Anyone have budget ideas?

Question

I just recently turned 18 , and was lucky enough to start in with a fantastic job in the Banking Center. Only problem is when it comes to budgeting, I'm terrible.

I really am trying to get better at saving rather then spending as soon as I get paid... I really want to look into an apartment over the next few months... Are there any good tips or ideas on how to set up a budget?

Answer 1

Congrats on your new job!  For budgeting, check out http://www.expenseRegister.com .  It is a free online budgeting and expense tracking software.  Setting up a budget is very easy - you just enter your pay and it splits the amount into various spending categories, including a Savings category!  Defaults just work, but if you want to tweak them, you can do that too!  

Answer 2

First off Congrats!  I would very highly recommend Dave Ramsey's Financial Peace University.  It will help you set up a budget and help you invest for the future.  You could buy the book and/or get the DVD lessons.

http://www.daveramsey.com/

In the meantime you can use the envelope system.  That means take all your expenses like gas, food, entertainment etc. and make a list of what you spent on that category over the last month or so.  Seeing where your money goes will help you.

Then you set up how much you want to spend on each category.  You can either put the cash into each envelope and then just use cash, or keep the receipt of what you spent in each envelope as you write each expence down.

If you want to save for something simply make an envelope for that and write down how much you need to save to buy it.  Then add a little each paycheck.

My last bit of wisdom is to stay as much out of debt as you can.  You will have financial freedom when you are debt free.