Bounced checks? No Budget? Not balancing, Please help?

Question

I just turned 17 in April, I am enrolled in a christian school,and I am about to become a senior :D. But I have a probelem. My parents are very unorganized when it comes to balancing checks, or making a budget. Actually they dont even have a budget... Money is tight, and their spending habits are ridiclous.

I dont want to fall into that trap. I dont have a job yet, . My parents cant supply me with any college money, but thats ok. I just want to make my future secure. I want my money habits to be much better than my parents. Anywhere I can look for help or tips?

I love my parents and all, they tell me to get an education, but I can see the hurt in their eyes from past money mistakes, like overspending, and not having enough. Checks have bounced occasionally in the last few months, and Im a bit worred what I would be like once I leave the nest. Please help

Thanks so much! :3

Answer 1

I'm not sure exactley what you want to know, But I have advise- I have been in both side of this. When you are out at colledge get a credit card- Do not use it! It's soley to build your credit- You can buiy small things that you can pay off right away. My main word of advise is never buy anything you cannot afford, If you don't have cash to buy it then don't. That will keep you safe- YOu should also save money for a nest egg in case something goes wrong..

For your perants, they are adults and should know how to take care of them selfs, You cannot baby sit them...They need to find help on their own

Answer 2

My suggestion so that when you start working is that one you open both a checking and savings account and each time you get a check if you can afford it put away 1/2 in one and 1/2 in the other... Put no less than 150 in the savings account per check and do not touch it for any reason... Make sure the account has a high interest rate so your money collects interest.. Write up a budget and stick to it.. X amount of dollars for Rent, Food, Utility, Clothes and an occasional night out ( do not make a habit of this though)

Learn how to balance a check book and remember to record everything you purchase with a debit card in that check book.. Your check book will be off a little due to bank fees and ATM fees..

Hope this helps Good Luck

Answer 3

I think the key to being successful with money is to only spend what you have. If you want a holiday, or a new pair of shoes and you don't have the money - don't buy it!!!! Sounds simple, but it's how a lot of people get into money trouble!

I've never been into drawing up an actual budget, but you might find it helpful. If you don't know where your money goes, write it all down for a couple of weeks and then you can keep track. Then you can see areas where you might be able to cut back. I've found that small things like buying lunch or drinks can really add up.

Getting into some savings is always a good idea. Deciding on a set amount and putting in a different account as soon as you get paid seems to work well. Then you can either use this for special purchases, or for a house deposit, or keep it for an emergency.

Avoid getting a credit card, and if you do, keep it for online purchases or anything where you need a credit card... don't get it so you can blow a several thousand dollar limit on stuff you don't need!

My mother also gave me some advice about whether something is really worth buying... she said to think about how many hours I'll have to work to pay for it.... so if I want a $300 pair of jeans and I get paid $15 an hour, I'll have to work for over 20 hours!! It can help make things more or less appealing.

Getting a job is probably going to a be a good start for you to start getting used to managing your own money. Even a few hours a week will give you a little bit of cash coming in and help you start budgeting.

Answer 4

I went through the same thing and it has affected me for years.  You can go to your local bank and ask one of the office personnel to work with you.  Many local banks have programs that help people budget, and manage their money.  Another option is some credit counseling services.  Check the BBB first.  Some agencies have free classes that you can take in the evenings those agencies are usually genuine.

Answer 5

First of all, you are a wise observer.  There are a great many pitfalls to sloppy financial mismanagement.

I took a class in college that woke me up. It was called "Principles of Financial Management."  It will give you a solid education with regard to everything financial in your life: savin, checking, investing, life insurance, stock market, IRA's, and a host of other topics.

I just went to eBay and found the text I used and it was about $4 used.

Good luck!

Answer 6

Setting up a budget is the first place to start.  Learn to live within your means.  There is a huge difference between WANT and NEED.

Since you've seen what kind of problems your parents have, and are concerned about not falling into the same trap, you are already ahead of the game.

Answer 7

You've got nothing to worry about.  Staying ahead with check and balancing and credit is not hard to do.  The hard part is caring about it in the first place.  It seems you already do.

9 times out of 10, people have these kind of problems because they are lazy about staying on top of it.  You'll do fine.