Budget planning help?

Question

Good everning everyone ! ... I need you gusy wisdom and help!

i get about 1400 $ every two weeks

i have to pay

loan : 20 000

credit line : 13 000

rent : 1000$ a month ( i.e 500$ a paycheck)

visa : 4 000$

tv etc : 200$ a month

someone owe me 5000 $ (they will start paying in december .. in december rent will go down to 500$ a month only )

does any one knows a good way to make a balance budget (saving some, paying my debt ) i would greatly appreciate your widsom and your immense help ... I am determined to make trough this !

Answer 1

It looks like you have a good start on where your money needs to go, however I have found that tracking your exact finances for about 6 months can give you a really good and realistic starting point.  You can do this tracking on just a piece of paper.  Also, check out this web site for some more useful information as well as links to some free Excel templates and helpful information: http://www.web-knowledge-source.info/Bud...

Answer 2

You didn't mention what your monthly minimum payments are on your loans and credit cards, so it's difficult to help you.

Making a budget is easy.  Sticking to one is where it gets tricky.

I have made many budgets in my lifetime and still almost always feel broke at the end of the month.

I think a good place to start is to track your spending for a month to see where all your money actually goes.  That way the budget you create will be more realistic and you will have a better chance of sticking to it.  You'll also be able to see where your spending habits are hurting you and make changes to try to improve them.

As far as saving, I recommend setting aside a certain amount every time you get paid.  Either a dollar amount or a percentage.  Put it right into a savings account and then DON'T touch it.

Best of luck to you.