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OT - Starting a budget with my first 'big girl' job :) Tips?

lyn*

(website)

Veteran

Dear YLF,

Thank you for your continuing support - I'm graduating in a short 14 days! Now that I'm going to get my first "real" job - aka: year round salary - how do I set myself an appropriate household budget?

Does anyone have any good resources for me?

I believe my post-tax income will be relatively decent, but I'm starting new in a new place and need a place to live -and- a vehicle, so I think my first year will be a little lean. :p

Thanks!
Lyn*

General

25 replies

Latest reply was from Aida

Anonymous

Hey Lyn, that's great! I do volunteer budget counseling and this is a subject near and dear to my heart. Here are a few links to sites I have used:

http://www.crown.org
http://www.daveramsey.com

You don't need to buy anything to set up your budget. You can make one on a legal pad, or you can do it high tech and totally geek out, whichever you prefer.

My best advice is to work backwards by listing all of your must haves first and then see how much you can afford to spend on clothing after your expenses have been paid and your savings goals have been met. There are lists online to help you come up with categories that you might have missed. It might be nice to spend 10% of your salary on clothes, but in reality, that might not help you get where you want to go. Good luck, and you can PM me anytime!

ironkurtin

Veteran

Wow, Claire, you do? That's awesome! Thanks for the tips!

MsMary

Veteran

I also think Dave Ramsay has a good system. When Hubby and I ran into some debt issues many years ago we used Mary Hunt's program from her book "Debt Proof Living" and website http://www.debtproofliving.com. The thing I like best is the advice to have accounts to save for all the normal but non-monthly expenses in life, like car repairs, medical co-pays, gifts, clothes, insurance premiums, and so on.

My first piece of advice is to start tracking every penny in and out of your life ASAP so you can see where your money is going. Once you know where it is going, you can start to boss it around and TELL it where to go!

I've also done some financial volunteer counseling and I'm here for you, too!

christieanne

Veteran

MInt.com is helpful as well. She may not be your cuppa but Suze Orman has a good website with helpful and free advice and isn't always trying to sell things.

Congratulations! Very exciting.

Claire is leading you in proper direction for sure - I use the old long hand version myself.

One other suggestion - do you use online bill pay through your bank? Go through that or a past month bank statement to get your average expenses (for things like cell phone, cable, etc.) to make it accurate.
Are you moving to a new city as well?

Anonymous

*waving at MK, my budget counseling twin*

This is some great advice. You can start now, before you even know what your new expenses will be. It takes a few months to remember everything, like those twice a year car insurance payments, or all the things you have linked for direct payment to your debit card. Don't get discouraged if everything doesn't work perfectly in the beginning, and if you start feeling overwhelmed, just simplify your budget until you can handle all of the details.

cjh

(website)

Veteran

Congrats and best wishes on your graduation, Lyn! Good for you to be planning so responsibly.

lyn*

(website)

Veteran

I am slighly OCD so I have all my receipts and things from the last year or so; and I have tabulated my expenditure - unfortunately, I am moving to a new city where everything will be different, so I'm not sure how valuable it will be

UNFORTUNATELY, my new city has a Zara AND an H&M! LOL.

qfbrenda

Veteran

Another Dave Ramsey fan here. Congrats on your new job! How exciting!

cheryle (Dianthus)

(website)

Veteran

Are you moving to TO?

I can't advise on budget management. I'm like the roofer who has a leaky roof. I spend most of my work time managing money and budgets and don't like to do it when I get home.

lyn*

(website)

Veteran

No; I'm not moving to TO - I'm heading to Alberta.

Go west, young man...

AJ

Veteran

You have great financial advice already. I just wanted to say CONGRATS on your upcoming graduation! We are so proud of you, Lyn! SQUEE!!

Deborah

Veteran

I am not one to give budget advice ha ha...but just want to say congrats. You have worked so hard Lyn, well done and enjoy the fruits of your labor.

ManidipaM

Veteran

Lyn, congratulations! Seems like just yesterday when you were so frustrated at the road blocks... and here you are now, within sight of that finish line and sash!

ramya

Veteran

Congrats Lyn...
A trick I used is :

When I started my big girl salary, my father made me open an a separate account . Here on my salary day I deposited 30% of my salary and I had to manage my expenses with the rest

lyn*

(website)

Veteran

Ooh; I like that idea. My father suggested 15% for emergencies and 5% for long term savings, but I like the challenge of 30%

HelenInCanada

Veteran

OMG, this thread is SO helpful. Thanks for starting it lyn* - and congrats! Let's hope you will be nowhere near West Edmonton Mall.

lynn

Veteran

Dave Ramsey!!

cinnamon fern

Veteran

If you can do 30%, maybe 10% as retirement, 10% emergency fund, 10% short-term savings. Then in six months, when your emergency fund is big enough, you can reassess.

Jem

Veteran

Congratulations Lyn!!! Welcome to Alberta. And, yay for H&M and Zara! lol Good luck with your budgeting. You are smart to work on this for in the beginning!

Anonymous

No budget advice - but congratulations on your graduation!

rute

Veteran

Congrats! I work a lot with excel so I made and excel sheet to manage my life!

anne

Veteran

Congrats on the job and all the work you have put in to qualify.

You have had some great advice here, in fact I have been browsing those websites all evening!

Suz

(website)

Veteran

Congratulations, Lyn!! And does this mean you are Calgary bound? Or Edmonton? Must be one of the two because there can't be too many more Alberta cities with H&M and Zara!

You are getting great budgeting advice. Which I am eagerly listening to because even though I've been a big girl much longer than you I have not had a big girl salary.

lyn*

(website)

Veteran

@ Cinnamon - that's a good point; I had forgotten that my big girl job doesn't come with benefits (docs are considered 'self-employed')

Aida

Veteran

You have great budgeting advice, so I just wanted to say CONGRATS