Budgeted: A Possible New Series

Money doesn’t bring you happiness, but it buys about everything you need to survive (food, shelter, education, the list goes on and on). My question for the world is how do you manage your money? I decided that while my sources of income are few, small, and not constant, I should make a budget just to get into the habit of saving. As a high school student, my current plan was too put 70% to savings (college and personal), 20% to spending, and then donate 10% to a charity. I thought I would ask around though to see what others did before I set this in stone for a few months.

How do you budget? What advice would you give your younger self about finances? Let me know in the comments!

Mags

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9 thoughts on “Budgeted: A Possible New Series

  1. As of now I don’t have a job in fact when I did over the summer my salary was particularly replaced with goods and I put some of that to a trip to Costa Rica and the other I have in a bank account. I’m in a saving mindset so I’m not really spending I’m just saving. I also have a stash of precious metals (buried on my property… or is it) I call this now the Swanson approach to budgeting. Don’t spend any but save a lot. Once I get a steady job I will start donating to charities. But now it’s saving till college!

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  2. If you’re only in high school and keep saving like that, you’ll be light years ahead of everyone else – including me by the time you’re my age. Look up “compound interest” and see how much money you can make simply by saving it and leaving it. Seems like 70/20/10 is a good method for a high schooler since you most likely don’t pay rent. Once you’re on your own they say shoot for 50/30/20 with 30 being the “fun” category. Check out my blog for how I do. Keep in mind, I messed up and need to catch up on the saving part. Student loans are no joke either. Avoid them if you can.

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      • No tips here other than don’t worry or deprive yourself of the things you want. People might say I’m crazy strange or irresponsible with money but I don’t believe in being miserable or restricted on a confined, strict budget. I lived like I always have with hopes that the universe would acknowledge my efforts to live the way I want to without restrictions. Savings is necessary yes, but we are not promised tomorrow. Now, I’m hoping for the best and for my needs to be supplied for on faith alone. Sometimes, faith is all we have..

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