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10-12-2003, 07:02 AM #1injuryfundGuest
Newbie Here - This Budgeting Thing is All New To Me!
Hi All. I don't think I've ever had to budget in my life but now I
do because I have a serious back injury, and I cannot work right
now, and I have $35k in debt that is quickly becoming an issue.
With a six-figure income, a measley $35k isn't an issue, but now
with no work, debt, a large mortgage, etc., it IS.
I've started a web site to collect donations in exchange for
recipes, or some type of entertainment to visitors (again, all new
to me so I've asked their help in what they'd like to see in
exchange for (optional) donations.... I don't believe in asking for
$$, or simply "panhandling," without providing a service of sorts in
exchange. The site is www.injuryfund.com and I'm open to ALL
suggestions. I just put it up so the recipes section isn't there
yet, which I'm planning to have there as part of the service.
So, my first question to all of you veteran budgeters:
When you first began to budget, what would you say is the single
most important thing (or initial thingS) you had to adjust. Again,
I am new at this. I was the person earning a great living that
never needed to check prices at the grocery, etc. So, besides "not
going out and buy a Mercedes," (lol) what are some crucial points of
All is appreciated!
By the way, I put up some stuff on eBay too which, hopefully, will
bring in some interim cash.
10-12-2003, 11:23 PM #2COOLCATPANTHERGuest
Re: Newbie Here - This Budgeting Thing is All New To Me!
You'll get lots of suggestions from others on the list. These are
the first that come to mind and ones that worked for me. All of them
may not work for you, or be to much for you to want to do right
away. So here goes........
CUTTING BACK ON EXPENSES --
1. Eliminate unnecessary spending -- This includes eating out,
buying clothes except when absolutely necessary, getting rid of all
but one car, canceling cable tv, not renewing magazine subscriptions,
looking at phone bill and canceling unneeded things like call waiting
or call forwarding etc.
2. Keep track of spending -- write down where you spend your money.
This includes the 50 cents you pay for a paper at gas station --
every single penny you spend, write it down. THis will help to see
exactly where your money is going, and help decide where to cut
back. I use several categories to list spending in -- food, personal
care items (shampoo, bath soap), house cleaning supplies, gas,
insurance, etc. Your categores will be different
3. If possible, move into a smaller house, or appartment that costs
less to rent/buy. Or take in a roommate.
4. Learn to cook if you don't already know how. Buying food and
cooking it at home is so much cheeper than eating out, and buying
premade boxed items at the store. You will eat healthier and much
cheeper this way.
More will come to me later Im sure.... but these will help you start
--- In Budget101_@yahoogroups.com, "injuryfund" <injuryfund@y...>
> Hi All. I don't think I've ever had to budget in my life but now I
> do because I have a serious back injury, and I cannot work right
> now, and I have $35k in debt that is quickly becoming an issue.
> With a six-figure income, a measley $35k isn't an issue, but now
> with no work, debt, a large mortgage, etc., it IS.