How do you budget your income?

@roi452 (232)
Philippines
February 28, 2008 7:09pm CST
I think most of us here have an 8 to 5 job, and of course have a fixed monthly income. Has it ever happened to you that you have so many things to spend on that you dont know how to stretch you limited income to accomodate all of them? And at the end of the day you've realized that all your hard earned money all went to paying your debts with nothing left for your personal use?... So how do you budget your monthly income? do you allocate a fixed amount for your savings, debts, and leisure?
3 responses
• United States
29 Feb 08
Just work on some debts,smallest first to allocate extra money.Once you get rid of your smallest debt you have extra money to work on your next smallest debt and so on and so on.Its hard to budget when a person has to many debts and so many people have debt problems these days.Hope that helps.
@roi452 (232)
• Philippines
3 Mar 08
I see, Inever thought of allocating for small debts first. I just allocate for all my debts equally as much as possible and if i still have extra i put it on my bigger debts.. thanks for this
• Indonesia
29 Feb 08
Ugh,,talk about budgeting. Right after paycheck I transfer all insurance, credit card payment and all..Then I just hang on with whatever left in my bank. Lol..at least I have savings, most importantly my daughter's education insurance.
@roi452 (232)
• Philippines
29 Feb 08
yeah, pretty much i do the same. as soon as a receive my paycheck i transfer to my payables.Whatever's left would become my daily allowance - sometimes though there's hardly any. lol.
29 Feb 08
Hi, I can relate to this like this month I had made my budget and when I got paid on the 23rd - I cleared my owings and bought what I needed, and on the 26th it was all gone!! I am planning a wedding and so its harder to budget at this time anyway. I have to invoice for my job and so when I put my invoice in, I write down my earnings and plan what I have to spend on that month and try to stick to it though easier said than done! I just pay what is needed but I do allocate an amount for my debt and my leisure time.
@roi452 (232)
• Philippines
29 Feb 08
I jot down and plan my spending, and yes, it's really hard to stick to it.