So, I've never really been that great at budgeting, actually I've never done it. If I want to do something I make the money and do it. However, now that I am in school I find myself in a fixed income situation with no real spare time to make extra money and I am forced to actually conserve. So, how do you budget your money?
This is my current breakdown as far as I can tell.
32%rent
32%consumables
12%auto
10%utilities
14%education/loans/miscellanea

What ratios work best for you, am I fucking up right now?

One third on food is pretty normal for low income people:

ftp://ftp.bls.gov/pub/special.reque...2009/income.txt

sell pot on the side

consumables=food,clothing, fireworks, cleaning supplies any temporary possessions which are consumed by me, fire or time

quote:

Originally posted by igottaknow sell pot on the side

yeah I was trying to think of some extra ways of making cash to have more fun. I have a lot of odd skillsets which aren't really that marketable in the mid-west and I don't really want to do anything illegal since I teach kids how to be upright citizens and everything

quote:

Originally posted by MrJiveBoJingles One third on food is pretty normal for low income people: ftp://ftp.bls.gov/pub/special.reque...2009/income.txt

great source, I just joined something called mint a couple of minutes ago, and I think that it uses this data. It was comparing what I wanted to budget with national averages and they seem to match up with this pretty closely. so, thanks!

I know your a nice guy and all but you sound really boring.

quote:

Originally posted by igottaknow I know your a nice guy and all but you sound really boring.

I felt like it after posting a budgeting thread.

after the mortgages, credit cards, internet etc are paid, I live off $42.76 per day. That sounds pretty pauperish but I am quite the crafty little jew.

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I don't budget in ratios. I have a basic amount of money I spend every week on food, utilities and rent. I try and keep the food spending quite conservative. This basic budget is a stable figure, it doesn't really change no matter how much I earn. Everything I earn over that basic budget is spending money.

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quote:

Originally posted by SYSTEM-J I don't budget in ratios. I have a basic amount of money I spend every week on food, utilities and rent. I try and keep the food spending quite conservative. This basic budget is a stable figure, it doesn't really change no matter how much I earn. Everything I earn over that basic budget is spending money.

shouldn't you be calling it "savings?" your goal shouldn't be to breakeven at the end of the quarter month week etc. It should be to actually have income after all expenses (savings) spending money should be budgeted into your overall plan where anything remaining from that spending money can be carried over to savings.

otherwise you'll find yourself living paycheck to paycheck and when the anomaly expense come along, that will spell big trouble as you haven't saved anything on the side to account for it.

Basic rules of living "within" your means.

whats the point of saving, you can't take it with you when you die. the day before I go I'm going to run up a huge credit card bill to stick it to the man.