Tagged With "budgeting"

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Re: Have you tried the Zero Based budgeting method?

R Hopkins ·
Based on my (admittedly slim) knowledge of zero-based budgeting, why wouldn't that $100 wiggle room just be a budget category in and of itself that you assign the money to?
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Re: Have you tried the Zero Based budgeting method?

Veronica Purcell ·
This type of budgeting makes a lot of sense, because I would probably spend the $100 on something frivolous and wonder at the end of the month where did that extra money go to
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Re: Have you tried the Zero Based budgeting method?

AnnieB ·
I record the $100 as CARRY OVER FUND. It moves from month to month unless there is a subtraction error. This way, it is recorded as out of my checking account, even though it is still there.
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Re: Have you tried the Zero Based budgeting method?

R Hopkins ·
I currently make just at or sometimes just under my monthly costs (a side hustle is a topic for another discussion). Does zero-based budgeting work even if you sometimes have more jobs than dollars to give them to?!
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Re: Have you tried the Zero Based budgeting method?

Jeanne Featherston ·
I LOVE zero based budgeting! I get paid bi-weekly and the night before payday I fill in my spreadsheet for the next two weeks. It's basically set up like a check register. I start with my paycheck amount, and subtract EVERYTHING that I know I'll spend in the next two weeks, bills, savings, gasoline, sinking funds, taxes groceries, entertainment...everything, until it reaches zero. I even know how much I budget for gasoline for the two weeks and when I go for gas I put in half that much this...
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Re: What do you do when you have a surprise expense?

lismox ·
I use a combination of credit cards and savings to deal with unexpected expenses. I have two credit card balances right now that I'm paying on, slowly but surely. Within the last few months I had a situation where my escrow account was short and I had to pull $3,000 from two separate accounts. So know I'm a huge believer in having savings accounts even though I do have some credit card debt (which I'm paying on).
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Re: What do you do when you have a surprise expense?

Olivia ·
We try to anticipate large expenses and save accordingly. (Not always accurately.) Before we had a slush savings account to cover unexpected expenses, we would just skim off the accounts we had and cut back on cash purchases, like food and clothing until it was covered. Medical expenses are a whole different thing. When we had our first child, he was a preemie with a cataract. We spoke to the hospital and eye practice frankly about our financial situation. They were willing to accept...
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

Jobelle Collie ·
This is what I do to show people how to set up a basic budget. I ask them to email me how often they are paid, weekly, biweekly or monthly. I WANT NO ACCOUNT NUMBERS, just general info. Tell me your take home pay and how often. Then list generic items, rent, car, credit card 1, credit card 2, furniture, food and utilities. I plug these amounts into an Excel spreadsheet. I email it back, answer any questions. Once they understand the Excel spreadsheet, I DELETE the entire emails and...
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

AnnieB ·
I'm so glad that 2019 is OVER. In late 2018, we ended up with a layoff from a company after working for them for 21 years. It was in truck driving. We had just bought a house. 2018-2019 involved getting a new job. One that no longer paid by the load, but paid by the mile. That's been a real adjustment, because if the wheels ain't turning, you ain't earning. So we end up with variable income that can fluctuate as much as $500 per week. In an effort to try to balance the budget, I went back to...
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

AnnieB ·
Forgot to add: grown kids now pay rent, cover the utilities, and work jobs of their own. I work for a veterinarian.
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

dboothe ·
Great job AnnieB. Grown children should help out and learn responsibility.
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

dboothe ·
I'm retired, on a fixed income and so "out of the loop" on job openings and all the modern stuff you have to know how to do or (it seems) stand on your feet a lot. I worked at a hospital admitting job. Sitting was involved and inputting information into the computer to make a patients chart...address, phone, insurance info, etc. At that time the only requirement was a high school diploma and 6 months experience working with the public. I had been a dime store (pretty sure they don't exist...
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Re: Paying Off a Loan Early

Briana ·
I actually wanted to get a handle on my debt and loans too, so I started seeing a financial advisor who now holds me accountable for certain payments each month. It's really helped!
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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: Paying Off a Loan Early

Kirsten Cherry ·
That's awesome! My parents finally have a financial advisor now that they are in retirement and I think if they got one sooner they would have learned a lot!
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Re: Paying Off a Loan Early

Briana ·
I was pretty amazed by all of the things I was able to apply in such a short period of time. I also like the accountability piece - they give me pretty great goals to work towards!
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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?

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?

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?

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: 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: 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: 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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Re: Watts Zappening? (Saving Money On Energy Costs)

Kathy Luchka-Zahansky ·
Check with your utility to see if they offer rebates for upgrading to energy efficient appliances and/or LED light bulbs. Some utilities give them away for free. Some will even give you power strips that have a "sleep" mode if you forget to turn them off. They want to get load offline, so they are happy to help you reduce your KWH usage.
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Re: Watts Zappening? (Saving Money On Energy Costs)

Bonnie Squires ·
thank you
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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: 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
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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: Paying Off a Loan Early

Moore Income ·
I got a loan on a used car as well, it was terrible timing and also not my smartest financial decision. Looking back I wish I had kept my old Honda Accord which got much better gas mileage and is still running smoothly to this day. (Except for the fact that the person who purchased it from me messed up the front end a bit) The only decent decision I made was to get a loan through my bank instead of with the dealership so I am only paying around 3% interest. I have over 2 years left on the...
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Re: Paying Off a Loan Early

Briana ·
I'm currently looking into refinancing my car loan with a credit union because I've heard good things. The 3% is pretty incredible and it's what I'm shooting for! I currently pay 5% but it's worth trying to get it down a bit.
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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: Watts Zappening? (Saving Money On Energy Costs)

Moore Income ·
Thanks for all the info. It is something I guess I don't pay as much attention to as I should. I will have to take a closer look at my energy consumption now and see how I can save more energy.
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Re: Staying on budget - do controlled reward or “cheat” days help?

WITonks ·
I budget play money into my monthly budget. Every month, I take $60 out in cash to do whatever I want without having to explain anything to anyone. Once it's gone, that's it until the 1st Saturday of the next month. It makes it easy to stay on budget and permits me to cheat without hurting my goal to be debt free.
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Re: Staying on budget - do controlled reward or “cheat” days help?

Moore Income ·
I personally have not thought about that very much but I get where you are coming from. I guess though that having a "cheat day" for a budget seams almost counter productive since the point of a budget is to keep you on track financially. I guess technically you could try to develop some way you could reward yourself for staying under budget in certain areas and use the money you saved for something special but if you are working to pay off debt or something it might be a better financial...
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Re: Staying on budget - do controlled reward or “cheat” days help?

Theodora ·
@WITonks I love this idea. Thank you!
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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: Staying on budget - do controlled reward or “cheat” days help?

Nicole ·
We have an entertainment budget for the family & my husband & I each have money each month to do as we like. My husband uses to to pay his hockey fees & have the occasional beer with his team mates. I use mine for the extremely rare lunches with friends (maybe once every 2 months). I actually like the game of trying not to spend mine & keeping track of 'little luxuries' I get for free with rewards, apps, coupons, etc. Like free coffee days at 7-11 or coupons for free ice cream.
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Re: Staying on budget - do controlled reward or “cheat” days help?

The Saving Scientist ·
Hi Theodora, I've actually just written an article about this on my blog - feel free to take a look: https://thesavingscientist.com...financial-cheat-day/ I hope it's helpful!
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Re: Staying on budget - do controlled reward or “cheat” days help?

The Saving Scientist ·
Hi Theodora, For some reason, I'm not sure why the previous reply didn't post, but I wanted to pass this along based on the recommendation from one of the Admins from the Facebook group. I actually recently wrote an article about this and why I think it's important to plan for a financial cheat day. Take a look: https://thesavingscientist.com...financial-cheat-day/ I hope that it's helpful Have a great week!
 
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