View Full Version : Best way to setup a budget?
1stTimeCaller
3/17/2006, 01:59 PM
I need to set up a budget and stick to it in a bad way.
I've printed out some calendars from Outlook and I'm gonna put down the day my bills are due and an approx amount and payday.
There has to be a better way. You know how I know? Because it's the best way I could think of.
Any ideas will be appreciated, unless urine is mentioned.
OklahomaTuba
3/17/2006, 02:07 PM
I just make a spreadsheet with all my bills on it and pay all my bills on the 1st and 15th when I get paid.
That way, in the spreadsheet I can see what my bills total and what I have left over after I pay them. Usually, I then budget the left over in my head.
Also, i make saving/investing one of my bills, except retirment saving which I don't count as income at all.
It works well for me I guess.
Beano's Fourth Chin
3/17/2006, 02:07 PM
cut up your credit cards and take out your weekly allowance in cash.
save your receipts and code everything in MS Money or Quicken. If you want, I think we have several older versions of Money lying around. I could mail you a disk.
By coding it, you can see where your money is going and where it will be easiest to cut back.
And take your lunch to work with you instead of going out all the time.
We were able to save a lot of money by only eating out once a week. The easiest way we've found to do this is to sit down every two weeks or so and plan a dinner menu. If you know what's for dinner that night, it's not as easy to say, "let's just go to dinner."
OklahomaTuba
3/17/2006, 02:12 PM
Yeah, eating out and drinking reek havok on a pocket book.
I can't do the taking my lunch to work thing though.
handcrafted
3/17/2006, 02:14 PM
http://www.daveramsey.com
YWIA.
1stTimeCaller
3/17/2006, 02:16 PM
At my new job I get to eat lunch for free so that saves me big $. I only eat out for dinner once or twice a week but I think all the beers I buy and drink are killing not only my liver but my pocketbook as well.
OklahomaTuba
3/17/2006, 02:21 PM
Using online bill pay works well too. I love having fixed payments scheduled so I don't have to think about it.
Also is nice to open an account with ING or something, and have a little money going into a decent moneymarket account to save for emergencies. I hope that someday I can rebuild my cash reserves and get my emergency fund to 6 months of total income in reserve.
sooneron
3/17/2006, 02:23 PM
If you take your lunch to work every once in a while, the weight will drop too. An added bonus.
The tough thing about the credit cards is that a LOT of places are making it hard to deal with cash. I've been to a few places (restaurants etc) that deal with plastic only. It's becoming more and more rare to see anyone use bills.
Stanley1
3/17/2006, 02:27 PM
Don't use one of those fancy programs, you'll just get sick of the time it takes, and you won't do it. Sit down and write down all of your monthly bills. Then come up with an amount for things like groceries, gas, food, etc. Look at whats left. Out of that amount you need to take some money for "entertainment", and the rest should go to savings.
Simple. As. That.
BeetDigger
3/17/2006, 02:35 PM
Increase your income. Budget dilemma solved. YWIA.
:D
BeetDigger
3/17/2006, 02:39 PM
Actually, and seriously (I mean it) get a part time job at night (if possible).
It provides extra income in two ways: you make money and you don't spend money while you are working.
All sorts of place need help. If you have the ability and don't have the comittments that prevent it, then you can easily make an extra $8 or more an hour. Sure, that isn't a lot, but it could go up in a short amount of time and if you add in the reduction in expenses, it might go up by a factor of 2.
Beano's Fourth Chin
3/17/2006, 02:41 PM
Don't use one of those fancy programs, you'll just get sick of the time it takes, and you won't do it. Sit down and write down all of your monthly bills. Then come up with an amount for things like groceries, gas, food, etc. Look at whats left. Out of that amount you need to take some money for "entertainment", and the rest should go to savings.
Simple. As. That.
Good point. I think a lot of it depends on your personality. The people that spend the time and effort to really get the benefit of those type of programs probably already are disciplined with their money.
I talk like I get a lot out of the software, but only because my wife is disciplined about entering in the expenses. The great thing about them is that you can download your stuff from your bank in money format and it imports it for you. It makes reconciling your checkbook so easy.
Jaux, it's my philosophy that if you're having trouble making ends meet, then you have to go to drastic measures. If that means not being able to go to certain restaurants, then so be it...
It's good to have a credit card for buying stuff online or renting a car or hotel room, but if you can't curb your spending, get rid of them. But you're right, it's getting harder to operate without one.
ChickSoonerFan
3/17/2006, 02:43 PM
Out of that amount you need to take some money for "entertainment", and the rest should go to savings.
Simple. As. That.
Code for stippers?
And don't forget to budget for steam cleaning the carpets...that pee smell can be tough to get out.
oopps...I metioned pee which is the same as urine, so I guess this is not appreciated. Dang.
:D
Beano's Fourth Chin
3/17/2006, 02:44 PM
By the way, 1tc, when we moved up to norman, it appears that the old software disks were some of the items that didn't make the trip. It's a shame that I did that. I accidentally threw away a brand new pair of ipod headphones and usb cable too. I'm still mad about that.
I'm trying to find a free one online for you.
We took a class through our church about 2 years ago about handling your money. Up to that point, I was content to just check my balance on the bottom of the ATM receipt to see where I was for the month.
King Crimson
3/17/2006, 02:45 PM
preparing your own food is so much cheaper than going out it's not even funny.
with a little practice you'll be amazed at the quality of food you can prepare.
i do alright on my teaching salary but when i was a grad student you could live of 25$ for a week eating. and amazingly, food that's good for you is almost always cheaper than boxed, frozen, stuff that will kill you. ever look at teh number of fat calories on a frozen mexican dinner?
1stTimeCaller
3/17/2006, 02:46 PM
Actually, and seriously (I mean it) get a part time job at night (if possible).
It provides extra income in two ways: you make money and you don't spend money while you are working.
All sorts of place need help. If you have the ability and don't have the comittments that prevent it, then you can easily make an extra $8 or more an hour. Sure, that isn't a lot, but it could go up in a short amount of time and if you add in the reduction in expenses, it might go up by a factor of 2.
I leave the house at about 6:30am and I get home about 6:30 to 7pm. Part time jobs are out of the question. My income isn't the problem I make much more money than I should. Hell, my savings account should be notable but I'm going broke $20 at a time.
Code for stippers?
And don't forget to budget for steam cleaning the carpets...that pee smell can be tough to get out.
oopps...I metioned pee which is the same as urine, so I guess this is not appreciated. Dang.
:D
The man is asking a serious question here. This is no time for nonsense.
1stTimeCaller
3/17/2006, 02:52 PM
The man is asking a serious question here. This is no time for nonsense.
The one time I'm serious...
BeetDigger
3/17/2006, 02:53 PM
The man is asking a serious question here. This is no time for nonsense. It is time for pics and for more details.
:texan:
The one time I'm serious...
I know. That was uncalled for IMO.
I leave the house at about 6:30am and I get home about 6:30 to 7pm. Part time jobs are out of the question. My income isn't the problem I make much more money than I should. Hell, my savings account should be notable but I'm going broke $20 at a time.
Going broke a little at a time is probably descriptive of a lot of people. The comments about eating out vs. preparing your own food are great. Another example is buying a coke during the day. If you go to a drive through you are going to spend a dollar or more but if you brought your own it would only be about a quarter. It all adds up.
Another idea is to clip coupons. I know it is not the coolest thing to do, but we save about $15 - $20 per week using them.
Stanley1
3/17/2006, 03:02 PM
The man is asking a serious question here. This is no time for nonsense.
Watch that tone buddy.
Watch that tone buddy.
You are so not fun lately, dad.
1stTimeCaller
3/17/2006, 03:05 PM
I just hope that the holes in my rubbers are smaller than the holes in my pockets.
Beano's Fourth Chin
3/17/2006, 03:06 PM
I'm rolling in cash, dude :rolleyes: ...you must mean Faux Jaux
You and me both. However, as you're well aware, I'm not above the occasional handout.
1stTimeCaller
3/17/2006, 03:07 PM
I hope not
Beano's Fourth Chin
3/17/2006, 03:10 PM
I'm rolling in cash, dude :rolleyes: ...you must mean Faux Jaux
Didn't you know? When I talk to myself, I call myself jaux...
Jaux, I think I got jaux's avatar and sooneron's avater confused. Don't do it again.
ChickSoonerFan
3/17/2006, 03:15 PM
Seriously? Cash only is the best way not to over spend. Get those envelope things from the bank and mark each one with a catergory and put the cash in it. When the cash is gone, you have to stop spending.
Groceries, gas money, resturants, dates, clothes, household, entertainment, etc...
It works.
yermom
3/17/2006, 03:23 PM
there's holes in them things?
dude, there's holes in everything ;)
BeetDigger
3/17/2006, 03:25 PM
dude, there's holes in everything ;)
Some are better than others. :texan:
ChickSoonerFan
3/17/2006, 03:26 PM
You people with self discipline think you're such smarty pants ;)
That's MS. Smarty Pants to you ;)
Stanley1
3/17/2006, 03:27 PM
That's MS. Smarty Pants to you ;)
Miss Jackson, if your nasty.
jkm, the stolen pifwafwi
3/17/2006, 03:32 PM
By the way, 1tc, when we moved up to norman, it appears that the old software disks were some of the items that didn't make the trip. It's a shame that I did that. I accidentally threw away a brand new pair of ipod headphones and usb cable too. I'm still mad about that.
I'm trying to find a free one online for you.
ut hum.
jkm, the stolen pifwafwi
3/17/2006, 03:33 PM
beano, peem me and i'll drop you a dvd
handcrafted
3/17/2006, 03:47 PM
I let my wife handle the finances, because I know if I did, I'd spend myself (and her) into oblivion.
Oh, here's another idea. Get your groceries at ALDIs. It's like 40% cheaper than Walmart. You can't get anything exotic there, but we make a "staples" run there twice a month and if we spend about $40 a trip, we are set for the whole month.
Our food budget for a family of 3 went from $400 a month to $250.
Oh, here's another idea. Get your groceries at ALDIs. It's like 40% cheaper than Walmart.
Sure, if you don't mind Crust toothpaste, Rago spaghetti sauce, Hurt's tomato sauce, etc.
I don't trust that place.
yermom
3/17/2006, 03:51 PM
can you get Malk with Vitamin R?
can you get Malk with Vitamin R?
Yes, it's in their Daily Department with the cheeze and stuff.
handcrafted
3/17/2006, 03:53 PM
Sure, if you don't mind Crust toothpaste, Rago spaghetti sauce, Hurt's tomato sauce, etc.
I don't trust that place.
We've had no problems. It's all store brand stuff, yeah, but if we go to WallyWorld we buy store brands anyway. If there's something we don't like, we just don't buy it there again. There are things we do not buy there, like peanut butter, toiletries, and stuff like that. But they have generic sudafed and claritin at way cheap prices. I think the list of things we tried and didn't like is up to about 5.
handcrafted
3/17/2006, 03:55 PM
Yes, it's in their Daily Department with the cheeze and stuff.
Don't knock it if you haven't tried it. Just trying to hook a brutha up who needs to reign in his spending.
Don't knock it if you haven't tried it. Just trying to hook a brutha up who needs to reign in his spending.
Don't get excited, I'm just joking. I've never even been in one.
PS - Is that your Grope Soda in the fridge in the break room?
:D
handcrafted
3/17/2006, 03:57 PM
Don't get excited, I'm just joking. I've never even been in one.
PS - Is that your Grope Soda in the fridge in the break room?
:D
Yes. Don't touch it, I'm saving it.
Vaevictis
3/17/2006, 05:55 PM
When I set a budget, I usually do four things:
1. Keep two checking accounts and a savings account. One checking account for mandatory expenses, one for discretionary. Every paycheck, put however much you need into mandatory, put however much you intend to save into savings, and put your discretionary into the discretionary account. Do not transfer them between accounts once they're in the correct place.
Only carry around a debit/bank card linked to the discretionary account. If you can't spend the other stuff, you won't.
Just for your reference -- if you don't need it to live or to work, it's not mandatory. Sattelite TV is not mandatory. That cell phone you have -- not mandatory (unless it's for work, in which case, they should pay for some of it)... etc.
2. Never impulse buy. Never. Ever. EVER. EVER. EVER impulse buy. If you see something you want, don't buy it right then. Say, "Maybe tomorrow." Then, when tomorrow comes, say, "Maybe tomorrow." Keep saying that for as long as you can. Eventually, one of two things will happen -- you'll either forget that you wanted it (and thus not buy it), or you'll end up buying it and knowing that you really really did want it after all. (not to mention it slows down your expendatures by however long you managed to put it off).
3. Buy cheaper substitutes. Eat in, not out. Go generic where you can. Drink water. McDonalds, not Quiznos, etc. Obviously, there's only so much you can tolerate, but every effort counts.
4. Alcohol == devil with respect to money. You pay a lot to drink it, then most people pay again when they have to eat out at 3AM off of the Denny's night menu. Drink less, if at all.
jkm, the stolen pifwafwi
3/17/2006, 05:57 PM
buy beef a 1/4 of a cow at a time. it brings the average price per pound down to $2 including all of your steaks.
1stTimeCaller
3/17/2006, 05:58 PM
buy beef a 1/4 of a cow at a time. it brings the average price per pound down to $2 including all of your steaks.
yeah but the freezer to keep the beef in is pretty expensive.
jkm, the stolen pifwafwi
3/17/2006, 06:00 PM
i picked one up at sams for $129. i save $800 bucks the first year alone. very little investment for what you get.
Where do you buy your choice of 1/4 of a cow?
jkm, the stolen pifwafwi
3/17/2006, 06:07 PM
stanwood. bevo XIII is getting cut up next week
Albertsons has triple coupons up to a dollar and double up to 2 dollars today. I had an $80 grocery bill but only paid $47 after coupons.
Yeah coupons!
85Sooner
3/26/2006, 05:18 PM
Do like the Politicians.
Just spend and spend. Shred the bills. Problem solved.
Al Gore
3/26/2006, 05:47 PM
Sell your wife's panties on the internet........
SteelPanz
3/31/2006, 10:55 AM
On Saturday, I paid off my car b/c I was sick of having that sit around while my money was idle in a low-interest-bearing savings account. It'll impact the amount I'm going to put down on the house, but there was no tax benefit to it.
Dave Ramsey stands behind a belief of the "envelope system." Either physically or theoretically, put your budgeted amount of all social expenditures into envelopes each month. If you go over on the clothes or date envelope, don't steal that money from another source - just wait until next pay period.
Anyway, I'm about to pay off my student loan 18 years in advance and then I'm going to start attacking the 20% on my home loan. So we shall see.
Hamhock
3/31/2006, 11:07 AM
http://www.daveramsey.com
YWIA.
Very good advice. Seriously.
It is amazing how much less you spend when you are handing over actual dead presidents versus swiping a card, even a debit card.
Even then, the key is discipline. When the cash is gone, the cash is gone. My family has eaten bologna for dinner the last couple of nights of the month, just because the grocery budget was finished.
Setting up a budget is easy greasy. Sticking to a budget is not so easy greasy.
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