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4 Bumps

How do you manage your household income?

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navajomama7

Asked by navajomama7 at 2:12 PM on Aug. 24, 2010 in Money & Work

Level 17 (3,445 Credits)
Answers (9)
  • Not well..
    SuperrMommyy

    Answer by SuperrMommyy at 2:12 PM on Aug. 24, 2010

  • I pay the bills, my husband balances the check book.
    Bmat

    Answer by Bmat at 2:17 PM on Aug. 24, 2010

  • A budget! I know how much I make every payday, and I know the minimum he will make. I list out all our bills due that payday and budget them in, including gas, groceries, whatever and work my way down. If he brings in more, we throw it at debt or into an account to save for tires/tags, whatever we know is coming up very soon.
    mybratsmom

    Answer by mybratsmom at 2:20 PM on Aug. 24, 2010

  • I do. We have a joint account that the bulk of our paychecks go into. I pay 99% of our bills online. We each also have separate accounts, but I never use mine since I'm in charge of our account, I just use that for whatever I need money for. Dh keeps maybe about $100 per pay check in his account to use for lunch, gas, etc.
    gramsmom

    Answer by gramsmom at 2:21 PM on Aug. 24, 2010

  • We have a joint account. Both paychecks go into the account and we have a list of bills that are paid according to each paycheck. Mortgage on one paycheck-his since he makes more than I do. 500 automatically go into savings each month. Pay the bills, savings, etc and then whatever is left we use for fun things like datenights or stuff for our son.
    Mom2Just1

    Answer by Mom2Just1 at 2:30 PM on Aug. 24, 2010

  • How?  Very carefully on a daily basics. 

    musicmom08

    Answer by musicmom08 at 2:36 PM on Aug. 24, 2010

  • By budgeting. By knowing what are monthly expenses are versus our monthly income. By living within our means.
    HotMama330

    Answer by HotMama330 at 2:43 PM on Aug. 24, 2010

  • I'll admit I micromanage. We have a budget that lists how every single cent of our income will be allocated so that not a single penny is wasted. It's actually called a zero-based budget. That combined with the envelope system* has helped us cut our expenses by 21%.

    The envelope system is where you take out cash for the things that you pay for in person- so things like groceries, clothes, eating out, entertainment etc. Then you divide the cash up into envelopes labeled with each category. So when the grocery money is gone, it's gone. You can't take money from the clothing fund to buy clothes.

    For the record our budget isn't completely strict. We budget for a lot of fun things. And it's a flexible budget. If we'd like more grocery money we just change our budget to allocate more money for groceries, and maybe less for entertainment. Or something like that.

    =)
    Erica_Smerica

    Answer by Erica_Smerica at 7:33 PM on Aug. 24, 2010

  • I also micromanage because I'm self employed and do not always bring in the same amount of money every month. I do as much as possible with cash and checks, no ATM cards so I can't get at the cash. I know too many people who forgot to write down a drivethru McDonalds and bounced checks because of it.
    CorrinaWithrow

    Answer by CorrinaWithrow at 11:37 PM on Aug. 24, 2010

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