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Meewol t1_jega1sa wrote

I’m 28 and that’s exactly how I still budget and I use excel to track things (inefficient tbh, I know I could find something better).

Imo you’ve made an amazing start with how you prioritise things:

  • Bills first
  • Savings
  • Then your day-to-day money

I think this would be good to live with for a few months and see how it suits you.

After this you’ll know about adjustments and how realistically you can stick to your budget.

Imo, your next step would be to find a saving scheme with some sort of interest. Don’t be put off by numbers, 1% is still more than 0% and is free money at the end of the day.

I have three save schemes: an ISA, a savers account that’s limited in how much you can deposit but the interest is 6% and I also keep some cold hard cash (because I get tips in work).

I do this because I want a savings account that I don’t touch, a savings account for surviving for 3 months if suddenly stopped being paid and an account to save for fun stuff.

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Admirable_Ad1947 OP t1_jegb41b wrote

Thanks! Currently all my money is in cash because I don't have a bank account and for some reason my work pays me via paper check like it's 1992. My current plan is to get a savings account as soon as possible so I don't have loads of cash in a random envelope in my closet. I feel pretty confident about being able to stick to my budget though. I had a $20/month allowance for a long time so ~$50/week is still a huge improvement to me.

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Meewol t1_jegf7ug wrote

That’s great!

A bank account will definitely be a big help. Not just practically but long term you’ll be able to have a base line to start your credit history with. Eg you can start paying for your phone via direct debit which will start adding to your credit score.

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