What is your best advice when it comes to finances/budget?

I was just seeing if anyone had any good advice on finances/budget. I am young, 21 years of age. I feel like I could be better with my money, as I try to keep up with my check book-but I still slip up sometimes. I will be moving in with my fiance soon, and he is really bad with money. I don't want us to be in the hole, but instead start saving money.


Any tips? Thank you in advance!What is your best advice when it comes to finances/budget?
Okay, if you do not have a Savings accnt, GET ONE!





Every time you make a pay check or get paid, allot some of it to your Savings and DON'T touch it! **(Put as much as you can into it too)





* NOTE: whatever extra money you hold on to, minus what you absolutely NEED, you are bound to just spend on something you don't need.





Also, no offense to your Fiance', but make sure that this accnt is in YOUR name only! This will help with you keeping your independence at the same time while you're with this guy and you won't feel like you have to rely on someone else to support you. This will keep your relationship strong too. (This does not mean you cannot or should not, eventually, open up a joint accnt, you can. In fact, I encourage it, as you both can save $$ together in it, but KEEP YOURS too!)





As far as him being bad with $$, help him out a bit, but do NOT tell him what to do with it. lol. Guys do not like that one bit. Give him an idea of what you're doing and how you plan to save, and suggest opening up that joint savings and encourage that he puts some, even if it's a little, $$ into it. By you doing it too, will give him some motivation to follow through, and in the years to come, you both will be thankful, as you will have saved $$ on your own and together!





Also, depending on your financial status, you might want to take a look into investing... Kinda hard now with the economy, but it's worth a look. Similar to gambling, but not. You take a small amount of $$ and make it work for you. This takes time to understand and get used to, so when you're comfortable, take a look and maybe give it a shot. You might be impressed with the outcome, and if not, you're no worse off than you were before. Know what I mean?





Hope this helps you guys out.What is your best advice when it comes to finances/budget?
There is already alot of good advice written in response to your question but I will add my two cents.





What is imperative is that you spend at most what you make and ideally you spend less and thus save money. If you are having trouble managing this then create a monthly budget and try to stick by it. Common ways to manage personal budgets include Excel spreadsheets (which is what I do) or software programs like Microsoft Money. The details of how you do this are up to you but what is important is that you do it.





I would just add that given you are moving in with your fiance it is even more important that you create a budget that way you can try to control his spending.
Moving in with someone else, especially if you're not married to them, I guarantee you will be in a hole. Stall that as long as possible. It's better to get to know someone first, so date a long time, be engaged for 18 months and then move in together. That way he will respect your morals and you'll keep from going onto a financial hole. But gee, if he isn't good with his money why would you even consider him as a partner? Like what if a baby comes along, or he needs money from you for a fine or something, or what if he doesn't want to marry you afterward, or you just want to buy him gifts for a holiday or his birthday....you've taken on too much responsibility with this guy.





I have a good tip...never buy groceries, tickets to any event, vacations, or restaurant meals on a credit card.





Don't spend money if you don't have it.
If you have a history of bouncing checks because of insufficient funds, here is my secret, and it has worked for many years. When I was married, I carried an extra $500 (cushion) that I did not figure into my checking balance except to balance the funds once a month. Now divorced, I still keep a $100 cushion. This has saved many hundreds of fees through out the years of the annoying $28 or $35 fees.





Next, do not enter into any financial contracts unless you are married. Love does many crazy things, but believe me if you two get a joint checking, or buy a car, or even house together, and then you split up, you will regret the fall out when one decides to raid the others account, or can't pay up their share.





One more idea to saving: both must put in the same amount equally in case you need to split. Or you can notate the exact amount you each put in---sorry---just in case. Make a goal of what you want to save of for how long, and commit to it. And finally, make a WRITTEN budget together. Stay away from credit cards they are poison and will suck you dry due to interest.
Follow the principles laid out in the book entitled, ';The Richest Man in Babylon'; - published in 1926 (3 years before the 1929 Stock Market Crash and ensuing Great Depression).





The seven principles are (verbatum):





1. Start thy purse to fattening - save 10% of earnings





2. Control thy expenditures - spend less than what you make





3. Make thy gold multiply - invest your savings





4. Guard thy treasures from loss - hedge your investments and insure your assets





5. Make of thy dwelling a profitable investment - use money to make more money rather than to buy toys or nice things





6. Insure a future income - keep acquiring assets that will generate future income





7. Increase thy ability to earn - keep expanding your business acumen
I am good with money but you are not. Here are rules for people that are bad with money.


1) Pay cash for almost everything. That way you can never spend money you do not have.


2) If you can not live without the credit card, then just use one card. Keep a second one at home for emergencies. ALWAYS pay off the full balance every month. Keep track of what you owe so the bill is never a big surprise.


3) Put some money into a savings account until you have 3-6 months of expenses saved up. After that invest in CD's, later in stocks if you like.


4) Avoid debt. Consider buying things rather than renting or leasing. ALWAYS know what mark-up or interest rate you pay. Avoid willing ripped off.


5) Remember you could lose your job or get sick for along time. Do not plan on everything going right.Live rarely works that way.
Pay yourself first. We all think ';well, after all my bills are paid I'll put something into savings.'; Something always seems to come up and there's never enough left over at the end of the month. The day you get your paycheck, move something into savings. Make it automatic if you can. You'll never even know it was missing. I guarantee your lifestyle won't suffer and at the end of the year you'll have money in the bank.





If you make a commitment to eat at home every night for a week, you save $50, right? Instead of just letting that money sit in your checking account, move it to savings. It's like you used the money to eat out, but you paid it to yourself. I have dozens of little transactions between my checking and savings every month and it all adds up. When I buy groceries, I look at the little ';you saved $X by buying on sale'; and transfer that to savings. Unless you get it out of your checking account, you'll never actually SAVE anything you just have more money available to little, useless crap during the month and you'll still be wondering why you're broke.
Something that worked for me was over budgeting my bills and (putting more then what I thought they would be) and under valuing my income (putting less than what I thought I would make), and then making a spreadsheet on Excel. That really works out.





On a practical note, (and this is not my idea but someone elses I read somewhere) try NOT to spend dollar bills. Put them away in a shoebox or something. When you need to buy a coffee, use a 5 or something. Then put the change in another part of your wallet. If you want to buy something else, but don't have anything larger than a 1, then don't buy it, or budget for it earilier in the week.





Takes alot of self control. But it does work!
I suggest two things.





First, talk to your man about money. You need to know in advance how you guys will get financially organized.





Second, set up a budget and follow it. You can do that either on your own or as a couple depending on what you decide regarding your finances. There are lots of free budget planners out there.





Good luck!
I got rid of my credit card, which helped a lot. I try to pay for everything with cash now. (I can't stand waiting in line in the store and the person in front uses their card to pay for something that's $2.15!)





I also set up a savings account with a monthly mandate for a certain amount to get transferred from my normal account into it the day after I get paid, so that every month I save a percentage of my salary.





The rest is down to your own discipline with money ;-)
Bottom line you need to live within your means. Spend less than you earn and save up the difference. Buy things you NEED, not things you WANT. If your fiancee is bad with money, be very careful. Money problems are the #1 reason for divorce. Not a god start based on your comments.