MY FIRST EVER BUDGET (SCARY‼️) 💸
confession time: i’m 21 years old, recently graduated college, just got my first ever credit card… and have never ever made a budget before.
i’ve been working since i was 16, but through a series of changing jobs, bad money management, college debt, and a brief shopping addiction, i’ve never been financially stable. i’ve decided that this year i want to change that and lemon8 was actually the catalyst for that.
i’ve been enjoying the budgets people have been posting on here and decided to attempt to create one of my own! the first thing i learned is that i’m getting SCAMMED by my job! they advertised when i was hired that i would be getting $16.50 an hour, but some weeks i was only making $12.71 an hour! where is all that money going? there’s no way it’s all to taxes… right?
this month was probably also a bad example as i owe my landlord $875 on the first of september. that makes it an even better place to start though because i need to give myself spending limits so i don’t spend too much and end up broke until my next paycheck! now i know how much i’ll have leftover and how i should be spending that.
$150 to spare is not great… definitely not financially stable yet. but it’s a start to a new habit that i want to continue and we all have to start somewhere!!
do you guys have any advice for me? any suggestions? (besides getting a new job because i don’t have time for that right now 😭)
#PaycheckBudget #summerdiary #lemon8challenge #lemon8contest #letschat #budgets #broke #budgeting #budgeting101 #budgetingtips
Creating a budget is an essential step in achieving financial stability, especially for recent graduates. It’s common to feel overwhelmed by expenses such as rent, bills, and student loans. To begin, identify your monthly income and subtract fixed costs (e.g., rent, utilities). This will help you understand your disposable income. One effective budgeting method is the 50/30/20 rule, where 50% of your income is for needs, 30% for wants, and 20% for savings. Additionally, consider using budgeting apps or spreadsheets to keep track of your spending and savings goals. Setting up alerts for bill payments can prevent late fees and help you stay organized. If unexpected expenses arise, it’s wise to have an emergency fund—aim for at least three months’ worth of essential expenses. Lastly, don’t hesitate to seek advice from financial advisors or resources available online. The key is consistency and staying committed to your budget, as it lays the foundation for a secure financial future.
did you include taxes when you got 13 an hour ? bc i make 19 an hour but after taxes i make around 16.50-17. you can use smart asset paycheck calculator to help determine what it is you make