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What is the best way to budget money?

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posted on Oct, 21 2014 @ 08:37 PM
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I put your question to a doc friend of mine tonight at dinner. His experience was that it was extremely hard not to cave to peer pressure and jump into more debt as soon as that first check comes in. He said he had to fight family, friends and co-workers who constantly urged him to buy a new car, a new house, a new this or that....because "Hey, you're a doctor now, you've got to have a doctor's house, car...boat..." His advice is to treat debt like a rotten potato in your cupboard, get rid of it as quickly as possible.
Make friends with the people who run the consignment and thrift shops. Let them know what you're in the market for and many will notify you if they get it in. They like cash customers, you get a deal and the money, in most cases, stays in the local economy.
The budgeting question came up because he was telling us about this great office chair he'd just gotten from a local thrift shop. A Lay-Z Boy Executive model that sold last year for $2k+, looks brand new and he paid $200 to a local charity shop for it.
I suppose all I can add further is to be a thoughtful spender. When given a choice, let your money stay as local as possible.




posted on Oct, 21 2014 @ 10:10 PM
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As others have said, write it all out! It helps greatly to see it. Figure out roughly what you need for food per week, and then other expenses likewise. If you go overboard on one, figure out what you can borrow from (think: entertainment budget)

The real trick is to be patient. Keep an eye out on ebay for whatever you want, and wait until you find what you want cheap enough.

Here are some rules for stocking up:

1: Its better to buy something once (meaning, better to shell out for better quality)

2: Better to have a crappy alternative than nothing (for example, some people wont get a backpack until they can afford a military one - well its better to have *something* so you're not caught off guard)

3: Use the replacement system - buy whatever you can afford, and as you save up more money, replace and sell the old

4: Buy food that you normally use (like canned fish and granola bars). Buy a bit more than you will eat, and eat the ones that will expire first. Your stockpile will slowly increase



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