Comments on: Heading Out on Your Own — Day 16: Create a Budget

By: Jose

Jose — Sat, 26 Jan 2013 00:09:08 +0000

I recently posted an article on how to set up a budget. http://thefindependent.com/creating-a-budget-how-to-budget/
My focus on the article was on setting one up by hand (spreadsheet). Automating your budget using Mint is intruiging and I’m definitely going to look into it.

By: Nick

Nick — Sun, 13 Jan 2013 19:18:17 +0000

An alternative to Mint for those in the UK is Money Dashboard. I’ve been using it for a couple of months and has been very useful to automate budgeting. It’s not as polished as Mint, but it gets the job done.

By: Derek

Derek — Thu, 08 Nov 2012 16:59:36 +0000

This is an excellent article!! Thank you! I would recommend an update- Elizabeth Warren is now a Senator-elect.

By: Sonja

Sonja — Tue, 06 Nov 2012 02:19:54 +0000

I’m a young woman about to live on my own and I think this website has great advice regardless of gender! Thanks for introducing me to MINT!

By: Ramsay

Ramsay — Wed, 19 Sep 2012 16:52:28 +0000

Question for any knowledgeable folk:

In using online budget software that connect directly to my bank, should I still enter cash-on-hand transactions manually into my budget or will that upset the general system? I’ve been trying it for 6 months now and my numbers aren’t coming out right (not reading true to bank balance, obviously, since the cash never enters my bank account).

Thanks.

By: Andrew

Andrew — Mon, 03 Sep 2012 19:21:24 +0000

Great post, and I have only one objection as follows. My advice is following: do not keep your emergency fund in bank, because IMHO emergency fund should cover even events like bank bankruptcy, or freezing of assets. Of course consequence would be, that your money slowly lose value because of inflation, but emergency fund is not investment, which should generate profit or interest, it is your financial last stand. I know that this article in written in context and mindset of USA, but i think the best possibility is to keep neccessary amount of cash in some safe and hidden place in your house.

By: Larry

Larry — Tue, 21 Aug 2012 20:06:38 +0000

One should be wary using services like Mint.com.

It’s the legal issues. You are granting third party access to your personal information. Access that might conflict with existing agreements. For example bank websites that stated access for single person only.

I think you’re better off entering numbers into a spreadsheet or existing software solutions like simple accounting.

But hey what do I know, people give away their SIN information like no tomorrow.

By: Thomas

Thomas — Mon, 20 Aug 2012 15:52:56 +0000

This is an excellent article and full of very sound advice. I highly recommend Dave Ramsey’s “Financial Peace University” program and any of his other products.
His radio show is great too!

By: Radek

Radek — Sun, 19 Aug 2012 16:35:44 +0000

I totally agree on having a budget and sticking to it. I would even add that spending cash is better than using debit cards, since you have a real sense of how much money you have left instead of thinking there is an endless pot of gold inside that plastic card..

I do not however agree with the premise of this post – saving money will allow you to do things you like. It will to some degree, but what about actually making more money? It is more difficult than saving since it requires to take action instead of being passive, but the outcome should be greater.

So
a) find a better paying job
b) find a job that earns the same amount of money, but takes less time to do
c) have a “side hustle” as other posts suggest

Cheers,
Radek

By: Gee

Gee — Sun, 19 Aug 2012 01:13:31 +0000

Great advice, love this post! And in the spirit of imparting learned lesson to future college students, I have a few of my own to add.

I suggest starting a small fund to tide you over during important study periods/research papers due dates. You’re paying higher studies, so you should keep in mind that your first and foremost duty is to gain education and knowledge from this ‘product’ you just paid for.

Adjust budget to include a ‘one week off for study’ saving funds. It’ll take a lot of effort to save up for your first one, but it’ll be worth it. This way, one week every semester is devoted to you polishing up important papers or studying for exam. Each semester, add an extra few ‘off days’ put away.

The magic of this is there would be times when you won’t even need to take off from work because eventually you’ll be better at organizing your time, fitting in studies with work or simply took easy courses throughout the semester. Exercise some willpower so you carry this fund over to your next semester (less work to save up for a new one!) and the next and the next…you get the idea. Exercise the willpower to not dip into this fund, or to always have at least ONE WEEK saved, UNTIL you graduate.