UPDATE: Contest extended until the end of the day! Get your budget submission in now for a chance at a $25 Amazon gift card!
Happy Friday everyone! Thanks for dropping by iHeartBudgets for a unique edition of Budget Friday! If you’re new to Budget Friday, check out all the other episodes HERE. Basically, readers submit their budgets for an EXTREME makeover to get them to reach their financial goals faster and start enjoying their money instead of hating it.
Today’s edition I want to bring in YOU, the readers, for some help. I’ve mulled it over in my head, and have come up with a basic budget, but I thought it would be MORE fun to have the readers give their input, and help come up with the best budget for our participant. Most of my readers seem to be intelligent, well-educated folk who handle money well and have some GREAT tips on keeping more of it. So here’s your chance to help out a fellow reader with their finances, and make a positive impact on their life forever. YOU READY?!
One of our readers son’s (we’ll call him Tom) got a number of great law school scholarships – from really well ranked schools (AWESOME!). He has his heart set on one that is located in New York City. He can take out $20,500/year in loans to live off of ($2,277 a month) for the school year (I’m assuming 9 months). His rent will be $1300/month, which leaves him with $977 a month to live on. I have created a list of common expenses for Tom’s budget and listed them below.
Your mission, should you choose to accept it, is to create a budget that can help Tom get through his first year of law school. After year one, he is able to work and bring in an income to help pay his way through school, but he is NOT allowed to work his first year (school policy or something). Use the $977 a month to help him survive New York City for 9 months. Even better if you have alternate housing suggestions, or experience living in New York and can provide helpful tips on saving as much money as possible. My goal for Tom would be to live on a minimal budget so he can pay back whatever he does not use for the year, thereby reducing his out of school debt.
I would then like to hold a vote on Monday for the top budget suggestion, and I will transport that budget into a spreadsheet for Tom, along with the suggestions for saving, and will post it up next Friday as the final budget result. Tom, and everyone else reading, appreciates your efforts for this Budget Friday exercise. And I am personally excited to see what everyone comes up with.
Copy/Paste the below list and place your budget numbers next to each line item for the budget. Feel free to add/delete things from the suggested list, and post your budget in the comments below. A poll will go up on Tuesday, and we’ll all vote for the best suggested budget for Tom, and I’ll post it up next Friday. And for some added incentive, the winner of the best budget gets a $25 Amazon gift card!! Got it? Good. Now LET’S GO!
Rent – $1300
Ok, there’s your list. Again, feel free to add/subtract anything, and come up with the most wicked-awesome budget you can for Tom.
And don’t forget, I’m going to pick the top posts for a vote on Tuesday, and Tom’s new budget will be selected by you, the readers! And the winner with the sweetest budget gets a $25 Amazon Gift Card!
Thanks for playing, and Tom thanks you in advance for the epic budgeting ideas