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How do you budget your finances?

Posted by on Feb. 20, 2010 at 7:25 AM
  • 20 Replies

How do you budget your finances?  Do you use a program on the computer? Pen and paper? Do you and your s/o (if you have one) combine incomes (if you both have one) or keep them separate and pay individual bills seperately?  Do you or your s/o take care of the money?

(I'm trying to revamp my system so I'm looking for ideas, LOL)

by on Feb. 20, 2010 at 7:25 AM
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Replies (1-10):
LiloViet
by on Feb. 20, 2010 at 7:41 AM

Hmm.  I don't really do anything to BUDGET necessarily 'cause we really don't have a set budget, but we don't just get up and buy whatever. I love to shop though, but doesn't mean I buy everything. I pay all the bills online and use a check book. That's about it.

danie24
by on Feb. 20, 2010 at 7:46 AM

 

We don't budget. LOL

TheJerseyGirl
by on Feb. 20, 2010 at 7:51 AM

I don't have a budget but I know that we need such an amount the first week of the month for certain bills.....another amount by the 3rd week. We spend a ridiculous amount on food, mostly because we go out or get takeout constantly. That would be the first to go in a money crisis. I take care of it all, phone calls too, b/c he is so out of touch with realty. He needs to be roped in sometimes and told to hold off on his spending...I'm in charge of this b/c I have a big mouth and he knows not to mess with my money! LOL

I pay everything I can online and have a small filing system by the back door, that way it gets looked at and put in the slot as soon as I come in.. The first slot is for unpaid....the second is for the ones ?I sent out and the third slot is for banking, insurance records. I go by the bank records instead of my checkbook b/c DH and I use our debit cards constantly and never remember to write down anything.

Dzyre1115
by Bronze Member on Feb. 20, 2010 at 7:55 AM

I use my checkbooks and a standard black marble notebook I fondly call, "The Stress Book".

cnetlady
by on Feb. 20, 2010 at 7:56 AM

My husband's income is the only one coming in so we have to budget wisely. We have several different banking accounts, EX: bank that our house is financed through which money comes directly out of his check each pay period to pay the house note,insurance on the house and property taxes on the house, bank that my car is financed through which also takes money out of his check each pay period to pay my car note, then you have the bank that i call my checking acount and he puts a set amount in there every 2 weeks for me to pay the bills, buy grocerys, gas for my car, and whatever else we need, then he has another bank that we call his checking account and thats where his overtime money and whats left out of his check goes to buy his gas and food for work for 2 weeks goes. He gets paid every 2 weeks on Thursday so i sit down the first day of each month and figure up my bills and get them set to pay online  the day his check hits my bank. whatever is left after paying bills and buying gas for my car, that is what i use to buy groceries for 2 weeks. Sometimes its not much but at least we eat a lil. For any other questions please feel free to email me and we can talk

LiesLiesLies
by on Feb. 20, 2010 at 9:29 AM

When I was married I handled all the finances and kept a budget on my computer (it has a template for it).

Now...I have very few bills...utilities and insurance are all on auto draft...and then I only have food, entertainment and gas.

Mel30248
by on Feb. 20, 2010 at 9:33 AM

In our household I'm the stay at home parent making no income. My SO makes all income but we consider the money to be ours. There are no credit cards but one debit card in his name. When I need money I ask & get it or take the card for the day like today I have to run to Target to grab some things he left me with the debit card.

I have no clue about our finances really but I choose it that way. I hate math & numbers so I have left it all up to him to figure all that out which he does very well. He pays the bills on time usually over the phone or online. All checks are directly put into the account. We have a food budget but we dont have a set number for anything else. So sometimes we'll go out to eat or something but we dont give ourselves a monthly limit because usually us eating out is b/c our child is sick, or we're visiting family hours away & grab a quick bite.

So yeah that is pretty much how it works in this house!

mcginnisc
by Bronze Member on Feb. 20, 2010 at 9:39 AM

Here is a rough draft of ours... can't go into detail since we are leaving in a few minutes to go do our taxes with our CPA...

Income-Dh's income monthly before taxes

Tithe/Charity-what goes to the Church, World Vision, Half the Sky, etc..

Taxes-FICA, etc..

Housing-mortgage, gas, electric, phones, dish, water, sanitation

Food- groceries

Transportation- gas, maintenanc, car insurance

Insurance- Medical insurance, life insurance

Debt- credit cards

Entertainment/Recreation- eating out, magazines, pet food, nails for dd and I every few months, Karate for dd

Clothing

Medical- co-pays, prescriptions

Investments- 401K, IRA, CD's

Miscellaneous- birthday gifts, toiletries, diapers, wipes

School- tuition, uniforms for dd's private school

I do it by writing it all down, but the bills are paid online- except for our mortgage. I write a bill because we pay more towards the principal every month and I do not want them putting it towards escrow so that I way I have a hard copy of it as do they.

If you have any questions, let me know.. I won't be around today since we'll be gone all day starting in about 10 minutes..I'll try to pop on late tonight when we get home.

Claire

lovinmyboys...
by Bronze Member on Feb. 20, 2010 at 9:46 AM

My husband gets paid twice a month.  I do all the finances.  I separate the bills that need to be paid on the 5th paycheck and the ones that need to be paid on the 20th paycheck.  I budget for all the bills for that pay period as well as money for gas/groceries.  If we need any extra money that pay period for something important that might pop up, I use some of my grocery money and we eat cheaper for that period.  Otherwise, whatever money is left from that pay period either goes to help out with the next pay period or for necessities(eye exams and such), pay off debt, or fun stuff. 

lucky2Beeme
by Silver Member on Feb. 20, 2010 at 10:52 AM

My husband does the bills. He makes the majority of the income in our home.He sets up to pay bills through our bank online.He knows what is due and when it's due. My paycheck is for gifts,vacations,fun mostly.If he needed bill money I would be happy to help.He does the bills and checking every FRIDAY.

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