I'm stuck >.<

I'm planning to retire rich and early at 45 the most.

I'm stuck here with my budget for September and I haven't found a way to have some spending money left because I have so many goals at the same time.

I have a travel fund that I can't take my money out for another 3 years which is bad because I'm going to work in London in 2 years for three months. I have a house/car fund and I'm planning to get a retirement account too.

I want to put 100$ on each account, so that makes 300$ each month but I'm going to be making about 360$ a month and I'll have 60$ left for mad money... I want to put 2$ each day for another goal but I won't have any left for going out... My other goal that I can't reach is the travel money for London but I don't have the money for it right now nor for going out with friends. I could work more hours but I'm in my last year in High school and I need good grade to get into a IB programme in college.

So far in my savings for my goal, some of you may have seen it on another thread, but I'm reposting it in case :

Travel (mutual fund) : 3150$
House/car (mutual fund) : 2 500$
Saving : 1000$ (I get paid around 60$ a week until I'm 18, and the money goes to my Travel, House and soon to be retirement account)
Bank account : 190$ (It's where my paycheck will be put in)

I'm quite stubborn to reduce the amount I'll put, so I need some convincing... I know very well I won't be able to work more than 12 hours because I'll have a lot of homework but I still want to put that amount but I have no more goals to achieve... Anyone willing to help me plan this impossible budget into a possible budget ? Oh yeah, I might go to China next summer... To learn Mandarin but I don't know if I should postpone my trip for another year or three years? .___.

[cschin4]

Why do you think you will retire at 45? Do you really think you will generate enough income to do so? If you want to travel, try to find a job overseas and get the best of both worlds.

[Diolla]

You have a Catch 22 situation here, you will either have to make more money or lower the amounts you put towards your goals. One of the first lessons learned in finance is that money is finite.

It is a question of priorities and I think you are right to put your schoolwork first.

Would it be possible for you to play a little catch-up during school breaks and summer vacation? Lots of college students work two or more jobs during breaks so they can focus on their studies during the school year.

You may have to prioritize your goals too, you may be scattering your shot with so many things all at once, which is most important that you do now? What can wait a little longer? Only you can make those decisions the only advice I can give you is that once you do have a realistic plan, stick to it, focus on the goal and you can reach it.

By saving aggressively I don't need to work until I'm in the 50's. I like the idea of retiring early. I'm thinking of working abroad but you see, I can't take out the money I've put in my mutual fund until August 2009 and I'm going to London in summer 2009 in mid-May, but I need at least 3000$ and money for my flight, after that, everything is pay with my work money there.

Diolla : Yeah, I think I can but next summer, my dad wants me to go to China to learn Mandarin but I really want to go there.. I'm not in College yet, so I only have the summer break and I can't do a little catch up next year. Although, I think it's a good idea to do that while in college, right now, I can't though =/. All my goals are what I really want, except the house... I hate the idea of paying too much mortgage in the future, but I think I won't put the money in it for awhile but I'll put money in it when I'm making more than 360$.

Yeah I should make a realistic budget and give up on goals that are less important for another time. I need more convincing too for the other things. I think I should give up another goal... ?

[Broken Arrow]

Hey Tina. Yes, you will find that part of managing money is learning to prioritize. What gets paid before others, and what projects finally gets the green light while others may need to be axed.

Another suggestion to think about, for future reference, is to keep your eye on the target deadline, and then to find an investment vehicle that best suits your needs. For example, if I was planning a trip around 2009, I most likely would have used 2 year CDs instead of a mutual fund. Once it matured, then I would move the money into a money market savings account until I need it.

[boefixepa]

Okay, a few ideas...yes you need to keep your grades up and I don't know what classes you are taking or if you have extra activities in the evenings. I carried a full load of classes my senior year of HS and still managed to work over 20 hrs. It meant giving up my weekends, but they were not as high on my pripority list as going to college, so I made due.

Also once in college look into study aboard programs. I have a few friends who did this. You get to live in another country for a semester and study there. Not only do you get credits you experience the country on a more local level than you would as a tourist. I can't say for sure to the cost comparison, but look into it at your college of choice and see what it has to offer. I know the college I went to had over 20 countries you could study at. You went with a proffesor or two and a group from the college.

Another idea is to let your friends and family know these are your goal and you would like birthday and christams monies to go to these funds rather than gifts. Depending on your relatives, grandparents are often happy to give a little extra to such experiences, but it depends on your family.

Also, realize that in all the planning in the world can get messed up in a nano second when a SO (significant other) comes on board. Maybe you have the same goals, but its not probable. Things will need adjusting or priorities my get revisited. Keep all this in mind and be a little flexible.

For the time being, figure out how much spending money you need and divide the rest between your three goals. When you work a little extra, find some money, or get a gift, it goes to the highest priority. Also, decide if the trip to China is for you, or is it to please your parents? I know I've done many things just to make my parents happy and generally it's not a big deal. But I would not do something to make them happy if it meant sacrificing something really important to me. You have to weigh the choice. I am sure you would enjoy the trip, but what if it meant postponing the trip you really wanted and life happened and you never managed to make it on the trip you wanted....would it effect how you left toward your parents? Weigh the options and see...ultimately it's your choice.

Broken_Arrow : Thanks for the advice =) but I already put it in a mutual fund... One with a good reputation ^.^"... I think I'm going to keep it in the mutual fund and find a way to make extra money for my travel for next year and for the London one.

boefixepa : My classes are not that hard though..., but my three mains subjects are all high level (French Enrichi, English Billingual and Math Enrichi), they are very important for college. I also have a lot of homework this year and I need to maintain about 80% average and up to go to a IB programme. If I take this programme in college, I could go to a University in any country I like.

I already given up my weekend, but I only got the Saturday free because I have Chinese school on Sunday at 1 to 4:15 pm and I can't quit or my parents will freak out.

I'll try to look at the programme for studying abroad in college next year, but I prefer traveling without going to school.. Maybe I'll change my mind after a few months... I'll see about that.

That's a great idea! My parents don't give me money on any occasion... Only my mom who give me money on Chinese New Year. I receive money from my grandmother and my aunt when it's their birthday or it's the New Year. Next year, I'll be turning 18, so one of my friends who's around 21 will give me 200$ as he promise a few years ago (Long story...) I don't have many friends who give me present, only my cousin... Unless, I organized something, then I'll receive present... -_-"

I always want to go to China... I have the chance next summer and I don't want to miss it but I'm afraid it'll be postponed if I failed one of my exam this year and that I'll have to do it again this summer... That's why I need extra hours for homework this year and not work too much, but then, I won't have enought money save up to go...

Thanks for the advice ! =D Now I'm a little less stuck... I just need to figure out how I can fix my schedule. I won't put money on my house and car fund, unless it's a holiday and I make extra money, then I'll put the money in it... Put 200$ (100$ each on the mutual fund and retirement account) each month. Eum... Put about 2$ a day for travel in the future and the rest is mad money.

[boomeyers]

An easier way to make money too, is to babysit. You can do it evenings and Saturday evenings and take your schoolwork with you (or a friend!). It is an easy way to make tax free money.
You could also try selling some things or even a garage sale for spending money.
Lots of things you can do!

[PrincessPerky]

Originally Posted by T_I_N_A20

I'm stuck here with my budget for September and I haven't found a way to have some spending money left because I have so many goals at the same time.

well you can't have your cake and eat it too...

EAither save less or earn more..I vote earn more..but do it with a job you love..IE start up a home buisness..even if you don't make any this month it will be an investment in your education and your future.

[Wealthizfreedom]

I think your on the right track! Start your retirement fund ASAP! If I started when your planning to, I could have had the option of retiring soon too. Keep it up! your doing great!

Thanks, I'll try to follow those advices. Although, I have no idea what I can do as a business... I can always teach student a certain subject that have difficulty in... I did that last year and I got 5$ an hour xD. Or maybe sell a few things to my friends. I have a friend that likes unusual stuff, I can sell some of my stuff to her.

[Dido]

If you're in an upper level Math course, then you've got an advantage there. So many people are math phobic. You could do math tutoring.

[mom-from-missouri]

Originally Posted by boomeyers

An easier way to make money too, is to babysit. You can do it evenings and Saturday evenings and take your schoolwork with you (or a friend!). It is an easy way to make tax free money.

Lots of things you can do!

Don't let the IRS hear you say that.
Income earned from babysitting, lawn mowing and such is supposed to be reported as income and it is taxable.
When I had a sitter, I counted it on my income tax as childcare, and I showed it as being paid to my various sitters social security numbers-no matter if it was $25 or several hundred.

[tabbycat31]

tutoring is very lucrative. Determine what subjects you are strong in, and put flyers in places like grocery stores, etc.