, food, Personal Loan and i manage to save over $100 a week. And i am not on adult wages, and i earn less the most Australians do, so if i can do it you can. I still go out and have a social life!!!
There is nothing wrong with buying selected products from reduced stores, or buying things on sale on the off season. There is nothing wrong with making your own clothes, op shopping or buying of EBAY - this way you can save your self thousands!!!
Again if i can do it you can do it!!!
My next blog will be about how you can save on clothes ( specific locations and stores), Electronics etc etc
In todays society which is controlled by money we need to budget. For those earning little money, living out in the big wide world can be costly and can end you in financial ruins.
At my age i have been out of home since i was 18, so that is two years now.
I have loved it, but hated it at the same time.
If you are thinking of budgeting.... and you are paying off a loan/ credit card.
1. Pay it off weekly instead of monthly, this stops you spending the money you put aside
at the end of the month/fortnight
2. Try and save aswell, even if it is 20 dollars or less a week. This makes you feel better in knowing you have back up money and slowly building your savings.
In this case i was in debt, by my credit card.... I decided i wanted to also complete a course in journalism so that means i was going to be paying $75 a month for 17months, and trying to pay min $60 p/w for my crefit card which was thousands in debt.
So i took out a very small loan, with the difference in interest ( being less) i could pay off my schooling on one go, and my credit card with money left to put back onto the loan to start paying it off.
Now i am not saying GO OUT AND GET A LOAN, OR CREDIT CARD. But you need to remeber a budget will keep you on track, look at when your bills are due, look at it before. Estimate how much each bill is BEFORE you get it and you can start putting away for it, so it isnt a massive blow to your weekly wage. I pay my rent, food, Personal Loan and i manage to save over $100 a week. And i am not on adult wages, and i earn less the most Australians do, so if i can do it you can. I still go out and have a social life!!!
There is nothing wrong with buying selected products from reduced stores, or buying things on sale on the off season. There is nothing wrong with making your own clothes, op shopping or buying of EBAY - this way you can save your self thousands!!!
Again if i can do it you can do it!!!
My next blog will be about how you can save on clothes ( specific locations and stores), Electronics etc etc
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