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A:

Well, the goal is to have your income not exceed your outgoing.

I really have no idea what your debt level is, but if can't be paid back in less than 3 years (excluding a mortgage) you better think of getting more money somehow or getting rid of some expensive habits.

I also have to assume you are single, and with no dependents

Typically people pay themselves first (at min 10%) that is for investing and rainy days

Shelter with utilities (anywhere from a 25-65% of your paycheque)

Food (one person is about $40 a week)

Entertainment ($25)

Everything else is up for grabs.  Clothing (you can choose to buy new, or go to value village), you may or may not need a car, etc.

The bigger part is to figure out what you have right now and work on it.  If you can cut bank fees, do it.  Switch to an all cash system, etc.

Here is a great book to get you in the mindset.  It is the price of $0.

Best of luck.

 

Posted 1 year ago
JtotheA was invited by Yedda to answer this question.

 
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