Financial responsibility for dummies
February 29, 2012 7:37 AM Subscribe
Hey Mefites! Please help me become more financially responsible. I don't think I live particularly extravagantly but I don't even know how to start budgeting. I live pretty much paycheck to paycheck. I feel really bad about this, and could do with some ideas about how to build up a money-tracking and budgeting plan from scratch.
The good news I suppose is that I am not in debt - I pay off my credit card in full every month as soon as my pay comes in, and all my other outgoings, including savings, are automated and come out at the beginning of the month.
But the bad news is I have NO system in place for tracking where my money is going, no idea of what a realistic amount to shoot for spending in different categories might be, and the only way I know what's happening is by checking my balance frequently and changing around my plans based on how much money is in my account. e.g. If there's nothing then I will dial back on the socialising for a bit or something.
I put big regular or big one-off outgoings on my credit card, and sometimes when I run out of money in my current account I will use the credit card as a stopgap until payday, whereupon I immediately pay it off.
Please help me build up a tracking and budgeting plan from scratch!
I am aware this question makes me sound stupid. I'm not stupid, and I am actually quite organised in other aspects of my life. But with money it's always been a case of "figuring it out as I go along". It's worked for me so far, in that I am still solvent and don't owe anyone anything, but I realise I need to put a system into place now.