Budgeting Business

[wildcatj]

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I'm someone who is very frugal, hates spending money, does not like having less than several thousand in the bank at a time, etc. I just kind of keep a running tab in my head of what I have where and how much I'm spending. I put 95% of my expenses on a credit card and pay it off in full every month. I still live at home with my parents so I don't have to worry about rent, food, utilities etc. so I don't have a lot to worry about in terms of bills. I've never really had a reason to budget and I know my current system is not going to serve me well when I have no income, have real expenses and am living off loans.
So that gets me to my question... What do you guys do for budgeting? Do you have a program you like to use to keep track of things? (I'm thinking about just using excel.) Are you really careful about tracking everything you spend money on or do you just keep track of the major things? Do you use cash all the time and not credit? What kind of things do you skimp on and where do you not? Any tips/tricks that you find to be really helpful?

 

[Lissarae06]

I'm someone who is very frugal, hates spending money, does not like having less than several thousand in the bank at a time, etc. I just kind of keep a running tab in my head of what I have where and how much I'm spending. I put 95% of my expenses on a credit card and pay it off in full every month. I still live at home with my parents so I don't have to worry about rent, food, utilities etc. so I don't have a lot to worry about in terms of bills. I've never really had a reason to budget and I know my current system is not going to serve me well when I have no income, have real expenses and am living off loans.
So that gets me to my question... What do you guys do for budgeting? Do you have a program you like to use to keep track of things? (I'm thinking about just using excel.) Are you really careful about tracking everything you spend money on or do you just keep track of the major things? Do you use cash all the time and not credit? What kind of things do you skimp on and where do you not? Any tips/tricks that you find to be really helpful?

My husband and I use excel. When we get bills, we put them in the spreadsheet with when they are due. We break it up bi-monthly since that is how he gets paid. When he gets paid, we pay all the bills due during that pay period, make note of it in the spreadsheet, and then go on to appropriate the rest of the money into the other parts of our spreadsheet (savings, groceries, gas, etc.) We haven't been doing this for very long but it seems to be working for us and we have been able to pay down our credit card (big purchases with no interest like my computer- I love being able to put it on a card and not have any interest for several months) a lot faster and save a lot more. We use cash (debit card) for everyday purchases and reserve the credit card for bigger purchases like the nursery furniture.

 

[abbercadaver]

What do you guys do for budgeting? Do you have a program you like to use to keep track of things? (I'm thinking about just using excel.) Are you really careful about tracking everything you spend money on or do you just keep track of the major things? Do you use cash all the time and not credit? What kind of things do you skimp on and where do you not? Any tips/tricks that you find to be really helpful?

The husband and I swear by Quicken. Quicken can track absolutely everything. We sort it into a category (groceries, entertainment, school, etc.). His paychecks and my loan money are both automatically entered when they are deposited, as are our credit card purchases (aside from one of my cards that we have to manually download transactions from...but this is definitely the exception, not the rule). It's all there, you just have to categorize it out if you want to see where exactly your money is going. You can also see many projections--last 30 days spending, trends in spending, months in the black vs. red; it's great! It can track investments, savings funds, total net worth.... It's so nice to really SEE where you're going over budget, and never wonder, "Huh...where'd that paycheck go?"

We use credit cards to pay for just about everything, then pay them off in full each month (mostly). My random emergency hand sx has had ill effects on this, though, haha.

Skimping? We really have a hard time with our grocery budget (he refuses to have a meal without meat...), so that's where we watch the closest. We try and keep it under $100 every week (really, closer to $75). We try not to eat out much, whether it's fast food or sit-down restaurants. I'd say that's pretty skimpy, lol. Especially when all of my classmates eat out/go out ALL the time.

We are just trying really hard to keep my debt from school to a minimum. We have a house, two cars (paid off, thankfully), and two motorcycles...so we really don't need to add more to that if we can help it!

Was that helpful at all?

 

[wildcatj]

Was that helpful at all?

Very, thank you!

 

[Minnerbelle]

Expensify is awesome!

You can just create an account online, or if you have a smartphone/ipad or whatever, you can do it on that too.

It will automatically put in everything that you do with your credit card/debit card/bank account, and categorize things for you. All you have to do is just kind of skim through and make sure things are categorized the way you want them too. It'll put together reports for you about your spending and it's super easy to use.

 

[Minnerbelle]

What do you guys do for budgeting? Do you have a program you like to use to keep track of things? (I'm thinking about just using excel.) Are you really careful about tracking everything you spend money on or do you just keep track of the major things? Do you use cash all the time and not credit? What kind of things do you skimp on and where do you not? Any tips/tricks that you find to be really helpful?

I'm personally not that careful about tracking everything, and tend to keep tabs on my monthly spending and just assess from there.

I ignore the school related expenses that I absolutely couldn't do much about, as well as rent, utilities, and gas. I make sure they're as low as I can make it, and then ignore it after the choices have been made (share cheap apt so low rent that includes heat. only internet, no cable, etc...). I also kind of ignore vet bills, because that is non-negotiable in my book. I assess that like every half year/ every year to make sure that it's "reasonable." What I really look at are parts of my monthly expenses that are negotiable (groceries, eating out, entertainment, coffee, kitty toys, amazon shopping, etc...) and make sure that combined, those things stay below what I've budgeted. I'm a super boring person who doesn't really spend much on things other than food and the cat... so I haven't had to make too many major sacrifices. Eating out is the only real killer I have to keep tabs on.

 

[twelvetigers]

Expensify is awesome!

You can just create an account online, or if you have a smartphone/ipad or whatever, you can do it on that too.

It will automatically put in everything that you do with your credit card/debit card/bank account, and categorize things for you. All you have to do is just kind of skim through and make sure things are categorized the way you want them too. It'll put together reports for you about your spending and it's super easy to use.

This is the program that my husband uses for work expenses... like to do his expense reports and everything. Officially. So I'm guessing it works really well.

Mint is another similar service that lots of people like, but I can't say because it doesn't work with all banks, and mine is one that does not allow it.

 

[wolfspeaker]

I actually just started using Mint last week, https://www.mint.com/.
Couldn't tell you much about it yet, though.

The roommate may actually be leaving soon, which means I will be paying all bills myself. 🙁 So far, I haven't had an issue with paying 1/2 the bills and not paying too much attention to my spending(I use cash, don't even own a credit card, I would if they would let me ). But now, I will need to really watch my spending. Already looking for another job, one that will give me set hours at 30-40 a week. (still keeping the dairy job, it's only PT)

 

[that redhead]

I like the idea of organized budgeting... but I just kind of keep an eye on my bank account on a semester-ly basis. I have an American and canadian account so it's a bit of work when I transfer money up here each semester but I've been doing well. My expenses are pretty predictable- rent, groceries and gas. I make an effort to be conscious of my spending, so I try not to eat out too much, run my errands on school days so I don't drive the 20+ mile round trip into town unless I really need to, shop on the day we get our 10% student discount, etc.

People get really wrapped up in the idea of saving that they forget that it's ok to go out sometimes. If you're prudent, a night at the movies or dinner with friends is totally reasonable. Remember to allow yourself a treat every now and then!

 

[Packen]

I have a debit/credit card here in the UK linked to my checking account (did things slightly differently in the US), but I use online banking for just about everything. Then once a month I download my spending into excel. I use excel because my bank has an option that transfers all transactions into a spreadsheet. I don't have to enter a bunch of numbers or anything, I just label each expense and keep track that way. Most of my bills are constant, and I am sure most of yours will be too (rent, phone, internet).

I am not good with spending when I go out. So starting this semester, I am going to try and take out a lump sum of spending cash for the month, and if I spend it, well that means I can't go out till next month. We'll see how that goes.

 

[ky261682]

My money management style is similar to Minnerbelle. I focus on budgeting areas that I can control, like groceries and entertainment. I pay for nearly everything on my credit card and pay the bill off in full each month. This is easiest for me because I can look at the bill and calculate where I'm spending my money. I also like using my credit card for everything because I get reward points which works out to about 40$ in free groceries each year.

I take out 20$ each month in cash for quick purchases, like a 2$ coffee. I lump whatever I spend in miscellaneous costs. I go out to eat a couple times a month but I pay with gift cards from Christmas/birthday or have coupons if possible (I love coupons!). Basically I don't micromanage my spending but I'm careful. I tried doing Excel sheets or budgeting tools but it made me too stressed trying to input every little thing.

 

[cbarne01]

...take out a lump sum of spending cash for the month, and if I spend it, well that means I can't go out till next month...

This works with Tim's/campus meal cards too so i didn't have to carry cash. Put on $50 for the month and watch the balance on the card (save up $ for exams). I can do groceries for about $35 a week, but I have to buy bulk staples like rice once in a while and have a 7ft freezer and ziplock bags. I don't eat out and I have plastic and glass containers so I can take food with me (note to self, buy a bigger backpack).

I make sure that my night out money is in cash so I don't overspend, and make it count - be sure you'll have a good time before you go. I do some activities with certain friends on a regular basis so I don't burn out, but they're very low cost. I know some ppl who have little jobs, like 4 hrs a week that they LOVE and actually make them $$.

I track everything in Quicken but its an old version so I'll probably change soon. It lets me use my credit card and track all the purchases and I can see them on a chart. My debit card charges a fee for each transaction so credit is cheaper in the long run.

And never go over your cell/data minutes... or take it on vacation out of the country!

 

[hygebeorht]

I also vote for Mint. I am one of those who figures out what I make a month (a pittance) and I pinch those pennies. Because I am so frugal, I usually do not keep track of every little dime in my checking account. I put everything on a high-rewards CC and pay it off every month so that the card pays me and not the other way around.

I like Mint because you can sort your purchase types and look at trends to figure out where you can cut costs even more. I love their little pie charts and bar graphs.

 

[wildcatj]

I also vote for Mint. I am one of those who figures out what I make a month (a pittance) and I pinch those pennies. Because I am so frugal, I usually do not keep track of every little dime in my checking account. I put everything on a high-rewards CC and pay it off every month so that the card pays me and not the other way around.

I like Mint because you can sort your purchase types and look at trends to figure out where you can cut costs even more. I love their little pie charts and bar graphs.

I really like the thought of mint, but it makes me very nervous to have all my info in one place like that. I know they are secure and what not, but if by chance they got hacked or anything, all my account access is right there.

 

[Trematode]

My goal this month should be to do up a budget. All I know is that one full paycheque goes towards rent, loan payments and gym. 75% of the other ones goes towards groceries, cell phone bill, etc. and 25% makes it into my savings or line of credit. I really need to budget now because my loan payments will increase my April and then again in June.

I just wanted to note that I do put everything on my credit card. Last summer, I realized I had been collecting points for 5 years and had accumulated enough to take $250 off of my line of credit. I had some points left over. Since I started putting everything on the card, I can get $100 off my credit line this month. Every little bit helps.

 

[KCgophervet]

Last summer, I realized I had been collecting points for 5 years and had accumulated enough to take $250 off of my line of credit. I had some points left over. Since I started putting everything on the card, I can get $100 off my credit line this month. Every little bit helps.

THANK YOU for saying this!! I just realized I had no idea how many points I had and now I don't have to stress about how I'm paying for tuition this semester. The points I had are lowering my CC bill enough to de-stress me.

 

[Trematode]

THANK YOU for saying this! I just realized I had no idea how many points I had and now I don't have to stress about how I'm paying for tuition this semester. The points I had are lowering my CC bill enough to de-stress me.

That is so awesome!!!
I am happy that my post reminded you to check your points balance! 😀

 

[gumtree]

I'm embarrassed to admit that I don't really know much managing my personal finances, but it's definitely something I need to learn before I'm up to my eyeballs in student loans. It seems like most of you have a credit card that you use to make purchases, but then pay the balance off each month and earn points. This seems like a good idea to me, but I've never had a credit card ever, and I don't even know how to go about getting one. No clue what my credit score is, either. For those of you in vet school living off of student loans, what do you use to pay your credit card bill each month? Student loans?? Clearly I have a lot of learning to do.. Can anyone recommend any resources that might help me get a handle on managing my money?

 

[BladeofGrass]

I'm embarrassed to admit that I don't really know much managing my personal finances, but it's definitely something I need to learn before I'm up to my eyeballs in student loans. It seems like most of you have a credit card that you use to make purchases, but then pay the balance off each month and earn points. This seems like a good idea to me, but I've never had a credit card ever, and I don't even know how to go about getting one. No clue what my credit score is, either. For those of you in vet school living off of student loans, what do you use to pay your credit card bill each month? Student loans?? Clearly I have a lot of learning to do.. Can anyone recommend any resources that might help me get a handle on managing my money?

Check out Suze Orman (http://www.suzeorman.com/). I've learned loads from her and have gotten my financial act together from reading her books and tips. A really good book from her is "Women and Money."

A couple people have referenced having high rewards CC--do you mind sharing which ones they are? I have a rewards credit card through AAA. Just your typical 3%/2%/1% back sort of deal (% back varies based on what you spend your $ on).

Has anyone had success charging their vet school tuition through a credit card? I've thought about that in regards to earning more rewards, but I know some schools might not allow it, or might charge a fee.

 

[kakurubird]

Has anyone had success charging their vet school tuition through a credit card? I've thought about that in regards to earning more rewards, but I know some schools might not allow it, or might charge a fee.

I don't know about vet schools specifically, but I know many universities don't allow it because they have to pay a percentage fee to the credit card company which adds up to a lot. (My undergrad and university where my mother works don't.) My cousin went to an undergrad where you could charge tuition and her uncle basically got her almost an entire airline ticket home for winter break in the process. University has since stopped doing cc payment unless you have a monthly payment plan.

 

[equineconstant]

I'm embarrassed to admit that I don't really know much managing my personal finances, but it's definitely something I need to learn before I'm up to my eyeballs in student loans. It seems like most of you have a credit card that you use to make purchases, but then pay the balance off each month and earn points. This seems like a good idea to me, but I've never had a credit card ever, and I don't even know how to go about getting one. No clue what my credit score is, either. For those of you in vet school living off of student loans, what do you use to pay your credit card bill each month? Student loans?? Clearly I have a lot of learning to do.. Can anyone recommend any resources that might help me get a handle on managing my money?

I got my first credit card when I was about to leave for undergrad. I got it through my bank. If you don't have a credit card, I don't know how you can have a credit score (I am also pretty uninformed, sorry). My dad came with me and might have used his credit score to get me initially approved...I was also just 18 at that time, so that might have also impacted it.

 

[wolfspeaker]

You don't need to have had a credit card to have a credit score. Good or bad. Just bills. 😉

 

[wildcatj]

Check out Suze Orman (http://www.suzeorman.com/). I've learned loads from her and have gotten my financial act together from reading her books and tips. A really good book from her is "Women and Money."

A couple people have referenced having high rewards CC--do you mind sharing which ones they are? I have a rewards credit card through AAA. Just your typical 3%/2%/1% back sort of deal (% back varies based on what you spend your $ on).

Has anyone had success charging their vet school tuition through a credit card? I've thought about that in regards to earning more rewards, but I know some schools might not allow it, or might charge a fee.

I have an amazon rewards card from chase. It's a 3,2,1 points card, but your points toward amazon are worth a lot. I probably put around 4000 on it a year and I get several hundred bucks worth of free amazon from the points. It's worth it for me because I buy a lot off amazon (and will continue to be great for books in vet school).

 

[dvmdreamer]

A couple people have referenced having high rewards CC--do you mind sharing which ones they are? I have a rewards credit card through AAA. Just your typical 3%/2%/1% back sort of deal (% back varies based on what you spend your $ on).

My favorite two are my Amazon card and my Discover. Not everywhere takes Discover, but it is the best for rewards. They have special online purchase cashback partners for anywhere from 5-20%. There are also special seasonal 5% cash back special bonuses, at times of the year they make sense- department stores and online shopping around christmas, hotels and travel during the summer. Then you get 1% on all other purchases. I typically make back $15-30/month. You can take it as cash, a statement credit, or partner gift cards (which you usually get extra money added onto- ie, a $25 gift card for $20 in points). The Amazon card gets 2% back on gas and 3% back on Amazon purchases, so I use that one for textbooks and all that good stuff, and use it for gas when Discover does not have the gas bonus.

 

[david594]

I really like the thought of mint, but it makes me very nervous to have all my info in one place like that. I know they are secure and what not, but if by chance they got hacked or anything, all my account access is right there.

Some banks actually have special interfaces (that dont use your normal password) for mint to connect through that can only pull the transaction data, but cant transfer money. The thought being that if your info got stolen from mint, they still wouldnt be able to touch your money.

I've been using Mint.com for years and have been very happy with.

 

[wildcatj]

Some banks actually have special interfaces (that dont use your normal password) for mint to connect through that can only pull the transaction data, but cant transfer money. The thought being that if your info got stolen from mint, they still wouldnt be able to touch your money.

I've been using Mint.com for years and have been very happy with.

That's some good info to have, thanks.

 

[485501]

I'm embarrassed to admit that I don't really know much managing my personal finances, but it's definitely something I need to learn before I'm up to my eyeballs in student loans. It seems like most of you have a credit card that you use to make purchases, but then pay the balance off each month and earn points. This seems like a good idea to me, but I've never had a credit card ever, and I don't even know how to go about getting one. No clue what my credit score is, either. For those of you in vet school living off of student loans, what do you use to pay your credit card bill each month? Student loans?? Clearly I have a lot of learning to do.. Can anyone recommend any resources that might help me get a handle on managing my money?

You can get a free copy of your credit report from all three credit reporting agencies once per year - it's federal law. I don't remember the website, but you go to the website, log in, provide some info, and they give you a printable version of your credit score. MAKE SURE IT'S THE LEGIT WEBSITE because you have to give them your personal info. If it turns out your credit is terrible (which it might be if your history of credit is very short, even if you were perfect during that time), you can do simple things to build it, like get a credit card and put one tiny charge on it every month, then pay it off completely every month.

What bank do you use? Many banks have basic budgeting and credit building/managing info available free on their websites or in pamphlets in branches.

If you have access to a library that has a lot of textbooks, try to find an intro business, entrepreneurship, or even "home ec" book. Those often have a chapter or part of a chapter on budgeting etc.

Several community colleges I know of have "personal finance" classes, but I don't know how common that is or if you have time to take one.

 

[hygebeorht]

My favorite two are my Amazon card and my Discover. Not everywhere takes Discover, but it is the best for rewards. They have special online purchase cashback partners for anywhere from 5-20%. There are also special seasonal 5% cash back special bonuses, at times of the year they make sense- department stores and online shopping around christmas, hotels and travel during the summer. Then you get 1% on all other purchases. I typically make back $15-30/month. You can take it as cash, a statement credit, or partner gift cards (which you usually get extra money added onto- ie, a $25 gift card for $20 in points). The Amazon card gets 2% back on gas and 3% back on Amazon purchases, so I use that one for textbooks and all that good stuff, and use it for gas when Discover does not have the gas bonus.

You like the Amazon card? I buy hella stuff from Amazon but thought the card was just another card. I didn't realize the rewards were so good.

And I LOOOVE my Discover. I'm waiting on $120 cash back (five more dollars!) so I can get a gift card to Banana Republic and hit one of their sales to get tailored specialty-size clothes for a not-terrifying price. Too bad so many places don't take Discover.

Does anyone use an airline mileage card? I imagine that frequent flier hacking would be great for the OOS crowd.

One last thing: do your best not to get tricked or suckered into purchasing ANYTHING on the free credit report sites. Yeah, they'll give it to you for free, but they will try to sell you a credit reporting service most of the time.

 

[dvmdreamer]

You like the Amazon card? I buy hella stuff from Amazon but thought the card was just another card. I didn't realize the rewards were so good.

If you already have multiple cards, I don't know that its worth it- I use the Discover much more and get better rewards in general. But the Amazon card is nice for the 3% back when you are buying $300-600 in textbooks per semester. And they occasionally send special coupons/deals for cardholders on other items- like I got the last Kindle version for ~$45 (two days before they released the new one but I don't care ). If I were a normal non-student person, it wouldn't be anything special.

 

[485501]

One last thing: do your best not to get tricked or suckered into purchasing ANYTHING on the free credit report sites. Yeah, they'll give it to you for free, but they will try to sell you a credit reporting service most of the time.

To clear up: I'm not talking about any of those sites. I'm talking about the federally mandated, once per year you get your scores there site. It cannot sell you anything, if I recall correctly there were no ads for it or on it or to do with it at all. I found the website on the Wikipedia "credit score" page and then verified the site by Googling it and finding it mentioned by banks and reputable newspapers before I went there. There are imposter sites with similar names, but this one should not ask you to buy or sign up for anything at all, and does not have any service other than the federally required free credit report.

I hate those "free credit score" ads on TV. The jingles get stuck in my head.

 

[dvmdreamer]

To clear up: I'm not talking about any of those sites. I'm talking about the federally mandated, once per year you get your scores there site. It cannot sell you anything, if I recall correctly there were no ads for it or on it or to do with it at all. I found the website on the Wikipedia "credit score" page and then verified the site by Googling it and finding it mentioned by banks and reputable newspapers before I went there. There are imposter sites with similar names, but this one should not ask you to buy or sign up for anything at all, and does not have any service other than the federally required free credit report.

Use the .gov site. That's the only way to know your safe. You get three free reports per year, one from each reporting agency. So if your smart about it, you can spread them out and do one every four months to keep tabs on everything regularly. 🙂

http://www.consumer.ftc.gov/articles/0155-free-credit-reports

 

[Minnerbelle]

You can get a free copy of your credit report from all three credit reporting agencies once per year - it's federal law. I don't remember the website, but you go to the website, log in, provide some info, and they give you a printable version of your credit score. MAKE SURE IT'S THE LEGIT WEBSITE because you have to give them your personal info. If it turns out your credit is terrible (which it might be if your history of credit is very short, even if you were perfect during that time), you can do simple things to build it, like get a credit card and put one tiny charge on it every month, then pay it off completely every month.

Just remember though that the free credit reports doesn't come with credit scores. You still do need to pay for those. If you've never ever gotten your credit score before and don't have a credit cards or anything, it might be worth it to spend the ten bucks or something like that to check at least one of them.

 

[dyachei]

Just remember though that the free credit reports doesn't come with credit scores. You still do need to pay for those. If you've never ever gotten your credit score before and don't have a credit cards or anything, it might be worth it to spend the ten bucks or something like that to check at least one of them.

creditkarma is free. I recommend it

 

[Minnerbelle]

creditkarma is free. I recommend it

Wut!? Which score do they give you?

 

[dyachei]

Wut!? Which score do they give you?

it gives you an idea of your credit and I believe it mostly uses transunion. They are not exact scores, but does give you insight into what your credit should be based on your financial activities

 

[deli]

I also have used creditkarma for free, and was happy with it. They never tried to sell me anything.

 

[Clover51]

My significant other is ob-SESS-ed with Excel spreadsheets and he made one for me to track my expenses when I finished undergrad 3 years ago. I have three years of spending trends saved; hopefully that will help me borrow appropriate amounts in student loans!

As far as saving money, my biggest thing to save on is food. Since I've discovered the joy of cooking, I've realized that you can spend $18 getting a meal for one night, or spend that at the grocery store and make enough pasta/tuna salad/shepherd's pie to last you an entire week!

 

[hygebeorht]

Tuna salad and shepherd's pie are good ways for the meat-eaters to get cheaper meat in their diet. Don't eat too much tuna, though, you don't want to increase your body burden of mercury too much.

While it sounds counter-intuitive, the fancy fancy grocery stores like Sunflower Market, Vitamin Cottage, and (sometimes) Whole Foods have great produce that is often their loss leader. I find my best produce prices at those places, and it's usually amazing produce too.

So I get cheaper food, even though the only thing I'm unwilling to sacrifice quality on is food (not b/c I'm a gastronome but because unhealthy eating negatively affects every facet of my life).