(Closed) Need help organizing finances/saving money

posted 6 years ago in Money
Post # 3
Hostess
18637 posts
Honey Beekeeper
  • Wedding: June 2009

Have you looked into Mint?  It takes your account information and makes neat little graphs and everything so you can keep track of what you have spent and you put the bills in there so you can see when they are due and everything.  I have Quicken which is the paid program by the same people as Mint and it has basically all our financial lives in it.

Can you set up automatic transfers to your savings account when you get paid?  If it’s out of your account and a little harder to get to (an account not at the same bank makes it easier), then you have an easier time living without that money.

Saving when you are young is so important since you have time on your side to grow your investments.

Post # 4
Member
1849 posts
Buzzing bee
  • Wedding: May 2014

I don’t have any super specific answers for each problem, but I used to work as a server too, and cash definitely does vanish easily. You guys should generally try to deposit all of his cash tips into a checking account ASAP, before spending. Then set up online banking and use a check card for that account for all purchases, big and small. My bank lets me see spending trends online for my check card and credit card. Lastly, my bank also allows me to set up online bill pay for all accounts where I have bills due. Even if the payee doesn’t accept electronic payments, the bank automatically generates and sends out a check. You can also send money to individuals whom you owe money for a service, even if they don’t have a sophisticated billing system, again the bank would send them a check from your account. You just enter all information for all your payees, set up how you want to pay them, and it’s all tracked online. I hope that helps! You should definitely call customer service at your bank if these ideas sound good, but you’re not sure of the details πŸ™‚

Post # 7
Hostess
18637 posts
Honey Beekeeper
  • Wedding: June 2009

Nevermind, kind of like what you do now.

Sorry I don’t have any good advice for paper, I can’t keep track of my own stuff with paper anymore, it’s way too complicated!

Post # 8
Member
666 posts
Busy bee
  • Wedding: July 2012

Okay here is the idea.  You might have couple of paper per month.  I would separate expense into category i.e. Grocery, Communication (internet + home phone + cellphone), Entertainment, Medical, Clothes & Accessories, Travel, Vehicle (Car insurance, Fuel, Maintenace), Utilities, House, Mortgage, etc.

Then for each category, you have first column (you can use ruler to make a column on paper), put the date of the receipt, the second column is the descrition of it, the thrid column is amount including taxes.  For some category, you might need Payment due column to show when to pay the bill.

You can also have one category for Credit Card payment.

Then on the top of the first page, record income of your husband.

So at the end of the month, you add all your bills to see how much you spend comparing what your hubby earns.  Then you will see how much saving you have.  Also with keeping track like this, if you want to save more money, you can see what area you can save.

If you have been doing this for many months, then you can see the trend of your spending and again you will know when to save and where.

 

 

Post # 11
Member
3461 posts
Sugar bee
  • Wedding: May 2012

Have you tried the envelope system?  Put the cash in envelopes with categories (e.g. utilities, food, etc.), if you spend the money in the envelope you have to save from elsewhere.  My mom used this some of the time, and she’d sometimes write what she spent the money on the envelope so it wouldn’t “disappear” (e.g. she wouldn’t spend it, not worried about lightfingers) without her knowing.

You could also print an excel chart (I know!) of due dates and post it next to the calendar.  Cross off an item when paid that month. 

Post # 12
Member
385 posts
Helper bee
  • Wedding: October 2009

Since you said you like paper and pencil over computers, I 2nd the envelope system, along with either frequent onlinestatement checking or writing down all your expenditures. Personally I don’t like keeping so much cash in the house, but you may feel okay with it. In our house we are pretty good savers. When we get paid we transfer a certain amount (it varies, but we start with 10% of the paychecks and adjust more or less from there) to our savings.

We use a tier system to decide how much to save. We calculate the non-negotiable bills – mortgage, utilities, car payments, etc. Then we calculate slightly negotiable bills – groceries, gas, other things that we have to spend money on but can vary a little depending on our choices (do we buy name brands, etc?). We add those up and there is our minimum amount needed monthly in the checking. Anything over that comes from our “savings”. Perks like date nights, eating out, shopping, etc. When we first started trying to budget/save, it was helpful to have to pull money from savings for all these things, because it made us aware of our spending habits. This is the same reasoning behind the envelope system. Oh yeah, and don’t forget to think about non-monthly expenses like yearly Dr. visits, etc. A bonus to this is we don’t worry about due dates, because we have the total amount needed in the bank before bills come and we don’t use that amount for “extra” spending. We also use online automatic bill pay whenever possible.

I hated budgeting/saving. Seriously hated it. But it’s been so good for us. We have saved an insane amount of money, streamlined our priorities, and still feel like we’re living a comfortable life. Good for you for thinking about this!

Post # 16
Member
3461 posts
Sugar bee
  • Wedding: May 2012

Also, kudos to you for recognizing what works (e.g. paper) and doesn’t work for you (e.g. complicated excel charting).  Some of the reasons people find budgeting is that they try to do something that goes against how they operate – so they dislike doing it and won’t make it part of their standard routine.  πŸ™‚

The topic ‘Need help organizing finances/saving money’ is closed to new replies.

Find Amazing Vendors