#personal budgeting

[deepak-05]

Personal Finance Tips: Crafting a Budget That Works for You

Get expert insights on finance & business, covering investing, budgeting, entrepreneurship, market trends and wealth management for financia

[agendergenderqueermasculenbyguy]

So… I’m a young adult (20s) with inattentive ADHD and other mental health issues who will be moving out for college next month

I have done a 3.5 year vocational training (so I’m qualified to work as a professional handyperson) and I do have savings

But I do not have the slightest idea how to budget household money

I got a student loan of 450€/mo and my parents said they will give me 200€/month for groceries/ food

I DO NOT intend to start a part-time job until at least my 3rd semester! I have been out of school too long and need to focus so I don’t fuck up college

So my starting budget is 650€/month from which I have to pay

rent & utilities,

insurances (household, liability, casualty, some private health insurances),

groceries,

Plus a small amount each month I need to put aside in case I have to buy additional books, stationary, new everyday-shoes or generally in case I have to replace stuff that gets broken/ used up

Can anyone help me how to keep track of my finances and how to budget when I barely have enough money to cover overheads/ necessities?

Honestly I feel genuinely bad asking for help, especially since I know I have more savings to my name than many people my age probably have. But also, my parents never budgeted – at least not in a way they can teach me how to

And I’m just so scared of college as a whole and of messing up and that I won’t be able to keep up with studying… I got in, yes, but I also know I haven’t done the necessary math in YEARS because my vocational training focused on mechanics and transmissions and forces. I’m a state-certified mechanic and my college degree is mechanical engineering but I doubt my “advantage” is worth much. I’m sincerely worried. And I haven’t been able to study on my own – although I have more than enough pre-college math books specifically for the pre-courses – because of stress and anxiety around finding a flat-share/ living accommodations. I have been procrastinating most things because finding a flat-share hasn’t been exactly successful and I’m trying to ignore my looming dread and anxiety. I’m genuinely scared I will mess up and ruin my entire life because I’m not “ready” or intelligent or mentally healthy enough to make it.

If I at least got the budgeting out of the way, so to speak, that would help convince myself I’m not as much of a fuck-up.

[ladyreddbone]

The Ultimate Money Plan Group

Get Access to Prework Now to start your transformation - Live sessions start week of Oct 15th at 7pm

Ultimate Money Plan Group

Ultimate Money Plan group is designed for support, accountability and progress. You will have access to everything you need to take control

[enrichedacademy]

How to ensure your financial wellness

Thinking of hiring an agency or professional for your financial planning? But what if you could do it on your own? With a short-term, easy-to-learn yet extensive financial wellness and learning program, we teach you everything. From personal budgeting to smart investments & financial analysis, be your own advisor.

[enrichedacademy]

How budgeting improves financial wellness

Personal budgeting is the process of planning how you are going to spend your money. It allows you to create a spending plan to manage your cashflow and assures that you will always be saving money for more important things in the future. Making a budget and having a spending plan is part of the important financial planning advice provided by our financial coaches.

[mydebtsentence]

I'm going to be honest, I always struggle with the initial introduction of a blog. I've had several over my life thus far (I mean, who hasn't?) but the first post always feels a touch intimidating. What do I say about myself that would make people actually want to read the thoughts I hurl out into the internet? No idea. 

I like horror movie monsters.

I also like those little hopping birds you see in parking lots that steal discarded french fries. 

I have two kids, one dog, and a husband who are all amazing.

I'm also struggling financially. Of course, being a millennial, I guess that's a guarantee. 

I was told to go to college if I wanted to make it in the world. As soon as I graduated high school, the market crashed. Then I graduated college and the market crashed again. Then my husband and I recovered financially and began looking for a house to grow our family before I became pregnant with our second child. And the pandemic hit. And we lost our jobs. And insurance (American). We have just started getting back on our feet but the market looks like it's crashing once more.

I read somewhere that around 60% of Americans have less than a thousand dollars in their savings account. We can count ourselves among that statistic. Given we have two children, that's absolutely terrifying to me. The knowledge we are one big emergency away from not being able to recover is a weight that leaves me feeling sick on the best of days. 

(Wow, almost every paragraph thus far has started with 'I.' Then again, this is an introduction post.)

Like I said before, I've had several blogs over the years but I've never used tumblr to discuss budgeting. Tumblr doesn't seem the place to vent about personal finances--more of a hobby site--but this may be fun. 

Or maybe this will be my last post? Who knows. No idea.