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Thread: Maken a budget

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    LadyKatee's Avatar
    LadyKatee is offline
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    #11
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    Thanks you all are so helpful!
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    DavesBabe's Avatar
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    #12
    can someone - probably one of the Dave Ramsey team - pleeeease drum into my brain why I need to pull my finger out and save that $1k emergency fund? And AFTER I do that I can go crazy paying bills.

    it is so tempting to just go ahead and pay a bill i know is coming, but I know that "No - you have to keep that in savings. We will pay the bill next week with our budgeted money."

    I know i need to do it, but my stupid brain keeps wanting to do stuff. It's just a matter of training myself I think.
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    honeybee. is offline
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    #13
    Quote Originally Posted by lalzi22 View Post
    Well, it can take a few months to truly set up, but I can tell you what I do:

    First write down things that are 100% necessary. Rent. Groceries. Utilities. Car payments.

    Take the next month and every time you spend anything- ANY thing, write it down. Write down on a list how much and what it was for. Paying for a parking spot, coffee in the morning, new shoes for work, rent- everything. At the end of the month look at you list. Add up what you spend on food, rent, utilities etc... Add all the necessary costs together. Find out how much you brought in that month, and then correct the balances. For example:

    I am going to put in my numbers:

    I get 5,000 a quarter for all my living expenses. I divide that my 3 months in a quarter so each month I am allowed to spend 1660 tops (I round down to keep in budget). This is my "income". Here is a sample monthly "Output":

    Groceries - 50/wk = 200/mo
    Rent- 700/mo
    Utilities- (this varies depending on the season, so I always like to overestimate) 250/mo
    TV- 50/mo
    Car insurance- 90/mo
    Gas for car (again, I overestimate rather than under)- 120/mo
    Total= 1410

    This gives me 250 leeway for anything that may come up, and if it doesn't come up I give it right back to the government (since these are loans). In your case, you can put it in savings.

    What you need to do it make sure you only allow yourself to spend so much a month on things that you can control. You can control how much your food bill is- don't go nuts. Make many meals using the same ingredients (variants on chicken, or pasta). Buy the cheap foods (not necessarily unhealthy, but maybe skip the steak for a month or 3). Do NOT buy coffee. Make it at home if you need it. It is such a waste of money. Bring your own lunches to work. Its amazing how much money you will save. No snacks. Snacks are unneccessary money wasters and, how I look at it, a welcome diet to remove them!

    You can kind of control your utilities. In the summer, open the windows. Lay naked at home instead of blasting the a/c. Turn on a fan. Go to the public pool! In winder, layers! No need to turn the heat way up. I have 3 blankets on my bed and wear tons of sweats indoors to keep warm to prevent my bills from going up.

    You can also kind of control your gas bills for you car. Make sure to run all your errands for the week in one trip. You dont need to go out for things 2 or 3 times a week. Thats extra gas. A little planning can save you on your gas bill.

    If you really wanna go hardcore, only allow yourself to spend a certain amount. You can ONLY spend 150 on groceries a month and see how far it takes you. You can learn to stretch and be imaginative when it comes to cooking.

    I was able to save 4,000 last year and give it back to the government just by the tips I said above- and I still went out to dinners with friends and movies and stuff like every week or week and a half. I in no way felt restrained budget wise, and yet I saved so much.

    Good luck OP!
    this is great!
    I'm gonna keep an eye on this thread, and try Mint in the mean time lol

  4. Mom with Messy House and Happy Kids!!
    Mommie2My4Angels's Avatar
    Mommie2My4Angels is offline
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    #14
    Lots of great info!!! My Dh does the budget at our house and he has it down to an exact science thank goodness.
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