PapaDoc223
New member
Black Enterprise said that you should have 6-12 months worth of income in your savings account. Great thread. I hope it doesnt die. Imma bookmark this.
Check this out
https://www.youneedabudget.com/
It includes $60 software (after the free trial) if you want to use it. There is also tons of free content that explains the philosophy.
It is a simple framework that helps you build towards living off of last month's income for all of your expenses, savings, etc. It also helps you save towards rainy days etc. The software makes it easier to apply the framework and visualize your budget.
Essentially, you build towards a buffer sitting in your account that equals an entire month of your income. Therefore, each month, all of your expenses come out of last month's income and your current month's income replaces the buffer.
This method literally prevents you from living paycheck to paycheck. You can even take out 0% loans from your own buffer and pay yourself back the next month. The best part though is the peace of mind and the shift with how you view your money. With this system, in theory you could pay all of your bills, expenses, savings, monthly debt, spending money etc on the first day of the month and still have money left over. This is all before you receive your first paycheck that month. This freedom makes scheduling bills effortless. You don't have a to worry about when the payment will draft, the money is already there.
It really is a powerful mindset to work towards. It helped me out a lot. If any if you are interested, I am happy to answer any questions.
https://www.youneedabudget.com/
It includes $60 software (after the free trial) if you want to use it. There is also tons of free content that explains the philosophy.
It is a simple framework that helps you build towards living off of last month's income for all of your expenses, savings, etc. It also helps you save towards rainy days etc. The software makes it easier to apply the framework and visualize your budget.
Essentially, you build towards a buffer sitting in your account that equals an entire month of your income. Therefore, each month, all of your expenses come out of last month's income and your current month's income replaces the buffer.
This method literally prevents you from living paycheck to paycheck. You can even take out 0% loans from your own buffer and pay yourself back the next month. The best part though is the peace of mind and the shift with how you view your money. With this system, in theory you could pay all of your bills, expenses, savings, monthly debt, spending money etc on the first day of the month and still have money left over. This is all before you receive your first paycheck that month. This freedom makes scheduling bills effortless. You don't have a to worry about when the payment will draft, the money is already there.
It really is a powerful mindset to work towards. It helped me out a lot. If any if you are interested, I am happy to answer any questions.
Young_Chitlin
New member
I clicked ns by accident. No bars having phone got me click wrong reactions
Young_Chitlin
New member
Not that far off from a 700 credit score. I'm trying to make more payments on my cards so that I can get them consolidated
Young_Chitlin
New member
Young_Chitlin
New member
Young_Chitlin;8365374 said:
Update: my Equifax credit score is 707!!!!!!!
Young_Chitlin
New member
709 now 
It should be more like 740ish but a situation at the US Bank dinged my credit by 30 points. No matter, I estimate by December 2017 I should be debt free.
It should be more like 740ish but a situation at the US Bank dinged my credit by 30 points. No matter, I estimate by December 2017 I should be debt free.
Young_Chitlin
New member
Is an 860 credit score the max you can get?
Young_Chitlin
New member
I got a raise to $37,500 arriba my job CARAJO
Young_Chitlin
New member
Article on how to "immediately" raise your credit score
https://www.learnvest.com/knowledge-center/9-ways-to-raise-your-credit-score-immediately/
https://www.learnvest.com/knowledge-center/9-ways-to-raise-your-credit-score-immediately/
Young_Chitlin
New member
Build Your Emergency Fund On a Low Income With a Simple Bill Tweak
When you’re living paycheck to paycheck, building up any kind of savings borders on laughable. However, by tweaking the way you pay your bills each month, you can sneak in some savings for a rainy day.
As personal finance site One Cent at a Time explains, you probably have a few variable bills. Typically, for variable expenses, you might budget the average amount you usually pay. Instead, budget for the maximum amount you could pay. This money doesn’t necessarily count as extra, since you could end up paying it and need to be prepared for it. However, if you end up with a lower bill, you can save the excess:
As a rule of thumb, we average the expenses while budgeting for a given month. Now stop allocating an average amount in a variable expense category. You start allocating the maximum expense you had in last 12 month. If in January your electricity bill was $160, do allocate $160 every month. In summer when you get lesser bills, you’ll have more surplus.
This tweak will make your budget feel tighter, but you’ll also be more prepared for the more expensive seasons. Over time, the surplus you save from this method can become your emergency fund. You may not be able to retire on the difference, but if an expensive emergency comes up, you can spend the money you’ve saved on it.
http://onecentatatime.com/creating-emergency-fund-with-low-income/
When you’re living paycheck to paycheck, building up any kind of savings borders on laughable. However, by tweaking the way you pay your bills each month, you can sneak in some savings for a rainy day.
As personal finance site One Cent at a Time explains, you probably have a few variable bills. Typically, for variable expenses, you might budget the average amount you usually pay. Instead, budget for the maximum amount you could pay. This money doesn’t necessarily count as extra, since you could end up paying it and need to be prepared for it. However, if you end up with a lower bill, you can save the excess:
As a rule of thumb, we average the expenses while budgeting for a given month. Now stop allocating an average amount in a variable expense category. You start allocating the maximum expense you had in last 12 month. If in January your electricity bill was $160, do allocate $160 every month. In summer when you get lesser bills, you’ll have more surplus.
This tweak will make your budget feel tighter, but you’ll also be more prepared for the more expensive seasons. Over time, the surplus you save from this method can become your emergency fund. You may not be able to retire on the difference, but if an expensive emergency comes up, you can spend the money you’ve saved on it.
http://onecentatatime.com/creating-emergency-fund-with-low-income/
Young_Chitlin
New member
Just got a debt consolidation for my remaining credit cards
Last edited:
Young_Chitlin
New member
@TheBoyRo they gave me 5 years to pay the loan for my credit card consolidation and I've budgeted to get it paid off in 4 months
Young_Chitlin
New member
Update: I can get out of the Credit card CONsolidation by 11/25/16. I got the interest under control, only $22 ish of interest being charged for every payment I make
Young_Chitlin
New member
Young_Chitlin;8909228 said:709 now
It should be more like 740ish but a situation at the US Bank dinged my credit by 30 points. No matter, I estimate by December 2017 I should be debt free.
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