Tagged With "budgeting"

Topic

The American Dream v2.0

Rob Loftus ·
Out With The Old And In With The New The American Dream. A house in the suburbs, 2.5 children, fancy car in the driveway and a job with a pension and gold watch. This may sound a little bit outdated, but it’s still the structure, on the whole, of the American Dream. However, there has always been one flaw in this dream. DEBT. 78% of Americans live paycheck to paycheck and are literally two paychecks away from losing everything. When this happens, and it does, people find themselves losing...
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Re: What is everyone's favorite budgeting method?

Briana ·
I've tried making my own spreadsheet before, but @Rob Loftus has a great site he shared for this too!
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Re: What is everyone's favorite budgeting method?

Men On A Budget ·
Over the past 40 years of adulthood, the budget method names have changed from "a day late and a dollar short" to "wiggle it and jiggle it" to our current "set it and forget it" plans. Everyone's actual mileage will vary and the names may be changed. On Social Security my wife and I are paid monthly, same day. For the most part our bills are fixed and exist on an Excel spreadsheet. The bills are paid electronically once the pays post... mortgage, electric budget, car payment, insurances,...
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Re: What is everyone's favorite budgeting method?

Rob Loftus ·
Melissa, check out my new blog, which I also transcribe here and see how I became debt free just this year AND live on 50% of my net income while making a mediocre $15/hr. Enjoy! http://www.fightforfinancialindependence.com
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Re: What is everyone's favorite budgeting method?

Adam ·
I just started using Mint which gives you a breakdown of your budgets and multiple accounts. It's super helpful seeing all that info in one spot.
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Re: What is everyone's favorite budgeting method?

Alexis Grant ·
My family uses a tool called Tiller to bring our spending info from banks and credit cards into Google Sheets. We like it because we can customize the info and see it in the way that's most helpful for us. We've automated this as much as possible so updating it doesn't become a huge chore every month!
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Re: What is everyone's favorite budgeting method?

Ken Lyons ·
I use an app called Banktivity (previously iBank). It syncs fully with my financial institutions, allows you to add categories, which it memorizes for expenses automatically, and can easily present a budget and expenses per category. The desktop app works well and the best feature is an iPhone app that syncs all my transactions across devices!
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Re: What is everyone's favorite budgeting method?

Drumtrip ·
@Melissa I use YNAB youneedabudget.com it is expensive at $80 a year or so but sooooo worth it, it uses the envelope method and its goal is to get you to save enough money to budget ahead with cash rather than a month to month, paycheck to paycheck budget like mint.
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Re: What is everyone's favorite budgeting method?

Rob Loftus ·
I use EveryDollar . It is free, easy to use and is from Dave Ramsey. I have used this budget tool since January of 2018 and it has helped me become DEBT FREE and help me to live on 50% of my NET income! I invest the rest!
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Re: Budgeting for 2019!

Nicole ·
We live on a strict budget but do use the credit cards for everything to get the cash back bonus each December. I have had to create a new budget column (Last August) for hospital parking for when we can't get the free parking on the street. I make a grocery list each month to do our big monthly shop & stick to the dollar amount, there are no extras, milk & produce is bought weekly after that with the remainder. The credit card is paid off in full each month. With the credit cards...
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Re: The envelope budgeting method - Does it work?

Arlene Porter ·
Yes it definitely works. You just have to commit yourself that when the envelope is empty then the money is GONE. No cheating
Topic Featured

Excel Entire Year Budget Sheet!

Heather LeGuilloux ·
Last year I started budgeting for the first time. It was confusing to figure out at first, and also scary to see all those categories and spending limits. But after a few months, it became second nature to write out the budget and go through the statements at the end of the month to make sure these budgets were held in place. When I first started with our budgets last year I found a printable budget that had some static categories (rent, groceries, travel, etc) but this year I wanted to find...
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Re: The envelope budgeting method - Does it work?

Melissa ·
@Arlene Porter what do you do when you have an unforeseen expense? Like a large vet bill or trip to the dentist?
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Re: The envelope budgeting method - Does it work?

Drumtrip ·
I just started using YNAB, youneedabudget.com which uses the envelope method and I love it. I feel like I was doing my budgeting all wrong in the past now based on my personality! At the beginning of the month I now know where everything is supposed to go, how to pay down my debt, and how to save. (pay yourself first!) For unforseen expenses, I first build a rainy day fund, if there isn't enough to cover it, I have to float it on a card or build a negative balance envelope that has to fill...
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Re: Excel Entire Year Budget Sheet!

Firsttfruits ·
Thanks for the info. 😏
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Re: The envelope budgeting method - Does it work?

Moore Income ·
I like the idea and I will probably give it a try sometime. Right now I am focusing on writing everything I spend down just so I can track it and budget it properly. I would say that one of the reasons a lot of people don't do this is because at first glance it seems like it might be complicated but I can also see how it could be very helpful and I am sure it would get easier over time.
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Re: The envelope budgeting method - Does it work?

AverageJoe ·
We've tried this method before we ever heard of Dave Ramsey. My grandfather used to use it back in the 1930's and 40's, and even up until he couldn't care for himself any more. My wife and I used it for several years after we were married, and it worked quite well. We made our list of grocery needs for the week according to what we had in the envelope and what our state charged for taxes. One week it was $5.00 over, and we had the cashier take those items out. Those things were necessities,...
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Re: The envelope budgeting method - Does it work?

Arlene Porter ·
We have an emergency fund and try(notice I said try) to add to it every payday
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Re: Can Budgeting Come with Baggage?

Moore Income ·
You hit the nail on the coffin here when it comes to budgeting. All of those have been things that have held me back from really creating and sticking to a budget. I am still working on it actually, but at the beginning of this year I made it a point that I would do what it takes to get my finances in order and that includes budgeting. On the topic of fear, I just read the book Who Moved My Cheese? and it talks about the fact that a lot of times what we fear and image the outcome of...
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Re: The envelope budgeting method - Does it work?

AverageJoe ·
Our emergency fund had to be raided two weekends ago to make a necessary family trip to see my sister in GA who is dying from breast cancer. Thankfully her daughter and son in law had an apt in their home across the river in SC for us to stay in while we were there. Emergency funds are exactly what people need for these kinds of family emergencies, auto breakdowns, etc. Thank God for the instruction given by my elders growing up and for others who have lived a little longer than I have.
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Re: Can Budgeting Come with Baggage?

The Saving Scientist ·
Exactly, Ron! I'm really glad to hear that you're taking steps in the right direction. I look forward to reading more of your posts and seeing how your financial journey goes. We can all learn something from each other! Feel free to reach out at any time if you need any advice
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Re: How do you "budget" when taking a Vacation?

Briana ·
I recently booked a trip with my sister to Greece - for almost two weeks! But we booked through a travel company that allowed us to pay each month for our hotels and excursions (which also included two meals a day!) so now when we go over in May, our trip will basically be paid for. I've been putting aside a little bit of extra money for any other food and souvenir items I want to buy while I'm there. But I can guarantee it'll be saving us tons of money in the long run! We also booked our...
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Re: How do you "budget" when taking a Vacation?

BeckAtsila ·
I take the train. A few years ago I took a vacation to Quebec, but found the flight home and the train were about the same price. So I booked myself a train trip from Montreal to New York City, one of the most scenic rail routes in the world (according to Amtrak), spent the night in New York, then went from New York to DC en route to Chicago. I spent the night on the train--slept great, by the way--and meals were included with my sleeper car. Once I arrived in Chicago, I took the Greyhound...
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Re: How do you "budget" when taking a Vacation?

Moore Income ·
@Briana what site allowed you to do that? Can anyone use that site? My co-worker recently took a trip to Greece and she said it was beautiful. I need to add it to my bucket list. You will have to let us know how the trip goes! @BeckAtsila that is a great tip. I have never personally taken the train, though I have considered it several times. Several of my family members have however for cheaper travel and they have had a good experience every time. One way I consistently save money when...
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Re: How do you "budget" when taking a Vacation?

Briana ·
It was https://www.momondo.com and yes! Everyone can use it. I can't wait! I'm super excited and will absolutely update everyone. Maybe I can try and implement some of these money saving on vacation tips I'm learning and let everyone know how it goes!
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Re: How do you "budget" when taking a Vacation?

Lucy ·
Great travel tips you guys posted. Thank you!!
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Re: Can Budgeting Come with Baggage?

FreebiePharm ·
My biggest setback with budgeting is consistency. I feel I would start it but not continue. I am halfway there on budgeting. I write down my expenses bi-weekly but do not account for "small" purchases. This would be my goal as well as an envelope system.
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Re: The envelope budgeting method - Does it work?

AverageJoe ·
Thank you, Bonnie. She had just started a school for "at risk" children four years ago and gone from just a few children to having over 100 children when the cancer revealed itself. She had to have someone come in as an administrator, and eventually they had to take over completely. My sister finally resigned, but she had STARTED something that was being used by the Lord, and was employing people who wanted to work in a Christian environment. Many of these children came to know the Lord,...
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Re: How do you "budget" when taking a Vacation?

LauraD ·
I own a timeshare so I have started searching for units that allow dogs. We then take a driving vacation and get to see and stop in some smaller towns on the way. This has cut the cost of our trips significantly since we no longer need to save for boarding and each unit has a kitchen so we can cook most of our meals there but still sample the local flavor.
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Re: The envelope budgeting method - Does it work?

Bonnie Squires ·
Averagejoe sorry about your sister. My prayers go out to you and her family.
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Re: How do you "budget" when taking a Vacation?

Briana ·
@rtms77 it's called Go Ahead Tours: https://www.goaheadtours.com/ . Definitely a lifesaver. It's much easier to save a little each month instead of coming up with everything all at once. And once we go over for the trip, everything will be scheduled and paid off! Minimizing the stress as well.
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Re: How do you "budget" when taking a Vacation?

rtms77 ·
@Briana Which company allowed you to pay month to month for your vacation? Would love to pay for a trip that way.
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Re: The envelope budgeting method - Does it work?

FreebiePharm ·
I am in the same position right now. I sit down and write my expenses down and balance my accounts twice a week. I have been contemplating envelope system but may scale it down to "controllable" expenses as I feel I have a tight rein on reoccurring bills. I could also use it to account for impulse purchases and limit those.
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Re: The envelope budgeting method - Does it work?

Bonnie Squires ·
@AverageJoe that is great to hear that she did it for the lord. My prayers are with you all.
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Re: How do you "budget" when taking a Vacation?

Kenny Mathe ·
Interesting vacations I have not travelled in my life and i believe i am not the first one when i take or look for the cheapest hotels and intertainments what would happen in terms of saving money.In this world not everybody is successful but we want to learn and exprience life of other countries.
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Re: How do you "budget" when taking a Vacation?

Nicole ·
when I have travelled to Europe in the past, I have purchased some snacks & fruit at 'farmer's markets & grocery stores' rather than cafes to save some money. I keep a list of people I would like to buy gifts for, so that I don't forget people or don't over buy for a specific person. In the US & Canada, I have visited tourist information centres that sometimes have coupons for local activities & restaurants and they can give you some local recommendations as well. For camping...
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Re: How do you "budget" when taking a Vacation?

ERoberts ·
You have to anticipate what your biggest expenses will be and go from there. As mentioned above, vacations are a time to relax and enjoy outside of your everyday life! It's time to splurge on something special and label it as your "big ticket item". This indulgence could be dinner for two at the best sushi restaurant in Tokyo, a day trip exploring glaciers in Iceland, a night at that five-star hotel you've been dreaming of, or a special souvenir you've been saving up for to buy for mom. Once...
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Re: What is everyone's favorite budgeting method?

ERoberts ·
I use a spreadsheet that I created in OneNote. The categories are monthly bills, income, savings, and spending. I am able to fill in the bills and income columns preemptively and that number shapes how much I allot myself to spend and how much I predict to save! Writing down every.single.thing. you buy is a huge wake up call. Brings self awareness and spending awareness! Sometimes I'll even add a personal "goal" section to the month and title it something like, "No Buying Clothes November".
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Re: The envelope budgeting method - Does it work?

ERoberts ·
I never though that this was a particularly good budgeting method (what are you supposed to do with a million nickels and dimes?) until I tried it. During the process of moving last month, I decided to sell some of my extra furniture on Facebook Marketplace. I was too lazy to drive across town to deposit the cash I had earned, so I chose to keep it in my wallet as my "spending" money. I felt like I was keeping a secret from responsible, boring Emily who would normally keep watch over her...
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Re: What is everyone's favorite budgeting method?

Nicole ·
I use an excel spreadsheet that I created myself years ago & just tweak it as I go. With my bank account, it is all held under one 'umbrella' account, so I can see my chequing, multiple savings accounts, GICs, etc all at a glance, then dig deeper down into them.
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Re: What is everyone's favorite budgeting method?

KhiemKhiemosabiNguyen ·
I've actually been using the 50/20/30 budget method for a while now and it really helped me get things in order. And I don't have to freak out with all the numbers. We actually did a video illustrating this! https://youtu.be/HTE6K7_PEkY But I've been toying with a method I came across called the 60/40 method! 60% goes to essential expenses (rent, food, utilities) and then 40% gets broken up into Retirement, Longterm / Short term Savings, and fun. The idea is split the 40% 4 ways across those...
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Re: What is everyone's favorite budgeting method?

AnnieB ·
We use Everydollar. For the most part, I do the debt snowball. Right now I have deviated from it because I have a car payment with a high payment. I have two debts that are right around the same amount. The difference is that they have $120 a month payments vs a $400 a month car payment.
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Re: Watts Zappening? (Saving Money On Energy Costs)

Men On A Budget ·
"Shift Your Habit" by Elizabeth Rogers is part of my keeper collection of books. Although an older title, much of the information is as pertinent today as the day it was published...
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Re: Watts Zappening? (Saving Money On Energy Costs)

Men On A Budget ·
Are you leaving your computers and appliances on or plugged in 24/7 even when you are away from home and/or sleeping? Why not get in the habit of unplugging rarely used items like toasters, computer printers and even unnecessary cordless phone handsets? What if you start to use the power saving features on your computers and turn off those surge protectors for the sixteen or more hours each day when not used and even more when not used daily? How often do you make toast? Why not make a toast...
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Re: Watts Zappening? (Saving Money On Energy Costs)

Men On A Budget ·
I found this Vampire Calculator from Duke Energy that I want to share ... This cool tool says it best, " Slay Your Energy Vampires The average U.S household spends $100 a year on plugged-in electronics they aren't using. Spooky, right? Tell us what you've got, and we'll show you how much you could save by pulling the plug." https://www.duke-energy.com/en...e0XbV6nyD9RLAzKXuYj4
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Re: Watts Zappening? (Saving Money On Energy Costs)

Melissa ·
This is so cool and easy to use! I thought you were joking but it really is called the Energy Vampire Calculator.
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Re: Watts Zappening? (Saving Money On Energy Costs)

Simbalittle3 ·
We've installed several smart plugs since joining OhmConnect and now reduce a large portion of our passive power usage
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Re: Watts Zappening? (Saving Money On Energy Costs)

Men On A Budget ·
Note: I have communicated with people who have had energy audits (free) from their electric suppliers and who have been given some cool freebies... smart bulbs, surge protectors and even one who was given a free replacement Nest Thermostat. Everyone's mileage may vary but it does not hurt to ask for the free audits just for the professional testing and advice on ways to conserve energy and money.
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Re: Watts Zappening? (Saving Money On Energy Costs)

Simbalittle3 ·
Yes years ago my neighbor did that and she was given a Free refrigerator
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Re: Watts Zappening? (Saving Money On Energy Costs)

Bonnie Squires ·
i unplug the toaster and any other small thing that the kids have plugged in. Changed lite bulbs to. Even the newer computer have a energy mode on them now
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