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I want to start setting aside weekly amounts of money to ensure all bills are paid, and then whatever is left is for savings or fun. But how do you get that started?

Currently we pay the bills that are due when we get our checks, but sometimes it seems as if money is short and we don't have enough and then something falls behind and costs us more money out of our next check. It becomes a big snowball effect.

I know currently with our incomes we should have enough for everything we want (cable - don't have it now, cell phones - don't have them now, etc) and have about $200-300 extra monthly... but we are always broke!

HOW do you get this stuff started to be able to just set cerain amounts aside for bills every week? Is it going to take till tax time when we can put that amount in the bank and run off of it or is there another way to get started?

We want our finances to get in order and stay in line.

 
Memigen

Asked by Memigen at 2:56 PM on Nov. 19, 2010 in Money & Work

Level 27 (30,799 Credits)
This question is closed.
Answers (14)
  • wow.
    congrats to you.
    go to your local library and get some books from either Dave Ramsey or David Bach. Bach is also available online with a newsletter I think.
    Get a large desktop calendar and start charting your expenditures, then get a large budget keeper from Office Depot and start keeping a ledger of income vs outgoing. Make special section for musts and wants and needs. I could go on and on, so let me stop. Start this today and be consistent.
    Stop spending on continual bills like electricity and gas by reducing it by reading and researching.
    Pay yourself FIRST
    Reduce your taxes as much as you can legally
    Start and aggressive savings plan.
    GL!!
    jewjewbee

    Answer by jewjewbee at 3:03 PM on Nov. 19, 2010

  • This is what I would do.

    First step.. If I knew " on paper" that I could/should have "X" amount of money leftover after all is said and done..and I don't....... I would start tracking ALL of our spending.. Everything/everytime money is spent, I would log it. I did this once years ago, I found several hundred dollars a month that we were just blowing without even realizing it really. Start there track all your spending for 1 month, big and small. Then you will have a better picture of where all of your money is going, and then you can see where you can change spending habits in order to have more money at the end of the month.
    pixie_trix

    Answer by pixie_trix at 3:00 PM on Nov. 19, 2010

  • We were having the same problem.. so here is what we did! I printed out our bank statements and we went through and highlighted everything that was "wasteful spending." Just by doing that we noticed that we were spending most of our money on fast food, dvds and other useless crap! So we decided to make an excel spreadsheet and make our monthly budget plan. We made sure to include a savings column as well as a misc/emerg. and even allowances for ourselves. It sounds silly but when you make a point to pay yourself, and set money aside as if you were paying bills, you end up having a little fun money while paying all your bills and on time! We just started doing this for the 1st of November and we know it will take awhile to get a good savings but so far it is working great for us! No late fees for bills this month!! I hope this helps you somewhat! Goodluck!
    TsMommy428

    Answer by TsMommy428 at 3:59 PM on Nov. 19, 2010

  • Then come join us in the Dave Ramsey support group :)
    Candi1024

    Answer by Candi1024 at 4:41 PM on Nov. 19, 2010

  • jewjewbee

    Answer by jewjewbee at 3:07 PM on Nov. 19, 2010

  • I would do it the complete opposite, instead of putting aside money for bills put aside the spending money. Have paychecks direct deposited and decide on what amount your family can afford for extras and withdrawl that and when that money is gone, so are your extras....So for example, withdrawl $40 a week and use that if you want to eat out, get nails done, rent a movie or two, etc etc but once that $40 is spent that's it.
    Mom2Jack04

    Answer by Mom2Jack04 at 3:44 PM on Nov. 19, 2010

  • Over in the Dave Ramsey group their are forms you can print to set up a detailed budget. We do a 'zero based budget' which means every dollar is spent and has a name (including our spending money and savings). We go over our budget monthly, decide how much to set aside and then follow through. Using cash only keeps us on track because we can physically SEE where our money is going and once it's gone, it's gone.
    slw123

    Answer by slw123 at 8:55 PM on Nov. 19, 2010

  • I added the total of my bills that i have monthly, and divide that by 4 and i put that amount up every week into the bill money envelope and i don't touch it till bills is due. Since the power bill varies, put down a total of what you think will be the maximum amount. That way i am dishing out the same amount of money for bills each week, and i don't go broke paying big bills out of my paychecks.
    Honda309

    Answer by Honda309 at 4:53 PM on Nov. 19, 2010

  • I personally divided our money up between all the bills and pay them off through out the month.

    jem102675

    Answer by jem102675 at 5:11 PM on Nov. 19, 2010

  • You need to save first, then pay bills, then entertainment. I know it is hard, but if you want to build a nest egg, you need to pay yourself first. Message me privately and I would be happy to look at your specific situation. :)
    FinancialMomma

    Answer by FinancialMomma at 5:16 PM on Nov. 19, 2010

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