7 answers
Veronica
Student
Bargersville, Indiana
1
Question
Updated
546 views
What is the best way to be responsible with money?
I am driving now and have to pay for gas. But I like shopping online and going through fast food places. How do I discipline myself so I have money for gas and extra money for spending how I want?
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7 answers
Jasmine Bent
Program Management
2
Answers
Ottawa, Ontario, Canada
Updated
Jasmine’s Answer
Hello Veronica,
Just like many have pointed out, budgeting is indeed your best friend in this situation! Begin by understanding how much you usually earn from your paychecks, then identify your "essential" expenses, such as gas, phone bills, and so on. What's left over is what I like to refer to as "fun" money. Decide what proportion of this fun money you'd like to save. Let's say, if you choose to save 50% of it, arrange for that amount to be automatically transferred to your savings account every payday. I've found that if the money isn't readily available in my regular account, I'm less tempted to spend it.
When it comes to your savings, I find it helpful to allocate a portion of it towards a long-term goal, like a vacation or a nice handbag! Knowing what I am saving for also keeps me motivated, not just to spend it. Just make sure you're also setting aside some of your savings for larger future needs like education, a house, and so on.
Just like many have pointed out, budgeting is indeed your best friend in this situation! Begin by understanding how much you usually earn from your paychecks, then identify your "essential" expenses, such as gas, phone bills, and so on. What's left over is what I like to refer to as "fun" money. Decide what proportion of this fun money you'd like to save. Let's say, if you choose to save 50% of it, arrange for that amount to be automatically transferred to your savings account every payday. I've found that if the money isn't readily available in my regular account, I'm less tempted to spend it.
When it comes to your savings, I find it helpful to allocate a portion of it towards a long-term goal, like a vacation or a nice handbag! Knowing what I am saving for also keeps me motivated, not just to spend it. Just make sure you're also setting aside some of your savings for larger future needs like education, a house, and so on.
Jeffrey Pollock
Customer Success
4
Answers
Truckee, California
Updated
Jeffrey’s Answer
Hey Veronica!
Since the previous posts focused on budgeting, which I completely agree with, here's some additional advice that has helped change my mindset completely. If you can find a course that's geared toward "Personal Finance" where you're studying that will be the best thing to focus on if you're just wanting to make sure you have a good handle on your own money and set yourself up for success over the long term. Also if investing in real estate isn't already on your radar that's where a ton of wealthy people (myself included) have built a solid foundation. You don't need a ton of money to do it when done right to start. Also since you're driving a good amount, podcasts or audio books that focus on money management/investing/budgeting could be a great way to spend that time in the car.
If a Personal Finance course isn't offered where you're going to school, I'd HIGHLY recommend reading a few books about it and getting into podcasts that will help build this knowledge, which is what I've done over the years after I went through school and didn't have any education on personal finance at all. Here's some recommendations that have changed the game for me:
- Books:
- Rich Dad Poor Dad, Robert Kiyosaki
- I Will Teach you to Be Rich, Ramit Sehti
- Set For Life, Scott Trench
- The Millionaire Next Door, Thomas Stanley & William Danko
- Podcasts:
- Bigger Pockets - they have a Money show, a real estate investing show, a business show, etc.
- Choose FI
- Blog: Mr. Money Mustache
Just by thinking about this at the point you're at means you'll crush it! Good luck and happy reading/listening.
Since the previous posts focused on budgeting, which I completely agree with, here's some additional advice that has helped change my mindset completely. If you can find a course that's geared toward "Personal Finance" where you're studying that will be the best thing to focus on if you're just wanting to make sure you have a good handle on your own money and set yourself up for success over the long term. Also if investing in real estate isn't already on your radar that's where a ton of wealthy people (myself included) have built a solid foundation. You don't need a ton of money to do it when done right to start. Also since you're driving a good amount, podcasts or audio books that focus on money management/investing/budgeting could be a great way to spend that time in the car.
If a Personal Finance course isn't offered where you're going to school, I'd HIGHLY recommend reading a few books about it and getting into podcasts that will help build this knowledge, which is what I've done over the years after I went through school and didn't have any education on personal finance at all. Here's some recommendations that have changed the game for me:
- Books:
- Rich Dad Poor Dad, Robert Kiyosaki
- I Will Teach you to Be Rich, Ramit Sehti
- Set For Life, Scott Trench
- The Millionaire Next Door, Thomas Stanley & William Danko
- Podcasts:
- Bigger Pockets - they have a Money show, a real estate investing show, a business show, etc.
- Choose FI
- Blog: Mr. Money Mustache
Just by thinking about this at the point you're at means you'll crush it! Good luck and happy reading/listening.
This is a lot of help. Thank you so much. Hope to hear from you again.
Veronica
Enise Agel
144
Answers
Updated
Enise’s Answer
Hello Veronica,
Budgeting is the key of success.
You may need to spend less money at this time, and you must only buy what you need. Due to your current budget, you will struggle if you continue to do this.
So if you are not working at the moment, you may apply for the job which suits you, not the job which you could not handle, adapt, and deal with any situation might happen. If you do not feel you want to work at the job, you should take a gap year for your life, which you can apply for next year or later. Yet you should have a career plan for your future: weekdays and weekends budgeting plan, your calendar for when you shop next time (not everyday), a plan of your weekly budgeting (count each of them), and your job application-interview-30:60:90 days test during your job plan; because you may not know what they will expect the exact salary from you, and what they will ask questions during the interview, and what they should know about you. You should count your salary every month if you guarantee yourself in that role position (after you passed all of these, and getting a job), and you can save your budget for tge future.
I hope it helps
Budgeting is the key of success.
You may need to spend less money at this time, and you must only buy what you need. Due to your current budget, you will struggle if you continue to do this.
So if you are not working at the moment, you may apply for the job which suits you, not the job which you could not handle, adapt, and deal with any situation might happen. If you do not feel you want to work at the job, you should take a gap year for your life, which you can apply for next year or later. Yet you should have a career plan for your future: weekdays and weekends budgeting plan, your calendar for when you shop next time (not everyday), a plan of your weekly budgeting (count each of them), and your job application-interview-30:60:90 days test during your job plan; because you may not know what they will expect the exact salary from you, and what they will ask questions during the interview, and what they should know about you. You should count your salary every month if you guarantee yourself in that role position (after you passed all of these, and getting a job), and you can save your budget for tge future.
I hope it helps
L A
Manager
21
Answers
New Orleans, Louisiana
Updated
L’s Answer
Great question and something I think is a common struggle for most people. Budgeting is a great tool. I like using apps like everydollar to track spending against budget to really be able to understand how much money/income you have and where you want to spend it.
I would try to set yourself limits on spending for different categories and stick to that and also figure out how much gas and other necessities will be so you always have enough money to first cover those things so that you can enjoy more of your “fun money”. Also, eating out is a hard habit to break but is a quick way to burn through your budget. Try making snacks and meals at home and limiting eating out to save up more.
I would try to set yourself limits on spending for different categories and stick to that and also figure out how much gas and other necessities will be so you always have enough money to first cover those things so that you can enjoy more of your “fun money”. Also, eating out is a hard habit to break but is a quick way to burn through your budget. Try making snacks and meals at home and limiting eating out to save up more.
Christopher Doherty
Financial Advisor
24
Answers
Stamford, Connecticut
Updated
Christopher’s Answer
Hi Veronica,
Good for you that you want to control your spending so it doesn't control you. You are getting some great advice here and I agree with starting by budgeting. It comes down to taking personal responsibility for your financial actions. I would start by getting a book by David Ramsey called "The Total Money Makeover". I have recommended this book to others too as I believe it is the best place to start when planning a budget. It will give you the confidence to make sound financial decisions that will have positive effects down the road.
Good luck!
Good for you that you want to control your spending so it doesn't control you. You are getting some great advice here and I agree with starting by budgeting. It comes down to taking personal responsibility for your financial actions. I would start by getting a book by David Ramsey called "The Total Money Makeover". I have recommended this book to others too as I believe it is the best place to start when planning a budget. It will give you the confidence to make sound financial decisions that will have positive effects down the road.
Good luck!
JOHN German
90
Answers
Bluffton, South Carolina
Updated
JOHN’s Answer
Hello:
50/30/20 rule.
50% - expenses for essentials.
30% - savings.
20% - fun stuff.
Adjust based on your financial incoming's and current requirements.
Thank you to the path of your grand existence.
God Bless,
John German
50/30/20 rule.
50% - expenses for essentials.
30% - savings.
20% - fun stuff.
Adjust based on your financial incoming's and current requirements.
Thank you to the path of your grand existence.
God Bless,
John German
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6182
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hi Veronica!
Does your financial situation dictate your choice of college or university?
Choosing a school based on cost is a deeply personal and multifaceted decision, with no universal solution. Nonetheless, there are several key aspects to mull over when deciding.
On the positive side, selecting a pricier college or university could open doors to superior resources, esteemed faculty, and prime networking opportunities. Prestigious schools often boast comprehensive career service departments, generously funded research initiatives, and robust links to industry frontrunners. Furthermore, certain sectors and industries may highly regard degrees from specific institutions.
Conversely, choosing a more economical college or university can help minimize your student loan debt. This could lead to long-term financial advantages, like buying a house or launching a business earlier. It's also worth mentioning that many successful people have graduated from less costly schools or even community colleges.
If your heart is set on a particular college that's beyond your financial reach, consider these alternatives:
1. Seek financial aid: Most higher education institutions provide financial aid packages to assist students with tuition and other fees. These packages might include grants, scholarships, work-study programs, and loans. Remember to complete the Free Application for Federal Student Aid (FAFSA) to qualify for federal assistance.
2. Search for scholarships: Numerous scholarships from private entities, foundations, and corporations can help alleviate tuition costs. Explore and apply for scholarships that align with your interests, accomplishments, and background.
3. Consider a gap year: If financial constraints prevent you from attending your dream school, think about taking a gap year to save money or gain work experience, and then reapply. This period can also be used to reassess your career ambitions.
4. Enroll in a community college: Community colleges usually charge lower tuition fees than four-year institutions. You can fulfill your general education requirements at a community college and then transfer to your dream school to finish your degree.
In the end, the choice to select a college or university based on cost is a personal one, influenced by your unique situation and aspirations. It's crucial to carefully evaluate the potential advantages and disadvantages of each option before reaching a decision.
Stay blessed!
James Constantine.
Does your financial situation dictate your choice of college or university?
Choosing a school based on cost is a deeply personal and multifaceted decision, with no universal solution. Nonetheless, there are several key aspects to mull over when deciding.
On the positive side, selecting a pricier college or university could open doors to superior resources, esteemed faculty, and prime networking opportunities. Prestigious schools often boast comprehensive career service departments, generously funded research initiatives, and robust links to industry frontrunners. Furthermore, certain sectors and industries may highly regard degrees from specific institutions.
Conversely, choosing a more economical college or university can help minimize your student loan debt. This could lead to long-term financial advantages, like buying a house or launching a business earlier. It's also worth mentioning that many successful people have graduated from less costly schools or even community colleges.
If your heart is set on a particular college that's beyond your financial reach, consider these alternatives:
1. Seek financial aid: Most higher education institutions provide financial aid packages to assist students with tuition and other fees. These packages might include grants, scholarships, work-study programs, and loans. Remember to complete the Free Application for Federal Student Aid (FAFSA) to qualify for federal assistance.
2. Search for scholarships: Numerous scholarships from private entities, foundations, and corporations can help alleviate tuition costs. Explore and apply for scholarships that align with your interests, accomplishments, and background.
3. Consider a gap year: If financial constraints prevent you from attending your dream school, think about taking a gap year to save money or gain work experience, and then reapply. This period can also be used to reassess your career ambitions.
4. Enroll in a community college: Community colleges usually charge lower tuition fees than four-year institutions. You can fulfill your general education requirements at a community college and then transfer to your dream school to finish your degree.
In the end, the choice to select a college or university based on cost is a personal one, influenced by your unique situation and aspirations. It's crucial to carefully evaluate the potential advantages and disadvantages of each option before reaching a decision.
Stay blessed!
James Constantine.