budgeting

Moderator Age : 27 Joined : 12 Oct 2006 Posts : 1933

Today is the day that DH has off of work so we are sitting down and going to make our "new" budget! I am nervous b/c we are planning on trying to knock out some debts and also save to build a new shed to park all oh his "toys" in Smile

It's gonna be tight!

kim

Subject: Re: budgeting Tue 26 Dec 2006, 7:58 am

That's why you have us, Kim. :-)
It may be tight, but we will be here to support you and your family.

Good luck, and let us know the outcome.

~M
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"It is not how much money you make - it is how you spend it."

Subject: Re: budgeting Tue 26 Dec 2006, 8:30 am

Way to go Kim We too are going to be working on paying debt off. We are all here to help you get thru it.
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Vicki

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Moderator Age : 27 Joined : 12 Oct 2006 Posts : 1933

Thanks ladies! We figured out our monthly income and we should be able to pay at least $400- $500 a month on our debt...it will be TIGHT but we want the debt gone! We sat downa nd figured out a few ways to have fun without spending $. We took out little ones to McDonalds Playland today and we got paraits and ate lunch before we left so we on;y spent $4...much better than it could have been. I had the idea to just take out cash and put it in my purse for all of my spending such as food, gas ect. and put it seperate envelopes so I would know when I was getting low, but DH thought that idea was dumb..so we are still going to use our debit card and I am going to keep track of every penny of my spending. I have gotten into the habit of going to the store almost everyday and pick up unneeded items...so I am going to be planning much better. We'll see!

kim

Subject: Re: budgeting Tue 26 Dec 2006, 5:24 pm

I think when couples together sit down and work on budgets,,then its a plan that will work,,I used to be the one doing all the cutbacks with my ex,,,was like talking to a wall back then! LOL...Good luck Kim,,it looks like you have a handle on things with your hubby!

Subject: Re: budgeting Wed 27 Dec 2006, 5:06 am

I used that envelope system a while back kim and it worked quite well. I sat down with a notepad and wrote down EVERY bill we received, whether monthly, quarterly or yearly (even insurance). Then I got a calculator and worked out what each bill cost per week, I wrote on outside of each envelope....'Electricity'.....'Rates'.....'Car Insurance'.....'Phone'.....etc.....and in one corner I wrote the average bill amount and below that, the approx. amount I needed to put in per week. I didn't always manage to put the full amount in every envelope each week but it sure helped a lot when those bills arrived.
Whatever's left over after 'paying' the envelopes can be used for groceries, petrol (or gas) for cars and any other unexpected expenses....or, dare I say it, treats if they can be afforded!
Good luck with whichever way you decide to go Smile

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~ By sowing frugality we reap liberty, a golden harvest. --Agesilaus ~

Moderator Age : 27 Joined : 12 Oct 2006 Posts : 1933

Thanks for the support ladies. With DH back to work after his Christmas break I am going to start today with the keeping track of every purchase so I can see where we blow the most $. I hope we can get this done. Another thing we did was figure out a monthly goal as far as our $ goes. Like; this month our goal is to pay the dentist $300 and pay off a Dr. bill from foster daughter #1. And save the rest that is left over. I hope this works. We seem to have good ideas all the time but have a hard time putting them into practice!

kim