Should people who don't make a lot of money still budget?

Question

I'm a single mother with 2 boys that makes $34,000 which isn't much in the economy we live in. Is it feasible for people who don't make much money to budget and still have a little extra money for entertainment, travel, etc. I like to take small trips, plan activities with my children, eat out and shop while keeping my bills current but it seems I'm living paycheck to paycheck. Any suggestions on keeping an EASY budget? I say easy because I'll start it but won't keep up with it.

PLEASE only people seriously willing to offer good advice reply.

Thank You

Answer 1

yes but if you are happy the way it is now (not in trouble)then do not worry about bugeting. Just watch for breaks and take advantage of it.

Answer 2

Everyone should budget - no matter what their income is.  In your case, how can you ever give your children something big if you keep wasting it on going out to eat and doing little trips.  You should set a goal (a week trip somewhere nice?) and then figure out what things you can cut and save that money.  A good way to see where your money is going is to write down in a notebook what you spend every time you spend money.  It is a good habit and soon, you will see a trend.  Perhaps you like McDonalds too much - or is gas taking up too much of your money.  Then you need to figure out how you can cut your spending and save the extra money.  Get a big jar and everytime you have change in your purse, put it into that jar.  It adds up quickly.  THEN - when you see the funds building up, it is easier to plan.  Can you take the bus instead of car?  You need to be focused on your goal and stay on track.  Good luck!

Answer 3

While your income might not seem like much but if you budgeted you could make it stretch far and stop living from paycheck to paycheck.

First I always pay myself first out of my paycheck. That money goes straight to my savings acct. No matter how small the amount it will add up over time.

Write down everything you spend money on and keep track what was a necessary purchase and what wasn't....you'll soon see where you are spending your money.

I shop using coupons. I find them in the Sunday's paper (Smartsource and RedPlum inserts) and I use www.smartsource.com, www.coolsavings.com, and www.boodle.com to print off coupons. Next I save them and match them to sales ads. You'll be amazed how much $ you can save. (I have used my savings over time to fiance vacation trips.)

I shop a lot at Walgreens or rather they pay for me to shop there. Stores like Walgreens, Target, RiteAid will take their store ad and a manuf cpn (like the ones you find on the internet or the newspaper.) I usually get my health & beauty products at Walgreens for next to nothing using the above method.

I eat healthy and limit excessive eating out. I also find inexpensive entertainment. Redbox movie rentals has a free code on Mondays. (Go to their website.) Public libraries usually have a lot of fun activities for parents and children over the summer, in addition they have free movie dvds to check out.

See if your city offers the Entertainment book. You can find buy 1 get 1 free meals and entertainment such a mini golf etc in here. If you order the Entertainment book for 08-09 you'll get the 07-08 book for free and the coupons expire 11/08.

Answer 4

People who don't make much money are the ones that need to budget the most! You really need to take this seriously. If you don't budget your money, you will blow it. Small trips and shopping are all very nice, but you have to make sure you are living within your means. That means budgeting. How to do it? It's simple. Write down how much money you make in a month. Write down what your bills are and how much they are. Take what is left and save half of it. Whatever is left is what you can spend on fun. If there isn't anything left, then you've got a problem. Time to find cheaper ways of entertaining yourself. If that's too "hard" for you, then I recommend you pay a visit to your bank or credit union and ask for some professional advice. Good luck!

Answer 5

Yes you should budget your money and this is how you begin:

Write down everything that you spend, down to the last penny, for at least a month, two or three is better.

Then sit down and figure out where your money is going.

This will help you to get a realistic picture of your current spending, sometimes we are shocked by how the little things add up.

Then you take your monthly income and prepare a budget.  Do not forget to put at least 10% aside for savings (you won't miss it is you put it away right away and plan your budget around it.)

Also, do not forget to set aside a monthly allotment for those anual, semi anual and quartly  things, like school clothes, holiday gifts, etc.

Then you need to decide if there are things you would really like to have and never seem to have the money for... monthly pizza and movie night with the kids, vacations, cars, etc.  then ask yourself what can I do without.

You would be surprised how much you could save if you did without some of those little things like coffe and a donut on the way to work etc.  We all have our little spending oopses.

Answer 6

The easiest way to budget is to start off with how much you earn and then deduct your fixed expenses, like rent or car payments.

I found that the "extra" expenses per month were the hardest to budget for. I would suggest keeping a very accurate record of exactly what you spend money on for 3 months. That will give you a good indication of the type of money you're likely to spend on entertainment for example. It's pointless budgeting $100 for entertainment when in reality you're spending $500. Once you have that, you can then choose which expenses to cut back on.

If you don't make a lot of money you should definitely budget. You'll be surprised at how far you can make your money go!