I am a waiter who is
paying for college himself. I’d like to get a better grip on financial planning. My efforts are going well, but I’d like even more improvement.
The system that I’ve been
using has been
an envelope budgeting system with categories like Savings [bank](college/ extreme emergency), Insurance [bank](checking/ manageable emergency), Consumption (food etc), New Car, Date, Clothes, Fun, Self, Electronics, and Travel. With each category is a fund for each generalized activity. This way, money is allocated and spent, rather than just flying out of my pocket.
As a waiter,
most of my income is received as cash. I have a coupon folder for each category and distribute the funds before they are spent.
I take 50% of my tipped income and save it right off the bat. Then I put money aside for my bills. Finally, I allocate money towards my savings goals (fun, date, electronics).
I didn’t feel comfortable with so much cash on hand in my questionable neighborhood. So when my Travel and new car funds reached the thousands, I put them into my savings account. It is a pain in the ass to view the data (Savings – travel – new car = real Savings amount. I made an excel workbook to keep things straight, but it can be a bit tedious.
1 Would it be possible to open several ING accounts to hold my many allocations?
My credit union’s rate for savings is pretty low & ING beats even the money market accounts in my area. [see bottom] There would be greater clarity and security this way.
2 Would Quicken help me manage my money better?
3 and Easier? I see it online OEM for $23. [I have a $3,000 in a biotech mutual fund laying around for years and just started enrolling in my company’s 401(k).]
4 Any other personal finance advice for those of us who have irratic income or me personally?
Thank you for your time and advice. I'll be glad to answer any questions that you have.
Relavent links
Quiken 2006
ING Direct
My Credit Union's rates
Vystar CU's Rates (local)
Another Local Credit Union's rates