First month on a real budget.....

iVillage Member
Registered: 09-07-2005
First month on a real budget.....
2
Tue, 04-29-2008 - 11:36am

First I need to fess up, I am good about creating a budget, but so very bad at sticking to it. It reminds me of when I go on

iVillage Member
Registered: 11-17-2007
Tue, 04-29-2008 - 11:53am

You look like you are doing great.


If I am looking at this right there are two things you should consider. One I don't think you are giving yourselves enough spending money. 20.00 a week maybe find for a month but it will get old after that. I would go to at least 25.00 a piece to start and keep a record of all you are spending. Then see what the true amount ends up being and adjust it to that amount since you are not listing any credit card payments.


If I were you I would round off the left over money to 1000.00 and put at least

iVillage Member
Registered: 04-02-2003
Wed, 04-30-2008 - 12:41pm

I agree with Mary Ann. And you have no savings set aside for taxes and insurance on your home. Are those included with your house payment? If not, divide what you are paying each year by 12 and stick that aside in savings so when the bill comes due you can pay it in full.

Are you able to cut costs on your car insurance if you pay that every 6 months or a year? Progressive gives me a huge discount if I pay the policy in full. If your insurance company does that, you should set the amount you pay monthly for that as well so you can pay the premium in full when it renews.

I would take that $1262 and break it down even further:

$1262 remaining
- 50 Savings for car insurance renewal
- ? Any savings for taxes / insurance on your home?
- ? Any savings for a yearly vacation?
- ? Any savings for car repairs?
- ? Any savings for home repairs or maintenance?
- ? Any savings for haircuts?
- ? Any savings for clothing / school supplies?
- ? Any savings to build up a general emergency fund that includes 3 mos. expenses?
- ? Any savings for a car replacement fund to avoid a note in the future?

Your savings do not have to be in separate savings accounts -- just as long as you keep track of what you are setting aside for each category.