Fru-Gal Friends

Subject: What is the best household budget to use. Tue 17 Oct 2006, 10:30 pm

My husband and I have had alot of lifestyle changes in the last few years,,from downsizing our home to taking care of mom then moving to a larger place,,losing her,,then moving in with my brother,,we will soon be moving on our own within a few months...and plan on staying there for sometime!

What I am doing now isnt right,,matter of fact it drives me crazy,,we are suppose to go in 1/2 on bills with my brother,,but its like he paid all of one bill that was on the table,,so we will pay on another,,it all comes out in the wash so to speak,,but I hate not being organized.

Do you all,,list your bills,,then calculate a avg,of what utilities will be,,then figure out your income and divide it?..My income will change at times because if they offer overtime at my work,,then I jump on it.

I never really add in gas for vehicles,,food,,play,,things like that.To me that is bought with whatever is affordable that pay week.(Like food might have 100.00 spent on it,,then might only spend 50.00 another week)

How do you budget your monthly home expenses.What form do you follow?

Subject: Re: What is the best household budget to use. Wed 18 Oct 2006, 2:00 am

Donna, perhaps the best way would be to sit down and work out which 'household' bills come in regularly. Then calculate what each bill works out at for one full year (some might come in monthly while others might come in quarterly). Once you have the yearly amount for each bill, divide that by 52 so you have a weekly amount....then each of you contribute your share each week to meet that weekly amount. I suppose this is like the 'envelope' system but it would probably be the best one to use when you're sharing expenses. That would keep it fair and share the cost of any 'household' expenses. I'm sure other expenses can be worked out individually.
I guess the main expenses would be groceries, utilites and rent/mortgage.
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~ By sowing frugality we reap liberty, a golden harvest. --Agesilaus ~

Moderator Age : 27 Joined : 12 Oct 2006 Posts : 1790

What we do is...as each bill comes in the mail we look at the amount and due date. We then immediately go to the calender and write down that the bill is due one week before it actually is...we write to pay the bill on that date and how much it is...then we also take the actual bill and on the envelope that it came in we write the amount and due date and put it in a bill organizer box thingy ( just a box on the wall..lol..) so we can see when and how much the bill is. Then we make sure we always pay a bill every Friday. This way we rarely pay more than one bill a week. Hope this helps! Good luck!

kim

Subject: Re: What is the best household budget to use. Wed 18 Oct 2006, 6:02 am

I have a spreadsheet on the computer with all of my bills owed.

Then, when I get them (online mostly), I put in the amount that is due. When I pay it - I will mark the box as yellow to show it as paid.

But for things like personal money (groceries, gas for the car, etc.), I just give myself $175 every two weeks. If I want to go out to eat, get groceries, go to the movies, or buy myself at the store - it all comes out of that $175. If money is left over from that amount - it goes toward a credit card.

~M

Subject: Re: What is the best household budget to use. Wed 18 Oct 2006, 6:16 am

Dh does the bills and he sits down every Sunday and does the bills for the entire week. He gets them all ready and sets them in piles of when they need to be mailed and then I put them in the mailbox. I get $200.00 a week for groceries, spending, and gas in mine and ds vehicle. DH works side jobs that gives him his gas money and extra money for the week and what he doesn't use go towards our bills. No system really and I tried but DH doesn't adhere to it. I am hopefully going to be changing things soon.
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Vicki

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Subject: Re: What is the best household budget to use. Wed 18 Oct 2006, 10:11 am

I pay our bills on the first of the month we have a joint account that takes care fo that ... my husband is very comfortable with that If something comes up and he will ask me which account to pay it out of his mine ours ... it worked for 30+ years...
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Gayla

"They take great pride in making their dinner cost much; I take my pride in making my dinner cost so little."

---Henry David Thoreau (1817-1862)

Subject: Re: What is the best household budget to use. Wed 18 Oct 2006, 10:39 am

At our house all money goes into one account- we are a family- no his/her accounts-plus having one is easier to keep track of for us. We first sat down and made a list of all expensces and added it up. This is what we must make each month....if you can't make that amount...look for things to cut (example cut is we now share a cell phone that we swap if either of us has a long trip or something to go on and moved it to pre pay- so we use it WAY less) We pay bills as they come in.....you CAN ask to have billing cycles and things changed up if they don't fall on paydays....most places will work with you on that. We saved for a few months ALL extra money to make 2 exta payments on our mortgage....that way we are ahead a little so that payment can now be made anytime during the month, that takes a lot of pressure off. Or utilites offer even billing- they average out the cost over 12 months....we do that so we don't get the big hikes in the winter with the heat. IMO you have got to set spending limits and stick to them or else the money drip drops away penny by penny.
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He that is of a merry heart hath a continual feast.
~Proverbs

Very Valuable Member Joined : 12 Oct 2006 Posts : 389

yup, one account for us, too. And it's worked for us for 24 years. What's his is mine, and what's mine is his. Smile

Subject: Re: What is the best household budget to use. Wed 18 Oct 2006, 12:26 pm

We have only one account also and it has been like that since we have been together.
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Vicki

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Subject: Re: What is the best household budget to use. Wed 18 Oct 2006, 1:39 pm

just to clear up any misunderstanding ... We have three accounts we are both authorized on all accounts but I use mine for house hold thing I buy groceries, clothes.. ect his is for his expense while he works and our account pay bills ... we share everthing and have for 30+ years.. there no his, or mine there's ours it works for us that way .
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Gayla

"They take great pride in making their dinner cost much; I take my pride in making my dinner cost so little."

---Henry David Thoreau (1817-1862)

Very Valuable Member Joined : 12 Oct 2006 Posts : 389

Yes, Gayla, I meant that, too. Like one savings, checking, vacation fund, emergency fund, etc...it's all JOINT. And works very nicely for us, too...we trust each other.
As for budgeting, Hubby gets paid every other week, so that's bi-weekly, and it's been like that for 22 years, and I will NEVER get used to it!!! Rolling Eyes

It is very hard to shop for food just twice a month, especially if you want fresh veggies & fruit. However, we do try to plan ahead & stick to a meal plan.
As for bills, Hubby pays 'em the day sfter each pay period, so that's twice a month, what ever bill comes in before the pay period gets paid by the next upcoming pay period. My two sons & I take care of the cable TV, telephone, and internet. We buy oil futures for the upcoming heating season.
We have a Christmas club fund for Christmas gifts & a vacation club fund for vacations, even if they're just for weekend trips or day trips with the girls.
I just LOVE putting extra money towards the principal on the mortgage! Laughing

doesn't that sound funny?!?! Laughing

Who would say they LOVE that?? But I do, I can't wait for our house to be paid off! May not happen for another 8-10 years, but it's better than 30! or the 15 we had back in 2002 when we refinanced. Cool

Subject: Re: What is the best household budget to use. Wed 18 Oct 2006, 6:31 pm

Oh! I do like that cheapy 'What's his is mine and what's mine's MY OWN'...wasn't that right?!?!?!
That works for me lol!

Just kidding...our incomes become joined along with all bill payments...what's left is ours and we discuss and investigate any major purchases.
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~ By sowing frugality we reap liberty, a golden harvest. --Agesilaus ~

Very Valuable Member Joined : 12 Oct 2006 Posts : 389

,

skin, you're funny!! laugh

somerimes I DO say that to hubby, and he just laughs! (I guess he's accepted it!! Wink

)

Subject: Re: What is the best household budget to use. Fri 20 Oct 2006, 6:38 pm

Everyone keeps talking about the types of accounts you keep. My fiance and I have agreed to keep seperate accounts.

It is just easier for the both of us. He has some debt from before we were together, and I have some debt from before we were together. Plus, as most of you know, I am very cooky about my money.

For instance, I found out today that on my new car loan that I can pay extra whenever I want. (yes, I bought a new car... against what most articles have taught me, I still did it. The car is the same amont as my last car, but a better brand (Toyota) and gets 12MPG better per gallon on gas - which is saving me a lot of money at the pump!) So for this week and next, I scheduled to pay an additional $25 toward principle (because I know I can afford it). That may sound small, but it will save alot of money on interest on the loan if I do it at least once or twice a month.

I do the same thing on the mortgage.

It is just easier for us this way for now.

~M

Subject: Re: What is the best household budget to use. Sun 22 Oct 2006, 7:20 am

If I can find it or if someone else has it,,there is a form flaoting arounf the internet somewhere,,where it shows paying a extra 25.00 or 50.00 on your mortgage or car payment,,comes right off your principle and adds up quickly!