Money managing tips?

srgsniper08

srgsniper08

12
10
Joined
Dec 30, 2013
Okay so im out of school for the summer and i have a job in which im now usually bringing in 550-600 every 2 weeks...i live at home still so im not paying any bills besides my phone which is usually about 100 a month. im horrible with money and i just would like some advice on how to better manage my funds...id also like to pick up some shoes this summer. Can anyone out there give me any tips on better budgeting/managing money? Any and all help would be greatly appreciated
 
Anyone? Just a young man trying to learn some valuable life skills from some of the older generation
 
im pretty good with saving my money
my advice would be think every little thing counts. $5 here, $5 there adds up quick. Of course i have nights where i go out and spend 40-60 in a night but for the most part just be dont buy useless stuff
a crazy amount of shoes are useless, clothes are useless (besides a couple staples in your wardrobe), cook your own food and take flasks into bars
 
Hanacheezy said:
im pretty good with saving my money
my advice would be think every little thing counts. $5 here, $5 there adds up quick. Of course i have nights where i go out and spend 40-60 in a night but for the most part just be dont buy useless stuff
a crazy amount of shoes are useless, clothes are useless (besides a couple staples in your wardrobe), cook your own food and take flasks into bars
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Makes sense i mean i dont have a ridiculous amount of shoes of clothes but then again i dont wanna be that guy who wears the same sweatshirt and sweatpants errdayy
 
Oh and eating at home. I would be spending a grip on eating out like 4 times a week.
 
I have  no experience with investing. I wouldnt have the slightest clue of how or what to invest in.
 
SRGSniper08 said:
Okay so im out of school for the summer and i have a job in which im now usually bringing in 550-600 every 2 weeks...i live at home still so im not paying any bills besides my phone which is usually about 100 a month. im horrible with money and i just would like some advice on how to better manage my funds...id also like to pick up some shoes this summer. Can anyone out there give me any tips on better budgeting/managing money? Any and all help would be greatly appreciated
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That's a large income for a student. Congrats and hope it's a legal job.

Instant gratification is hard to turn down. It takes a lot of will power.

Your cell phone bill is already stated. I'm not sure if you have any others ie car and car insurance.

How often do you eat out? You may want to look into cooking and eating at home, healthier and cheaper too.

I wouldn't go completely frugal. Enjoy some of that money. Go out to the movies or eat out twice a week with friends.

I don't know your whole story, but when I was in college, I could easily lived off $500 to 600 per month. With that said, you should be able to save the other paycheck.

Buying a couple pairs of shoes is ok as long as you're not shelling out outrageous amounts.

I know the kids look down upon reselling but honestly I really wish the hype was this high when I was a student with lots of time. I could've capitalized from it. You may want to look into this to make your money grow a bit more.
 
wj4 said:
That's a large income for a student. Congrats and hope it's a legal job.

Instant gratification is hard to turn down. It takes a lot of will power.

Your cell phone bill is already stated. I'm not sure if you have any others ie car and car insurance.

How often do you eat out? You may want to look into cooking and eating e, healthier and cheaper too.

I wouldn't go completely frugal. Enjoy some of that money. Go out to the movies or eat out twice a week with friends.

I don't know your whole story, but when I was in college, I could easily lived off $500 to 600 per month. With that said, you should be able to save the other paycheck.

Buying a couple pairs of shoes is ok as long as you're not shelling out outrageous amounts.

I know the kids look down upon reselling but honestly I really wish the hype was this high when I was a student with lots of time. I could've capitalized from it. You may want to look into this to make your money grow a bit more.
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Thank you, the job is only for the summer which is why ill be able to work so much. i work in retail and get around 35 hours a week during the summer, During school ill probably be around 25 hours per week so ill probably only be bringing in around 400 every 2 weeks.My girlfriend paid of her car and her mom pays the insurance and we basically share it for the most part. we split times at each others homes so it works out pretty well. Idk about reselling some of my friends do it and make some pretty solid extra cash but im notsure exactly how i would get into it. Thanks for the ideas tho ill definitely try soaking it all in. Any further input you have would be welcome. Btw i work at DSG so i get pretty solid discounts on some kobe/lebrons/kds and the occasional retro release from JB
 
- Eating out will sap your $$ faster than you think

- save up, you can never have too much $$

- contribute to your 401k at least to the match of your employer

- Put away a certain amount in savings that is "untouchable", you can setup direct deposit with your bank

- Consider setting up a IRA or ROTH IRA whichever you are eligible for
 
Pdino said:
- Eating out will sap your $$ faster than you think
- save up, you can never have too much $$
- contribute to your 401k at least to the match of your employer
- Put away a certain amount in savings that is "untouchable", you can setup direct deposit with your bank
- Consider setting up a IRA or ROTH IRA whichever you are eligible for
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Great advices, but I doubt a retail job had decent 401K program. I didn't do that until I got a professional job after college, not to say it's not great advice. I worked at Circuit City when I was in undergrad, and the 401k plan was very laughable.

It's a double-edge sword. I look back at my undergrad career and recall so much good times spent at random places like Denny's at 3AM. I definitely ate out more than the 2 times I suggested. I was making $500-600 a month and spent almost all of it on gas, car insurance, movies, etc.

If the OP can save up one of his paychecks a month, he's already on a good road I think. It's hard to control yourself, especially if you see the money go into the thousands. You may have an urge to buy that $1,000 pair of sneakers or what have you.
 
Cut your cellphone bill in half or lower it. If you rely on the current service stick with them. I save $800 buy having a inexpensive cellular plan but have a Verizon hook up from working at best buy.

Pay attention to sales and if you have coupons save them. I've saved a lot on grocery shopping, clothing etc....by reading my promo emails. (I have an email account where all my promo mail goes to)

If you can't cook, learn to cook. Cause spending money on outside food will definitely drain your pocket. The food I'll make for dinner will be the same food I'll eat for lunch at work.

Have a weekly spending budget on little things, like gum or snacks.
 
The first tip to managing your money better is to create a budget. Very simple just look at your fixed cost (phone bill) and variable cost- eating out, partying, buying clothes etc. This lets you know how much money you are working with and how much you can comfortably save.

1. Pay yourself first- treat your saving like a bill, so if you decide to save $200 a month then that is the first bill that should be paid to your bank account. 

2. Limit available cash- Don't link your savings to the ATM card. If you are disciplined you can leave it linked but have a distinct account for only savings and another for everyday stuff (chequing)

3. Utilize sales- as stated above, sales are a good way to save money using coupons etc.

Guys I have a home based business that helps people manage money, save money and make money. Through the company you save on many things you purchase already just from being a member, so groceries, phone bills, clothes, vacations, electronics etc. On top of that you get compensated by sharing it with others. 

PM me and I would discuss with you further but you can check my site in my signature. 
 
SRGSniper08 said:
Okay so im out of school for the summer and i have a job in which im now usually bringing in 550-600 every 2 weeks...i live at home still so im not paying any bills besides my phone which is usually about 100 a month. im horrible with money and i just would like some advice on how to better manage my funds...id also like to pick up some shoes this summer. Can anyone out there give me any tips on better budgeting/managing money? Any and all help would be greatly appreciated
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Open up a savings account that is not close to your house. Meaning if Wellsfargo is 5 miles from you, and Chase is 25 miles from you. Choose Chase (you'll not feel the need to travel so far and waste time just to take out $20). Then set your job to do automatic 50% (or however much you want) direct deposit into your savings account.

This is what I did, and I was able to save up a good amount of money!

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Dont kick it wit brokeboys who always wanna blow kush and drink hennessy.

Get yourself a videogame console. Too much free time will have you out here blowing money on dumb ****. Always needing to be fresh...just stay inside.

Count your money as much as possible
 
Joe Quimby said:
Dont kick it wit brokeboys who always wanna blow kush and drink hennessy.

Get yourself a videogame console. Too much free time will have you out here blowing money on dumb ****. Always needing to be fresh...just stay inside.

Count your money as much as possible
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Gospel.
 
Joe Quimby said:
Dont kick it wit brokeboys who always wanna blow kush and drink hennessy.

Get yourself a videogame console. Too much free time will have you out here blowing money on dumb ****. Always needing to be fresh...just stay inside.

Count your money as much as possible
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lol this . My ps4 takes up a lot of free time. We arnt saying to be antisocial but avoid friends who want to burn money all the time.

Building wealth is done by increasing your income or decreasing your expenses. 
 
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