Where to start?

[saravt80]

I know nothing about budgeting, personal finance, etc except a good goal is to save 10% of your income, which I manage most months.

So where did you start learning about money, assuming it wasn't from a financial guru in your family?

I am currently reading "Rich Dad Poor Dad" and it has a lot of interesting information, but I am looking for something more basic.

I have mint.com, but feel like I must not be using it right, since I am not figuring this all out.

I went back to college, my current job is going nowhere fast, and realized when I had to take a basic accounting course just how ignorant I was! And to top it all off I now have student loans (although grace period will go until June) and I want to start paying those off fast.

I did see some other posts about online courses for money management and I will be looking at those, but any place to go to take control of your money would be greatly appreciated!

[Bob B.]

This forum is a pretty good place to start, as well as the blog side of the site. Lurk, ask questions, look back in the archives, blog about your situation. You'll soon learn which of the regulars give the best advice. After three or four months, a lot of this stuff will be second nature.

[investorwithmoney]

note down everything

I usually note down all my expenses so I can control where the money goes. It's the easiest start to learn managing your money. good luck!

[Eagle]

I know nothing about budgeting, personal finance, etc except a good goal is to save 10% of your income, which I manage most months.

So where did you start learning about money, assuming it wasn't from a financial guru in your family?

I am currently reading "Rich Dad Poor Dad" and it has a lot of interesting information, but I am looking for something more basic.

I have mint.com, but feel like I must not be using it right, since I am not figuring this all out.

I went back to college, my current job is going nowhere fast, and realized when I had to take a basic accounting course just how ignorant I was! And to top it all off I now have student loans (although grace period will go until June) and I want to start paying those off fast.

I did see some other posts about online courses for money management and I will be looking at those, but any place to go to take control of your money would be greatly appreciated!

Welcome to the forums.

First some questions:

A. So how much debt do you have? Are you still in school?
B. How much did you make and spend in August 2014?
C. What does your budget look like?
D. Have you considered using the envelope system while you get a hold of your finances?
E. How steady are the hours and your current job? Have you considered getting a 2nd job?

Stop reading what you're reading and I would switch to this book:

The Total Money Makeover by: Dave Ramsey


Then perhaps consider reading other books.

There's a free personal finance course offered by the University of Florida. I'm taking the course and it requires about 2-3 hours a week between the lectures, discussion forum, quizzes, etc. And you don't even have to complete it... You can always take it for the learning experience. That's what I'm doing.

Further check out this post about the steps to get out and stay out of debt.

Hope this helps.

[Eagle]

@Saravt80

Here's some sample budget categories to get you started. What did you spend in August 2014 in these categories?

Rent $?
Utilities - Water $?
Utilities - Electricity $?
Food - Groceries $?
Food - Eating Out $?
Cell Phone $?
Cable/Satellite $?
Gas $?
Car Insurance $?
Entertainment $?
Student Loan Repayment $?
Car Payment $?
Savings $?
Gym Membership $?
Car Repairs/Maintenance $?
Other? $?

[scfr]

A good basic personal finance book that I recommend for beginners is "The Millionaire Teacher" by Andrew Hallam. And I recommend that you check it out for free from your local library!

[snafu]

Sara, it's smart of you to realize you need to learn how to manage your money.No one cares as much about your money as you so it's a good idea to make a plan plus learn about how to best use credit. http://www.disposableincome.net/ would let you see how many hours you need to work to buy 'X'. It may help work out how many hours you will need to work to buy desired items

If you read a few threads you'll see names like Dave Ramsay and John Bogle [Bogleheads] repeated. Your library is a terrific resource, lots of easy read finance e-books can be effortlessly downloaded to your computer or electronic reader. Kiplinger's magazines offer examples of real people and current problems/issues. [The Rich Dad Poor Dad series was discredited a few years ago]

One basic model has you dividing income into 3 categories 50% Needs [basic expenses like rent, utilities, food, transportation Student Loan payment, insurance etc.] 30% Wants [cable, cell, clothes, entertainment, restaurants, entertainment, electronics, personal expenses, etc.] 20% Savings [SS, Retirement program, Emergency Fund, Gift/Xmas, vacation etc.] We all have different values, priorities and expenses so only you can decide what's what!

I believe in giving every dollar a job. There are endless ways to s-t-r-e-t-c-h income, check Frugal Q & A thread. The library is a huge resource for cheap & easy. You Tube has endless lists of best buy at Dollar Stores, Don't buy new if used has more benefits [example car, house], make it/do it yourself, where to find deals etc.

Have a look at the Blog section of SA [Saving Advice] as the terrific participants offer day to day examples, 'I can do that' and 'ah' moments.'

[ktmarvels]

There are tons of information, and recommendations, and rules of thumb and, and, and. It is easy to get overwhelmed.

In general (I feel) the goal should be to spend as little as possible so that you can save as much as possible so you can invest it and live off the dividends/sale of portfolio. At the point you are making enough off of investments to cover all of your expenses you are "financially independent" (or could be retired).

Mint is great for being able to track where you are in your spending money and budgeting. I chose to invest with Vanguard because I've heard they have the lowest fees. If you are looking for some more investing information bogelheads has info, but it can get pretty technical if you are just starting out. The forum is also a great way to get your questions answered. If you post your budget, debts, goals, investing plan, etc, you'll get more opinions than you'll want.

[autoxer]

Here are some other books worth checking out:

• The Richest Man in Babylon
  
• The Wealthy Barber
  
• The Millionaire Next Door

[Permanent Temp]

Using mint as you are to track expenses is good. You can list out all your bills and compare it to how much you are actually spending. Then you can figure out where you can cut back to steer that money toward debt repayment, savings retirement etc. Listing out all your debts is a good place to start. (Like car loans, student loans, credit cards etc.) Using something like tuition.io is great for your loans. Call around to find out who your servicer is if you haven't already (if they are federal) and get acquainted with them.

If you have private loans with variable rates its best to tackle those first in most cases so that the rate doesn't go up. If they are federal you have several options and must remember that unsubsidized loans are gaining interest each day while in deferment while subsided loans are not gaining any interest while in deferment.

Saving 3-6 months worth of expenses in an emergency fund is great and making sure you are saving something toward retirement is also important. Debt repayment is also a good priority. Anything outside of that is up to you. Welcome to the forums hope we can help each other.

[Eagle]

One post wonders (members who post 1 post then never return) puzzle me. Why register, ask a bunch of questions, then never return to see the answers? Lol.

[Kundan Lal Rana]

Really convincing guy! Lol!

[YolandoAmaya]

Rich Dad Poor Dad is the perfect book you have selected to get knowledge about finance. Other than that you should try:
Visit your public library.
Find, a powerful expert voice.
Take a college course.
Stalk personal finance websites.
Get immersed in a TED talk.