I'm curious to know how your family budgets.
I have a system, which has evolved over time.
But I'm curious to know if you have simplifying tips?
How do you keep track of your expenses?
Do you budget?
I have a system, which has evolved over time.
But I'm curious to know if you have simplifying tips?
How do you keep track of your expenses?
Do you budget?
10 comments:
Nate uses Quicken to track every single expense that we make. He can tell you where every single penny we have spent has gone since 2002. Our problem isn't tracking the money, it's just staying within the budget. I have a certain amount each month for grocieries, but don't always stay within the alloted amount. Does that make sense?
I'm curious to know how you do it.
Adam made this super intense spreadsheet from excel. We have "funds" for everything (groceries, car registration, gifts, food, diapers, and anything else you can think of). One sheet has the current amount in each fund. The next sheet tracks expenses and is tied to the first sheet so it keeps the funds up to date as you type in your transactions. It sounds complicated (and I'm sure it was to set up) but it's super easy. It works great for us and it really helps to stay in our budget since it'll tell us how much we have left, if any.
Each month we take a standard sheet of typing paper draw lines on it that divide it into separate boxes. Then each little box gets a title and number beneath it. For instance, "Petrol- $225." Any time we buy petrol, we subtract it from the petrol box. We have boxes for electricity, food, phone, cell phone and "misc." It doesn't necessarily keep us within the set amount, but it does help. I know when I go to the store that we only have $40 left in the budget, so I do my best to keep within that $40. We keep the budget out on the fridge, so it is easy to see where we are in each category, and it is easy to remember to write things down. At first I wasn't so sure about putting it out in the open, but I find that most people don't care how much we spend on groceries, rent, etc.
To make the list each month, we look at our "master budget" that is made out for the calendar year on an Excel spreadsheet. When we make that master one we try to take into account holidays, birthdays, car registration, and the sort of thing that isn't there every month. But that Excel spreadsheet is not really what it's all about. It's just there to guide us in the monthly budget.
Jay created a budget for us about 3 years ago that has worked really well and keeps track of every penny that we spend. It is very similar to other budget plans in the sense that it keeps track of all of the monthly bills and makes sure we have money for them, but it differs in a few ways.
One being that the bills that are quarterly or yearly such as the car registration, Christmas money, vacation money, etc. is put into our monthly budget so that when it comes time for Christmas or a vacation we have the money in our account. Also we have a buffer fund (an allotted amount of money) every month for extra spending in case we need extra things like clothes, mid-week groceries, doctor visits, etc. or go over on a bill.
We also budget our grocery money and I add up all of the prices before I go to the register so I don't go over (takes a little more time, but well worth it). We also get personal allowance money a month so we never feel guilty treating ourselves when we know there are bills to be paid and pay our savings account as if it was a monthly bill.
It has worked really well for us throughout the years and has helped us govern our money.
Now you have to blog about how you budget.
ps. I saw your MIL in the Mo. Tab. Choir. Good for her! I remember her in a few of my classes at BYU.
It sounds like we do a very similar thing as Sherry. We have our monthly income and from there the first thing that we do it take out tithing, fast offering, and 10% to savings. Then I take a sheet of paper and separate sections: rent, groceries, phone, car insurance, kids (which include diapers, clothes, etc.), misc., entertainment, gas for car, etc. We then divide our funds into those sections and every time we use money we then subtract it immediately from that section. I also have mine on the fridge as a constant reminder. I bet you have a much better budget than most of us.
Hey Brianne--you have a blog! Noah and I use the Dave Ramsey technique and do everything with cash--it's the only way I can stay on budget, I have to see the money disapearing, and then I stop spending.
So, our system while it will sound complex, is easy for me because I've been doing it for almost all of our married life. We have an excel spreadsheet where I keep track of EVERY EXPENSE we make. We have a monthly total we try to stay under, and after each FHE we take a look at how we are doing. My favorite part of the budget is my monthly "allowance" where I can do whatever I want with it and not have to explain it. I think even when we actually have a job we will still budget our money. I may not be so anal about keeping track of every expense, but it's nice to see where the money is going.
wow- it sounds like some peoples husbands actually participate in a budget. That amazes me a little bit. I am semi-obsessed with budgeting. I do it like most people have mentioned... only I like the old fasioned method of paper and pencil, instead of spreadsheet, it makes the budget feel more personal to me. ha ha. There is a method I loved in college but just doesn't work so well anymore, but it's a good idea. you make a poster board with an envelope for each expense and put cash in it. when the money is gone it's gone. but then you can't exactly keep track of where it went unless you keep all recipts in that same envelope. I think now a days, online banking is just nicer.
We're generally cheap. That's my excuse!
hmm...i don't keep track of anything. i like it that way. haha! bad mormon!! :o)
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