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| *Ostroff, Fair and Company>>>Financial Services |
How do i put to good use a monthly income of 1500? |
I'm 21 years old and have a job that pays me a 1500 salary each month. My family is poor and would love me to help them with some of the groceries in the house. I would personally also love to finish building some rooms in the house. But the problem is I currently don't have any nice clothes and would also love to look good when I go to work. I also have a massive school debt (about 5700) that I have to pay off in order to re- register my courses next year. I'm in serious money dilemma, somebody please help me! : If you are living at home, rent free then $1500 a month is pretty good money. If you tithe then do that first. $150. Then I would suggest you put $150 in savings each month, pay $350 a month on your school debt, give your parents $500 a month and that will leave you $350 a month to spend on clothes. basically I would list in order the most important and than add a percentage to it... Then multiply the percentage to the money and that is what money you will spend on it... Take care of yourself first, set up a budget and live within your means, then set up some type of savings. Maybe 4-5 years down the road you can help others, but just like me, I help in ways like I am doing right now, helpful advice. If this isn't helpful then I am sorry because either you have 20 thousand in the bank or you go broke with them, that is how it always works. It shouldn't, but it does. I learned giving other people money is like dumping it into a black hole, nothing ever comes of it other than they want more and more and more (and you will go down with them). Don't let other people's money problem become your money problem, fix your own money problem first, once that is fixed you can teach others how to do it. That really is all you can do, forget charity, folks can get that on their own. save a percentage and spend the rest. |
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