Budgeting.....

iVillage Member
Registered: 05-09-2005
Budgeting.....
5
Fri, 03-13-2009 - 11:27am

You guys are amazing budgeters so I'm hoping you can help me out here.

 

Spirited Kids are like Roses........They NEED special care and sometimes you have to get past the thorns to truly enjoy them.

iVillage Member
Registered: 03-27-2005
Fri, 03-13-2009 - 12:24pm

We aren't caught off guard by those "bill bills" because they aren't anything to be caught off guard about.

iVillage Member
Registered: 10-01-2008
Fri, 03-13-2009 - 1:19pm

Those little "forgotten" things seem to jump up and bite all of us, even the people who are excellent at budgeting run into this problem, too.

Norma


"Patience is the best remedy for every trouble"- Plautus


iVillage Member
Registered: 11-14-2008
Fri, 03-13-2009 - 1:36pm

Hi,

Yes a budget can be quite detailed. I like to prioritize & group things in my budget. And at the top our income, mine & bfs after tax(what really goes into your account). If this amount is not always the same(lots of people are like this) then low ball, worst case scenerio. ex: if your might get that extra shift but are not sure? don't include it in the income.

Then you list all the expenses. I know its not fair. Only one line is positive and the rest are negative you must subtract from the income total at the top(I do this by putting the negatives in brackets and a sum at the bottom, auto sum works best on excel. Then you can see how as each thing is subtracted your total goes down. See below( we budget 100 a month for house repairs because eventually you will use it!) if you don't let it ride in your account until you do. That way you are not surprised. Same thing with property taxes (divide last years total by 12 and save for it, repeat the next year)

ex(monthly):

Income:
Mine 2,000
BF 2,000
total 4,000

House:
Mortgage (900)
Insurance (100)
Repairs (100)

Car:
Monthly payment (445)
Insurance (100)
Repairs (200)
Licenses (10)
Gas (250)

Food (450)
Clothing (20)
Gifts (30)
Hydro/electric (145)
Kids camp (30)
swimming lessons (20)

You are not limited to the amount of lines you have. Better to be high on the expenses and be happily surprised, although it should come out to zero. Ideally a the end you have some left over that goes towards savings. I am sorry to say that if you cannot get through the food, car, gas, mortgage, credit card minimums part of the budget without running out of money.....a big change is needed in your life. And I know it is hard to hear but you either need to make more money or get rid of a car or something. Lots to think about. Good luck.



iVillage Member
Registered: 08-04-2008
Fri, 03-13-2009 - 3:21pm

Very Good explanation, except I would respectfully change:


Ideally a the end you have some left over that goes towards savings.


To:




iVillage Member
Registered: 05-09-2005
Fri, 03-13-2009 - 4:56pm

Thanx everyone.

 

Spirited Kids are like Roses........They NEED special care and sometimes you have to get past the thorns to truly enjoy them.