minnie1928
WDW addict
- Joined
- Feb 16, 2004
- Messages
- 2,998
This is great, if your bank is on the eligible bank list. I've been wanting to get my mom on this for about 2 years, but her community bank is not on their list.
Please analyze my budget
- Thread starter Disnemama
- Start date
This is great, if your bank is on the eligible bank list. I've been wanting to get my mom on this for about 2 years, but her community bank is not on their list.
I work out our budget in an excel spreadsheet.
I have ...um... 72 line items for our budget (!!)
[sub categories of main categories: car, childcare, clothing, college, entertainment, food, gas, holidays, home maintenance, insurance, medical, misc, mortgage, utilities, taxes, charity, 401(k), surplus]
Everything is listed there. I break it down by month and yearly total per line.
We have lost control of our spending because we thought we had eveything under control without putting it on paper - not! Years ago we did the 'plan' and worked out ok. Then we slacked off and the spending crept up.
So starting this month we are writing down everything we spend in a notebook for weekly fashion. From there I'll readjust our excel and starting in September take careful notes.
My husband makes good money and it really is a shame we don't take better care of it. That's going to change!
I have ...um... 72 line items for our budget (!!)
[sub categories of main categories: car, childcare, clothing, college, entertainment, food, gas, holidays, home maintenance, insurance, medical, misc, mortgage, utilities, taxes, charity, 401(k), surplus]
Everything is listed there. I break it down by month and yearly total per line.
We have lost control of our spending because we thought we had eveything under control without putting it on paper - not! Years ago we did the 'plan' and worked out ok. Then we slacked off and the spending crept up.
So starting this month we are writing down everything we spend in a notebook for weekly fashion. From there I'll readjust our excel and starting in September take careful notes.
My husband makes good money and it really is a shame we don't take better care of it. That's going to change!
PinkRhombus
need...more...coffee
- Joined
- Dec 29, 2008
- Messages
- 1,320
OOOOohhhh! My soul sister/brother!
Karenj2
Hot dog, hot dog, hot diggity dog!
- Joined
- Jul 8, 2002
- Messages
- 1,921
I use YNAB Pro (www.youneedabudget.com), which was a one-time cost of ~$40. I personally think it's a GREAT program, and worth the cost, but as others said there are less expensive programs/spreadsheets out there.
I just exported all my categories, which I've listed below. It looks like alot, but there are really only 14 or so categories, with varying sub-categories below that. Where it has a dollar amount included, that is a fixed cost, so I know it's going to be that amount. Otherwise it's a varied cost. (Any of the "Other" or "Misc" sub-categories I try to have $10-50 total in there.)
Here they are:
If you weren't scared off by that, I'd like to tell you - since we started budgeting (in my case, using YNAB), I've been able to put away one of my paychecks a month towards our Emergency Fund, plus put extra money aside so I can pay off the loan we took out for fertility treatments. You REALLY need to account for every penny (or at least every dollar).
Before we started budgeting, my hubby alone was making 6 figures, in addition to my paycheck, yet we were living paycheck to paycheck. It was ridiculous. Some serious life changes happened that made us rethink our priorities, and since then we've been able to save money (over and above our 401ks & the EF).
I just exported all my categories, which I've listed below. It looks like alot, but there are really only 14 or so categories, with varying sub-categories below that. Where it has a dollar amount included, that is a fixed cost, so I know it's going to be that amount. Otherwise it's a varied cost. (Any of the "Other" or "Misc" sub-categories I try to have $10-50 total in there.)
Here they are:
- 01. Housing : Cleaning ($100) (we no longer have a cleaning lady, but we did when I started using this program)
- 01. Housing : Gardening
- 01. Housing : HOA ($175/q = $58.33)
- 01. Housing : Home nick-nacks
- 01. Housing : Home Repair
- 01. Housing : Mortgage (incl. escrow for Ins., etc.)
- 01. Housing : Other
- 02. Utilities : Security System ($120/6mo = $20)
- 02. Utilities : Cell Phone
- 02. Utilities : Garbage ($102=$34/mo.)
- 02. Utilities : Gas/Electric
- 02. Utilities : Phone & Internet
- 02. Utilities : Sewer ($115/q = $38.33)
- 02. Utilities : Water
- 03. Food : Beer and Wine
- 03. Food : Groceries
- 03. Food : Karen @ work
- 03. Food : Restaurants (No, I don't break out beer/wine purchased while out, and this includes takeout)
- 04. Transportation : AAA ($100.25 in jan)
- 04. Transportation : Car Insurance
- 04. Transportation : Car Payment (we only have one car payment)
- 04. Transportation : Car Replacement
- 04. Transportation : Gas & Oil
- 04. Transportation : License & Taxes (this was a line item already in the system, but I don't use it like I should)
- 04. Transportation : Misc. (Parking, train, etc.)
- 04. Transportation : Repairs & Tires
- 05. Medical/Health : Dentist
- 05. Medical/Health : Doctor
- 05. Medical/Health : Drugs/CVS
- 05. Medical/Health : Health Insurance (This is another pre-created line item which I don't use, since it's already taken out of my paycheck)
- 05. Medical/Health : Optometrist
- 05. Medical/Health : WW/HAC (Weight Watchers and a health club)
- 06. Charity : Misc.
- 06. Charity : Tithing
- 06. Charity : World Vision
- 06. Charity : Young Life
- 07. Dogs : Food
- 07. Dogs : Health Care
- 07. Dogs : Other
- 08. Clothing : Cleaning & Laundry
- 08. Clothing : Clothing
- 08. Clothing : Special Occasion Clothing
- 09. Personal : Christmas (ING Acct)
- 09. Personal : Gifts - Others
- 09. Personal : Hair Care
- 09. Personal : Life Insurance
- 09. Personal : Miscellaneous
- 09. Personal : Organization Dues
- 09. Personal : Stuff for Us
- 09. Personal : Subscriptions (incl. newspaper, web) ~$30/mo.
- 10. Recreation : Entertainment
- 10. Recreation : Vacation
- 11. Fun Money : Hers - Cash
- 11. Fun Money : His - Cash
- 11. Fun Money : Lost money (Trying to get rid of this category - this is cash gotten out, but not designated to anything in particular.)
- 12. Taxes : Fed/State Income
- 12. Taxes : Misc
- 12. Taxes : Property
- 13. Savings : Buffer
- 13. Savings : Emergency Fund (ING Acct)
- 13. Savings : Retirement Fund
- 14. Vikingship Expenses : Addl. Donations (Tax Deductable)
- 14. Vikingship Expenses : Expensed Items
- 14. Vikingship Expenses : Membership
- 14. Vikingship Expenses : Non-expensed items
- 15. Chris Work Expenses : Cash Expenses
- 15. Chris Work Expenses : Expensable
- 15. Chris Work Expenses : Non-expensable
- 16. Things We Want : Big ticket item (see Notes)
- Transfers : Transfer (This category is an automatic category for transferring from one banking system to another - like from my checking account to my ING account. There's no additional money, it's just moving from one place to another.)
If you weren't scared off by that, I'd like to tell you - since we started budgeting (in my case, using YNAB), I've been able to put away one of my paychecks a month towards our Emergency Fund, plus put extra money aside so I can pay off the loan we took out for fertility treatments. You REALLY need to account for every penny (or at least every dollar).
Before we started budgeting, my hubby alone was making 6 figures, in addition to my paycheck, yet we were living paycheck to paycheck. It was ridiculous. Some serious life changes happened that made us rethink our priorities, and since then we've been able to save money (over and above our 401ks & the EF).
minnie1928
WDW addict
- Joined
- Feb 16, 2004
- Messages
- 2,998
KarenJ - congrats on the baby! I just noticed your baby countdown, that's so exciting!!
Now, back to our regular programming...
tara32
Mouseketeer
- Joined
- Jul 27, 2009
- Messages
- 135
Sorry I did not read the whole thread yet but I just wanted to say the most important thing you can do right now is have that $600/mo that you are used to paying into childcare funneled into savings of some sort. Pay in the increments and dates you did with child care, and have it auto-deducted from your acct, so there are no excuses. have it transfered to an acct with no debit card.
The reason I say this is that its so easy to become accustomed to just blowing the extra- if you are used to having that expense- take advantage of that and don't increase your diuscretionary spending. Trust me, its much harder to get useed to a budget cutback than surplus..lol. And if you have no plan for those funds they will just disappear.
Also: impulse suppers. If you like you can have a takeout night, but I find one lifesaver for those days when you're driving home, can't think of a supper, don't want to prep one etc, is to have a few emergency suppers at home... we keep them in the freezer and they are not part of the rotation, I keep them for specifically when I nn a quick no prep meal. I always keep a frozen pizza (at least one) in the freezer. A good one so you don't have to add booster toppings or cheese. That is my fave quickie, bc although it takes 20min to cook there is no prep at all, and you can work on something else if need be while its cooking.
The other one I keep on hand is entree style butter chicken. In 6 minutes I have a complete meal .. butter chiicken, rice and I cook a few peas as well with it.
You could have something like those stoufffer meals ina bag, even if its something like $7 and over your normal budget for a grocery meal, if you are saving $20+ bucks on takeout its still all good. Remember, it isn't part of the regular rotation.
I ahve also started planning meals in advance so it helps the grocery bill and I know I have the ingredients on hand and then I can buy quickie meals like donairs, quesadillas, rotiserie chicken etc and whip them up ASAP. we had donairs tonight and they took less than one minute of prep!! Thats my kind
of supper.
The reason I say this is that its so easy to become accustomed to just blowing the extra- if you are used to having that expense- take advantage of that and don't increase your diuscretionary spending. Trust me, its much harder to get useed to a budget cutback than surplus..lol. And if you have no plan for those funds they will just disappear.
Also: impulse suppers. If you like you can have a takeout night, but I find one lifesaver for those days when you're driving home, can't think of a supper, don't want to prep one etc, is to have a few emergency suppers at home... we keep them in the freezer and they are not part of the rotation, I keep them for specifically when I nn a quick no prep meal. I always keep a frozen pizza (at least one) in the freezer. A good one so you don't have to add booster toppings or cheese. That is my fave quickie, bc although it takes 20min to cook there is no prep at all, and you can work on something else if need be while its cooking.
The other one I keep on hand is entree style butter chicken. In 6 minutes I have a complete meal .. butter chiicken, rice and I cook a few peas as well with it.
You could have something like those stoufffer meals ina bag, even if its something like $7 and over your normal budget for a grocery meal, if you are saving $20+ bucks on takeout its still all good. Remember, it isn't part of the regular rotation.
I ahve also started planning meals in advance so it helps the grocery bill and I know I have the ingredients on hand and then I can buy quickie meals like donairs, quesadillas, rotiserie chicken etc and whip them up ASAP. we had donairs tonight and they took less than one minute of prep!! Thats my kind
of supper.
disneyofcourse
DIS Veteran
- Joined
- Oct 2, 2006
- Messages
- 994
Personally I think that $950 is way to much for back to school shopping. Take a look into closets and pull out everything and really figure out what fits and what doesn't. You can try to sell gently used clothing on craigslist and at least get some money for it. Just remember don't pay $40 for a layering tshirt with Hollister on it. Go to target and buy the $5-10 t-shirts and use the money for other pieces or only shop clearance at the hip stores.
Second I would set up an account and each time and every time a paycheck comes you MUST pay yourself first. Put $100 each paycheck into this account and what I do is pretend it doesn't exist. You won't miss it if its the first thing you "pay off" Treat it like a bill if you have to.
As for your eating out try to keep a couple frozen pizzas in the freezer. They take 15 minutes and I buy them for around $5.00-7 each. (Good kind/name brand too!)
Second I would set up an account and each time and every time a paycheck comes you MUST pay yourself first. Put $100 each paycheck into this account and what I do is pretend it doesn't exist. You won't miss it if its the first thing you "pay off" Treat it like a bill if you have to.
As for your eating out try to keep a couple frozen pizzas in the freezer. They take 15 minutes and I buy them for around $5.00-7 each. (Good kind/name brand too!)
so forgive me if I am repetative...
Cell phones/cable/phone/computer & insurance are the easiest areas to do some comparison shopping.
Our cell phone bill for 3 w/ unlimited texing is only $160, so $140 for 2 seems high (I am assuming 2...)
Do you really need a landline w/ 2 cell phones? Easy cut there.
Evaluate your cable needs...might be able to cut there.
Insurance & cable--do some shopping around; you may be able to cut these.
I pay around $600/month for a family of 5 hearty eaters (including a teenage boy). I buy lots of fresh produce, but I watch sales, use coupons and buy cheaper cuts of meat (95% burger, chicken breasts & pork loins are our meat staples---$2-2.50/lb. is usual). I buy VERY few convenience foods & junk foods. Store brands are another easy way to cut costs.
I don't see entertainment in your budget. You will feel deprived if you don't at least include the occasional movie rental, movie, dinner out, etc. That is when people tend to spend frivolously.
Sit down w/ your husband and discuss the desire to be debt free and buy a house. Both of you need to write down EVERY thing you buy...then discuss these lists each week. It is VERY important NOT to be judgemental in these discussions; if you are on the same page, hopefully you can have some frank discussions about what you REALLY want to spend money on.
Personal example here...DH & I take at least one trip a year together. A friend commented she just doesn't understand how we do it, they just can't afford it. WELL....this same friend stops at Starbucks EVERY morning...at $5/drink, that's $1800/year--no kidding (go ahead, get the calculator, I'll wait...
). Guess they could afford a vacation if they just gave up daily Starbucks! (hey, I like Starbucks, too, but it is a treat for special occasions for me)
Good luck!
Cell phones/cable/phone/computer & insurance are the easiest areas to do some comparison shopping.
Our cell phone bill for 3 w/ unlimited texing is only $160, so $140 for 2 seems high (I am assuming 2...)
Do you really need a landline w/ 2 cell phones? Easy cut there.
Evaluate your cable needs...might be able to cut there.
Insurance & cable--do some shopping around; you may be able to cut these.
I pay around $600/month for a family of 5 hearty eaters (including a teenage boy). I buy lots of fresh produce, but I watch sales, use coupons and buy cheaper cuts of meat (95% burger, chicken breasts & pork loins are our meat staples---$2-2.50/lb. is usual). I buy VERY few convenience foods & junk foods. Store brands are another easy way to cut costs.
I don't see entertainment in your budget. You will feel deprived if you don't at least include the occasional movie rental, movie, dinner out, etc. That is when people tend to spend frivolously.
Sit down w/ your husband and discuss the desire to be debt free and buy a house. Both of you need to write down EVERY thing you buy...then discuss these lists each week. It is VERY important NOT to be judgemental in these discussions; if you are on the same page, hopefully you can have some frank discussions about what you REALLY want to spend money on.
Personal example here...DH & I take at least one trip a year together. A friend commented she just doesn't understand how we do it, they just can't afford it. WELL....this same friend stops at Starbucks EVERY morning...at $5/drink, that's $1800/year--no kidding (go ahead, get the calculator, I'll wait...
). Guess they could afford a vacation if they just gave up daily Starbucks! (hey, I like Starbucks, too, but it is a treat for special occasions for me)Good luck!
your budget IS incomplete...writing down every dollar you both spend will help you evaluate NEEDS vs. wants.
We pay $80/month for 2 HD DVRs w/ satellite...no movie channels (we just do pay per view if there is a movie we want to watch)
$950/month for back to school--sorry, honey, but are you shopping at Saks?
We really didn't even do back to school shopping. Summer gear will get us the first 6-8 weeks. Last year's backpacks are in super shape, so don't need new ones. Just dug thru the pencil box for pens & pencils. Notebooks for .10 and folders for .05 are great. We will evaluate clothing when things get coolerr. But we try to buy EVERYTHING on sale. So we will go thru these soon so we can make a list of needs & watch for sales. 3 kids...doubt we spent $25...
And my kids like Aeropostale to Target to American Eagle to GAP. I often find that going myself, hitting the sale racks then bringing it home to them they are very happy...if I take them, I swear they are drawn to the regular price racks like a magnet...and I just don't want to battle. We also hit garage sales, ebay and Plato's Closet.
I understand your point of view regarding your DH's cell phone internet issue. But you 2 need to have a SERIOUS talk...determine what that service is costing you & ask him is it worth it to give up other things...be it paying down debt, half of a vacation, more dates for you 2, retirement--whatever. If you have internet access at home, he should be able to live w/o it.
Again--good luck!
We pay $80/month for 2 HD DVRs w/ satellite...no movie channels (we just do pay per view if there is a movie we want to watch)
$950/month for back to school--sorry, honey, but are you shopping at Saks?
We really didn't even do back to school shopping. Summer gear will get us the first 6-8 weeks. Last year's backpacks are in super shape, so don't need new ones. Just dug thru the pencil box for pens & pencils. Notebooks for .10 and folders for .05 are great. We will evaluate clothing when things get coolerr. But we try to buy EVERYTHING on sale. So we will go thru these soon so we can make a list of needs & watch for sales. 3 kids...doubt we spent $25...
And my kids like Aeropostale to Target to American Eagle to GAP. I often find that going myself, hitting the sale racks then bringing it home to them they are very happy...if I take them, I swear they are drawn to the regular price racks like a magnet...and I just don't want to battle. We also hit garage sales, ebay and Plato's Closet.
I understand your point of view regarding your DH's cell phone internet issue. But you 2 need to have a SERIOUS talk...determine what that service is costing you & ask him is it worth it to give up other things...be it paying down debt, half of a vacation, more dates for you 2, retirement--whatever. If you have internet access at home, he should be able to live w/o it.
Again--good luck!
I have taken the time to read further...much much good advice here!
The advice to write down where all the money goes is the single most valuable piece of advice you are getting here.
Second, using one of the more complete budgets suggested (or one found online) is the second most valuable advice.
Third, go online and compare phone service plans and insurance plans. Again, $160/month for 3 lines, all w/ unlimited text and one w/ unlimited internet is what we pay.
Fourth, you do not need to be spending that much on clothing, at all. Rather than buy at the beginning of the season when prices are highest, make a list of items NEEDED, and watch for sales. Target is a great place to get fashionable clothing at bargain prices. Buying at the end of the season at chains will also find you deals.
And I still do not understand $200 on school supplies. A new backpack is not needed every year. Stick with styles that can be used year after year and only replace when it begins to fall apart. OK....even at $20 each/year on backpacks, $160 on supplies? Don't waste money on expensive "fashionable" items...I am confident you can get everything your child needs for $20 each max. Again, Target is my friend. But certainly at Walmart or Shopko you will find similar deals. Are you given a list by the school?
And do NOT feel bad telling your children NO or requiring them to live on a budget! My children have ALWAYS been told no...we have only bought them things for birthdays/Xmas (around $100/each for bday, $200 for Xmas--yes, and they have Nintendo DSs, iPods, Xbox, etc.) and clothing when NEEDED. I work hard to keep our budget in check and I refuse to allow their desires (NOT NEEDS) mess that up. And I am proud to say that they are educated consumers now. They research on the internet for prices, watch for sales, hit garage sales, evaluate purchases--is this really worth the money it will run me?
That is the way we live our life. I REFUSE to spend my money on anything that isn't worth it to me. TRAVEL is a large part of our budget because it is what we find important. Therefore we drive 5-10 year old cars, were the last of our friends to get cell phones, pretty much only buy new when the old wears out or breaks. (re: Starbucks story earlier) If HD & DVR are important--then keep it. BUT if getting out of debt/buying a house is important, then make the choices to make it a priority.
Good luck, sweetie!
The advice to write down where all the money goes is the single most valuable piece of advice you are getting here.
Second, using one of the more complete budgets suggested (or one found online) is the second most valuable advice.
Third, go online and compare phone service plans and insurance plans. Again, $160/month for 3 lines, all w/ unlimited text and one w/ unlimited internet is what we pay.
Fourth, you do not need to be spending that much on clothing, at all. Rather than buy at the beginning of the season when prices are highest, make a list of items NEEDED, and watch for sales. Target is a great place to get fashionable clothing at bargain prices. Buying at the end of the season at chains will also find you deals.
And I still do not understand $200 on school supplies. A new backpack is not needed every year. Stick with styles that can be used year after year and only replace when it begins to fall apart. OK....even at $20 each/year on backpacks, $160 on supplies? Don't waste money on expensive "fashionable" items...I am confident you can get everything your child needs for $20 each max. Again, Target is my friend. But certainly at Walmart or Shopko you will find similar deals. Are you given a list by the school?
And do NOT feel bad telling your children NO or requiring them to live on a budget! My children have ALWAYS been told no...we have only bought them things for birthdays/Xmas (around $100/each for bday, $200 for Xmas--yes, and they have Nintendo DSs, iPods, Xbox, etc.) and clothing when NEEDED. I work hard to keep our budget in check and I refuse to allow their desires (NOT NEEDS) mess that up. And I am proud to say that they are educated consumers now. They research on the internet for prices, watch for sales, hit garage sales, evaluate purchases--is this really worth the money it will run me?
That is the way we live our life. I REFUSE to spend my money on anything that isn't worth it to me. TRAVEL is a large part of our budget because it is what we find important. Therefore we drive 5-10 year old cars, were the last of our friends to get cell phones, pretty much only buy new when the old wears out or breaks. (re: Starbucks story earlier) If HD & DVR are important--then keep it. BUT if getting out of debt/buying a house is important, then make the choices to make it a priority.
Good luck, sweetie!
ceecee
DIS Legend
- Joined
- Apr 6, 2001
- Messages
- 10,478
I would trim the cell phone cost. We pay $100 a year each for Tracfones and we are no where close to living paycheck to paycheck (thank the Lord), remember the days when no one even had one, now we think we can't live without them. Next would be the cable. $200 a month x 12 is only $2400 but it's a start. Maybe trimming the grocery bill, I know some people who coupon and really trim their food costs down. Make a list of every penny spent for a few months so you know where the waste is.
At your kids ages, school supplies and clothes should be cheap! Cut back there and shop the sales, total waste there. Having a home is more important than the lastest fashions.
At your kids ages, school supplies and clothes should be cheap! Cut back there and shop the sales, total waste there. Having a home is more important than the lastest fashions.
Shelly F - Ohio
Disney Extraordinaire
- Joined
- Feb 22, 2004
- Messages
- 10,167
Well you said you blow $1200 a month. What I would do is set up to have some of that money allocated to purchase bonds. Most employers will auto deduct for bonds. So if you pay $50 for a $100 bond in 30 years that bond will mature to full face value of $100.
If you want to have money to take a vacation open up a seperate savings account and have your bank transfer a set amt every month into that acct. Then don't touch that money till it is time for your vacation. While you are at it save your pocket change. Put it is a milk jug and watch it fill up.
Have you thought about switching your light bulbs to CFL bulbs. We started by changing the lights we use the most and in the first month we saved $12. Now mind you there are only two of us in our household but $12 X 12 months would be like getting a month of electric free for you.
As far as school supplies that is alot to spend on supplies. Shop for deals and budget $60 for supplies.
As far as how much you should have in a savings they say you should have enough in the bank to cover 6 months of expenses.
CLIP COUPONS. I never go to the store without coupons. Our grocery store doubles coupons and also prints on the receipt what % you have save on each shopping trip. This past week I save 26% that was $41 back in my pocket! If you see good coupons in the Sunday paper go out and buy more newspapers. This summer Lowes had a $10 coupon in the Sunday paper so I bought 6 more papers that was a $60 savings not to mention the other multiple coupons I was able to clip and use.
If you want to have money to take a vacation open up a seperate savings account and have your bank transfer a set amt every month into that acct. Then don't touch that money till it is time for your vacation. While you are at it save your pocket change. Put it is a milk jug and watch it fill up.
Have you thought about switching your light bulbs to CFL bulbs. We started by changing the lights we use the most and in the first month we saved $12. Now mind you there are only two of us in our household but $12 X 12 months would be like getting a month of electric free for you.
As far as school supplies that is alot to spend on supplies. Shop for deals and budget $60 for supplies.
As far as how much you should have in a savings they say you should have enough in the bank to cover 6 months of expenses.
CLIP COUPONS. I never go to the store without coupons. Our grocery store doubles coupons and also prints on the receipt what % you have save on each shopping trip. This past week I save 26% that was $41 back in my pocket! If you see good coupons in the Sunday paper go out and buy more newspapers. This summer Lowes had a $10 coupon in the Sunday paper so I bought 6 more papers that was a $60 savings not to mention the other multiple coupons I was able to clip and use.
Haven't read all responses so sorry for duplicates:
#1 - Write down EVERY cent you spend for 2 - 3 months. That way the 'disappearing' $1200 will be easily accounted for and you can (I am guessing since you listed your important expenses) cut that disappearing act in half at least. You and dh need to write down EVERYTHING though, a piece of gum out of a machine or a 75 cent cup of coffee. You NEED to first find this money!
#2 - Ordering pizza or grabbing this or that for dinners - My sister and her dh do this all the time and spend WAY too much at the grocery store. Sit down and write a menu for a week (or two) at a time. Set down time to do the grocery shopping for the whole week and then do NOT set foot in the store again for the whole week (maybe allow yourself $20 extra to make a stop mid-week for some fresh bread, milk and one or two fruits/veggies). Make sure to put on the list a couple of frozen pizzas or other similar EASY to throw in and make quickly meals. Then use those on the nights when you are tempted to order out. I am guessing this will cut way down on disappearing funds. Oh yeah - and choose various meals for your menu - one or two more expensive(fish, chicken, aparagus), most less- expensive (pasta, pancakes and sausage, any ground beef meal, frozen veggies). This can cut down a lot on grocery bills.
One other 'general' observation is that many people come onto the board asking for ways to spend less. But MUCH of the time what they mean is that they want to continue to do and buy the same things - but just spend less on them. This is USUALLY not possible. What really needs to happen to make much of an impact in your finances is for someone to want to do whatever it takes to spend less - make compromises, make sacrifices, get generic products that you never thought you'd get. In other words - not do the same thing you've been doing for less - but do new, different budget-wise things instead.
That's not to say you won't be able to make some better choices (call the cable company and get $10 shaved a month off your bill) that are small, but to have a real impact that's what I've found.
Good luck!
#1 - Write down EVERY cent you spend for 2 - 3 months. That way the 'disappearing' $1200 will be easily accounted for and you can (I am guessing since you listed your important expenses) cut that disappearing act in half at least. You and dh need to write down EVERYTHING though, a piece of gum out of a machine or a 75 cent cup of coffee. You NEED to first find this money!
#2 - Ordering pizza or grabbing this or that for dinners - My sister and her dh do this all the time and spend WAY too much at the grocery store. Sit down and write a menu for a week (or two) at a time. Set down time to do the grocery shopping for the whole week and then do NOT set foot in the store again for the whole week (maybe allow yourself $20 extra to make a stop mid-week for some fresh bread, milk and one or two fruits/veggies). Make sure to put on the list a couple of frozen pizzas or other similar EASY to throw in and make quickly meals. Then use those on the nights when you are tempted to order out. I am guessing this will cut way down on disappearing funds. Oh yeah - and choose various meals for your menu - one or two more expensive(fish, chicken, aparagus), most less- expensive (pasta, pancakes and sausage, any ground beef meal, frozen veggies). This can cut down a lot on grocery bills.
One other 'general' observation is that many people come onto the board asking for ways to spend less. But MUCH of the time what they mean is that they want to continue to do and buy the same things - but just spend less on them. This is USUALLY not possible. What really needs to happen to make much of an impact in your finances is for someone to want to do whatever it takes to spend less - make compromises, make sacrifices, get generic products that you never thought you'd get. In other words - not do the same thing you've been doing for less - but do new, different budget-wise things instead.
That's not to say you won't be able to make some better choices (call the cable company and get $10 shaved a month off your bill) that are small, but to have a real impact that's what I've found.
Good luck!
You don't have a budget issue you have a spending issue.
There is no convenience that is more convenient than knowing we are financially secure.
It is so much easier to save a penny than to go out and earn it again.
Most people don't want to do the work of watching their own money because they think they will feel deprived. I would feel deprived if I had to look at my budget at all. We don't even balance our check book because we just don't inadvertently blow through money, EVER!
My husband and I are on the same page which helps alot.
The fact is that people can tell you where to cut back but you will just spend it somewhere else.
Until you get exticed about saving even a little money you won't see the value of it. Shoot, I was excited to save $4.44 on my WDW trip today, I know it is a sickness
I just can't stop.
There is no convenience that is more convenient than knowing we are financially secure.
It is so much easier to save a penny than to go out and earn it again.
Most people don't want to do the work of watching their own money because they think they will feel deprived. I would feel deprived if I had to look at my budget at all. We don't even balance our check book because we just don't inadvertently blow through money, EVER!
My husband and I are on the same page which helps alot.
The fact is that people can tell you where to cut back but you will just spend it somewhere else.
Until you get exticed about saving even a little money you won't see the value of it. Shoot, I was excited to save $4.44 on my WDW trip today, I know it is a sickness
I just can't stop.My first impressions are that for your income that you're out of control with your discretionary spending. If you don't know where 1/3 of your net income is going....that's an issue. It sounds like you don't have an emergency fund and aren't contributing towards retirement funds. Time for a financial wake-up!
You guys need to get disciplined and set aside 15% of your net income towards savings. That's $600 a month for you guys. In the short term I would use that money to pay off your consumer debt and then the car. Then build up an emergency fund of at least 3 months of expenses. After those are paid off then I'd think about possibly saving for a down payment on a house. All of that is going to take quite awhile, at least three years if I'm calculating it correctly. If you can stay on budget that long, then you're ready to buy a house that fits with your income. After you have your down payment then you can begin seriously saving towards retirement.
I think your rent is dirt cheap, so nothing you can do there. But your phone, cable, internet and cell phone bills are way out of control for your income. Added them up and they're actually 2/3 of your rent payment....that's amazingly high.
As for vacations and other spending. You need to make that work out of the other $700 or so you have in discretionary spending. I wouldn't go nuts with a zillion additional budgeting categories. You simply have $700 a month for everything for vacations to holiday shopping, birthdays to oil changes.
Share this page
-
Resisting Change at Walt Disney World
-
5 Reasons Kids Are Overwhelmed by Characters & How To Fix It
-
Disney Height Requirements: Think Twice Before Cheating
-
Loads of NEW Loungefly Arrivals & Pre-Orders Disney Fans Can't Miss
-
Why EPCOT and Skyliner Resort Hotels Aren't Ideal for Rope Drop Families
-
A Closer Look at Disney's Beach Club Resort-Exclusive Merchandise
-
How to Make a Disney Trip Feel Special Without Adding Extras
Disney Vacation Planning. Free. Done for You.
Our Authorized Disney Vacation Planners are here to provide personalized, expert advice, answer every question, and uncover the best discounts.
Let Dreams Unlimited Travel take care of all the details, so you can sit back, relax, and enjoy a stress-free vacation.
Start Your Disney Vacation
