How I Budgeted My Money             Click here to Print

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#Lorri - Says,

Reading about budgeting made me think of this. When I was a teenager, babysitting was my "employment". I would get paid 50 cents an hour (starting at age 14) and worked up to getting 75 cents to $1.00 an hour (by the time I was 17).

If I wanted to buy something I saved for it. I had envelopes that I had written the item I was saving for on. For example, I wanted to buy a class ring and I saved my $25.00 (over a year) for that using my envelopes. I wanted to buy a school yearbook for $10.00 and I saved for that. My dad was out of work for quite awhile, so things like yearbooks and class rings weren't in our budget.

When I would get paid say $3.00 for an evening of babysitting I would put 50 cents in one envelope for this, 50 cents in another, etc. I would always make sure I saved out money for "stuff" (which usually ended up being candy or soda for my siblings and myself or things for my bedroom).

I used this method until I graduated high school. After that I got a "real job" and a checking account.

#goodnatured - Says,

That is an awesome approach, as juvenille as it may seem, I don't in no way mean to be offensive, but it is so simple, it just makes sense. In fact, I am going to start using this. Pulling it away and putting it in these envelopes would help me say to myself, "You can not have access to this money, this money is for something much bigger than what you have saved for and you are not there yet".

Thank you for tip, I am gonna start with two envelopes, a short term and a long term, I thought about pulling money and putting it aside, but never did it. I just sat down this morning and figured out what we have left over each payday. We have more than enough to make it, but I have no idea where all the money goes. I am going to start writing it all down, putting the reciepts in an envelope and looking at them all at the end of the month, then I will have a better idea.

#Lorri - Says,

It was juvenile---because I WAS a juvenile (LOL). But it worked so well for me. I am glad you can benefit from it. Good Luck!
#goodnatured - Says,

LOL, I am glad you are here Lorri, you have brought a good twist to this forum.
#Lorri - Says,

Thanks, goodnatured---you aren't the first that has remarked on the twist I seem to bring everywhere! Rolling Eyes
#fireyone - Says,

Awwe so sweet lol. I do like your idea. I do that now, in a way, with a seperate checking account. We have one that goes to pay bills, gas, and other things. I set up a different one when we started construction on our house. It was used up pretty quickly but I kept it open because now I add to it every pay or from extra money I make here and there. We both know that checking is untouchable except for things like fuel, taxes and other things that take saving for.
#Lorri - Says,

I just wish that I had carried on my money management ways as I grew older. When my sister still was 18 she worked full time at McDonalds. My mom and I were going on a trip to Florida and of course, my sister wanted to go. She said "but, I don't have enough money and I don't make enough. This was about 6 months before the trip. I said to her "you give me your paycheck and I will not only get your bills paid, but you will have enough for the plane fare and spending money. And guess what---she went and had plenty of money. Of course, she didn't have many bills or obligation, but all I did was manage her money.
#carol - Says,

What I think is that money budgeting is essential for everybody. Budgeting is a such a important thing that if a person is not aware of it from the very beginning, he may fall in bad debt. So it is always essential that whatever you earn, you should save at least a small percentage of it. Doing this you will not be required to undertake debts like payday loans in case of emergency and hence will never fall into bad debts.
#Lorri - Says,

Ah yes, so very true. I look back (hindsight is always 20/20) and I wish I had done things differently with money as I got older. Oh well, onward I go.
#fireyone - Says,

Yes Lorri to all you said above I agree. Sometimes we see things we should have done better but you can not cry over spilled milk...just refill the glass instead.
#goodnatured - Says,

and refill it, and refill it, hell I may as well just buy the cow, LOL
#Lorri - Says,

I live in pseudo-country (which means it used to be rural, thats why people moved here). Now we are a city of 100,000 and some people still think its the "country" cause we still see rabbits and coyotes. But, no thanks on cow tipping.
#Lorri - Says,

See----again---it all boils down to FOOD! Money, food, and "you-know-what" always, always invites CONVERSATION!
#fireyone - Says,

Isn't that the truth. Real conversation starters. We also may want to add debt to that list. Isn't that how we all got here?
#Lorri - Says,

Of course----Our faculty meetings at school will usually go smoothly until someone mentions food and that can distract everyone. We solved that problem recently when we started signing up to bring food to the meetings! They are right after school so eveyone is always starving.
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