(Closed) How do you budget?

posted 10 years ago in Money
Post # 17
Member
8943 posts
Buzzing Beekeeper
  • Wedding: June 2009

@Kkaattii:  You can set up an IRA at a bank or brokerage.  I like the Roth IRA best because the withdrawals later are tax free and if you need to take money out before retirement, you can take out the contributions penalty free.  The limit is $5k a year as long as you make more than that.  If you don’t work but your husband does, you can still contribute $5k each.

Post # 18
Member
132 posts
Blushing bee
  • Wedding: December 2010

Well what my husband and I do which seems to be working is we have an automatic payment from our checking account to our savings twice a month for $250 out of every check (so $500 goes into a savings account every month) and we just literally pretend that money DOES NOt exist! And it only exists if we need it (like an unexpected espense, ie: car breaks down and needs a fix etc).

By doing this we saved up 16k last year and payed off my car ..every once in a while I added another thousand or two just to keep our checking account at a pretty low amount (around 5k).

 

We just started another savings in my name for $150 a payehck as well..probably just use this for a vacation every year or what not : )

Otherwise we just watch what we buy IF we REALLY need it or feel that its time to treat ourselves (ie: nice dinner or video game).

We have one credit card we share together and use regularily and pay off every month if there is anything on it 🙂 (ie: i like to use credit cards for gas fill ups mostly).

Post # 20
Member
234 posts
Helper bee
  • Wedding: August 2012

I can’t believe how financially organized everyone is, I feel so bad now! I have no budget and no system, neither does DH. Does anybody have some basic tips for beginners? This is how we do it now:

40% of my paycheck goes into our joint account. This is the account that pays or all of our joint costs so this includes bills and entertainment as well.

60% stays in my personal account, I have no idea what I spend my money on. I usually end up with some savings after a few months and then I put them in our joint account.

DH does the same.

Post # 21
Member
4090 posts
Honey bee
  • Wedding: August 2012

@shaniqua:  “

I can’t believe how financially organized everyone is, I feel so bad now! I have no budget and no system, neither does DH. Does anybody have some basic tips for beginners? This is how we do it now:

40% of my paycheck goes into our joint account. This is the account that pays or all of our joint costs so this includes bills and entertainment as well.

60% stays in my personal account, I have no idea what I spend my money on. I usually end up with some savings after a few months and then I put them in our joint account.

DH does the same.”

 

I would start with making a spreadsheet and tracking every expense.  Either log on to your online banking or credit card account and enter those values into categories.  I have categories like housing (which is mortage, gas, utils, cable, internet, power), then food (separate for eating out, then grociers/alcohol).  Then misc, car, health, clothes, entertainment.

I’d say the first step is to just track spending.  See where it’s going, know what you spend money on.  If the two of you are spending $1200 on food and eating out for two people, then that’s insane and a good area to start whittling!

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