Setting up a budget question

[punkin]

I am trying to set up a budget. I have written down every single penny we spent since 8/18 to this day. Here's my problem. On paper it looks like we shouldhave money left over, but we don't. I can't figure out where the money is going. What are your hidden budget busters? I have a feeling I am forgetting something major. The other thing is maybe this month (actualy next month are when the bills come in) because we are writing things down, we are actually spending less. Any thought, comments, suggestions, donations ?

 

[ziggystardust]

Did 8/18 start a pay period for you?

If you started before or after one of your paychecks you might have used that missing money before you started tracking.

I'm starting my budget Oct 1st but since I get paid every other week, I'll be a week into Oct before my first check. So it will be a little tricky at first.

Have you been writing down ALL the little things, like that dollar soda or candy bar. They add up quick. And where have you been putting all your change from purchases, maybe thats the money that went missing. I'm more likely to spends singles and fives b/c they're there. So if I paid with a 20 for an 11 dollar item, that change is probably going to be used on another purchase.

 

[EthansMom]

I have written down every single penny we spent since 8/18 to this day. Here's my problem. On paper it looks like we shouldhave money left over, but we don't. I can't figure out where the money is going.

You must be missing something. Are you keeping receipts, copies of bills, and cash withdrawal slips for absolutely everything? Are there any withdrawals taken direct from your account that you are forgetting?

When I'm doing a budget overhaul, I like to keep a receipt for absolutely everything. I just shove the receipts in a large manilla envelope and then sit down after a couple weeks and go over our spending patterns. It's very illuminating.

Good Luck!

 

[lc1965]

Counting dollars spent is like counting calories eaten ... if you try to do it from memory you're going to forget some of the little stuff. I've done what you are doing & found the only way for me is to start from scratch & write every penny you spend, beginning today. For me, the lost money is in candy bars purchased in a weak moment of very low blood sugar -- there are those darned calories again! -- & running into the post office because I need one stamp to mail something on my lunch break, etc. By the of the week, all that "stuff" has added up to several dollars. Multiply by 52 & wow,it can be a lot. Best of luck in your efforts!

 

[punkin]

No. 8/18 was not chosen for a reason other than that's the day we started doing it.

Yes. Every single receipt is kept. (I also wrote down the 25 cents I spent on gum from a vending machine for my DD)

I have not been tracking withdrawals or change. I figured that if I tracked all purchases and bills, then I would know how much we are spending without having to track the money taken out.

I stiil don't understand why I would have to track wiithdrawals, but if you think it will help, I can get that info from the bank.

 

[ElizaB39]

Oops!

 

[disneysteve]

Are there any payments that are auto deducted that you didn't include? We have numerous bills on autopay either deducted from our checking account or charged to a credit card.

 

[goodeats]

Well, if you want to know how much you have 'leftover', you need to look at your bank statement to compare total money brought in versus total money going out. So if the number on your budget is higher than what's in the bank it means that you are missing withdrawls or payments. Maybe you are missing some of the cash expenditures or automatic payments.