Ask MetaFilter questions tagged with finance and budget

Here's all my passwords dude

sarelicar — Mon, 16 Nov 2009 11:52:12 -0800

Rudder or Mint? Is there a big difference between these two services? I'm an obsessive bank account checker and pay everything online. I like the idea of having one-stop-bill paying and budget fun.

Is my spending info sold to third parties/credit card companies/etc?

Is allowing a website to access my financials an obvious no?

Your personal experiences welcomed.

Help me avoid spending like a sailor on shore leave

Anonymous — Wed, 05 Aug 2009 14:09:35 -0800

What are some tips on wisely handling an increase in income? I know - good problem to have. Recently I switched positions and am now making about 150% of my former salary. This is great news, but because of my financial history, I want to be careful about it and use this newfound income smartly.

I'm carrying credit card debt, so my highest priority is to use most of the new income to pay that off. I'm setting the goal of doing that within two years. But even at that rate I will still have a bit more disposable income than I do now. I'm worried that I'll fritter it away because I can - after several years of skimping on the basics, there's a temptation to loosen the purse strings a little and buy more things on impulse, eat out because of laziness, and that kind of thing.

I'm having a hard time deciding on budget line amounts for things like clothing (I haven't had a new winter coat in ten years, and need shoes), groceries (right now I average around $50 a week, but would really like to spend a bit more so I don't face Rice Days at the end of each pay period), and entertainment/recreation -- right now I spend about $50/week on nonessentials like eating a meal out, having a couple of beers, going to a show or a fair, or renting a couple of movies. I don't own a home, and one day might like to, but saving for that would come after debt repayment. In general I value experiences more than stuff. I really like feeling secure and look forward to an increased sense of financial preparedness.

This new income could make possible things like taking classes, participating in sports that require equipment buys, traveling a little more, etc. I'd like to take advantage of some of that purchasing power to experience things I've missed out on - but how can I do so responsibly and in good conscience? What boundaries should I set?

I'm very used to stretching a meagre budget creatively - but as a result, I know a lot less about managing money that you have enough of than money that's always a teeny bit shorter than you'd like.

I will be setting aside an employer match for retirement, doing a debt snowball, and starting a savings account with auto deposit. What else should I consider? Have any of you managed such a change? What helped you set spending boundaries? How did you determine what was reasonable?

credit ratings across nations

Anonymous — Tue, 13 Jan 2009 11:34:02 -0800

I was born in the US, lived in Canada for ten years, and moved back to the States last year. While I was in Canada, I built up a solid credit rating- I had two credit cards, an unsecured line of credit with low interest (7%) and overdraft protection on my checking account up to $3,500. At one point when I was underemployed I built up some credit card debt, but I payed it off. Last year, when I moved back to the US for grad school, I got into a bad pattern of leaning on my credit cards and low-interest line of credit to pay for moving and start up expenses. This June, the world financial collapse coincided with one of my own- I was employed super part time, was making around $750 a month and was struggling to pay rent and buy $20 worth of groceries a week. I just couldn't pay my debt, and I paid very minimally, then not at all. I know I probably should have called the bank and tried to work something out, but what can I say- I panicked and froze. Currently, my total debt load is $14,000 on the line of credit, $3,700 on the overdraft and $1,400 on my Visa. I've worked hard to hustle up jobs, and currently I am no longer as financially destitute as I was. I also have just now been taken to collections. I have an appointment with Canadian credit counseling (the reputable nonprofit that everyone goes to) on Thursday. I plan on amalgamating and paying off the debt.

My question is: how much, if at all, will my credit raring in Canada affecr my US credit rating? So far there seems to be no bleed-through- when I applied for a cell phone a year ago, with excellent credit in Canada, I was told that I had no credit rating in the US- not a bad one, just a nonexistent one. I told them I had great credit in Canada, and was told that the two systems don't relate at all, as the identification markers (Social Security Number and Social Insurence Number) are different. So I'm wondering, if that's so, if it might be so in reverse- that I could maintain good credit in the US even if mine in Canada has taken a hit. I'm not planning on taking out any new credit cards or debt, have worked up a budget, and all the good stuff- but I'd like to know that I could rent a car, not be screwed if I moved and am applying for a new apartment, etc.

Also, I've been told that the credit counseling service may not be able to help me, as I don't work one full-time job- I'm a performer and grad student with several part-time jobs, and sometime chunks of money from performance gigs, grants, etc. So I'm also wondering- given that they charge a fee, might it be better for me to work out my own deal with collections? I can defintiely pay off the small Visa ballance in one chunk this month, and can pay perhaps $500 a month towards the other two after that. Not great, but I could have this debt paid in three years if I stick to it.

Finally, does anyone know of any good budgeting software/budget plans for folks who are self-employed who don't have a regular paycheck? It's been a struggle for me to budget when I might only get $1,000 one month from my regualr small gigs, but then get $3,500 in one chunk from a university performance. Most budget info seems geared towards folks who have one, or two, steady jobs.

Thanks in advance!

Inspire me with your frugality

Anonymous — Tue, 08 Jul 2008 19:57:16 -0800

Total financial ruin filter: I am terrible at managing my very small amount of money. How did you learn to manage your money better than me? I don’t buy a lot of extraneous crap and I don’t eat out much. But I don’t budget either, and I’m constantly paying for stupid crap like overdraft fees and parking tickets – stuff that has to do with poor planning, also having to borrow from friends to make rent, bouncing checks, etc. Part of the problem is that I just don’t make enough money to get by. I’m going to school to get a degree in a field that offers much better pay than what I get now. I’ve also checked out some web resources about budgeting etc, and am meeting with a financial counselor soon. But I’m worried that the next couple years in school will send me into some horrible crisis that I can’t get out of! It’s even scarier because I have kids.

In the meantime, can you tell me how you personally pulled yourself out of financial crisis? Did you marry someone with better financial skills? Did you start making more money? How did you force yourself to budget and stay within that budget? How long did it take you to change your habit – or, if you were just born with good financial management skills, what exactly do you DO that keeps things sane?

Forgive me if this comes off as chatfilter, but I don’t think it is really. Your real-life stories are a good example to help me make choices about how I can do things better. Thank you!

Family of four, moving to Bay Area, making $115K. Is this crazy?

Anonymous — Sun, 27 Jan 2008 23:11:58 -0800

Family of four, moving to Bay Area, making $115K. Is this crazy? I live outside the US. I have been offered a job in Mountain View making $115K, which is a lot anywhere else except the Bay Area it seems. I have the potential to make $30K+ in bonuses annually, but bonuses don't pay the mortgage. I would have ~$300K in home equity to make a down payment on a house. So my question is two-fold: one, can I actually live a reasonable life on this much money in the Bay Area? 1100 sq ft 3-bedroom houses seem TINY to me. Is this really the best I can expect to be able to own? The second question I care less about, but of course the big question is whether buying a house in the peninsula in the next few months is bad timing. But I'm a believer that you cannot time the market, so really it's the first question I care about. Can I, my wife and 2 kids live in a nice neighbourhood for that much money? (Finally I would have a relocation package, so transaction costs are not an issue, just making monthly payments on somewhere worth living and not having to eat beans, as much as I enjoy them).

Can I put a mortgage on hold for 1 to 2 month due a medical circumstance?

timmins — Tue, 08 Jan 2008 06:51:36 -0800

We're expecting our first child in a matter of months. My wife's employer doesn't provide paid leave so we've tried to rearrange the budget so we can soften the blow of lost income. I had a thought... can you delay a mortgage payment 1 or 2 months and add those months on the end? My wife's employer requires a delivering mother to use their paid time off and any time after that is without pay. They comply with the Family Medical Leave Act where she is guaranteed her job upon return but without short term disability there won't be anything coming in terms of income.

Granted, we're financially stable but our biggest bill (our mortgage) scares us a little and we're trying to find ways to pay it for 2-3 months along with medical bills and needs of a newborn. So, maybe we're just overreacting but we'd like to be better safe than sorry.

So, if we could simply delay payments for 1 or 2 months of the mortgage we'd be more than in clear without one worry financially. Do lenders provide temporary holds of payment and add those to the end of the agreement? I plan on calling to inquire but I'd like to be prepared. Are there any other services that provide this temporary hold?

iBudget

Pants! — Wed, 26 Dec 2007 19:42:14 -0800

What's the best budgeting/personal finance for my Intel iMac running 10.5.1? It seems that Quicken doesn't work on Intel Macs and that it has terrible reviews on Amazon. Ideally, I would like:

1) Something that I can automatically import financial information from my banks/financial institutions and track capital gains and losses/savings and credit card rates, etc
2) Something that can help tailor a budget for me, makes suggestions, etc
3) Something that is very easy to use. My natural state is disorganization I am better at organizing things that are easy to KEEP organized.
4) Something that can download my credit report when I want it to.

Am I ready to buy a house?

TomMelee — Mon, 29 Oct 2007 19:54:12 -0800

Am I ready to buy a house? Disgusting details inside. Me, in a nutshell. 27, male, unmarried, no kids, live in girlfriend. Making right at a whopping $30k a year. Debt-right at $14k in student loans, and about $9k on a car, that's it. I have about $2k in cash savings, accrued mostly in the last 6 months. I have never bought a home before and will most likely qualify for first time homebuyers incentives if the house meets the criteria. Monthly debt $250 car payment, $130 insurance, $50 cell phone, student loans in forbearance. No credit cards or other accounts.

Houses in my immediate town are pretty well out of the question. I'd be looking at $100k to open a door. I'll be looking outside the city limits, where, for example, $65k will get me a house and 13 acres.

Catches: Student loans are JUST out of default. I'm being told it will take up to 3 months for them to fall of my credit report. With them on there, the score is a whopping 520-550. Right now I live in a house owned by my mother, she will be selling it in the spring.

According to the interwebs and fannie mae, I should be able to afford up to a $92,000 house. I don't *want* to. I won't even consider anything over $65k. I have not yet been preapproved.

So, questions: Am I ready to buy a house?
Would I be better to buy a cheap one ($30k-ish) and fix it up with the possibility of reselling? I manage a hardware store---I can get anything I need quite cheap and usually do it myself.

Tell me what to do MeFi! Oh, and getting married is not going to happen any time soon, so don't even suggest that.

Software for money management

chef_boyardee — Wed, 03 Oct 2007 18:43:16 -0800

Help me micromanage my household money! What software program should I use? What Windows software programs are out there that will easily help me import bank statements (such as .qif files) and combine that with debts, small bits of stock holdings, etc, to show my equity and how it's doing? I'd also like something that can help me set budgets. Graphs and visualizations are great.

I have a copy of Quicken 2000, which will probably work okay, though it's a bit on the side of bloatware and a bit kludgy to use, so I'm seeing if maybe there's a better approach to this that I've missed.

I suppose setting up a spreadsheet is the other alternative, though that might be tough filling in 100 bank transactions a month.

Need a quick and easy system or app to help keep track of small transactions while I'm out.

iamkimiam — Sun, 05 Aug 2007 15:01:39 -0800

I am looking for a good way to use my iPhone, Mac, and/or .mac account to keep track of small amounts of money that my friends and I owe each other. Any suggestions? Here's a typical scenario:

Friend: Hey, let's go to this concert!
Me: Sure, I'll buy the tickets and you can pay me at the show!
(two weeks later, while shopping)
Me: Crap, I don't have enough cash for this must-have thing
Friend: Oh, I'll buy this for you now; then I'll owe you less at the show
(two weeks later, at the show, trying to figure who still owes whom what)
Me: ?
Friend: ?

This happens a lot. We're not trying to scam each other of course...we're just having a hard time keeping track of and remembering this stuff when we're out.

At home I'm a super organized person...I use Quicken, .mac, iCal religiously. Now with the addition of iPhone I feel like there must be an easy way to organize all the small, on-the-fly money exchanges between me and my friends.

I am looking for either A) a method to keep track of stuff (earlier today I tried to send a text message to myself, so that I wouldn't forget that my friend and I are now evened up on a future event), or B) an app, widget, or calendar thingy that will make sense of these types of transactions.

I know it seems like overkill, but I really am that forgetful (especially when fun and alcohol are involved), and having a quick and easy "system" would help greatly. It'd also be great if the method/app wasn't a PITA elaborate scheme, so that my friends don't start thinking I'm a freakin' tightwad who must bust out her fancy pocket calculator every time a bill shows up. Also, my friends and I help each other out a lot, and that's part of what makes our friendships so fantastic, so suggestions about refusing to lend money or whatnot aren't going to be all that helpful. Thanks!

Traveller looking for ideas to further finance trip beyond the 40 hour work week...

ageispolis — Thu, 05 Jul 2007 13:44:33 -0800

How can I access/acquire more funds for my upcoming trip to Asia? I am currently working fulltime with as much overtime as I can trying to save enough money to travel to India/Thailand in January 2008. I've crunched some numbers and realize that in order for me to be able to comfortably backpack for 6+ months, I am going to need a considerable amount of money on top of what I will be making in order to fulfill my plans.

What are my options to fund this trip beyond what I am already doing? Specifically, are there grants or bursaries for students taking a year off to travel? I am a Canadian Citizen, if that matters. Should I consider a work visa and is it helpful in Asia (mainly India, Thailand, Turkey, etc)?

I intend to keep an extensive travel journal as well as take photographs. I have skill in both these areas. Is that worth anything as far as sponsorships go? I've heard of companies sponsoring individuals who later come back and "present" how great of an investment their company made in you. Will companies actually do this?

Any other ideas? I'm open-minded and willing to take that extra mile to make that extra buck. Thanks.

I love the car, but the car can't love me back.

Anonymous — Wed, 13 Jun 2007 16:00:56 -0800

Should I sell my car? Am I doing the math right? Ok, here's the deal. I'm in grad school, have approximately $5500 of credit card debt and a car that I owe about $4000 on. The car is a 2001 Toyota Prius in good condition, which the Blue Book says I could still sell for about $11,000. So if I sell it for that price, I'll be able to pay off the lien and have enough money left over to get rid of my credit card debt with about $1500 left over.

I live in a town where, although I can mostly bike and walk, life would be much easier if I had a car that could at least get me to the grocery store. So the $1500 would go towards a cheap older car for local driving. (It's a college town, so there's always someone selling one as they move away.)

This would allow me to save the $300/month that would have been going to my car/credit card payments and at the end of the year I should be up by $3600, instead of still owing about $6000. Did I do the math right? Am I missing anything that makes it a better idea to hold onto the car and pay off the credit card debt in a year when I'm out of school and have a job? I can continue to make the car payment/credit card minimum each month without straining my current budget, but it would be nice to have that money earning interest in a savings account. There's no danger of me letting the credit card debt build up again. The only downside I've been able to see so far is that when I find a job I'll want to get a car more reliable than the beater, so that would involve taking on some small amount of debt again to get a more reliable used car. On the plus side, though, I would have the money I've saved to use as a down payment, so the additional debt should be quite minor. Am I missing anything?

Convince my wife not to quit her job

Anonymous — Tue, 08 May 2007 17:27:54 -0800

How can I convince my wife that we need her income and that as much as we'd like to have our son at home with her instead of in Day Care, we have to face reality or severely cut back our lifestyle. We're better off than most families. We were lucky in our real estate deals; selling one home on the west coast at the top of that market; but then we bought our new home at the market peak in our current town. Due to the cost of living differences, we still came out ahead in that deal.

We currently have no credit card debt (we converted it into a 8.5% interest equity loan) and no car payments. We have a 30yr 6.25% mortgage that is approximately 50% of the value of the house. My wife and I have lived in the house for a year but spent the first 2 months of ownership doing upgrades and repairs. At some point we lost track of our spending and what was to be $10K-15K in improvements became $30K+ then add in some medical bills and we were suddenly looking at $40K in credit card debt with payments beginning to balloon out of control.

The wisest thing we did was to convert that CC debt into the Home Equity Loan. We now have essentially mortgaged 66% of our home and can afford to make the monthly payments with no problem. But our credit rating dropped a bit due to a few late bills. Further financing is not an option for the next 5-7 years. I think the next step is to set a budget and find savings that don't compromise our lifestyle too much. The reason we moved to our current location is so we could live the lifestyle we want.

We're a two-income family with one child. We've been married 4 years but never had a budget. This month marks the first time when we're actually living within our means. However, my wife wants to go part time when our son enters Pre-Kindergarten in a few months. That will put a strain on our finances as not only will we lose half her income, but we'll also lose her health insurance. This while I am struggling, with some success, building my hobby (a blog) into a second job with enough extra income to pay down our home equity debt and build up some savings. I'm hoping it's not unreasonable to ask my wife to continue working full time, even if it means our son will be in day care longer than we would both like.

How can I better track my finances and stick to a budget when dealing with many accounts and currencies?

irian — Wed, 25 Apr 2007 14:34:07 -0800

I'm looking for recommendations on budgeting software that is international-friendly (multiple currency support, ease of entry and import of data). Any experiences from other international users? I have been living on my own for the first time for the last year and a half, while attending university. So far, I have been able to live OK, without spending more than I earn, and without running into debt. I have been using jGnash for a while to track all of my expenses, however, a recent big expense (a short trip) has thrown my finances off balance. It's probably not such a big deal, but the balance on my credit card (which I usually pay fully, right away) is just scary. I am aware I need to do some budgeting to sort things out. I do have my emergency fund, but I don't want to blindly grab money out of it without doing some sort of planning to get back on track, and knowing how much I can afford to spend on entertainment and eating out for the following months. I now have about a year and a half worth of data I've religiously tracked, but do not know what to do with it.

jGnash, while great for tracking income and expenses (specially considering that I have several accounts in multiple currencies), does not seem to be very suitable for working on a budget. I was taking a look at Yodlee Moneycenter, but I can't figure out a way of feeding the massive amount of data I currently have without manually entering each transaction. I'm already used to tracking every single expense I do, including a cup of coffe and mailing a letter, so I don't want to have to enter everything twice, even if I need to switch to a different tool. Since a few of my accounts are in a different currency, and some times I have to do transactions dealing with several currencies, international support would be great. Any recommendations on software that could help me with this? Freeware/inexpensive would be great too.

I did a search on budgeting software, however, I was unable to figure out whether there was support for international currencies. I don't quite care for online banking (my foreign banks don't support it anyway), as long as there is a way to import my data into it in some way (csv is fine).

Teaching personal finanance to Burmese students

gauchodaspampas — Thu, 22 Feb 2007 14:28:18 -0800

Asking for a friend: She will be going to Thailand to teach students mostly from Burma and needs some advice. If you have any follow-up questions for her, you can ask them, and if she gets a chance, she will either email you directly, or she will email me and I will post what she says.

Here is what she has to say:
In a couple months I will be headed off to Chiang Mai, Thailand to teach several classes to a group of about 20 students between the ages of 17 and 22. Most (if not all) of my students will be from Burma.

I have been asked to teach a class this year related to budgeting/finance. The school has found that once they send the students back to their communities they do not seem to have a concept of a budget. An example is a student who graduated and then was sent to manage another recently started small school. Unfortunately he was not sure what to do with the resources given him. Apparently many of the students look at money as something to be spent right when it is earned.

My confusion over all of this is that I am fairly well-versed in the basics of personal finance here in the US but want to be sure that once I teach my class I will have gotten a heads up on cultural differences. An example that I have heard of is that in Thailand people care for extended families more than we do in the US and would therefore need to take this into account when budgeting. What other bits of information are there like this that I can keep in mind while planning and teaching my classes? Are there any good books/websites that I could read about the concept of finance and budgeting from the perspective of Thai culture (in the more remote areas)? My main goal is to give them the most pertinent information and not the same thing they would get if they took a finance class here.
Thanks!

How to sell an upside down car?

farmersckn — Wed, 15 Nov 2006 17:34:53 -0800

I owe more than my car is worth. My monthly auto-expenses are too great. I would be better off with a truck. Advice? Car: 2006 Toyota Corolla S, 24000 miles, 5 year, 100,000 warranty, Kelley Blue Book says its worth $15000 making me $6000 upside down (See Loan).

Loan: $21000 left to go, $390 per month

Insurance: $350 per month, Progressive, must carry full coverage and $500 deductible. So far Progressive is cheapest. Expect insurance to go up in December (see Record)

Record: 1 speeding ticket, 1 small accident, 1 new speeding ticket will hit in December

Discounts: Will turn 23 in July. Was told this would lower my insurance rate.

Desire: 1 pickup truck in decent shape with decent appearance, to be used for handyman/construction work.

Budget: Paying $800 per month for loan payment and insurance. Would like to be less than $500.

Summary: My car is too expensive, I'm upside down on my loan, I don't need this car, I need a truck. I can't afford the monthly expense for this car. I need something cheaper. I can't sell this car because it is upside down and I need to pay off the loan before I can transfer the title (I assume). I've got one month before this car gets more expensive.

Anyone have a suggestion?

Finance and Buget

retro88 — Sat, 03 Sep 2005 21:50:25 -0800

Where is all my money going? Does anyone have any clever financing/budgeting tips. Ok, it's actually not that bad, but I would like some financing/budgeting advice. I am looking for a solid plan and software program to get my finances in order. I really like to see where all my money is going and coming from but don't want to expend a lot of time and effort every day to keep it up today. Any ideas? I have tried making an excel spreadsheet and had better luck with MS money. I have the usual student loans, house/car payments and would like something that could handle all of that and plan for the future. Does anyone have any useful tips, programs, resources you could share with me on this? Thanks.

Family Budgets

jeremias — Mon, 02 Aug 2004 09:17:51 -0800

Trying to create and stay on a family budget. Has anyone had any success following a plan from a book or website? Should I hire a financial consultant? (More . . .) Have tried creating budgets in the past (This is for a small family, basically myself and my wife and our 3 yr old). But always let it slide after a few weeks. Looking for tried and true methods that Mefites can point to and say "This worked for me!"