Any good advice on money management for a low income single person?

Any good advice on money management for a low income single person?

I would really appreciate your help. I got fired from a good paying job and had to take a job that pays significantly less just so I could have ANY job to survive. Eventually I want to get out of this situation but in the mean time I need your advice on budgeting my income.

homescho

List your income. Then subtract necessary expenses - shelter (rent/mortgage, utilities - gas, water, electricity, not cell phone, satellite, internet), food, clothing, transportation (gas, insurance, NOT auto loan), and emergency fund savings (more on this later). Do you have money left over? If yes, go on. If no, you need to get a second job or do something (yard sale, eBay) to get more money.Next subtract discretionary expenses - life insurance (needed if you have dependents, not so important if you don't), auto repairs (oil changes, registration), home maintenance and repairs (if you own), cable/satellite, internet, cell phone. Do you still have money? Then keep going. If no, is there anything you can cross off this list (cell phone, internet)? Now do you have money left? If so, keep going.Finally we get to debts - auto loans, credit cards. List these in order from SMALLEST BALANCE to largest. Put the minimum on everything except the smallest, and everything you have left on the smallest. If you get to this point and the money's gone, you need to start making some calls. Start with the credit cards - see if you can work out a deal for smaller payments or skipping payments for two months. You may have to talk to a manager, but if you call before they start calling you, they're much more likely to work with you because it shows you WANT to pay. Don't let them tell you what you need to pay - only YOU know what you can afford.Do you have an auto loan? Could you sell the car, pay off the loan and get something CHEAP with the money left over, or are you upside down? Either way, consider selling the car. If you're upside down, paying off a part is easier than paying off the whole thing.About that emergency fund in savings - ALWAYS have money in savings for emergencies (like getting fired). Bad things WILL happen (especially when you're down), so it's better to be prepared for them.I hope this helps. If I can be of any more assistance, let me know.Source(s):http://www.daveramsey.comDon't be normal. Normal is $8000 in debt and $0 in savings.Debt-free is the way to be. Pass it on.

Guest

go to your bank and ask CD rates invest as well it is a gamble with stocks but you can win big i also recommend talking to a Washington mutual broker they are completely free

Piet

It is actually very simple, but very difficult, spend less than what you earn. It is the only way to get ahead, whether you earn $100, or $100 000 per month.It is like gravity - that's just the way it is.

VATreasures

Reduce your discrecionary spending and try to reduce your fixed costs if at all practical. You probably also need to re-evaluate what are essential expenditures. While you might have had to dress nicely for your past job, it might be that you can do fine with average department store clothes you find on sale. Or it might be that you will have to cook at home most of the time rather than eating out.

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