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FishinTygah84
LSU Fan
LA
Member since Dec 2013
1400 posts

Budgeting
i spent 20 minutes typing something to post and just deleted it all to get to the point.

I work. Wife stays at home with the kids, who arent in school yet but will be in the next 2 years. will prob be private Christian school. I do well financially. We have no debt except our home.

I looked over our bank statements from the last year and was SICK over how frivolously we spent money. We are trying to get on the same page regarding a budget but just can't get there. I've tried mint, excel spreadsheet, and some others. I get the whole monthly recurring bills, but what about random stuff like haircuts, vehicle maintenance, tires, and other one -offs? Should this all come from savings? Should checking literally only have enough for monthly bills? I never thought I would be "this" guy, but here we are...

Sorry for the STILL long post

ETA: I thought i knew how to budget but i guess i dont? how to budget for things that come up, but arent emergencies, and aren't monthly? Thinking of trying YNAB, but maybe i'd be wasting my time.

This post was edited on 1/10 at 11:41 am


rotrain
LSU Fan
Member since Feb 2013
119 posts

re: Budgeting
I don't understand what the question is.


FishinTygah84
LSU Fan
LA
Member since Dec 2013
1400 posts

re: Budgeting
do you see the three sentences that end with question marks?


bayoubengals88
Wisconsin Fan
LA
Member since Sep 2007
12409 posts

re: Budgeting
quote:

I get the whole monthly recurring bills, but what about random stuff like haircuts, vehicle maintenance, tires, and other one -offs?
credit card. I treat it as one large "spending bill" that should not exceed $1,600

quote:

Should this all come from savings?

credit card

quote:

Should checking literally only have enough for monthly bills?
credit card

All while keeping 2-4k in checking. Savings should not be touched outside of house down payment.

Those are our rules.
This post was edited on 1/10 at 12:26 pm


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11
TorchtheFlyingTiger
North Carolina St. Fan
FL
Member since Jan 2008
683 posts
 Online 

re: Budgeting
Read your post. Now I know why Dave Ramsey tells people to use an envelope system. Seriously, I think his method might just work for you. Try reading Total Money Makeover with your wife.


thegreatboudini
McNeese State Fan
Member since Oct 2008
4338 posts

re: Budgeting
quote:

I get the whole monthly recurring bills, but what about random stuff like haircuts, vehicle maintenance, tires, and other one -offs?


Haircuts are in my budget. I see my barber every 4th Friday and I know it’s going to be $30. It’s part of the budget.

Vehicle maintenance is apart of my budget. I know what my truck requires every X,XXX miles, and I know pretty spot on how much I’ll drive, so I forecast it.

Tires are similar to budget. I actually just bought a set. I had 50k on my tires and told myself to slide $200 a month to the side for the impending tires. Exactly 4 months later I bought a set for $860, which I had $800 set aside for.

Other one-offs are still kind of accounted for. I know every 6 months I have to get our dogs shots and every 12 months I have to eat about $400 in heartworm medicine. I know these expenses will occur, so I’m always ready for them.

All of this take a little forecasting and coming to terms with Murphy’s law, to some degree.

And to be fair, I dip into my emergency fund sometimes too. It may just be $500, but to not severely derail the following month I may take 2 or 3 months to replenish that $500.


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30
msutiger
Louisiana Tech Fan
Member since Jul 2008
64066 posts

re: Budgeting
Try YNAB (You Need a Budget) ... It essentially Dave Ramsey's envelope system digitally. You can only budget the money you have. It prevents you from spending money before it even walks in the door.

You will need to watch some tutorial videos on youtube. There is a guy named Nick True who has some great tutorial videos on using it.

30 day free trial to see if it will work for you.

Don't try and use it without watching those tutorial videos though because it si completely different than spreadsheet budgeting or Mint.


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40
rotrain
LSU Fan
Member since Feb 2013
119 posts

re: Budgeting
Wow. You come here looking for help, post some incoherent rambling, I ask you to be more specific, and you respond like a jackass to someone trying to help you?

I started to try to get better clarification from you, but thought better of it. Have fun being a jackass who doesn't know how to pay bills (I think that is what you are trying to ask, still not sure.)




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Larry Gooseman
LSU Fan
Houston Heights
Member since Mar 2014
1831 posts

re: Budgeting
You could do what my dad did....made my mom get permission to spend over $30 (early 90s). You could scale that approach to fit your situation.


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12
notsince98
Missouri Fan
KC, MO
Member since Oct 2012
11506 posts

re: Budgeting
You just have to have disposable Cash included in your budgeting. Some things, like what you listed, are just too random to budget for in my opinion.

I like to keep a minimum of $1000 per month of disposable income in my set budget so that I can save quickly when available and cover largish expenses readily.
This post was edited on 1/10 at 4:44 pm


FishinTygah84
LSU Fan
LA
Member since Dec 2013
1400 posts

re: Budgeting
quote:

You just have to have disposable Cash included in your budgeting. Some things, like what you listed, are just too random to budget for in my opinion.

I like to keep a minimum of $1000 per month of disable income in my set budget so that I can save quickly when available and cover largish expenses readily.


this was honestly the best solution i have thought of. I have a hard dollar amount for recurring monthly bills so i did think about have an extra $1000-$1200 in there for the random extras, but id have to be on the same page with my wife that when we hit that number, it might as well be zero unless it's for a one off. It's not just extra money to spend


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20
FishinTygah84
LSU Fan
LA
Member since Dec 2013
1400 posts

re: Budgeting
quote:

Wow. You come here looking for help, post some incoherent rambling, I ask you to be more specific, and you respond like a jackass to someone trying to help you?

I started to try to get better clarification from you, but thought better of it. Have fun being a jackass who doesn't know how to pay bills (I think that is what you are trying to ask, still not sure.)


by some miracle, 6 other people managed to comprehend my incoherent rambling and give me good answers and you are calling me the jackass?


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32
GEAUXT
USA Fan
Member since Nov 2007
26117 posts
 Online 

re: Budgeting
I think it is important not to try to lay out too strict of a budget. You will absolutely underestimate random monthly expenses. I'd add at least $500 to whatever you think you'd spend. That gives you some flexibility for the inevitable expenses that magically appear every single month.

Our budget is basically what is left after funding retirement, paying car note, paying mortgage, and 529s.

Some months that means I add to our savings, which is mostly just for extra mortgage payments each year, and some months it means we go a little in the red.

I think it's a good idea to keep 2-3 months of expenses in checking to allow that fluctuation without any concern of dipping into savings for emergencies.

That system works for us at least.


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40
GatorReb
USA Fan
Dallas GA
Member since Feb 2009
8053 posts
 Online 

re: Budgeting
quote:

Read your post. Now I know why Dave Ramsey tells people to use an envelope system. Seriously, I think his method might just work for you. Try reading Total Money Makeover with your wife.


I know that Dave Ramsey is hit or miss by people here.
But to the OP i would recommend seeing if your church or a local church (i say church cause thats where we did it) but somewhere that has the Financial Peace University class.

I know people will argue late stages of how to build your wealth but the early stages of learning to budget. Telling your money where to go and getting debt free is pretty great for the average american.

My wife and i did it 5 years ago now. We had good income but money was just gone each month. Did FPU learned to sit down and have a serious discussion on money. Got us both in the mindset of putting that first.

Now 5 years later went from about 6 sources of debt to 2. Have an emergency fund fully funded. Have a vacation fund that fills up quicker than it prolly should honestly and we pay everything in cash and know exactly what we have to spend and not. I can go the entire month without checking my bank account cause i budgeted earlier and already know where my money is being spent.

We are now transitioning to using a CC for all of our utilities and literally anything else we buy so that we can start earning rewards. But it still remains the same. Toughest part is making sure that you and your spouse are on the same page of goals.


notsince98
Missouri Fan
KC, MO
Member since Oct 2012
11506 posts

re: Budgeting
Congrats to your achievements. How much lower is the stress level now?


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LSUSUPERSTAR
USA Fan
TX
Member since Jan 2005
13486 posts

re: Budgeting
I'm working on our budget for this year and these are my categories based on last year's spending and things I know will come up. For anything that is repeated, I have specific areas but I don't want to display those here. But something like Entertainment would be Netflix, Disney+, and date night just listed separately.

Auto Gas
Auto Insurance
Auto Loan
Automotive
Cable/Internet
Charity
Clothes
College Savings
Convenience Store
Daycare
Electricity
Entertainment
Entertainment
Entertainment
Entertainment
Entertainment
Fast Food
Fee
Gift
Groceries
Gym
Gym
Gym
Hair
Healthcare
HOA Dues
Home Gas
Home Improvement
Home Improvement
Insurance
Insurance
Insurance
Kids
Kids
Kids
Lawn Service
Lawyer
Maid Service
Mortgage
Pest Control
Pets
Student Loan
Student Loan
Student Loan
Taxes
Travel
Travel
Utility


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