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Note: This post was written by Jennifer Sanchez, Marketing & Communications Intern for Money Management International. In her spare time, Jennifer enjoys brushing up on her budgeting skills and watching The Bachelorette — sometimes simultaneously.
I don’t have a diverse stock portfolio (or any portfolio, for that matter!). I drive a 10-year-old car. And I pay cash for most of my big expenses. In the world of personal finance, I’m just a 20-something who’s barely getting by.
So what sets me apart from the people who can give you “99 frugal tips to make 99 lunches for less than 99 cents!” or tell you “How I went from $2 dollars to $2 million in 2 days”? I know what it’s like to live paycheck-to-paycheck while juggling expenses – and I make it work.
So what’s the super top-secret key to successful (or, at the very least, sufficient) money management? Keep it simple. Forget all of the complicated stuff and go back to the basics.
The following is a step-by-step look at my personal budgeting practices. While there’s no one-size-fits-all approach to organizing and managing money, you may find that you can implement some of my tactics into your own routine.
What do you think? Can you apply any of these tips? What is your personal budgeting style?
I live by and love Quicken! I personally recommend it whenever I can to people. And yes, if you cannot afford to purchase the Quicken program, then Excel is one's next best bet. But as I live paycheck to paycheck, I'll trust my Quicken program to help me chart my path!
What applies to me? I'm on a fixed income.
Can you send me the 7 tips for budgeting in the mail? I do not always have access to a computer. Thank You Pam Irving
These are all very helpful. I really liked tips 1 and 3.
Great , helpful information!How did you go from $2 to 2 million in 2 days?
these are great! thanks!
Thanks for sharing your ideas. it's great.
This is something that everybody says. It works for some and not for others, everyone's situation varies, I've heard or read this a million times before
In regards to number 2, I use the iCal on my computer. I use one color for bills and one from income. I can easily list when each "event" takes place and keep notes in the sidebar as to the actual due date, amount due, balance (if it is a loan or credit card payment) and a record of when the payment was scheduled to be made if I scheduled it in advance. I don't mark them as paid until the transaction is complete and is reflected in my bank account.
The article really fine although to manage personal financial practices is difficult to to requirement dedication. Just to Darlene Bolesny, what is Quicken Program?
These are great guidelines for any age group. Once learned a budget can guide you for the rest of your life. Thanks for the good read!
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