Personal Finance Managing
Discussion
I've taken a week off work to try and get a few bits and bobs together and one thing I wanted to look up on and research was the best way to manage your personal finances.
At the moment, I'm careless to say the least, I'm having fun but that's about it, I haven't got a great deal to show for it either!
What I want to do, is to try and divise a 'plan' of money coming in, money going out etc. The difficulty I have with that is I work on commission which can make a big difference to each months payslip.
I'd like to start saving more money but it seems pointless unless I'm saving FOR something.
I don't really want to buy a house here because I don't like the area.
I haven't passed my driving test as of yet but even then insurance would destroy me.
The only thing I know I want to do is to start my own business but doing what is still to be decided.
So, err, yeah, I'm a bit stuck here!
Are there any books, guides or anyone got any advice on the best way to play this game?
cheers fellas.
At the moment, I'm careless to say the least, I'm having fun but that's about it, I haven't got a great deal to show for it either!
What I want to do, is to try and divise a 'plan' of money coming in, money going out etc. The difficulty I have with that is I work on commission which can make a big difference to each months payslip.
I'd like to start saving more money but it seems pointless unless I'm saving FOR something.
I don't really want to buy a house here because I don't like the area.
I haven't passed my driving test as of yet but even then insurance would destroy me.
The only thing I know I want to do is to start my own business but doing what is still to be decided.
So, err, yeah, I'm a bit stuck here!
Are there any books, guides or anyone got any advice on the best way to play this game?
cheers fellas.
A good book to read would be your money or your life by Alvin Hall (I'm pretty certain that’s one of the first he wrote):
http://www.play.com/Books/Books/4-/477410/Your-Mon...
From memory he covers pretty much everything to do with personal finances in that including savings.
As for budgeting you just need a simple spreadsheet like:
Income
Wages
Other
Total = A
Outgoings
Rent
C.Tax
Water
Elec
Gas
Phone
Food
Petrol
etc...
Total = B
A-B = Available income. From this my old boss used to say, spend a third, a third in medium term savings (i.e. an ISA) and a third in long term savings (i.e. pension) but this will really depend on your situation.
As for commission, what’s probably easiest would be to work out your budget on your basic salary and then perhaps save any commission. Savings are not just saving for something but also the unexpected i.e. if you lost your job tomorrow how long could you survive?
http://www.play.com/Books/Books/4-/477410/Your-Mon...
From memory he covers pretty much everything to do with personal finances in that including savings.
As for budgeting you just need a simple spreadsheet like:
Income
Wages
Other
Total = A
Outgoings
Rent
C.Tax
Water
Elec
Gas
Phone
Food
Petrol
etc...
Total = B
A-B = Available income. From this my old boss used to say, spend a third, a third in medium term savings (i.e. an ISA) and a third in long term savings (i.e. pension) but this will really depend on your situation.
As for commission, what’s probably easiest would be to work out your budget on your basic salary and then perhaps save any commission. Savings are not just saving for something but also the unexpected i.e. if you lost your job tomorrow how long could you survive?
I was going to post a thread like this. 
What software is everyone useing here?
At the moment I have an excel spreadsheet set up, but it is a bit of a pain, lot of repeated typing! (I like to have about 18 months planned out.)
I was trying out some software and seem to be drawing a bit of a blank here.
The best I found was 'Quicken', but they have given up on the UK market. Microsoft Money is no more.
I think about the best thing I found was MoneyDance, but I wasn't too keen on how it handles some things.
What packages is everone else using?
What software is everyone useing here?
At the moment I have an excel spreadsheet set up, but it is a bit of a pain, lot of repeated typing! (I like to have about 18 months planned out.)
I was trying out some software and seem to be drawing a bit of a blank here.
The best I found was 'Quicken', but they have given up on the UK market. Microsoft Money is no more.
I think about the best thing I found was MoneyDance, but I wasn't too keen on how it handles some things.
What packages is everone else using?
gamefreaks said:
I was going to post a thread like this.
What software is everyone useing here?
At the moment I have an excel spreadsheet set up, but it is a bit of a pain, lot of repeated typing! (I like to have about 18 months planned out.)
I was trying out some software and seem to be drawing a bit of a blank here.
The best I found was 'Quicken', but they have given up on the UK market. Microsoft Money is no more.
I think about the best thing I found was MoneyDance, but I wasn't too keen on how it handles some things.
What packages is everone else using?
The best package is a piece of software called "Common Sense" and it comes pre-installed in most (but not all) of our brains.What software is everyone useing here?
At the moment I have an excel spreadsheet set up, but it is a bit of a pain, lot of repeated typing! (I like to have about 18 months planned out.)
I was trying out some software and seem to be drawing a bit of a blank here.
The best I found was 'Quicken', but they have given up on the UK market. Microsoft Money is no more.
I think about the best thing I found was MoneyDance, but I wasn't too keen on how it handles some things.
What packages is everone else using?
My mother kept her houseold costs in order using a little notebook and a pen.
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