How I Budgeted My Money

Submitted by Lorri on Sun, 08/17/2008 - 05:23

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.

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Wed, 01/01/2020 - 13:39 Permalink