Do You have a household budget? Do You stick to it?

[Ranatra]

We never had one. Dh says we need to make a budget and stick to it. He says we have no idea how much we're spending. He has just finished reading Suze Orman'a Book,
"The 9 Steps to Financial Freedom" and he's making me read it now. So I guess I gotta bite the bullet and sit down with him and make this household budget.
I guess he thinks we're spending too much money every month and he's looking to cut corners somewhere!

 

[Lynn CC]

I love the Suze Orman Show!

I'm going to go watch it now.
No we don't have a budget, I think the more we make the more we spend!! If it makes you feel any better most people have no idea what they spend their money on. As long as your bills get paid each month then your doing something right.

 

[caitycaity]

we definately do have a budget. if we didn't, we'd probably be homeless or something. right now, we just don't make enough money to spend on whatever we want.

 

[Tony-NJ]

many times but it never works. Between Chris and I we make a decent amount of money. We do have a mortgage payment, Home Equity Payment, 2 car payments, Auto Insurance ( in NJ it's almost likeanothe car payment!!) and one fairly large Credit Card balance. If you do put it down on paper - you will see what you need to pay your bills each month, and how much you want to save ( something we NEED to start doing!!!) and how much to allow yourself for Spending. Our main goal for doing this ( We will try this again ) is to pay off the credit card then the HE loan .

 

[Kermit]

We usually do. I've been a little lax in the past few months, since I was heavily pregnant at first and now I have a little newborn to take care of. I don't really have the time or energy to record what I spend, and we've been spending a little more on food since I don't always have time to cook from scratch.

I think that the best way to make a budget is to first go a whole month with just writing down what you spend. If you try to make the budget first, you're going to overlook some expenses that can't be left out. Once you say, "Well, we have to add an extra $100 for such-and-such," you'll get into the habbit of doing so, and before long, your budget will be bigger than your income.

 

[CamColt]

Good question, Ranatra. I recently heard someone here mention a budget, and I wondered the same thing.

No, we have no budget whatsoever. Only DH works and he gets paid once a month. We usually buy what we want and do ok. Some months by the last week we do have to watch ourselves a little(dont eat out, dont buy any extras, etc...). but in general, nope, no official budget.

 

[imgoingtodisney]

May need to make and stick to a budget July 1st if my hours are drastically reduced.

 

[Kitty 34]

Yes we have a budget!!! About four years ago we sat down one day and figured one out that would work for us and for the most part we have stuck to it.

 

[oldkicker]

We do have a budget, but we stray every now and then.

We do keep coming back to it though, so I guess that's a good thing!

 

[Snowwark]

I think I read somewhere that the first mistake is in calling it a "budget". It sounds too restrictive, and sooner or later you'll want to break free and spend spend spend! Maybe a Financial Plan is a better name for it.

We've tried it a couple of times, and were good for a month or so, but we haven't attempted it again for quite a while.

 

[Cindy B]

Yes, we have a financial plan!
Budget, does sound so nasty doesn't it...

We know exactly what we can spend, where, why, how much is in savings, etc...

I read this amazing five part series on reducing debt, and money lifestyle..

First thing was to write down all that you owe, and the monthly payments for each!

Now that I am not working, its more challenging, but I love money challenges.. it doesn't make me mope and think of what I can't do.. but makes me think of what I have currently, how grateful I am to have what I do, and what I have been able to do.

 

[BibbidiBobbidiBOO]

A budget, what's that? !
No, we don't actually, but we do seem to just know our limits. Once is awhile when DH is balancing the checkbook he will tell me to "watch it" for awhile. That means no major shopping sprees until he is paid again !

 

[believe]

We have a budget. I usually stay within it, sometimes I may go $20.00 over. DH and I have separate accounts. The best thing about a budget is when you get a raise, put it into a savings plan or increase the area you know you have overspent. I do add 'cushion' into my budget. Having a budget keeps me from stressing out more than I already do. Also, DH and I don't argue over money and I think this has been a major reason.

 

[bumcat]

We have a budget and try our best to stick to it but with 3 kids, two dogs, 4 cars and medical stuff it gets tough sometimes.
If you do a budget you need to include everything even if it's something you only pay for once or twice a year (we break that down to a monthly amount.)
I was shocked when someone at worked asked me if we included the cost of oil changes, prescriptions, known dr. visits in our budget. We always do because that way we have a more clear picture of whats leftover. Our downfall is spending too much on restaurants.

 

[Disney Ella]

We have a general budget. Every Sunday, we each take out money for the week and try to stick to spending only that. It's the little things that mess everything up - the unexpected $1,000 car repair bill or the invasion of the termites! DH is a spender and I am a saver, which makes it more of a challenge.

 

[disykat]

We don't really hold to a strict budget, but we do keep track of spending. Then every few months we tally it up and see what's happening. If you know where your money is going it's pretty easy to see if a certain area is getting out of control or changes need to be made in your spending patterns.

We also never spend money we don't have. We do have mortgage and car payments right now, but nothing else goes on credit. I think that sort of forces you to automatically "budget" .