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MichelleJ_OK
Contributor
Tuttle, OK
USA
80 Posts |
 Posted - 07/13/2003 : 11:34:24 AM
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I REALLY need to set a budget. The problem is that I never know how much I will have from one month/week/day to the next. I have a part time job that pays my rent and about half of my household bills. So the Independent Contractor money has to pay for everything else. I usually just spend all that money. (I know--thats why I NEED a budget.) But I'm finding it really hard to set the budget (in order to save and stuff rather than just spend) without knowing what I'm bringing in on any given month. My bills are getting paid but I'm just spending out of control.
Does anyone have any suggestions? What do you do? Let's hear your stories and suggestions. |
"I wish I had a dollar for every time I spent a dollar, because, then, yahoo!, I'd have all my money back.
--Jack Handey, "Deepest Thoughts" |
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Heather86
Star Contributor
Bourbonnais (S. of Chicago), IL
USA
2015 Posts |
Posted - 07/13/2003 : 1:50:41 PM
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I sat down and took a budget course offered through my church with my husband. Both of us work full time and we spend our money like water. We made a list of every penny we spent for a month and we were shocked at what we spent. We were able to control our spending just looking at those figures.
I did not consider my mystery shopping money because it is fun money. Martee actually suggested opening a separate account exclusively for Independent Contractor pay that you would take all expenses from and put all fees and reimbursements into. I plan on starting that next January. |
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Emma
Valued Contributor
Houston, TX
USA
196 Posts |
Posted - 07/13/2003 : 2:34:04 PM
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My suggestions for Independent Contractor money and budgeting.
1. Gather all your bills together.
2. Start to write down what you need to pay first (rent/mortgage, utilities, food, insurance, etc.
3. Write down any other incidental bills.
4. Write down your income from your regular job you can count on.
5. The difference will be your goal for Independent Contractor income (not reimbursement).
6. For the sake or argument, lets say you decide you MUST make $200 in Independent Contractor money to meet your monthly bills. Count this money AS IT COMES IN instead of as you do the shops. If you receive $250 in fees for the month, then take the excess and split it in half. The first half ($25 in this case) goes into savings. This is for emergencies or months that you don't meet your goal. The second half, spend with no questions asked. It can be an extra item on the grocery list or a night out. You get to pick.
There are some templates in Excel or even Works that should help you find the right budget categories. Every family is different and has different needs. |
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How do you budget without knowing your pay for the month?