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Thread: How to create a budget.

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    God/dess Flickdreams's Avatar
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    Lightbulb How to create a budget.

    Any online resources you can suggest or steps my husband and I can take so we can reeducate ourselves to budget as a couple?

    Our counsellor suggested we bring some ideas to the table next session.

    Its primarily CC debt.

    Just for the record we are Australians but I'm sure that most of the advice will still be helpful.

    Thanks guys.
    Tiny tweaks----->BIG CHANGES

    Quote Originally Posted by Kirakonstantin View Post
    More fear-mongering? Really? Yes, this is not the 1990's anymore. Yes, things are changing. Either dance or don't. Freaking out and sowing fear isn't going to help anyone.




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    Default Re: How to create a budget.

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    God/dess Selina M's Avatar
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    Default Re: How to create a budget.

    http://www.free-power-point-template...ate-for-excel/

    ^ something like that can be helpful. You can put on the left (under the category name) the amount you intend to spend each month; then fill in for every month on the right as you go. If you file everything you buy, and you tend to waste a lot on frivolous crap, this really helps to show you where the eff the money went. Then you make more limits for those things Yaaay knowing limits!

    I really like Dave Ramsey's 'snowball' advice for CC debt. I'm not sure how much you have so can't suggest amounts to start with or a timetable, but yeah. I used it (albeit more slowly than he'd probably like, but income was unpredictable then); I started off paying the minimum for 3 months, then increased it by $25 for the next quarter, etc. I also literally froze my copies of the cards in the freezer, and my fiancé has the other ones; any purchase I make, he gives me the side eye and makes me justify it before giving it to me. All very helpful to get credit card spending under control!
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    Default Re: How to create a budget.

    Here's one that's reasonably comprehensive: http://www.kiplinger.com/tool/spendi...t-for-today-a/

    As far as credit card debt, Dave Ramsey's idea of pay the minimum on all your cards, except for the one with the lowest balance. Pay it off as quickly as you can afford. Then move on to the next lowest balance. Is a good plan. It builds success quicker than any I've seen. Sometimes, we just need a little success to lead to more success. ''

    Another thing you can do is get the free, and stripped down version of Microsoft Money called Microsoft Money Sunset. You can, if you enter all your transactions, use it to put every penny you spend into budget categories. Of course, good old columnar paper and a pencil will do the same thing. It just takes more time and effort. I found though that at the end of the month, I just had a huge pile of un-categorized expenses. So, I just gave up and hoped my big categories were more or less in line with my budget. Which, works well enough. For example, BF and I have a budget for household expenses. We both contribute to the "household" account. He pays the bills that we've agreed are "household" out of that account. We also have a savings account we call "vacation." We each put money into it every month. When we go on vacation, we use that account to reimburse whomever buys the plane tickets and hotel room. Same with the "emergency" account. Yet another savings account. That one actually has a couple of accounts. One is the actual savings account. And then, there are twelve linked certificates of deposit. One comes due each month and it's equal to about one month's expenses. If we don't need it, that month, we roll the CD over for another year along with some of what is in the savings account we call "emergency." That way, in theory, we could go a full year without any income, just living on the emergency fund.

    Some people say pay your debts first, then save. That's usually good advice as debt almost always carries a higher interest rate than savings will pay you. Still, you should get in the habit of living on less than what you make. It's a great habit to have.

    HTH
    Z

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    Default Re: How to create a budget.

    Its actually pretty frustrating because its not my own debt; but when you're married it may as well be! I feel pretty resentful about it TBH- However I don't really like to get into it on SW because it doesn't really feel like a safe place to share anymore, sadly.
    Tiny tweaks----->BIG CHANGES

    Quote Originally Posted by Kirakonstantin View Post
    More fear-mongering? Really? Yes, this is not the 1990's anymore. Yes, things are changing. Either dance or don't. Freaking out and sowing fear isn't going to help anyone.




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    Default Re: How to create a budget.

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    Default Re: How to create a budget.

    Clarkhoward.com has some great ones, there are some great Excel spreadsheet template as well. Or if you don't like that, my mother use the envelope method. She had envelope for rent, electric, etc, and stuffed those first then stuff the savings envelope then the stuff to giving envelope then the spending envelope

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    Default Re: How to create a budget.

    I like this blog: http://www.mrmoneymustache.com/
    It's a little on the extreme side, but even if you are only able to do 50% of what he recommends you'll be better off financially than the vast majority of people.

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    Default Re: How to create a budget.

    How much is the credit card debt in relation to your household income? If the credit card debt is pretty substantial compared to your household income, then you may want to consider filing for bankruptcy to discharge your credit card debt. However, you would need to seek the advice and counsel of a local attorney there in Australia since I am not familiar with your country's bankruptcy laws. Sometimes if a person's personal debt is so overwhelming, it is just better to file for bankruptcy and get a fresh start financially.

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    Default Re: How to create a budget.

    Quote Originally Posted by Tourdefranzia View Post
    I like this blog: http://www.mrmoneymustache.com/
    It's a little on the extreme side, but even if you are only able to do 50% of what he recommends you'll be better off financially than the vast majority of people.
    Damn, he is one GROUCHY motherfucker. He devoted a whole article to how much it costs to own a dog and what a financial burden they are. I would hate to be his child.
    "People jack off with the left hand and point with the right."

    "You can check out any time you like, but you can never leave."

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    Default Re: How to create a budget.

    ^ Its not high enough for Bankruptcy but it is enough for a deposit on an apartment if that answers your question.
    Tiny tweaks----->BIG CHANGES

    Quote Originally Posted by Kirakonstantin View Post
    More fear-mongering? Really? Yes, this is not the 1990's anymore. Yes, things are changing. Either dance or don't. Freaking out and sowing fear isn't going to help anyone.




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    Default Re: How to create a budget.

    Tiny tweaks----->BIG CHANGES

    Quote Originally Posted by Kirakonstantin View Post
    More fear-mongering? Really? Yes, this is not the 1990's anymore. Yes, things are changing. Either dance or don't. Freaking out and sowing fear isn't going to help anyone.




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