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Thread: budgeting by the retentive
12-26-2008, 09:48 AM #1
budgeting by the retentive
Finding your Budget
ok I am going to try and explian my method of handeling our finances. Ill split it to sevseral posts to help makes sense.
You will want to start by adding togather your total income a month. This means.
Your weekly checks _____
chiled suport _______
any other incoming money ______
then you need to make a list of Every single expense (these are on our list)
Reacurring bills such as
eating out ______
pet food _______
phone bill ______
house payment ______
care insurence _______
house repair _____
( use as small of groupeing as you can so you can see whear you need to reduce spending)
then non reaccuring (meaning you may get the bill monthly but this bill can be payed off unlike the electric bill)
credit cards_______ <we have actually learned to keep only one of these.
^you can see most of my monthly bills are all the kind I can not get rid of. I will have to buy food and pay utilitys for the rest of my life. Our bills did not look like this when DH and I first got marryed.
Now take youre total income and subtract your outgoing. what you have left is the margen of play you have in your finances. dont get excited though this is what helps you dig out. saves these lists yull use them often.
Last edited by redring; 01-08-2009 at 05:29 PM.
12-26-2008, 10:31 AM #2
Now you have an idea whear how much of your money needs to go. I know first hand that whats left dosent look like much. Keep your chin up and lets move on.
Look back to your expense list. Take your total out going cost and devide it by 4 that # is what you should set aside weekly to pay bills. All bills should be payed befor all else. I keep an expense list
This helps me keep track of when I need to pay what bill as well as being able to tell if I missed a bill and be sure they are all payed.
We keep two bank accounts one I handel and one DH handels. My account is for bills so my whole check is automatically deposited as well as what we decided has to come out of dhs check to meet the weekly costs we are to pay bills with. Dh's account is for car gass and whatever is left in his check wich ends up being our spending money (most weeks its not much) Our accounts are set up like this for several reasons.
1. its hard to keep track of spending with two people makeing there own purchases. scence Dh refuses to keep a check regester I have no idea what he has spent and I need to keep carfull watch on any mony that comes from the bills account. Also Dh has a tendance to overdraw. So this way it dosent effect my bills. I keep a debit card and check regester in my PLANNER (this is a star word for me it helps keep everything going) with my expense sheets for each month. This comes in handy because Dh has a tendancey to ask questions like I memerize our finances. I can then just look it up and give him an answer as I carry my planner like a wallet.
At the end of each month I can balance my check book and then take a calculater and add up what purchases fit into specific catagorys in the expense tracker .
in october I know we spent 200 in cat suplies. I also know we invested in new litter boxes to cut down on accidents. So it was not a gross case of overspending. If it had been I would see that and could correct it in fallowing monthes.
Last edited by redring; 01-08-2009 at 05:28 PM.
12-26-2008, 01:57 PM #3
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Excellent ideas, thank you both, going to work hard on my budgeting this coming new yearTragedy, sadness, loneliness and despair taught me that life is really a beautiful thing; if it wasn't I wouldn't be able to recognize that anything was wrong - Lynn in Virginia
01-08-2009, 05:27 PM #4
Sloppy banking is whear you round all purchases up to the nearest dollar in your bank book. You wouldent imagen how fast the cash adds up and you dont even miss the change!!!
Say I buy a $5.50 dolar item at wall mart. When I add the purchase to my bank book I say I spent $6.00.
Whean you need extra cash or have a banking oopsie you can balance your check book (verry easy if your bank dose online banking).
I subtract the total amount my check book says I have from what my bank says is in my account. be sure to add up what has not gone through your bank yet and take that away also.
Think of this as your new piggy bank!!!
01-08-2009, 05:38 PM #5
Paying bills off
- pay extra- you wouldent believe how much money I found I waste. Paying extra on a non reaccuring bill helps it get payed faster and makes sure the money gos to somthing important.
- Split payments- with some of your bills you can pay in parts and it will reduce your intrest. my wall mart card bill I can make an early payment of part of what I owe and the rest at the proper time. this offsets there intrest formula causeing you to pay less.
- Even a little extra on a payment can cost you less in intrest in the long run.