Please suggest a realistic budget
Date: Mon, 12/18/2006 - 05:54
She has been paying her due bills. Though the job does not pay much, still it is ok. The problem is she wants to do some shopping before/during Christmas. Can you all help her prepare a good budget? Here is Lisa’s balance sheet.
- 1st payday (2nd day of month): $4,200
- 2nd payday (18th day of month): $5,000
Expenses:
- Old Bills: $1,500 per month (she has settled by her own)
- She stays with her relative and pays $4,000 for food and house rent
- Insurance premium: $1,000
- Conveyance: $2,000
So little money left for savings and she has been taking money out of some funds invested earlier also. She receives Child Support and that is quite enough for her kid. Now, can anyone come up with a good budgeting scheme for her? I think all the accounts are quite important for her. I am really confused. Looking for your reply.
P.S. I will forward your feedbacks to her and the head that comes up with the best budget will receive some donations from me :D Its just an appreciation for thinking for her.
Since you requested a Christmas budget and are trying to maximiz
Since you requested a Christmas budget and are trying to maximize what you can spend on shopping, I would put a minimal amount into savings this month (if any) and then increase it after the holidays. If you do decide to put money in savings, make sure you do it with your very first check of the month. Your expenses don????????t list if your personal care items/clothing/hair & nail maintenance items are part of your expenses. I am going to assume they are to be taken out of your remaining $700.00
Make a list (starting with most important) of who you are giving gifts to and what you might buy them. Then write a maximum you would spend on that person and the minimum and come up with a workable number in between. You want to keep your budget thrifty, but obviously don????????t want it to be too cheap.
1st Payday----------------------350
I would buy all personal care items and clothing at the beginning of the month. If your entertainment and transportation is part of this budget, figure that in too. If you get your nails done every week or every other week, don????????t forget to take that out of this paycheck. What you have left is what you can use for gifts.
I would recommend this---take plain white envelopes and label them with things like entertainment, transportation, nails, etc.. Put cash in those envelopes and use them only when that item is needed. This way if you don????????t trust yourself to use a debit card or checks for fear of overspending, you have a stopping point. You can????????t spend it if it is not there right?
2nd Payday---------------------350
Hair & nail care, entertainment, transportation for the next two weeks. You should have a little more left this time since you have already bought your personal items for the month.
What is left is for your gifts.
Great???????I will forward it to Lisa and I will also as
Great???????I will forward it to Lisa and I will also ask her to join DebtCC.
The white-envelope idea is superb Lorri and I know it works. I saw my Mom maintained our family budget this way.
Any other plans from the community? I am waiting...
I used the envelope idea myself and that is how I taught my daug
I used the envelope idea myself and that is how I taught my daughter to budget. Sometimes the simplest ideas make a lot of sense.
i also like the white envelope idea :) I have been using that f
i also like the white envelope idea :)
I have been using that for years and it really helps me.
jeez maybe she should have a frugal Christmas, if she is JUST ge
jeez maybe she should have a frugal Christmas, if she is JUST getting back on track I would think she'd want to be paying things off rather than racking up more bills?
