It's pretty sad but I have to admit I don't really have a budget set up! I know how much we have in our account but I really want to sit down and figure out what goes where, etc..If anyone has any suggestions I would appreciate it.

By Sue3 on Friday, January 23, 2004 - 08:32 pm:

I don`t have one either . That is a good question stori.
I should really start budgeting also.
Sorry of no help!

By Sue3 on Friday, January 23, 2004 - 08:33 pm:

It will be interesting to read others input on this.

By Clair~moderator on Friday, January 23, 2004 - 09:02 pm:

Dave Ramsey
This should help

By Laurazee on Friday, January 23, 2004 - 09:03 pm:

We have a budget! I'm very proud of it. I set one up for us on Excel after I took a heavy-duty financial course. It's very pretty, with all sorts of color coded formulas and analyzing of bank statement data and cost-averaging of bills and whatnot.

However: we've never really followed it or looked at it much since!

The best thing it did was freak dh & I out for a couple of days so we both agreed that "We've got to cut down!" This worked for a few months and we started to focus on getting our debt down. We're relying on more income after a temporary strata increase goes away in a few months.

A budget is good for getting a cold-water shock over what actually comes in versus what actually goes out and, for us, to get a clear picture of what we owe. It also really helped us see where we want to be (not to mention dashing a few housing dreams into the dirt for a while!) Anyway, boring stuff to some, but I like finance and am thinking about going for my MBA.

We broke our budget into several categories:

• Monthly Fixed Payments - stuff that comes out automatically like mortgages and parking
• Childcare - nanny plus Gov't tax
• Consumables - groceries, telephone, cable, hydro, gas, dry cleaning
• Luxury/Entertainment - beer/movies, entertainment, walking around, birthdays, "Nice Things" accounts (luxuries like cigars and makeup!)
• To Vacation = 2% of total income
• To Savings = 10% of total income
• To Debt - Credit Cards, etc., not incl. mortgage = 10%, soon to go down, I hope!

By Jjandmom on Friday, January 23, 2004 - 09:47 pm:

As for my house I took all the bills for the month wrote them all down and times it by 12 months then I added my taxes for the year then I included the insurance for autos for the year. Then I divided it all by 12 and thats what I knew I had to put in the bank but I knew I would always have more because I take my check and the husbands check and put it all in the bank and use the bank card when I need it this way I know when it comes to needing something the money should be there. I never keep cash on hand. The least you have in your hand you can't spent it. My husband is very good about it he never knows what is in the account he doesn't care as long as the bills are paid and he doesn't care who makes more money . We have a happy relation like that. And if you use plastic cards try to still to 2 and try to pay them off each month the charges for them are going up.

By Mommmie on Friday, January 23, 2004 - 11:40 pm:

I made a New Year's Resolution to track my spending this year. I did this about 12 years ago and it was an eye-opener!!

For me, it's the little things that I forget to account for in The Budget in My Mind. The smaller expenses - Starbucks, oil changes, doctor co-pays, room mother class fee, yearbook ($50!), Christmas gift for my secretary, video games, vet bills, camera-related expenses, car inspection, car tags, school fund raiser, scholastic book sales, school t-shirts, admissions to the indoor swimming pool, Turbo Tax, car washes, school supplies, Blockbuster, lotto tickets, stationary, stamps, books, printer cartridges, computer paper, filing supplies, dry cleaning, batteries, well, you get the idea.

So, I can't make a budget until I go a year to see what I'm spending. I know the set expenses, but this other stuff - blah!

By Melissa on Saturday, January 24, 2004 - 05:18 am:

We write down all our bills and when they are due and then sort them out by paycheck- we get pd. every other week. We usually do it for a few months at a time so we know what the bottom line we need is, and then each time after we pay that we see what is left and try to use it for something like payoff something or a worthwhile purchase. We have $ go to savings automatically so that's not an issue it is already out of there. We also sat down and made some financial goals for the year and a 4 year plan. We picked 4 years b/c we could be debt free by then if we pay attention.

By Babysitbarb on Saturday, January 24, 2004 - 01:26 pm:

I write every bill on my big calendar and when it is due. I keep back at least $100-$150 a week for the house payment. We have a certain amount that goes into the credit union and that is our emergency money, like auto repairs, insurances,or etc. At the end of each week I make out the bills for which ever ones that are due within the next week or two. If their are none then I pay toward other stuff like doctor bills, dentist or pay ahead on utility bills. I keep a couple hundred in my purse for sepending money weekly( we don't spend that much weekly). It usually works out for us.

By Babysitbarb on Saturday, January 24, 2004 - 01:27 pm:

I forgot to say that most of it goes in our checking and we use this for bills, groceries,and ect.

By Tonya on Sunday, January 25, 2004 - 08:36 pm:

We live pay check to pay check no way to budget but Iwill say I try to always pay things 3 weeks before it is due and have it out in the mail. I pay bilsl weekly. And I control all of the money so I know what goes where and when. No specific budget though.

By Truestori on Monday, January 26, 2004 - 11:12 am:

These are great ideas. Thanks everyone...now its time to see where the money runs to! LOL

By Eve on Monday, January 26, 2004 - 11:17 am:

Stori-Do you remember that Website we looked at about a year ago with that special check register that helps you budget? I thought that was a great idea. I can't remember what is was called though. I imagine you could do something like that on a spreadsheet. Of course, if you can't remember, then you think I am nuts! LOL!

By Truestori on Monday, January 26, 2004 - 11:11 pm:

Eve,
Yes, I do remember us looking at it but I don't remember what is called! Geesh, that means I have been trying to budget for over a year now..lol

By Christylee on Tuesday, January 27, 2004 - 12:48 am:

We've been using Microsoft money since about the first week of December and so far it's been great! We are able to see exactly where every penny is going and see what we need to cut back on and we've actually been able to save some!!!

Christy

By Truestori on Tuesday, January 27, 2004 - 02:42 pm:

Christy,

I will check that out. We need to start saving also...

By Boxzgrl on Tuesday, January 27, 2004 - 07:08 pm:

I guess we kinda budget. We do have it set up so I have written out which bills get paid with which paychecks and what will be left over. We do put 10% into our retirement fund and we also have a regular savings account that we put $$ into, but not a set amount quite yet, just a percent of whatever we have left over. We got all of our credit card debt paid off in October/November THANK GOD!!! so the only debt we have are the car loans. We are doing pretty good considering our age but there are still a few loose ends i'd like to tie together.

By Colette on Tuesday, January 27, 2004 - 08:40 pm:

We use quicken. I think the key is making a budget you can live with. So we budget a certain amount for dining, entertaining, vacations, recreation, personal care, personal cash, clothing, etc. etc. If we didn't include those things along with the regular bills (add up everything you spend for each bill per year and divide by 12 to determine what you should save per month) we would always be over budget.