Thursday, September 25, 2008

Help!

So, I need a little help with something...suggestions, ideas, things you've tried that did or didn't work.
We have been trying to get a budget going for a really long time because we NEED a budget. But I just can't figure out how to do it. My biggest problem is how to keep track of what is being spent. I have tried several budget templates and we've made some of our own, but they just never seem to work out. I have found that it doesn't work for me to keep track in the computer. It's just easier for me to have a hard copy that I can write on as money is spent. Or does somebody know if there is some way I can have expenses in our online banking transferred over to a budget sheet or categorized in some way?

Another problem I have is unexpected expenses. HOW do you figure those in?

I hope I'm making some kind of sense. I would love some ideas so we can really get this going.
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7 comments:

Kathy Whittle said...

I can pinch a penny pretty hard when I need to, but I've not been the best budgeter over the years. I read a great book recently that might help you. "The Total Money Makeover" by Dave Ramsey. This guy is all about the no nonsense, old fashioned kind of get out of debt and stay out. I wish I done some of what he teaches, years ago. I know he has budget sheets of some kind that are probably downloadable. Some of his ideas: Build up an emergency fund of $1,000 as quickly as possible. Have envelopes of cash for certain categories of spending during the month - (groceries, entertainment, etc.) NO using credit cards. When the money is gone out of the envelope, your spending is done for that category for the month. One tip I remember reading somewhere, maybe on his website (www.daveramsey.com) is to calculate more than you think you spend on groceries, since this category is usually understated. One thing I used to do that might be helpful: I kept a separate bank account for bills that came due only quarterly, annually, etc. Each month I would put a caluclated amount in that account towards covering each of these bills. That helped a lot with the budget, because I didn't have to come up with a huge sum for something once or twice year, and it was so nice when the bills came due to just be able to get the money out of the account and pay them. Anyway, just a few ideas. If you and Jon are on the same page with how you think about finances, that's a real plus for you! See if your library has some of Dave Ramsey's books - they're great. Good luck!

September 25, 2008 at 6:40 PM
Kathy Whittle said...
This comment has been removed by the author.
September 25, 2008 at 6:40 PM
Kathy Whittle said...

I forgot to tell you - the software, Quicken, by Intuit is great. It will let you categorize all your expenses like you want to, do reports for you, etc.

September 25, 2008 at 6:44 PM
Shayla said...

Quicken!!!!!!!!!!! My sister-in-law also raves about Dave Ramsey, but I have yet to check him out...

September 25, 2008 at 8:31 PM
Anonymous said...

I'm afraid I'm not much help in this quarter; we've never been very good at budgeting! We do our best to keep our costs down on as many things as we can, watch the account regularly (we can check online anytime) and cut back when we need to. The drawback to our system is that we don't have anything set aside for emergencies, which we both have talked about but haven't been successful at. Good luck!

September 26, 2008 at 2:47 PM
Bethany said...

Adam and I use Quicken too, and it's a life-saver. It does all the calculations for you (my mom still writes it all out on her own home-made spreadsheets and then punches numbers into her calculator) and you can link it to your online banks and credit cards. I still have a hard time navigating through it, but if I did it more often, I'm sure it would become easier.

September 27, 2008 at 12:56 PM
Michelle said...

I stink at planning for all those unexpected things... I take the take home pay - the amount actually deposited into our account that paycheck - and subtract all the non-negotiable bills. Like insurance, car, phone/internet. That leaves a certain amount. From that I set aside money for gas, groceries, and credit card payments, since those can be a little more flexible. That leaves another total. That last number is the amount of money I have to work with for the next 2 weeks. I cross out the bills on the spreadsheet I designed and print out every month, so I can keep track of which bills have been paid and if I have already gassed up the car that paycheck. I write down the extras as I buy them, like balancing a checkbook, so I know what is left each time. This is the only way I have been able to stick to anything for longer than 2 weeks without getting stressed. I know exactly how much I have for all those little things, diapers and stuff, jeans for the boys...

Also, when I write down the take home pay, I round way down. About $30 or so. And when I write down bill amounts and my spending, I round up to the next dollar amount. A built in safety net that doesn't exist in the books, but is there if I need it. That has been a lifesaver!

September 27, 2008 at 9:05 PM

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