Need help learning to manage money

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ArtsieSteph

ArtsieSteph

Senior Member
Apr 1, 2014
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Arizona
Seriously, it's not good. I have a debit card and no credit cards or debt, and live with my parents so no bills, no issues like that. I do make sure I tithe, give 30% to my parents, $100 in my saving account every check, usually gives me like $300-$400 twice a month to spend. But still I end up spending it all within like a week or so. Sometimes it's on groceries which is fine, but with like just clothes and junk I just don't need more.

Any tips? Someday I'm gonna be on my own.
 
I save up all the money I get from birthdays, Christmas, money found on the ground, etc.. It's a good thing I do, because I have had to dip into it quite alot in the last year or two. Especially with Tequila so sick and needing medicine. Now that she's gone, I still have to dip into it every now and then.


When buying stuff such as clothes, ask yourself these questions: Do I absolutely need these pants (or whatever)? How often will I wear this clothing item? Is this too expensive for my budget? Will I wither up and die if I DON'T get this item? lol
 
Hey there!

I'm 25 too, and I totally get it. It's awesome that you're tithing and helping your parents. I think that you will never have a shortage because you are faithful. It's good to have a margin of safety which is a certain amount of money in your savings account that will take care of surprises like job loss, flat tire, or other emergencies. The size is totally up to your discretion. The trick is to not abuse the savings accounts for toys!

But if you're having a problem buying things that you don't really need, for me it's too much fast food or luxurious eating :rolleyes: , I recommend finding something to allocate that excess capital towards. For example, if you are living comfortably and notice that you are spending a little too much money on fancy clothes, (say in the ballpark of $100 a month or something) then allocate your money as follows: Give your 10% tithe, give your 30% to your parents, pay off any debts if any, and allocate $100 towards your goal, the rest towards necessities like groceries, and then what's left over towards luxuries and outings.

What we're doing here is creating a structure of priorities. Usually when we waste money, it's because we have more money than we need or know how to deal with! God will surely bless you more, but you most first learn to use what He's giving you now.

Now the tricky part is, what goal will you choose to invest in? Will you save up for a new car? Will you save towards a fund for that one day you have to move out? Or maybe you want to save money towards an IRA account? Even saving up for a nice vacation is worthwhile. (Anything is better than spending money on too many burritos right? lol)

I hope this helps ;)
 
ArtsieSteph said:
Seriously, it's not good. I have a debit card and no credit cards or debt, and live with my parents so no bills, no issues like that. I do make sure I tithe, give 30% to my parents, $100 in my saving account every check, usually gives me like $300-$400 twice a month to spend. But still I end up spending it all within like a week or so. Sometimes it's on groceries which is fine, but with like just clothes and junk I just don't need more.

Any tips? Someday I'm gonna be on my own.
Click to expand...

Save what you can for your trip to Oklahoma. Go to Goodwill for clothes, don't waste money on junk.
 
Well I'm no help at all in that department I've said to myself if I only could meet a woman who was better at that then me clearly I've been rethinking that lol.. I'm way better than I use to be but still have some room to work on :)
 
Look what you have left after taking the tithes and savings off a month, if you want to go on a holiday save 100 a month or so for that and cut it in 4 or 5 pieces for each week and only spend that in a week.
 
So you are allocating 100 a month to savings, but want to save more? Why not put more into savings? Also try to open another savings account with a separate bank. This would make it harder for you to get at.
 
Print off your past 3-4 months of bank statements and do the actual math on what your income goes to (it may be a little painful, but it is incredibly enlightening) use that data to see what you are spending on essential items and how much is going to splurging, and create a budget *on paper*. There are some great word/excel templates online for this, there are apps as well, but I always encourage people to have a plan articulated in writing for their finances.

Also, make a LIST of the things you are planning to buy and don't deviate from it.

I like to keep a running list in the margins of my organizer of all my nonessential upcoming purchases and that way when payday rolls around I pick what I buy from my list and what can wait a little longer (mine currently consists of hair conditioner, travel tickets, dog nail trim, black flats, getting a map framed, tea cups, clothing alterations)

Also, whatever you own that you don't use...sell it or donate it.

A a 300-400 surplus a month can add up very quickly to a few grand if you are diligent, and you can start setting goals for yourself for an emergency fund, travel expenses, future rent, investing, etc. If you're living with your parents, this should be the time that you get super aggressive with your savings, because your expenses will probably never be any lower than the present.
 
A good basic book on personal finances at your stage is The Money Book for the Young, Fabulous, and Broke. I'm not a suze orman fan AT ALL, but I do think this particular book of hers is pretty comprehensive in that it reviews various aspects of personal finance from savings, debt, and investing in simple terms. I've gifted each of my younger sisters a copy of this book at some point.
 
Hey steph I am in the same boat I have never once been able to make my money last the whole monthof course I used to be able to spend 400 a month after paying my 300 rent but the cruise requires 120 a month and I am paying off a computer with 100 a month so I get 180 a month and with netflif and subscriptions that I am still trying to get worked out my money is sapped.

But in having far less money to spend I learned the value of the dollar and once I get that 120 back in my pocket after the cruise I will have 300 a month to spend and I want to have a little left over every month
 
Hellooo said:
Print off your past 3-4 months of bank statements and do the actual math on what your income goes to (it may be a little painful, but it is incredibly enlightening) use that data to see what you are spending on essential items and how much is going to splurging, and create a budget *on paper*. There are some great word/excel templates online for this, there are apps as well, but I always encourage people to have a plan articulated in writing for their finances.

Also, make a LIST of the things you are planning to buy and don't deviate from it.

I like to keep a running list in the margins of my organizer of all my nonessential upcoming purchases and that way when payday rolls around I pick what I buy from my list and what can wait a little longer (mine currently consists of hair conditioner, travel tickets, dog nail trim, black flats, getting a map framed, tea cups, clothing alterations)

Also, whatever you own that you don't use...sell it or donate it.

A a 300-400 surplus a month can add up very quickly to a few grand if you are diligent, and you can start setting goals for yourself for an emergency fund, travel expenses, future rent, investing, etc. If you're living with your parents, this should be the time that you get super aggressive with your savings, because your expenses will probably never be any lower than the present.
Click to expand...

That is such a good idea!!! I'm at a credit union that gives me monthly printed statements. Maybe if I get a better idea of what amount of crap I spend stuff on then I can figure out a good medium. Like I heard that its healthy to give yourself a certain amount of fun money, and if you don't use in then it's just good for later!
 
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