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How do you budget?? - 10/22/2009 8:50:19 AM
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Kateers82
Posts: 17
Joined: 2/8/2007
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Hi everyone!
I was wondering how all of you budget your money?
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RE: How do you budget?? - 10/22/2009 10:21:59 AM
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Simway
Posts: 173
Joined: 4/12/2005
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We first set aside money we are giving to the church, that comes off the top and a full ten persent of the income whatever that maybe. Then we allow for rent, phone, power, food. We then set aside some money for, medical, gifts, vacation. We also put some into what we call the emergency fund. Also so for car repair.
Some of these accounts get more than others, but each gets some, and over time it does add up. It's there when needed. We own nothing other than rent food, and the like which everyone has.
Simway
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RE: How do you budget?? - 10/22/2009 11:05:07 AM
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Miss Giggles
Posts: 5196
Joined: 4/18/2005
From: MI
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I do a combo of the dave ramsey/crown teachings.
I try to keep a buffer (goal is one month ahead).
I do however usually use a virtual envelope system, at the moment I am using mvelopes until I get all my chase accounts closed. My new credit union lets you do "virtual envelopes" on online banking.
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RE: How do you budget?? - 10/22/2009 3:04:58 PM
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Kateers82
Posts: 17
Joined: 2/8/2007
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I think I do need to set up a budget but it seems difficult to me! Recently what I have been doing is printing off my monthly bank statements and using different color highliters to highlite the different categories (monthly bills, grocery, entertainment, gifts, etc.) The first month I did this with was September. It was interesting to see how much I spent... it is way too easy to use a debit card and not think twice. I did not go over my monthly income but it came close. I used to be very good about tracking my spending in my checkbook register thing, but that was when I literally had NO bills and lived with my parents (I was around 17 or 18 at that time.) I am now 27. I think I just need to be able to sit down and have a sheet where I can record my monthly expenses and purchases. I have a couple financial workbooks but the sheets just seem very complicated to me.
_____________________________
~Trials are not enemies of faith, but are opportunities to prove God's faithfulness~
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RE: How do you budget?? - 10/22/2009 11:11:57 PM
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3cappuccinosmom
Posts: 3569
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Kateers, I do it very simply:
I have a budget folder from walmart. It has a pocket folder for each month of the year. I have my tracking sheet in each months folder.
At the top, I write all our income, with dates.
The rest of the sheet, I write down every single purchase I make, or dh makes, with the date and category. If he doesn't hand me reciepts I have to go back and do that later, but it's no big deal.
At the end of the month, I add up our income. Then I add up our expenses. I usually also categorize the expenses and look at the totals for our categories, to see if there's anything we need to be more careful about. All of that takes a few minutes of my time weekly (recording reciepts) and maybe 30-40 minutes at the end of the month running the numbers.
I cannot tell you what a pleasure it is to see our income exceed our expenditures on a regular basis by several hundred to a thousand bucks. It is so cool, and so inspiring to see how that worked, written down in black and white, on the paper in front of me.  I love not having the feeling of "Where did our money go? What happened to it????" anymore. 
We don't have a complicated high-tech system, we use a debit and a credit card (paid completely off every single month, no balance carried over EVER), and we aren't obsessive about it, but it works.
While you're figuring out what particular system of budgeting will work for you, there are a few things you can do that will help:
1. Determine your average monthly income. And determine that you will always spend less than that, even if it is $1 less.
2. Make your tithe the first check you write.
3. Get a feel for what you are spending. Look at your utitlity bills for the last couple of months, how much spent on gas, how much on food, insurance, car payment/maintenance etc. Those will eventually need to be categories in your budget.
< Message edited by 3cappuccinosmom -- 10/22/2009 11:19:08 PM >
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RE: How do you budget?? - 10/23/2009 6:17:55 PM
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Kateers82
Posts: 17
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That sounds like a great method! I definitely like to have things in writing so I can physically see where my money is going. I am in between churches right now so I have not been tithing... let me explain a little. I went to a church for about 7 years and because they are no longer following the Bible (long story) I have not been going. I listen to a GREAT pastor online and do reading throughout the week, so where do I tithe? To be honest, I never grew spiritually at my church and everything I ever learned about God and my faith was through this pastor I listen to online, as well as people who go to other churches. So, can a tithe go to a legitimate Christian charity? Or perhaps to my local Christian radio station since they are listener funded? I am a little confused and I do not want to disobey God in the area of my tithe :-) Anyways, with that said I am pretty organized but I would like to have a folder system like you said, 3cappuccinosmom. Do you have a template on your computer that you use as your tracking sheet? I may search online tonight and see what I can find :-)
_____________________________
~Trials are not enemies of faith, but are opportunities to prove God's faithfulness~
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RE: How do you budget?? - 10/25/2009 9:41:07 AM
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peace77
Posts: 274
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I like using the using the budget sheet available on the Crown website: Link to Budget Sheet
Peace,
Anne
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RE: How do you budget?? - 10/27/2009 8:36:35 PM
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writerchick
Posts: 365
Joined: 10/3/2008
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I don't have a budget per se. This year, I decided to make an aggressive move to pay off debt. I set it up very simply on an Excel sheet. I have one tab per month.
I have my regular monthly bills listed at the top along with the money available to use for the month. I have a cell that calculates how much is left after I pay the bills from my day job. I have a section for extra expenses and a section to track other things that I buy as well as a section for other income that comes in like book royalties.
I'm pretty horrible about tracking the expenses for groceries etc, but it works out because I try to get them for as close to free as possible. My biggest expense in that section is gasoline which runs about $40-$45 a week so as long as my available fund amount is above that, I'm okay for the month. What I don't spend sits in savings and is not considered for bill paying the following month unless there's a serious shortfall.
My favorite cell is the one that shows my progress on my debt reduction. Barring any more car repairs, I'm on track to pay off all my credit card balances by the end of the year.
Even with this haphazard method, I've managed to build some savings, too and started a 401K. I'm feeling very grown up!
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RE: How do you budget?? - 10/27/2009 9:15:05 PM
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jhuperetes
Posts: 472
Status: offline
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I have used quicken before, but now they made it so idiot proof, I cannot use it. It is proofed against me, the idiot.
I also use a spreadsheet.
It is structured as such:
Each worksheet within workbook is 1 year, and labeled with year.
After the income/expense item description, 24 columns, 2 for each month. First expected amount, second actual amount. I use "comments" to describe if something is special about the payment.
I have a few extra columns between the description and the monthly columns which I use for special calculations, etc.
At the beginning of a month, I just go over my bank records and add them up, and move them to the right row.
This spreadsheet workbook also contains our meal plans, and shopping list.
The rows are grouped as:
Income
Salary
Total Income
Total Expenses
Projected balance
Actual balance
Housing
Mortgage
Association Fee
Phone
Electric & Gas
Home Insurance
Water and sewer
Cable
Trash
Other
Subtotals
Transportation
Vehicle loan
Insurance
Licensing
Fuel
Maintenance
Other
Subtotals
Food
Groceries
School lunch money
Dining out
Other
Subtotals
Other
Medical
Clothing
School supplies
Child care/Tutor
Toys/games
Dry cleaning
Entertainment
Other
Subtotals
Loans
Personal
New Visa
Old Visa
Other
Subtotals
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RE: How do you budget?? - 10/28/2009 8:30:25 AM
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MamaAng
Posts: 127
Joined: 4/20/2009
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jhuperestes, that is how I budget as well in excel with similar headings. I budget in October/November for the next year and use the current year to project the next year. For example, I am budgeting for 2010 right now by looking at the actual data for 2009.
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RE: How do you budget?? - 10/28/2009 8:38:29 AM
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jhuperetes
Posts: 472
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I didn't want to freak out people. But yes, I use past 5 years' numbers in a variable moving average and some trend analysis to adjust budget amounts per month. Add inflation costs, market trend, etc.
The biggest unknown is ... kids. One month all they want to eat is boxed mac & cheese, next it is lobster tail...
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RE: How do you budget?? - 10/30/2009 9:42:42 AM
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Pamsy
Posts: 739
Joined: 5/4/2005
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My dh is not into (yet ) going to church and having a budget. I could easily be saving if he would start tithing and wanting to do better as well. He actually has been watching his spending. God of course has been providing because i tithe and offer.
Please pray for him!
< Message edited by Pamsy -- 10/30/2009 9:53:51 AM >
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RE: How do you budget?? - 11/10/2009 3:12:31 AM
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greendesign
Posts: 5
Joined: 7/9/2009
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My husband and I make a list of what should be prioritized first in terms of spending money. It's such a big help for us in a way that we are aware of the things considered to be our needs and not just wants.
This is a very simple thing which you can do as well. Hope it helps.
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RE: How do you budget?? - 11/12/2009 11:33:02 PM
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Peloton
Posts: 200
Joined: 4/5/2009
Status: offline
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Budgeting 101
First, tithe and offerings, then utilities, mortgage and food.
Second, draw a circle on the floor, size is your choice. Take the rest of your bills and throw them up in the air over the circle. What ever sticks to the ceiling, pay.
Dave Ramsey will probably call me now...
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RE: How do you budget?? - 11/13/2009 9:55:43 AM
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peace77
Posts: 274
Joined: 4/18/2005
Status: offline
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quote:
Budgeting 101
First, tithe and offerings, then utilities, mortgage and food.
Second, draw a circle on the floor, size is your choice. Take the rest of your bills and throw them up in the air over the circle. What ever sticks to the ceiling, pay.
Dave Ramsey will probably call me now...
If Dave Ramsey doesn't call, you can be sure that your bill collectors will be calling. That is until the phone company shuts off your phone service for non-payment.
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