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What is the best way to budget money?

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posted on Oct, 20 2014 @ 04:47 PM
So just a little background about myself. I am a fourth year medical student and will be graduating medical school in about a month. I am very excited but at the same time worried about the unknown. I am here to make a plea to my fellow survivalists, what exactly is the best way to budget one's money? I currently have 400k in student loans down my neck, although now with Obama's income based repayment, they make it more affordable to start repaying loans. I am not into the whole luxurious lifestyle, fancy cars, house etc, I am very simple and was raised a very simple person thanks to my parents. Any tips on budgeting would be greatly appreciated, even for others who are going through the same thing or are in a very similar situation as me. Cheers! Be grateful, since life is short!

posted on Oct, 20 2014 @ 04:53 PM
Have a daily budget. Know your expenses; rent, weekly shopping, gas and electricity bills, transportation costs.

Look for the cheapest options - monthly rail card vs. daily fares, compare prices between different supermarkets
Compare the prices of eating out vs. making your meals. Simple meals include tuna, chips and rice, spaghetti bolognaise, home made burgers, macaroni etc...

posted on Oct, 20 2014 @ 04:58 PM
The less you spend the less you have to make. Just because you start making money doesn't mean you have to spend it and especially doesn't mean you have to go into debt because everyone else with that income does. You don't need to keep up with the jones's. Keep expenses down and make sure too many people aren't relying on you for their jobs, it can make you do things that you do not want to do.

That's about it. Don't buy things you don't really need just because you have money.

posted on Oct, 20 2014 @ 05:06 PM

originally posted by: Nadius
I currently have 400k in student loans down my neck, although now with Obama's income based repayment, they make it more affordable to start repaying loans.

Well, on the flip side of that coin, the longer you delay repayment via paying smaller increments, that's more time for interest to accrue. The sooner you can pay it off, the better.

Stormcell gave some very solid, practical wisdom.

The very best financial advice I've heard, and still live by: If you can't afford 3 of something, you shouldn't buy it. For example, say you want to buy Item X for a cost of $1,000. If you can't comfortably budget in an imaginary cost of $3,000 for Item X, don't buy it.

Also, savings are key. I keep what I call my "rainy day fund" for insurance against those little curveballs (anything not covered by my home/auto/life insurance policy) the universe likes to randomly throw at us.

ETA: Start learning how to do your own repairs/maintenance. It'll save you tons of money (and potential stress) in the long-term. That said, there are a few jobs still best left to the professionals. There's no replacement for experience.

edit on 10202014 by CloudsTasteMetallic because: (no reason given)

posted on Oct, 20 2014 @ 05:07 PM
a reply to: Nadius

The biggest people forget is to add a 'contingency account' to their budget - for unexpected costs. We all have them and they tend to blown out budgets but if you plan for contingencies and sock money away for them, you're prepared. This is different then regular savings (which should be included as well).

In your circumstances it's going to be difficult to set-up a 'useable' budget as you really don't know what your income or costs are going to be yet.

My basic rule in all money matters - under-estimate income and over-estimate expenses.

posted on Oct, 20 2014 @ 05:18 PM
Try to take a steady 5% of your net income in a savings account( 10% if you can squeeze it, with repaying your student loans this probably isn't a realistic figure) and when you have $1000 or so saved up invest half in something safe like Microsoft or Coca Cola and the other half in something a little riskier like one of the companies working on augmented reality tech.

Rinse and repeat, other than that forget you have it.

In 5 or 10 years you'll have a respectable savings.

posted on Oct, 20 2014 @ 06:43 PM
Lots of good advice in the posts above. I would agree that you need to get your debts taken care of before you begin trying to invest. After listing your monthly expenses and making sure they are taken care of, attack the debt first but always set aside some for an "emergency" fund---cash for unexpected events.
Make a written budget each month. If you don't tell your money what to do it will wander away and you'll wonder where it went. With a written plan, you know exactly where it went. Dave Ramsey's book, FInancial Peace is a good starting point for learning to make and follow a budget and how to invest when you are debt-free. It even has worksheets to help with the first budget.
It will take about three to six months to figure out your monthly expenses as you begin this process but if you are disciplined enough to follow it (and getting through med school certainly says a lot for your discipline) it does work and becomes a monthly habit.
Good luck and happy budgeting!
Congrats on your accomplishments!

posted on Oct, 20 2014 @ 07:09 PM
a reply to: diggindirt

Thank you very much on your kind remarks! I find a lot of wisdom in the posts above, and its amazing to see a community where we care for each other. If only the world knew about the members of ATS!

posted on Oct, 20 2014 @ 07:23 PM

originally posted by: Nadius
Any tips on budgeting would be greatly appreciated,

You have taken the first step.
You've made the decision to pay your bills.
Many people now days find every reason not to do so.

I have been able to save money by keeping things basic.
Write down everything you spend money on and go over every expenditure on a weekly and monthly basis.
Do that for about 3 months. Lots of cheap programs for that kind of stuff or you can use excel.
This will make you aware of what you are really spending your money on.

For instance, a starbucks venti drink every day costs two grand a year.
Regular coffee is a fraction of that.
I switched from disposable razors to a safety razor. Saves me about $350 a year. ( better shave too)
Going to cheaper brands when grocery shopping can save thousands a year.
Coupons are good too.
Learn to cook.
It's a lot cheaper than fast food and healthier.

Getting down to basics will give you some long term savings.
They add up.

posted on Oct, 20 2014 @ 07:25 PM

I currently have 400k in student loans down my neck, although now with Obama's income based repayment, they make it more affordable to start repaying loans.

Suddenly studying abroad in a country like Germany (no tuition) just became much more appealing...

posted on Oct, 20 2014 @ 07:26 PM
a reply to: Nadius

Don't spend money. How else?

What's the point in making all that money if you don't get any of it?
edit on 10/20/2014 by onequestion because: (no reason given)

(post by Blackmarketeer removed for a serious terms and conditions violation)

posted on Oct, 20 2014 @ 07:55 PM
Medical school what a long grind ! I for one congratulate you on your fortitude and smarts making it to graduation!

One thing my wife did when we were dirt poor in the military was make envelopes. One said rent payment, one said electric; all were for known basic needs etc etc. She always filled the basic need envelopes first every month and anything left over went into the slush fund envelope.. We were so strapped for cash that it was to expensive to drive 30 miles to the neighboring town.. Those were the days...

You have most of the hard part out of the way except for residency... The military would snap you up and pay you well with quick promotions to retain you if it was something you could tolerate. I always think of a full bird colonel who was younger than me getting out of the service after 4 or 6 (?) years duty..

Anyway congrats you have many options..

posted on Oct, 20 2014 @ 08:17 PM
As everyone else has mentioned, establishing a proper budget and keeping track of it at all times is a must.

Shop frugally, seriously frugally. Dollar stores, thrift stores, etc. There's no need to buy shiny new things. Shiny new things is a weakness we all have, and it's a weakness we all needed to learn how to let go of... it's the only way to get ahead of the game.

Learn to be self-sufficient... make your own things, fix your own things, and so on. Reduce, reuse, recycle.

Learn to live within your means... Another words, do not accumulate more debt on top of the debt you already have. If you can thrive on just the cash you have on hand and still manage to sock away a couple of dollars a month with it, you're laughing all the way to the bank.

Every penny saved, is another penny you can put towards bringing down your student loan that much faster.

So long as you carry debt, you're a slave to the puppet masters.

posted on Oct, 20 2014 @ 08:36 PM
a reply to: Nadius

Nothing drives budgeting more strongly than having less income than the outgo.
But if you DO manage to have a surplus after all necessary/unexpected/and must do bills are paid, then stick some of it away before you start discretionary spending of the rest. Your self-respect and self-worth (literally) will appreciate it.

posted on Oct, 20 2014 @ 08:40 PM
a reply to: Drunkenparrot

Good advice usually people with high debt levels rob Peter to pay Paul,the first person you pay is yourself

posted on Oct, 20 2014 @ 09:00 PM
a reply to: Nadius

Give your money to your spouse and have them give you an allowance.

posted on Oct, 20 2014 @ 09:15 PM
The way to do this is to get rid of all debt and bills. This includes: Rent,Gas,Electric,Heat,People you owe,Irs,Banks,Credit Cards,taxes, house payments,medical bills,college loans and any other kinds of bills.You ask, how can you do this? Just walk away from it all. Dissapear into the woods somewhere. Like in South America. Go live there off the land. It a hard life, lots of people cannot do this, due to physical ailments and age. You see it on T.V and your average joe shmo fails miserably and they only out for only a couple of weeks. Like on the show survivor. They have absolutely no knowledge of the area and lack basic skills needed to stay alive. The simple things will get you. Like bugs,Water and the know of plants that heal you so you don't get sick. You know every tribe has a person or persons who is the keeper of knoweledge and teach the children so that they can survive on their own. Without it, you simply dissappear into the jungle. Natures way of survival of the fit. I would love to do this, but unfortunately i have a physical ailment and would not last to long out there. Yep, i'm stuck.

posted on Oct, 20 2014 @ 10:25 PM
For all those stuck people. JUST REMEMBER: The rundown of events. You get paid by check. Then you pay: medical,dental,state,federal,social security,obama care, rent,heat,gas,water,sewer,electric,phone,t.v, computer,insurance,tax,tabs,car gas, more insurance,house payment,late fee,interest,penaluties,garnishes, taxable income,tax on some goods,child support,legal payments,devorce and i could go on and on. The way to get out of debt, is to get rid of a BILL. NO bill, NO debt. Simple. It may be harder to live without some of these bills, but you can do it. It all a PAY,PAY,PAY,PAY AND PAY. Now go and PAY your bills tomorrow or be without some of them and save. I wonder how many people actually don't use electricity,heat,gas,phone,t.v,computer and eat less, just to save some cash. All this must take a toll on your health. Another bill, Drugs,ex-rays ect.,doctors and visits. They took that T.V show off the air because it was so realistic of life in general these days. A couple that showed how they lived. One worked at MCdonalds the other at misc. jobs and both had crapy to no insurance. Their situation slowly got worse and worse till his health failed and they had to move out into a slummy place then on the streets. It shows the real life scenario of events leading to the couple's demise. They should put that show back on again.

posted on Oct, 20 2014 @ 10:29 PM
a reply to: cloaked4u

Your post made my head hurt. Not because it was bad because of the size of that list.

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