Changing my Budget for next year
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Changing my Budget for next year
| Wed, 11-25-2009 - 9:16pm |
I was having a look at my budgets over the past six months, and what I have actually spent (when I wrote it down). In most cases, I was not able to stick to the budget completely. I think this was because of two things. The first thing is that I was budgeting $100 per week of pocket money. This was to cover gas, child care after school and spending. I realize now, this was pretty lean. So I am changing it to $100 per week to cover gas(I drive a lot for my job, and commute) and spending. Often the spending is a few groceries, a few dollars to do something with the kids, a lunch out, etc. The after school child care has become part of my regular budget.
The other thing that often throws me off is expenses that I don't foresee for the kids. For example, we decided to put my daughter in ballet. I had to come up with the registration fees even though we had not budgeted for it. I was able to pay cash, but I was frustrated because things didn't go as I planned.
Therefore, I am starting to set aside money for the needs of the kids. I am going to budget $155 per month and see how that goes. In order to do it, I had to cut the amount that I put away for Christmas and for clothing. But, I am completely okay with that. A little less at Christmas is very manageable, and there is always excess in my clothing account, so I guess I had budgeted too much before.
Any changes to your budget for the new year?
The other thing that often throws me off is expenses that I don't foresee for the kids. For example, we decided to put my daughter in ballet. I had to come up with the registration fees even though we had not budgeted for it. I was able to pay cash, but I was frustrated because things didn't go as I planned.
Therefore, I am starting to set aside money for the needs of the kids. I am going to budget $155 per month and see how that goes. In order to do it, I had to cut the amount that I put away for Christmas and for clothing. But, I am completely okay with that. A little less at Christmas is very manageable, and there is always excess in my clothing account, so I guess I had budgeted too much before.
Any changes to your budget for the new year?


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You betcha. I had to budget for an increase to my property taxes, and increase to my home insurance and an increase to my planned spending accounts (another $10 biweekly for copays, $15 biweekly for home maintenance and $5 biweekly for gifts). I think I am starting the year off pretty well though. I still have $200 in my gift fund that I am
Bex -
I will be making changes to my budget. I'm just not sure what and where just yet. Last December, I totally reworked my budget and was doing great until this fall. I don't know what happened. I knew DD was going to college, obviously; but, I didn't know we'd need a new car (monthly payments for the first time in years) or that we'd have to replace the washing machine. Anyway, I'm not hiding my head in the sand, which is a good start, and am just trying to not use CCs for anything. This means debt repayment will be slower, but I need to make sure I have our property taxes squirreled away before September among other things.
I have everything in mint.com, which I love. I'm able to see easily if I'm about to go over in a budgeted area and it keeps me focused on what debt I'm carrying on each card. I've been using it for a couple years and highly recommend it. I no longer have to write down what I'm spending on things, but I also don't use much cash and a lot of folks say to use only cash in order to get out of debt.
Yes a few changes. It looks like my bf will be investing in his company stocks per month so that will be less actual income, we need to add that in. There are things we don't contribute to on a monthly basis like we should. We need to start putting a bit away into sinking funds like the kids camps for summer. But I am almost done Christmas shopping and I have left over money there so I may get rearranged. I guess we should revisit this in January and make sure we are on the same page.
Good post!
I have a few changes too.
Kate
About three weeks ago, I made my first annual budget that is VERY detailed.
Norma
"Patience is the best remedy for every trouble"- Plautus
I've added categories to save for expenses that come up the following year.
You made me think. Maybe I need to re-look at that $100 spending money per week. It might be generous. I think I am really going to concentarate on consistenty writing down how I spend that money and then have a look to see if I should reduce it a little.
Part of me thinks I may find that is what I need to get gas, the odd thing at the grocery store and have a few dollars spending. Even with $100 per week, I do have to think twice about hitting a salad bar or buying a book.
Thanks for making me think and re-evaluate.
LOL, well, this is ironic because you made me rethink my spending money and, in my 2010 budget, I've allowed myself $100 per week!!
Kate
I had a good thought about it, and I am not going to decrease that budget. I agree, that especially when debts are paid off it is important to indulge once in a while. For me, $100 per week does not allow a huge amount of indulgence. Obviously if our circumstances change, I will need to rethink, but for right now I think it is good. I do think I need to plan out that $100 per week a bit better though.
I did change the budget a bit from 2009 as well:
Moved groceries up from $150 every two weeks to $200 so DH does not go to Costco as much.
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