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Budgeting

Posted by on Dec. 30, 2013 at 1:49 PM
  • 9 Replies
Hey Everyone, I'm new and seeking advice for creating a budget for a family of 4. My husband and I both hold full-time jobs, our son started K this year and my daughter is at home with my mom. Does anyone have a good system
by on Dec. 30, 2013 at 1:49 PM
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AEB_MRB
by on Dec. 30, 2013 at 1:53 PM

Do you pay your mom to watch your daughter?

shellybird
by Michelle on Dec. 30, 2013 at 2:11 PM

Starting the "new year"  I am going to track my food budget and try to only spend $200 a month for our family of 3.  If there is leftover money from the $200, I am going to place that money in a account for something else.  Heres hoping that I can save some money with this plan :)

clairewait
by Bronze Member on Dec. 30, 2013 at 3:46 PM
1 mom liked this

Our "system" (if you want to call it that, it's pretty unstructured I guess) started with sitting down and actually writing out how much we spend each month and on what.

I mean, that's essentially what a budget is. It is a list of how much you spend and on what.

We made an Excel spreadsheet, but you could really use anything: Microsoft Word, or even just a pen and paper.

We listed things in the order of importance for payment. (I mean, we never don't make a payment on a bill, but it just helped to see it listed that way I guess.) Then once you put it all down, you see how much you make and how much you spend and how much you either have left at the end of the month or how much in the red you are going every month.

Then you adjust certain categories by figuring out ways to save. So if you want a quick idea ours looks like this:

Monthly Income: ________

Tithe:
Savings: 
Taxes: 
Mortgage:
Health Insurance:
Car Insurance:
Bills (electricity and water):
Groceries:
Gas: 
Phone:
Internet:
"Entertainment" (dates, eating out, gym membership, sports, etc.):

 Total: _______

Difference: ________

You can be more/less specific on your categories, it just depends on exactly how much detail you want to look at.

So if you have money at the end of the month, you are doing good. If you do not, or if you are over budget, you look at your list and figure out what you can lower, change, challenge for better rates, go without... you know. Seriously, think about lowering five categories by just $5 a month. That's $25 a month of savings, or $350 a year. Make sense?


Claire Wait

My blog: TheUnderToad.com

joli2joseph
by on Dec. 30, 2013 at 8:40 PM
Thanks so much... I am the spender, :(.
joli2joseph
by on Dec. 30, 2013 at 8:42 PM
No, ive been very fortunate that she helps me out. But, I dont want to always rely on my parents

Quoting AEB_MRB:

Do you pay your mom to watch your daughter?

mybratsmom
by Silver Member on Dec. 30, 2013 at 8:46 PM
I would just take your total income and start deducting expenses, starting with mortgage/rent, car, food, utilities, etc. make sure you put some money aside for entertainment (redbox and a soda??) and savings (even $10 is something!).

Depending on what your goals are (boost savings, pay down debt) will depend on what you do next.
sharon6345
by on Dec. 30, 2013 at 9:08 PM

I just did my budget a few minutes ago. I right down what is due and how much. ad it all together go to bill pay on chase.com and pay everything. If possible I pay $10 to $20 more and then it allows me to miss a payment later on if something comes up. once I owed no rent for the months and gave my child a party.

joli2joseph
by on Dec. 30, 2013 at 9:24 PM
Thanks. I need to try that. I hope it works

Quoting sharon6345:

I just did my budget a few minutes ago. I right down what is due and how much. ad it all together go to bill pay on chase.com and pay everything. If possible I pay $10 to $20 more and then it allows me to miss a payment later on if something comes up. once I owed no rent for the months and gave my child a party.

UCFknight
by Member on Dec. 30, 2013 at 9:28 PM

http://www.daveramsey.com/tools/budget-forms/  we are a Financial Peace home. Dave's site has free forms you can print. First you need to do the cashflow and figure out where your monthly income is going. Then sit down with your husband and do the budget plan. He offers very sound simple advice. And we still use his  methods today to stay out of debt!

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