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Message
How do you and your SO budget?
Posted on 11/2/15 at 5:58 pm
Posted on 11/2/15 at 5:58 pm
My wife and I are starting the process of creating a Budget. This was our first month in writing down (spreadsheet) the budget. We broke ours out into individual weeks and appropriated money based on income each week and what bills we would pay at the middle of the month or at the end of the month. It seemed to work OK and i'm sure there's better methods out there. What does everyone on the MB do? Do you sit down with your SO each month and go over the following month budget (Dave Ramsey's style) or does one of you take charge and do it every month?
Also, do you use websites live everydollar.com or more conventional methods?
Interested to see how we can improve ours.
Thanks.
Also, do you use websites live everydollar.com or more conventional methods?
Interested to see how we can improve ours.
Thanks.
19
Posted on 11/2/15 at 6:11 pm to CHiPs25
YNAB
Posted on 11/2/15 at 6:56 pm to CHiPs25
Like a construction project. ... plan to go 25% over budget.
Life happens
Life happens
Posted on 11/2/15 at 9:12 pm to CHiPs25
We just started direct deposit breakdown like this:
Needs 50% post tax income to joint account (mortgage, bills, grocery, etc)
Savings 25% between 401k and joint savings
Wants 25% into individual accounts that we can spend on whatever
Needs 50% post tax income to joint account (mortgage, bills, grocery, etc)
Savings 25% between 401k and joint savings
Wants 25% into individual accounts that we can spend on whatever
Posted on 11/2/15 at 9:34 pm to CHiPs25
Wife built an Excel spreadsheet with all of our bills broken up into first half and second half of the month, and which bills are paid from her LLC. Then we broke down exactly how much money I bring in, how much she needs to supplement and how much we budget for 'play money'. Everything above & beyond goes into savings/retirement. We just revisited our expenses and cut out some of the unnecessary expenses to bolster savings a little more.
Posted on 11/2/15 at 10:01 pm to CHiPs25
We get paid twice a month - both of us on 15th and last day.
We have a spreadsheet that at the top lists our net checks - which is after taxes, insurances, retirement, and savings allocations (we both have our checks split into our checking account and savings account).
Two sets of columns, one for each half of the month.
Next we list out all our "bills" such as mortgage, student loans, utilities, tuition, etc.
What's left is what we have to spend. We budget this roughly into four categories: groceries and home items, entertainment/eating out, fuel/car maintenance, and kids stuff. We then get cash on payday and do envelopes for the entertainment/eating out and kids stuff budget items.
It's probably overly complicated but it works for us. The two areas we get cash are the two areas in our life where we are prone to overspending. We generally don't overspend on car expenses or groceries.
We have a spreadsheet that at the top lists our net checks - which is after taxes, insurances, retirement, and savings allocations (we both have our checks split into our checking account and savings account).
Two sets of columns, one for each half of the month.
Next we list out all our "bills" such as mortgage, student loans, utilities, tuition, etc.
What's left is what we have to spend. We budget this roughly into four categories: groceries and home items, entertainment/eating out, fuel/car maintenance, and kids stuff. We then get cash on payday and do envelopes for the entertainment/eating out and kids stuff budget items.
It's probably overly complicated but it works for us. The two areas we get cash are the two areas in our life where we are prone to overspending. We generally don't overspend on car expenses or groceries.
Posted on 11/2/15 at 10:55 pm to CHiPs25
At this point, we do not actively budget.
We max all retirement accounts(403b, 457, IRAs) pay all of our bills in full each month, and neither of us is a big spender.
We have never spent more than we make and started off saving all of her income.
We are high income, but also have a lifetime of savings habits.
I guess we should look at where we spend money, but it may not change much. We are not in any financial strain.
We max all retirement accounts(403b, 457, IRAs) pay all of our bills in full each month, and neither of us is a big spender.
We have never spent more than we make and started off saving all of her income.
We are high income, but also have a lifetime of savings habits.
I guess we should look at where we spend money, but it may not change much. We are not in any financial strain.
Posted on 11/3/15 at 8:26 am to CHiPs25
We only have 1 credit card and we both monitor it closely. We know how much we can pay off at the end of each month. If we start getting close to that limit, we simply slow spending down till the end of the month.
I've tried spreadsheets and apps and whatnot but we never really keep up with them for more than a month or so.
We also tried the all cash thing for like 3 months.
This method was the simplest and has been the most effective.
I've tried spreadsheets and apps and whatnot but we never really keep up with them for more than a month or so.
We also tried the all cash thing for like 3 months.
This method was the simplest and has been the most effective.
Posted on 11/3/15 at 8:37 am to CHiPs25
quote:
Do you sit down with your SO each month and go over the following month budget (Dave Ramsey's style) or does one of you take charge and do it every month?
We are currently doing the Dave Ramsey debt snowball (not the cash envelopes though), so yes we have our budget meeting at the first of the month. We discuss upcoming expenses together and stick to it. We use Dave's EveryDollar budget app and it's very easy to use.
I just sounded like a Dave Ramsey commercial.
Posted on 11/3/15 at 9:31 am to CHiPs25
I use mint.com to track our spending. From there I have an excel spreadsheet with all expenses. Each expense has the date of withdrawal, withdrawal type (credit card or checking), and estimated cost.
I try to keep the spreadsheet updated a few times a week and project my remaining balance at the end of every month.
I try to keep the spreadsheet updated a few times a week and project my remaining balance at the end of every month.
Posted on 11/3/15 at 10:14 am to CHiPs25
My wife & I have a spreadsheet that I maintain monthly to manage spending and track savings & debts.
Its basically a zero based budget and we take some time each month to go through each section and see where we are in the current month and plan for the coming months. The hardest part is being discipline enough to keep up with it. We typically spend as we want within the constraints of the budget and talk if there are any times we want to make purchases outside of this. (ex- I'm want to spend $200 on something for my boat, or she needs to do some clothes shopping).
Mint.com is a good resource for seeing all of your accounts in one place, but its a not the best budget management tool.
Here is an example template of our budget (the numbers are made up):
- You plan your month by filling out the 'Projected Cost' and then put in your actuals as you go through the month
- at the end of the month you see how well you held to your budget or where you need to adjust next month
- Also, I try to set up all my bills to be paid in the 1st or 3rd week of the month so I know when they hit
- Green shaded cells are auto withdrawal
I have a monthly snapshot of my budget in this form going back 5 years now, so I can track how my income and spending has changed over the years.
It's not easy or fun to keep track of, but it pays off.
If anyone wants this template I can email it...
Its basically a zero based budget and we take some time each month to go through each section and see where we are in the current month and plan for the coming months. The hardest part is being discipline enough to keep up with it. We typically spend as we want within the constraints of the budget and talk if there are any times we want to make purchases outside of this. (ex- I'm want to spend $200 on something for my boat, or she needs to do some clothes shopping).
Mint.com is a good resource for seeing all of your accounts in one place, but its a not the best budget management tool.
Here is an example template of our budget (the numbers are made up):
- You plan your month by filling out the 'Projected Cost' and then put in your actuals as you go through the month
- at the end of the month you see how well you held to your budget or where you need to adjust next month
- Also, I try to set up all my bills to be paid in the 1st or 3rd week of the month so I know when they hit
- Green shaded cells are auto withdrawal
I have a monthly snapshot of my budget in this form going back 5 years now, so I can track how my income and spending has changed over the years.
It's not easy or fun to keep track of, but it pays off.
If anyone wants this template I can email it...
Posted on 11/3/15 at 11:01 am to CHiPs25
I keep track of all our recurring spending (utilities, groceries, gas for the cars, etc). My wife is horrible with money so we simplified her spending by restricting it to charges on her VISA. I in turn, never buy anything with a VISA card. Therefore, my monthly VISA statement = all of her discretionary spending.
To maintain a consistent savings she is limited to 1,500 a month. If it comes out at 1,200 I say "Very good." She smiles.
If it comes out at 2,000 I say "Calm the frick down!" She says "OK, I'll do better."
We end up saving about 15% to 20% per month.
To maintain a consistent savings she is limited to 1,500 a month. If it comes out at 1,200 I say "Very good." She smiles.
If it comes out at 2,000 I say "Calm the frick down!" She says "OK, I'll do better."
We end up saving about 15% to 20% per month.
Posted on 11/3/15 at 11:20 am to CHiPs25
we started the process but I bailed on it. We will revist in the new year but I have a lot of personal shite going on and it wasnt a priority.
We do have a rudimentary budget that works. I get $X amt deposited every month, if we spend more than that we cut back the next month. Works ok, but I do think we could shave off 10-15% spending if we were to budget.
We do have a rudimentary budget that works. I get $X amt deposited every month, if we spend more than that we cut back the next month. Works ok, but I do think we could shave off 10-15% spending if we were to budget.
Posted on 11/3/15 at 11:30 am to CHiPs25
YNAB
Posted on 11/3/15 at 2:58 pm to CHiPs25
quote:
Dave Ramsey's style
Posted on 11/4/15 at 10:57 am to CHiPs25
If you bank with Regions then you already have a pretty good budgeting tool built in with Insight.
I use it to keep track of my bills and expenses. It's easy to also tie outside accounts, such as credit cards and student loans. It will automatically import all of those external site information each time you log in.
I'm impressed with it.
I use it to keep track of my bills and expenses. It's easy to also tie outside accounts, such as credit cards and student loans. It will automatically import all of those external site information each time you log in.
I'm impressed with it.
Posted on 11/4/15 at 7:40 pm to CHiPs25
I've never really found the need for a monthly budget. I actively monitor my CCs just to make sure my daily charges are correct and nothing iffy is going on but other than that nothing really. I know what we are bringing home monthly post tax/savings/etc, I know what our recurring charges look like, it's not rocket science making sure we don't overspend the rest of the month. If I was to lose my job or something I'd probably create a spreadsheet just as something to do to be productive 
I remember starting a spreadsheet when I was fresh out of college thinking this was the smartest thing ever and after 3 months laughing at how useless it was to me. Obviously it is a big help to a lot of people just not for me
I remember starting a spreadsheet when I was fresh out of college thinking this was the smartest thing ever and after 3 months laughing at how useless it was to me. Obviously it is a big help to a lot of people just not for me
Posted on 1/24/16 at 9:27 am to CHiPs25
Quicken
It ain't perfect but good enough for us.
We pay ourselves first--401k, stock discount purchases, kids college, general savings, pay ourselves a car note (even when we do not have one because we will always need a car...keep em long time so cash avail for car purchase always on hand)...
The major buckets I manage relatively "tightly" (groceries, dining out, clothes, vacation, entertainment).
Some are "fixed" per decisions already made (house / mortgage, home ins, hoa, utilities)...
Taxes (fed, state, ss & medicare) are what they are (20-25% of income is variable so I peal taxes off as stand-alone and focus on non-tax budget items)
The rest is about choices...
From Kids tuition, Kids activities (sports, dance, school trips), etc to magazine subscriptions. There is only so much left after all the above and this is where a tool like Quicken helps with visibility to it all.
Good luck.
It ain't perfect but good enough for us.
We pay ourselves first--401k, stock discount purchases, kids college, general savings, pay ourselves a car note (even when we do not have one because we will always need a car...keep em long time so cash avail for car purchase always on hand)...
The major buckets I manage relatively "tightly" (groceries, dining out, clothes, vacation, entertainment).
Some are "fixed" per decisions already made (house / mortgage, home ins, hoa, utilities)...
Taxes (fed, state, ss & medicare) are what they are (20-25% of income is variable so I peal taxes off as stand-alone and focus on non-tax budget items)
The rest is about choices...
From Kids tuition, Kids activities (sports, dance, school trips), etc to magazine subscriptions. There is only so much left after all the above and this is where a tool like Quicken helps with visibility to it all.
Good luck.
Posted on 1/26/16 at 7:31 am to CHiPs25
Let me make a suggestion that will make your marriage a whole lot happier: Her money is her money and your money is her money.
You'll live happily ever after....
You'll live happily ever after....
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