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Wednesday, April 8, 2009

Budgeting

I just went through my bank account from Jan 1st, to today. I wanted to see where all our money was going, because I seems like we can't put money away in savings no matter how hard we try, and we're not really living within our means.

Which bugs me a lot, because for crying out loud, we live in my in-laws basement. Rent is NOT that expensive, we should be able to put money away right?

Here's what I learned:
  • We eat out (either Captain Jax going out for lunch, or picking food up for us on his way home) W-A-Y too often.
  • We need to pay off our debt
  • We need to stop using 'extra' features on our phones (like texting)
  • Besides those things, we were actually doing pretty good.
Let me tell you about my budget and how I set it up, and maybe it will help you get one. I plan for two weeks at a time. We get paid every two weeks so I plan from paycheck to paycheck. And even though it scares me a little bit, I'm going to share actual figures with you here. *deep breath*

Paycheck #1/#2
Budget amount: $600/$600

Church Offering
$75/75
Rent $250/$0
Food $75/$75
Gas $50/$50
Phone $75/$75
Captain Jax
$25/$25
Krystal $25/$25
Debt $25/$0
Savings $0/$250

Actual Amount:$600/$575

This is my goal. And we're starting fresh this pay period. I'll let you know how we do.

Now, tell me about how you budget, and what works for you? Perhaps I can glean some information from you that will work for us! :)

3 comments:

Catherine Yvonne said...

Well... I keep meaning to post our budget on MrsTips - but I haven't done it yet.
Anyway, we set up MULTIPLE accounts in INGDIRECT.COM. We have accounts for: Savings (our goal is to eventually have 6 months worth of expenses in there - and that ain't going to happen until we get out of debt, but it's still good to have a savings account just for the sake of having it), Medical (since our insurance deductibles are so high we figured it would be good if we eventually build up to $3,000 in there so that we have our family deductible at all time, we're close to $600 in there and we use that money to pay for our co-pays for doctor appts and prescription refills), Auto (this is to pay for safety & emissions testing, registration, oil changes and to have money in the bank already when we need to get things fixed on the car - someday we'll add an account to actually start saving up for a newer used car), Household/Garden (this is money we use to buy lightbulbs, toiletpaper, paper towels, garbage bags, seeds, etc), Preschool (money I use to buy materials or items that I will use with TipsJr for preschool & homeschooling later on), Clothing (obvious what this money is used for - and at the moment it is all going to TipsJr since he grows like a weed and we don't wear out our clothes as much), Entertainment (when we want to go see a movie, buy movies or video games, etc), Computer (this is so we have money to buy parts when Tips upgrades our computer or when our computers and related equipment dies and we need to replace it), Big Buys (so that we can start saving up for other large item purchases we want to make or will need to make when we eventually buy a home - like buying a refrigerator since right now we have everything we need and can fit in our apartment), Food Storage/Emergency Prep (so we have money set aside to buy items for our 72-hour kits and food storage - especially when there are really good case lot sales and we want to stock up), Treats & Goodies (this is like $3/month - but that way we save up so when we want to treat ourselves or stock up on ice cream & brownie mixes when they are on sale we have money to do so).
We started this system back in August of 08 and since we have been doing pretty good at budgeting this way and living within our means - we've paid off $5,000 in debt since then without accruing any more. When we do find ourselves over stretching, we take money from our Savings account to fill in the gaps in our checking account. We still have a long ways to go - but for us it's helped us still feel like we can buy things - just not right away - we have to wait until we have saved up enough money to buy the items we want. It is definitely teaching us self-control!

Kaylee114 said...

Only 250 for rent? where the heck is this? our mortgage is 2200! wow, i need to move! lol

Krystal said...

lol Kaylee, I live in my inlaws basement because we can't afford anywhere around here!!