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Budgeting is So Much Fun - and Colorful!

April 1st, 2008 at 09:55 pm

I spent several hours today creating our family budget. It's very pretty, and colorful! Big Grin

More importantly, it seems to be doable. It took some time to figure out what to pay each pay period, based on when the bills are due. We bring home about 1350 each paycheck (I get paid on the 15th and last day of the month, DH gets paid every other week). This amount is after $50 each week gets moved into a seperate Savings Account. So, doing the math - I budgeted every last penny.

In our budget, I included all of the bills, and the following:

Food 300
Costco 180
Emergency Fund 50
Household 40
Allowance 100 (50 for him and 50 for me)
Escrow (the once a year bills) 135
Daycare 300
Gas 400 (we live 30 miles from work)
Collections 100 (to help pay down)
Cards 100 (extra, to help pay down)

So, with all of those bases covered, I felt like we could use up all of the money. If DH gets OT, then that extra pay for that period will be put towards a Credit Card.

DH and I just got done going over our plans - making sure we were on the same page. As I mentioned early, I gave up my Cards and my ATM for my Savings. I will not be incurring debt!

I have cancelled all of our Credit Guard stuff, our home phone (we each have a cell, including the two older kids) and am looking at other ways to save money. I know suggestions were made to cancel certain things or trade things in... but I have a family of 5 - and some of the stuff is just a bill we will have to deal with. I am truly more concerned with the uneccessary spending we do. I can spend money at Target like there's no tomorrow. We spend hundreds of dollars on eating out on certain weekends. That is what I am stopping.

I am very thankful to have found this site. You all offer the best of advice. Thank you! =)

Off to go create envelopes for our new system.

Btw... I am not crazy abt opening more bank accounts - for some of your expenses (Escrow, Gas, Food and EF) - do you just keep the cash locked up @ home?
I know that as some of them grow, I will want to open a Savings account. I work for Countrywide Bank, so we have several products I can choose from... but until then - lock it up?

Thanks!

Posted in Uncategorized | 6 Comments »

6 Responses to “Budgeting is So Much Fun - and Colorful!”

  1. baselle Says:
    April 1st, 2008 at 10:54 pm

    Sounds like you might be interested in subaccounts for your savings. My online bank, ING Direct, lets you make 3 subaccounts. Check and see if Countrywide will let you do the same thing.

  2. merch Says:
    April 2nd, 2008 at 04:37 am

    I basically have one account and use software to keep track of money in virtual envelopes. I don't use paper envelopes, but you might want to use them for your discretionary or variable spending (allowance, food, gas).

    Good that you got a budget and a funding system in place. This should focus your spending and cut out the slow bleed of money.

    Good luck!!! I'm only a few months ahead of you. I started budgeting in Decemeber.

  3. luxlivingfrugalis Says:
    April 2nd, 2008 at 06:35 am

    Many here use Mvelopes or YouNeedABudget software. I use YNAB.com software and I used to do more subaccounts at ING, now I just use one Slush/Escrow account and let the software keep track of what's in each 'sub-pot'.

  4. Ima saver Says:
    April 2nd, 2008 at 06:56 am

    I just use the envelope system and keep the money at home. For once a year expenses (taxes, house and car insurance), I keep a running total on paper and keep the money in my checking account.

  5. compulsive debtor Says:
    April 2nd, 2008 at 09:40 am

    I only use the envelope system for our personal expense accounts, then I have four savings/money market accounts I draw from for other expenses and my checking account (my business accounts are all separate). I keep track what money is where using Excel.

  6. homebody Says:
    April 2nd, 2008 at 03:42 pm

    Escrow account is subaccount at ING. You are on a good track having both you and DH on board. We are rooting for you.

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