Planning for the future. Catchin up on lost time

[Payn_it>>>]

I took Economics in HS 4 years ago, but i hardly paid attention, and didn't really care back then. Well, i've grown up a little since then...where do i start. I'm about to get married (2 months from yesterday) and i want to know, what are my saving options. i'm on a tight budget. what can i do to save money quickly on my budget?

[arthurb999]

what's your budget look like.... list your income and expenses and what you are saving for?

[Payn_it>>>]

saving for a rainy day....You never know when a car could break down. or...family could need help, or Cait could get pregnant or who knows. I am going on my honeymoon in october. we have enough to pay for the trip but it might be nice to have a little cash for spending money. i'd like to see maybe 5K in my saving account... I'm not usually one to show my budget...but i guess for you to help me i kinda need to...

do you want monthly or bi weekly?

current needs or near future?

[arthurb999]

Monthly.

Put your emergency fund (which is what i think you're saving for) in a money market account... maybe ing direct or local credit union... it needs to be readily available for emergencies.


Quick answer to your question "how can i save money on a tight budget" is.... spend less or make more.

[Payn_it>>>]

haha ya thats the simple answer alright....unfortunatly, even though i'm eligable and deserving of a raise, i have to play the game. my company is in no possition to give me a raise right now...thus my quesion

K here we go..
Carpayment...345.92
Auto Ins.........224.80
3 CC..............Minimus total at 52.00
Gas...............average of 240 a month
Food.............average of 240 a month
Tythe............10% of income....usually 200
cellular phone...average 100 a month

thats about it unless something wierd comes up.

my bi weekly check is usually 1040 unless i get OT or miss a day, which is rare.

[arthurb999]

No rent, utilities, etc? Do you live at home?

Why is your car payment and insurance so high? What year/make and how much do you owe and interest rate?

[Joan.of.the.Arch]

Payn_it, you also need to get together with your GF right away and figure out your budget together. Some things will change. For example, on your budget I see no set asides for housing and related expenses. Perhaps you are living with parents who are currently underwriting you on that. When you are married, I assume you will be living elsewhere and need to come up with the money for it. Your GF's budget is crucial in this, too. I'm guessing she, too, had both income and expenses. You all need to work together and make plans right away.

[Payn_it>>>]

yes, i'm at home now...for another month or so. Cait makes 1200 a month. her car is paid off. And when i priced insurance for both of us it was only 3 dollars less than my current ins. My auto is so high because its an SVT ford focus. Red, High performance car. the intrests rate on the car is 12.9% APR. yeeesh...my parents had very poor credit when we got it. we're going for 850 a month rent, and to have her added to my medical insurance is going to be 115 a paycheck. so 230 a month.

[arthurb999]

Try to refinance the vehicle or get rid of it... your car+ins is 20% of your take home pay... that's way too high.

You could get a family cell plan and save a little there.

Once you get your own place, you are going to have to pay cable, phone and internet as well as utilities and home supplies (like cleaning, laundry, misc grocery stuff like tin foil, etc)... that you probably don't pay already.

[Payn_it>>>]

i know the consumables is really going to change. especially until we're settled. I can't sell my car, at least i wont. Who will refinance that car when i have 576 credit score?

we don't really watch TV. And internet isn't too bad.

[arthurb999]

You can't say no one will refinance your car until you look. Try bank of america... they have an auto refi program.

Bank of America | Please Select Your State


If you want to keep the car, you may want to look into getting a 2nd job at night... like delivering pizza or something.

The budget is going to be really tight for a while once you move out and with your car taking up 20% of your money... that's rough.

[Payn_it>>>]

i'll try that... i plan on getting a second job already. I currently do a little on side work for some old friends....about 150 a week usually..but thats not always for sure so i don't plan my budget around it. what Cait and i were thinkin was to just play it tight for now, pay off the car and have no car payment for a year or so. If i refinance that'll kill my timing.

[arthurb999]

i'll try that... i plan on getting a second job already. I currently do a little on side work for some old friends....about 150 a week usually..but thats not always for sure so i don't plan my budget around it. what Cait and i were thinkin was to just play it tight for now, pay off the car and have no car payment for a year or so. If i refinance that'll kill my timing.

It woudln't kill your timing... you would just pay less in interest you can always pay it off sooner... there is no prepayment penalty that im aware of...

[Joan.of.the.Arch]

Don't just spend away that extra $150 a month without thinking about it. If it is usually a weekly gain, then that is $7500 a year, which is huge at the earnings level of your regular job. Make that $150 a week part of your savings plan.

Open a separate account for savings, one that you only put money into, and do not take it out of. Put the $150 a week into there.

What do you mean by refinancing your car would kill your timing?

[Payn_it>>>]

ok sounds good perhaps i'll look into that. .. no then, if things stay as stated. what can i do to start myself on a savings plan?