I decided that this month I'll be keeping a log of all my monetary transactions. I realized that I need to keep an account of where my money was being spent, so that I could have an idea of the things I'm spending too much on. Additionally, I decided to do a budget for the month to see how much I'd expect to spend. The results were a little terrifying.
According to budget #1 (which turned out to be the last budget I did- I was too discouraged to try again at the time), I would turn a profit of about $5,000 for the month. Now I couldn't possibly live that way every month. So I will be heading off to revise that budget when I log off the PC tonight.
Budgeting is so difficult, especially for someone like me, who's not only new to the idea, but who's wanted to purchase so many things, and now finally has a chance to acquire them over time. I suppose that's the key- over time. I can't afford to get too excited on pay day and clean out my account in one go. I need to pace myself, plan my spending over a period of months, and even years.
It irks me though that so much of my salary will have to go to rent, when I find my own flat. Landlords are offering a tiny room, a tinier bathroom, and a baby kitchen for $20K and $25K a month. Please! You could get a whole house in the country for that price. It's times like these that I hate the concept of demand and supply. By the time I'm done paying bills, I'll have nothing left. I need to quit the junk food stuff, and also start walking to work. The credit card thing may be put on hold. I'm desparate!
But back to my spending log. I made a note of all my spending yesterday (as I did the spending)... by the time evening came I was tired of doing it. Perhaps that method won't work. But something has to, or else I'm gonna be moving back with my parents... But on a serious note, I hope after my initial months of working (when spending tends to be high), I'll settle into a pattern of saving and saving well. In fact, I don't have a choice.
4 comments:
When you figure it out you need to share the secret with me :-D (for when I eventually start working again)
Junk food defintely cuts into the budget. Carry lunch and buy snack food in bulk. Try see if there's anyone at work who lives in your area that could give you a lift to or from.
Ditto B. BUdget thing don't work fi I and I and I don't know why :S
the only thing that works for me is disciplining myself into certain things. I hide my money (in an account preferably) and allocate only a certain amount to myself (an allowance if you will) that I must make last. If I don't need it (need, not want) I don't buy it. I'm definitely with Meli on the food. It costs to eat out, and costs less to carry food along. You'd be surprised. If I have managed to make the money I have allocated myself last, I may treat myself to something I want with the rest.
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