I need Financial planning help and budgeting advice.?

I'm currently 24 years old and stay with my parents. I make about 40k a year working in in warehouse. I need advice on creating a budget and/or investing tips. After paying bills I really use the rest of my money on nonsense because I don't have a budget but not really sure where to start. I want to get a

I'm currently 24 years old and stay with my parents. I make about 40k a year working in in warehouse. I need advice on creating a budget and/or investing tips. After paying bills I really use the rest of my money on nonsense because I don't have a budget but not really sure where to start. I want to get a house next year so I can pay morgage and have my money going to something for the future. Any tips you all have for me?

Other answer:

d.mac21:
If you want to buy a 120k house, plan on having 25-30k in cash. For a conventional mortgage without having to pay for lender's insurance, you'll need a 20% down payment plus closing costs plus pre-paids plus out-of-pockets.

So…how much do you have in cash already?

As far as investing goes, you should have already started investing in your retirement plans. Hopefully with a Roth (post-tax) option. You can do your own IRA or if you employer has a 401k you can do that (especially if there is an employer match) – or you can do both.

As far as blowing your paychecks on nonsense, you need to get out of that habit and self-discipline is the only way. Every time you're about to spend money ask yourself if you'd like to make yourself rich (save/invest) or if you'd like to make someone else rich (spend). Those are your only two options.

When you buy a house you'll be having an instant reality check when the furnace dies or the roof needs replacing. Do you have 10k laying around? If not, you'll be in trouble.

Mike:
Get a budget started based on an Excel spreadsheet.

You have your income, where you track your paychecks and whatever other money you make.

Then you have your debits or what you owe. In that part, you put your housing, your utilities, your phone costs, your cable/internet, your food bill, your car insurance and gas money, and your 'other' where you track every single dollar you spend.

You should keep track based on months, so January is one amount, February is another, and you'll start seeing patterns. Do that for half a year before you start any kind of investment strategy.

Sae:
if you have excel or microsoft works you can find ready made budget templates,
or you can create one yourself…
first line make up headings with the month starting in the second column, the first column shall be your expenses
the second line should be your monthly after tax income- your take home amounts
next list your fixed expenses : car payment, gas, auto insurance, repairs, rent if you pay it, cell phone, etc- list the amounts per month… leave a few blank lines then total the expenses,
the next line should be a formula to subtract this from your income,
this is your 'disposable income' first take an amount and decide this shall be your contribution into your savings account, say 300 per month ( only 75…00 per week ), now put this into the fixed expenses and you shall have to figure out how to get it into the savings, if your employer offers direct deposit it shall be easier…
now look at what is left, this is for other items: clothes, entertainment, gifts…
you have to be disciplined, and once you start to see the balance growing it might give you the incentive to save more… set a goal to put away 4k per year, it is doable but it means sticking to the 3600 with the 300 per month and also finding ways to throw extra in it,
womansworld:
OK, 5 months ago you posted to say you had a LOT of debt… You MUST clear this before you do anything. Once you have cleared your debt, start saving each month. Work out your bills and give yourself some 'spending money' each month and then set up direct debits for the balance of your salary to go directly into a savings account
Ann:
if you have Excel or Microsoft Works you can find ready made budget templates,
or you can create one yourself.
First line make up headings with the month starting in the second column, the first column will be your expenses
the second line should be your monthly after tax income- your take home amounts
next list your fixed expenses : car payment, gas, auto insurance, repairs, rent if you pay it, cell phone, etc- list the amounts per month. leave a few blank lines then total the expenses,
the next line should be a formula to subtract this from your income,
this is your 'disposable income' first take an amount and decide this will be your contribution into your savings account, say 300 per month ( only 75.00 per week ), now put this into the fixed expenses and you will have to figure out how to get it into the savings, if your employer offers direct deposit it will be easier.
now look at what is left, this is for other items: clothes, entertainment, gifts.
you have to be disciplined, and once you start to see the balance growing it might give you the incentive to save more. set a goal to put away 4K per year, it is doable but it means sticking to the 3600 with the 300 per month and also finding ways to throw extra in it,
B:
you need an auto deposit where you can't touch it, from your paycheck into an investment account, like at Schwab or Fidelity. Here is how it could work: you auto deposit your check into your bank checking account and once every pay day (you arrange this with Schwab or Fidelity) your bank sends a payment to them for the account. Set up the account today at Schwab or Fidelity and they will advise you on the paperwork. This is the only way I know of to discipline yourself automatically and start a plan. Start with about $150 a paycheck. Invest in dividend paying stocks which increase their dividends every year like 3M.
Robt:
Visit Dave Ramsey website for education and enlightenment about money debts credit card score slavery and a budget.
Libraries got books on how
The Oracle of Omigod:
You should have a 20% down payment so save hard for that goal. If you have less than 20% down you will have to pay mortgage insurance which insures the lender against you not paying your mortgage! After that, anyone who does not want to end up in poverty should save at least 10% of their gross income in one or two good, stable allocation mutual funds (research at Morningstar).
Maris:
Hello everyone i'm Maris Rooney i just want to testified on how i got a loan from a God fearing woman called Mrs Elizabeth pls do not fall in the hand of scan contact Mrs Elizabeth and get your Loan Via mail{elizabethperryloancompany@gmail.com…
Carol:
see link and good luck
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