(Closed) school-year long internship: NEED HELP BUDGETING!

posted 6 years ago in Money
Post # 3
Member
5475 posts
Bee Keeper
  • Wedding: August 2012

I have heard great things about mint.com but have not tried it myself.

A good place to start is to see how much you’re spending on each month for necessities right now.  Also, look at what you’re spending on things like going out to dinner, movies, entertainment, etc…

Also, make sure you keep in mind things like vehicle inspections, maintenance, insurance & annual taxes so they don’t creep up on you at the last minute.

As for accounting for rising prices, you kind of have to guesstimate that.  Allow yourself enough of a cushion each month so if something does happen you aren’t scrambling or borrowing money.

When I was in college I worked at restaurants because I had class during the day.  I also picked up a retail job that I could do during breaks from school and on weekends.  I also really liked getting a 20% discount at JCPenney 🙂

I think you’re being really responsible by looking at things ahead of time, you’re definitely on the right track 🙂

Post # 4
Member
114 posts
Blushing bee
  • Wedding: September 2011

We use mint.com for our budget and I really like it. Living off only savings and dealing with rising gas prices isn’t that much different from living off a set monthly income. We have a “misc.” amount built in every month for unexpected things, and we budget conservatively. Inevitably something comes up and it’s nice to have that wiggle room. I’d also say just make sure you have a certain amount of reserve when you apportion out your savings to last over the term. Finally, as a soon-to-be teacher, I’d say pick up some tutoring or babysitting if you can. That tends to be flexible to fit in your schedule and, especially with tutoring, you can make decent money. Oh — also, we car pool. Just try to limit your driving by combining trips, car pooling, etc. and that will save money too.

Post # 5
Member
6124 posts
Bee Keeper
  • Wedding: August 2012

You have May, June, July to track every single expense for you each month so you can get a good picture of where your money is going.

 

I use a spreadsheet mainly.  It has cateogries like groceries, eat out, clothes, entertainment, health, auto, misc, etc.  Simply seeing what you spend helps you start analyze whether it’s necessary or not.

 

It sounds like you’ll have zero income? 

Or are you trying to divvy up a pile of savings to last you the school term?

Post # 7
Member
6124 posts
Bee Keeper
  • Wedding: August 2012

Well the easy answer is spend less than you bring in!  But you have to know a) what you can bring in (or have to start with = savings) and b) what you normally spend.  I wouldn’t worry/budget for rising gas prices right now, perhaps just round up your guestimation.  You still have to get the basic input-output equation down!

 

Is there a chance you will fall short – aka spend more than you have?  Would student loans be warranted in this case?

 

There are several articles out there regarding the “ideal budget” but they don’t work for everyone.  You don’t have housing so by this model you should have 30% extra in cash lying around!

http://cgi.money.cnn.com/tools/budget101/budget_101.jsp’ defer=’defer

 

To get more cash, you can eBay some itmes you don’t use.  I have been keeping track of my expenses for nearly a decade now.  It seems that every month, I get some extra cash somewhere.  It could be a per diem from a work trip, a birthday gift, a tax refund, selling an item, $50 bonus from opening a checking account.  It all adds up.

 

I am the queen of budgeting.  Start with tracking all your expenses!  Perhaps you can share back to see if you’re above-below-average with your expense categories per month.

Post # 9
Member
2493 posts
Buzzing bee
  • Wedding: July 2012

I am telling you now, and I’ve posted this before, Gail Vaz-Oxlade is my budgeting GURU! Her books are amazing and her website has all sorts of interactive budgeting worksheets, articles about situations just like yours and more. As well, she has a Q & A page. If you ask her a question through email, she will actually respond on that page within a few weeks.

Her website is: http://www.gailvazoxlade.com/

The interactive budgeting worksheet is: http://www.gailvazoxlade.com/resources.html

The articles on HOW to budget are: http://www.gailvazoxlade.com/articles.html

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