Help me work out a budget.?

Question

Hi I make around 1950 a month.

My budget for month i am planning to stick to:

675- rent+electric

60- cell phone

100- food

plus: buying a honda cr-v 2000 so i don't know what my car payment will look like i am guessing for a 10,000 car and i am putting 5,500 down selling my civic....maybe around 250

plus: my own insurance which i never had but i am putting it under my name- i am 25

plus gas- i am estimating 50-60/week - so 250 a month.

will it work?

Answer 1

Download the budget planner from this website, it's English but will work whatever the currency - keep an eye on this website too - there are loads of good tips

http://www.moneysavingexpert.com/banking...

Hop that link works if not just Google Martin Lewis Money Saving Expert

Answer 2

You may need more than 100 dollars for food, but that would depend on you.

It looks like you are spending a set 835 per month, plus 250 gas makes it 1085.

Your car loan would probably be around 350 if you set it up for a good term. That's 1435.

If your insurance is 300 a month (not sure depends on the company, your driving record, your location, etc...) that comes out to 1735.

If you can limit yourself to 100 dollars in entertainment costs a month, it should work out so you can put 115/month in savings. I'd say you may be cutting it a little close, but you should be fine.

You can probably decrease some of those bills though. 60 dollars a month for a cell phone is a lot based on your income. Try to drive less, because 250 a month is a huge amount for gas (why do you need to use a whole tank of gas each week?)

Answer 3

If you have excel just put what information you have there on a spreadsheet.  Keep it simple money in and money out.  I would also add SAVINGS as a bill pay yourself first getting a consistent amount of money into savings every pay period is the only way to get ahead, even if it's only $5 a check at first.  Also for variable cost things like food and gas take an average of what you spend each week for a month and use that as your baseline.

So to setup the spread sheet make a column for dates, a column for what the bill is, a column for money in and a column for money out.  Simple equations of addition and subtraction should get you started on your budget.