Financial Planning

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So, you’re off on your own in college now. If you’re like most people, your funds are quite limited, but you probably haven’t had to write a real budget before. Chances are that up until now, if you got yourself into a tight financial corner, your parents would be there to bail you out. Now that you’re an adult, though, you don’t want to ask your parents to do this even if you know they will. It’s time to grow up, and it’s time to work with a budget.

Budgeting can sound a little scary, but if you follow a few easy steps, it isn’t terribly hard. These steps will ease you into the whole budgeting process so that by the time the year is over, you will be totally in control of your money.

First, take stock of where your money is actually going. The first step to making a budget isn’t actually writing down what you will spend but figuring out what you do spend. For the next two weeks, write down every penny that you spend, and also write down where you spent the money and what you spent it on. The more specific you are, the better.

Second, figure out what you can spend. If you’ve been charging your spending to a credit card, it’s time to stop! That $200 now could end up costing you another $200 in interest by the time you pay it off. If you have a part-time job, a work-study job, or a certain allowance of money from your parents, figure out what you have to spend on a monthly basis. If you’re never sure what kind of hours or tips you’ll get, it’s best to undershoot your average a little. Then if you have extra money one month, it can be a bonus for fun spending.

Third, start your budget with the big things. The easiest way to fill a jar with rocks, pebbles, and sand is to start with the biggest rocks first. The same thing goes with your budget. You should be worried about major expenses like health insurance, your car payment and car insurance, tuition, and books. Write those down first, and then see what’s left over each month. From that, work on the pebbles – your groceries, gas, and other spending that is necessary but variable. Finally, you can pack in whatever sand you can still fit into your spending limits – eating out, random shopping trips, and maybe a little bit of savings.

Fourth, decide how you’ll work your budget. You can write checks for the big stuff or pay it online. For the smaller things, use a debit card only if you can keep your checking account balanced. If this gives you problems, withdraw cash and use an envelope system with an envelope for every piece of your budget. If you run out of cash in one envelope, then that budget is shot until the next month.

Finally, be sure that you tweak your budget as you need to. This is what many people forget to do. If the original budget isn’t working for you, then start looking at what you can change. Maybe going on a school meal plan next semester will save you money on food, or maybe you just need to say “no” to eating out with your friends more often. Also, you’ll want to revamp your budget if your income or your major expenses change.

Do you find that staying on a budget makes you ill? Budgeting is necessary to help you keep track of your income and expenses. What financial goals do you have? You’ll never get there if you can’t plan it. If images of bad credit reports and working until your death bother you, there are solutions. That doesn’t have to become a reality. Here are six pointers that actually work.

1. Figure out your income Before you do anything you need to know exactly how much money you earn. There are two numbers you want to learn. What are your gross and net income amounts? If you don’t know this, you could put yourself in financial ruin. Look at your paycheck stub or if you work for yourself subtract your expenses from your gross income to determine your net income amount.

2. Determine your outflow Where is your money going each month? You need to know what you are spending your money on. Expenses are just as important to figure out. Utilities are unfortunately bills that you cannot eliminate. Credit cards and car loans are some that you can. If you are also losing money to unnecessary items you can eliminate these to help pay down any debts that you have.

3. Savings is necessary

You should have a savings account. This is vital to budgeting. You need to plan for unforeseen events. If your car breaks down and not covered by a warranty you can pay for it with cash. You can eliminate the use of your credit card except in extreme emergencies. It might take you a while to build this up. Start with any money you can. A few bucks a month will start you on your way.

4. Keep records

You must keep records to be successful. When you are starting out, it might seem a pain to write every little detail down in a log. But once you start to see a pattern of your spending it will help you to eliminate any bad habits and minimize unnecessary spending.

5. Communication is vital

Communication is the key to staying on a budget. If you share a budget with others you cannot do this alone. Everyone needs to be in agreement for this to work. If you make decisions for someone else they will resent you and it will fail.

6. Treats keep you on track

Budgeting is not a bad word. You can make it useful and fun. Make sure that you do keep aside money for fun treats. You should pick a figure that won’t derail your goals. This will allow you to stay on track and won’t make you feel like you are on a budgetary diet.

When you’re trying to save money, your local grocery store probably offers more money saving opportunities than anywhere else. Your main goal is to make your money go as far as possible without going over your budget. On the other hand, grocery stores are notorious for using every trick in the book, to get you to spend more on some product compared to others. I’ve put together a number of tips to help you navigate your way through the grocery store in order to get the best possible deals.

Imagine that your job on grocery day is to buy stuff at the grocery store for your boss and you want to make sure he gets the best bargains available. Your job is to save money for the company in every way you can. Take a calculator with you and keep a running total as you go from isle to isle. Even better is to have a budget that you must stick to. If you are going over your budget check your cart and see if there are things that you can remove. The calculator will also come in handy as you try to compare unit prices on the shelves, to others that are above and below the item you’re buying, for a fair comparison. A save money expert will recommend this trick the most often.

If you find an item with a really low price on the tag in front of it, think twice about that bargain. Grocery stores and clerks can make mistakes and often do, so take any item that sounds too good to be true and check it through a scanner. Most grocery stores have these scanners placed throughout the store so you can easily check. Also watch the tricks they pull on specials. If an item is on sale for 4 for a $1, don’t be surprised if they were $0.25 to begin with and therefore not a barging or a sale at all.

Always go to the grocery store with a list. Go through your cupboards and fridge at home and write down the things that you really need. Try to stick to the list as much as possible. The more that you stick to the list that better your chances are of saving money. You’ll be able to resist temptation a lot by sticking to your list.

Have a plan for your route in the store. The first thing to avoid is the aisles on each end of the store. These are normally the most expensive isles of the entire store. The fruit and vegetable section should be your second to last isle and the bakery section your very last isle. By starting in the isles with canned goods and boxes you will avoid a lot of temptation.

Avoid name brands as much as possible. Few people realize that store brands are often made by the same company that makes the expensive name brands. There is a lot of money to be saved by using store brands. For instance, Kirkland coffee beans are actually supplied to Costco by Starbucks. The next time you’re in Costco take a long hard look at the price of their coffee, compared to what you pay in a Starbucks store. Huge savings!! Let’s not forget that a lot of the store brands will be used in cooking and there will be very little difference in taste in something that is cooked.

Buying beef can open up a whole new world of savings. There are actually three different kinds of beef. Prime beef is the best grade beef available but it’s also the most expensive. Choice beef is next in line with Select being the least expensive. Consider buying the Select beef and use tenderizers to make it tastes better and make it tender to eat. Also consider using marinades to tenderize the Select beef. There is a significant amount of savings when you use this option.

Use coupons all the time. You’ll find them in your newspaper, magazines, the internet and even in the store. As people look at different ways to save money these days, they’ve turned to using coupons and have realized huge savings in the process.

Saving money green products are another good trick. If your grocery store has started charging for those plastic bags start using green ones that are reusable and save the planet at the same time. If you have plastic bags at home you can take these to the store with you and also realize a savings.

One tip that any recession article that is designed to save you money will tell you, is that when you go to the grocery store, DO NOT GO ON AN EMPTY STOMACH. If you go to the store will a full stomach, you will be much less likely to buy those impulse items that are really being bought to satisfy your cravings. These impulse items can really add up and blow your budget to pieces.

So if you’re looking at how to start saving money, the supermarket is a great place. As you start to realize those savings weekly, try putting the money you save into a savings jar and watch how quickly it will build up. You can pay bills with this money, or if that is already worked into your budget this can be a great way to save for an inexpensive family vacation.

Last but not least, do not buy those items that are all around you when you are standing in line. Pick up a magazine and leaf through it, or take a book with you for those long lineups. Anything to distract you from all those over priced items will go a long way in helping to keep your budget on track.

If you want to control your finances, you can’t let them control you. You gain control by making wise day-to-day choices, following the path towards long-term goals and by building a foundation of necessities, such as insurance and emergency savings.

In order to do any of these things — make choices, realize goals or save — you have to budget. I know it doesn’t sound fun. But it is the one way to achieve financial success.

Start by thinking about it this way — by sticking with your plan, you will gain more than you ever expected. Budgeting will allow you to realize your goals. You will have more money to spend in the long run.

No matter how much or how little you make, budgeting is essential. If you already think you know where your money goes without writing it down, try writing it down for one month. You will be surprised at what those pennies are adding up to be.

Budgeting lets you know where your money goes. You are managing it. You are able to start saving for a home, for college and for retirement. You can even find room for that trip to Hawaii.

Someone said once, and I really like the idea, that you can’t just make more money to have more money. You have to spend less than you make.

I will admit that software programs make it nice to track a budget. I used one for years to track our spending through our checking accounts. Not only can you easily balance your checking, you can print out reports that divide your spending into categories. You can easily print out the totals of your tax deductions. Many programs even allow you to scan your tax receipts in for safe keeping.

We no longer use the program, due to my husband wanting to help with the financial management. He is uncomfortable with computers. So we keep log books instead. The key to tracking your expenses isn’t necessarily to write down everything you spend when you spend it. It is to ask for and keep all of your receipts for things. If you don’t get a receipt, you’ll have to write it down.

So either way, take the time to add up all of those spending categories. For example, a daily cup of coffee can cost you $547 a year. If you smoke two packs of cigarettes a day, you are spending approximately $3000 a year. If you eat your lunch out every day, you could spend around $2,600 a year. Three drinks after work once a week can add up to $1092.

Cut all those things out and you could save over $7000 a year. That’s a lot of money. Did you know that coffee, cigarettes, lunch and drinks were costing you that much money?

By budgeting and tracking your spending, you are able to see the areas you can cut back on. You may find that you don’t have to sacrifice very much to achieve your goals. After all, what is more important, putting $7000 a year into your retirement savings or keeping up with your current spending habits?