Money Management And Budgeting

Tips for Budgeting

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anthony

anthony

Joined: 31 Jul 2006
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Posts: 381

9628 Magic Points

Subject: Tips for Budgeting

Fri Sep 15, 2006 5:37 am

* Spend some time planning your income & expenditure
* Prepare or use a budget sheet
* Recognise what you might be worrying about, what you might overspend on, what your needs are, how your lifestyle affects your money etc. Dealing with money is very emotional!
* List essential expenditure at least once a month, maybe when your bank statement comes in.
* Try to keep a record of everything you spend, including bank & credit card statements. This helps identify regular & occasional spending patterns & you may need them to apply for emergency funds from your college or university.
* Consider setting up standing orders & direct debits where you can, e.g. for telephone, utilities bills & other regular payments. These can help you to plan and ensure that you are making consistent regular payments to all the places you need to.
* Save (where you can) & plan for extra expenditure such as start of year costs, special occasions, family birthdays etc.
* If you have debts, or feel you are getting into debt, or are about to borrow money but worry about paying it back, don't ignore the situation. Go for advice as soon as possible to a welfare rights or money advisor in your college, university, local authority or Citizens Advice Bureau. They will help you to deal with the priority debts & help you make the best decisions & manage your budget.
* If you need to borrow money, use only interest free overdraft facilities, where you can & if you have to pay interest, check you are getting the best rate. Compare bank & commercial loans with credit cards & other forms of credit.
* Open a student or graduate bank account if you haven't already got one. If you are unable to get an account with overdrafts because of debts or any other reason, consider a basic banking account.
* Try not to withdraw money too often, for example, withdraw money for the week
* Consider where buying books is essential & check out second hand options, libraries & sharing. Also, check out food prices as supermarkets may be more expensive than other shops or markets.
* Check out all student discounts & find out about emergency financial help, including Learner Support Funds (FE), Access to Learning Funds (HE), Financial Contingency Funds (Wales) & money advice in your local college or university. The website may also have useful local information.
Find more tips & resources on opening a bank account, on budgeting or improve your knowledge through games, exercises & information about financial skills on this site.

james

Joined: 07 Sep 2006
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Posts: 3

180 Magic Points

Fri Sep 15, 2006 5:39 am

hi anthony

good information

goodnatured

Joined: 03 Nov 2007
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Posts: 2633

5016 Magic Points

Sat Nov 03, 2007 12:56 pm

This is a great post, definately one to print off and use for a good guide for someone trying to get it together like me.

debtstinker

Joined: 03 Nov 2007
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Posts: 303

101 Magic Points

Sat Nov 03, 2007 7:33 pm

Wow, Anthony, nice thorough post. The latter part of your post about student discounts and other service was especially of interest! thanks a bunch Smile

goodnatured

Joined: 03 Nov 2007
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Posts: 2633

5016 Magic Points

Sun Nov 04, 2007 2:38 am

I think one thing I need to start doing is paying bills on time, I would save a ton if I did not have the little late fees that run along with being late. This is especially true for the utilities, they are monthly, I have the money to pay them, but almost always put them off till the last minute, just laziness on my part and it costs me more money everytime.

fireyone

Joined: 26 Feb 2008
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Posts: 2030

10771 Magic Points

Tue Jul 29, 2008 3:58 pm

I don't have the trouble with paying bills on time just what I can cut out of each month that we don't need so that there is enough to cover them. It seems everytime though that I come up with a solution something has to go wrong. As of recently my job of years and years suffered from the economy and has cut work down to almost nothing for most employees and nothing for me. Its disturbing but I hang in there knowing that we have made it through worse.

sdchargers_63

Joined: 13 Aug 2007
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Posts: 714

79 Magic Points

Subject: debt

Wed Jul 30, 2008 2:50 am

It seems, at times, when I have have bills 'under control', something goes wrong: something happens to the car, or an unexpected...anything. Then I feel like I'm back to 'square one'.

fireyone

Joined: 26 Feb 2008
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Posts: 2030

10771 Magic Points

Wed Jul 30, 2008 12:17 pm

Gosh SD are you my twin or something? This seems to be the thing that always happens to me. I get so discusted. I was just cruising along really well and had everything caught up after months of hard work and was about to start rebuilding our depleted savings before fall taxes,winter fuel, and all the fun things that come with that and boom. My company let go the highest paid workers and kept just the Amish workers that get paid less than us. I know I can resort to unemployment but due to an auto accident last year my unemployment sucks ($42 weekly). Seems like since this darn accident things have been rolling down hill quickly.

goodnatured

Joined: 03 Nov 2007
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Posts: 2633

5016 Magic Points

Sat Sep 06, 2008 11:54 pm

Remember there is the 13 week extension for everybody that was collecting unemployment. You many want to look into it if your unemployment is running out or close to running out. You should be eligible for the additional 13 weeks.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

fireyone

Joined: 26 Feb 2008
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Posts: 2030

10771 Magic Points

Sun Sep 07, 2008 12:21 am

Huh my work told us we couldn't collect. My sister and I have barely workes this year and when we inquired to our boss about unemployment he said there would be no way we would have enough made this year. I told him we would still be on last years claim and he said it wouldn't matter we still would have had to make so much this year. Is this correct?

goodnatured

Joined: 03 Nov 2007
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Posts: 2633

5016 Magic Points

Sun Sep 07, 2008 1:00 am

I believe that it pulls some wage from this year, it goes back like six quarters, but the additional 13 weeks goes on past uc claims so if I were you I would file for it. Have you exhausted your claim yet? There are people who have not collected in a while and have been eligible for this extra money, I would call and see anyway.

You can go on http://www.dli.state.pa.us/landi/cwp/view.asp?a=152&Q=248601 and read the fact sheet and the faq's they answer anything you want to know.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

fireyone

Joined: 26 Feb 2008
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Posts: 2030

10771 Magic Points

Sun Sep 07, 2008 1:03 am

Thanks for the link. I haven't collected since going back to work in the spring and I didn't exhaust my claim. It was only like $42 a week. I am still debating on the other thing we spoke of. The docs do not want me to go back to work and are advising any use of my hand is going to cut down on the time I have to keep using it. I have just been against young people sitting around on SS. The atty keeps asking if I have considered and I keep saying not yet.

goodnatured

Joined: 03 Nov 2007
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Posts: 2633

5016 Magic Points

Sun Sep 07, 2008 1:07 am

You really should consider going for social security if you feel that you could not go back to work doing the same thing that you were doing or if you feel that you can not do anything that would let you make the wage that you did before.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 2030

10771 Magic Points

Sun Sep 07, 2008 1:14 am

I know but I also know what people will say. My sister already took a stab at it and I didn't even tell her what I was considering. They want me to get it started before this disease hits the later part of stage 3. I am already at the beginning of three. I guess if I don't think about it or the SS I can block it from my mind. I am seriously having a hard time dealing with it. My two fingers are already bended down to my palm and if I pull them straight it hurts like hell.


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