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How well do you budget?
12101 cr points
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17 / M / Australia
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Posted 12/26/12
Well, I'm just a high school student who started working part time a few months ago, but I've been worrying about whether I've been spending too much money.
To give you a general idea, my average income on a normal school week is $170 to $200. When I first got the job, I was planning on saving about 80% of my total income, but as the months went by, my actual saving rate is appalling. Here's the trend:

First Month - 90%
Second Month - 65%
Third Month - 58%
Fourth Month - 74%

As a high school student, do you think I'm spending too much money? (if you're not bothered working out how much I've spent. I've spent about 900 dollars altogether in 4 months. ) I mainly spent the money on food, manga and electronics. But maybe I should take into consideration that I paid for all my school activities in this 4 month period, including a 350 dollar camp.
And how does your monthly saving rate compare to mine?
528 cr points
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F / philippines
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Posted 12/26/12
considering that youre saving up is a good thing already...

maybe you could think of what youre really saving for.. then you can work your budget on that amount...
how much you need to save per month and for long you want to save for it.

saving 75% of what ur earning is just enough....
you should enjoy you salary as well..
as a reward for yourself for working..
41359 cr points
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26 / M / Alaska
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Posted 12/26/12
Save as much as possible before you move out on your own.
What you got saved up so far is enough to cover rent+utilities for two months, in most places.

In my area, an efficiency apartment costs $900 in rent, as the cheapest place. 1 bedroom is $1,100. 2 bed is $1,600, and a 3 bedroom is $2,000+

Make it a goal to cover at least 6 months. As your first time out will be shaky until you get settled into a routine. Also covers you if you ever get into a bad situation. Like losing a job, or surprise medical expenses, etc.
11112 cr points
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20 / M / UK
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Posted 12/26/12
I'm in university and my budgeting is terrible.
I've spent around 2/3 of my year's budget in a few months.
It's mainly because I'm very lucky and get my money from my parents, meaning I have never really had to be careful about how I spend.
I'm going to have to spend basically no money for the rest of the year to stay in budget lol.
Makes me feel kinda bad though when I just spend a load of money that I haven't earned, but my dad told me not to get a part time job as it will distract me from my work, so that's my excuse
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26 / M / Alaska
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Posted 12/26/12
robobanana, your life is going to one stressful one. If you don't get rid of that habit now, you will be one of those folk "living paycheck to paycheck"

Trust me, that is not something you want to have on you. The stress is killer.
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25 / M / Big bad ass Los A...
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Posted 12/26/12
I started working part-time soon after graduation high school. I wanted to be very strict about my spending, naturally. But I found it pretty difficult to just leave my money alone. My budgeting was nonexistent. I couldn't do it. Now, I have a simple way of doing it. Set aside money for food, rent, cell phone, etc. Then set aside that money that will be used for whatever I feel like. It works. But I have a better job, so the more money I make the easier it is to have a good budget.
1682 cr points
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Posted 12/26/12
Buy only what you NEED. If you still live with parents that don't care if you're bringing in dough, take advantage of it. Don't be a brat, help out around the house a little. Wash dishes, vacuum for them, etc.

Keep the money you make. As long as they're still paying the bills and providing the food, you'll be all right. No big deal. Take advantage for as long as you can.

If you want to buy luxury items, put aside 10% of what you make every week and save the rest.

Personally, I don't pay for school junk because I could care less about going somewhere nice only to be reminded there are extra rules I have to follow.

If I HAVE to pay for food, it's frozen dinners. Where I live, a simple meal is around 96 cents. Barely a dollar. Or I make my own food. Quantity rather than luxury when it comes to food, eat for nutrition and survival, not taste. If I can't do that either, I save money for multivitamins. water is relatively cheap and all I need to do before I take them is drink some milk, most households have that.

Luxury items, unless I really want something I ask myself, "Can I eat this? What's something useful I could buy with amount of money? Do I already have it? Can I get it online for free/less?", and then I use my judgement.

Thanks to my ever loving parents and my tender age, I don't have to pay for much if at all, but I do not work. I can choose to be lazy if I think about what I'm spending my money on. They give me all that I need and more, so why would I toss it in their faces by not using what's so readily available?

So what if I don't have manga, Pocky, cosplay items, etc.? What good would they do me if I was homeless and broke for an extended amount of time? Not much if any.


6344 cr points
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M
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Posted 12/26/12
I'm broke!!

Is that a good answer?
332 cr points
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28 / M / Atlanta
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Posted 12/26/12
10% to my 401k, $530/month to my house fund (downpayment), bonuses (quarterly) to my house fund, and then $250/month for vacation fund. I'm pretty strict about my budgeting but I know it's worth the payoff.
27198 cr points
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37 / M / Maryland
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Posted 12/27/12
well i am jew when it comes to money
7956 cr points
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18 / F / Waiting for your...
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Posted 12/27/12
Um i dont budget ^^;
27121 cr points
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F
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Posted 12/27/12
It's good that you are saving money Even though you are in High School it's good to start early to have money aside for your emergency fund. I will tell you from my own personal experience that my emergency fund helped me out a great deal when I was medical leave 3 times from work. I would had been homeless w/out it. The best advice my father ever told me to have $$$ aside for emergencies
Posted 12/27/12
Hmmm I'm good at budgeting. I can budget my food for at least 10% of my allowance everyday.
For trasportation, 32-35% and for necessities, 15-20%.. So mostly, I save more money everyday.
9527 cr points
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20 / M / Ontario, Canada
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Posted 12/27/12
I'm awful, I've spent pretty much 90% of the money I'e earned over the last year in the last two months.
5136 cr points
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18 / M / Cloud Nine
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Posted 12/27/12
I'm currently in the need to budget in order to save some money rather than spend it on anything that I see and desire. Christmas did not help with the budgeting phase, all those gifts really took a hit at my bank account, but now that that festive season is gone and done i can begin to save moment without any major expenses. Normally I'm pretty good at budgeting when I need to be, but that's only if I've made a solid decision to budget, not a light-hearted one.
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