Tagged With "budgeting"

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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 This may sound a little bit outdated, but it’s still the structure, on the whole, of the American Dream.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...
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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Watts Zappening? (Saving Money On Energy Costs)

Men On A Budget ·
Did you know that the average cable or satellite TV box with DVR costs around $8 a month to have on 24/7? Did you know that some makes and models of these boxes use more or less than others? Did you know that many states have deregulated energy costs, allowing consumers to shop for lower per kilowatt hour rates? Did you know that there are simple swaps we can all make to reduce our usage? That's as true with electric as water as natural gas... and some swaps to habits can add up to huge...
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How I Live On 50% Of My Net Income

Rob Loftus ·
When I saw the light New Year’s Eve, 2017. Uninspired, broke, living paycheck to paycheck. While trying to celebrate the coming of the new year, in my very first tuxedo, and at a very nice winery, I found myself miserable. Most noteworthy, my amazing mother, who was visiting and I hadn’t seen in years due to living a few thousand miles from one another, is a VERY upbeat and positive ray of sunshine. As a result, she, AND my realization I was failing at ‘adulting’, were my catalyst for...
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How Did Your Upbringing Shape Your Relationship with Money?

ERoberts ·
Growing up with divorced parents allowed me to experience the benefits and consequences of two very different financial journeys. It was fascinating to watch how my mom and dad navigated their finances with one thing in common: me. My dad: an OG penny hoarder with a military mindset of caring for everything to make it last almost too long. My chores included carefully folding t-shirts, polishing our wooden tables "never against the grain", and passing him tools as he laid under our cars to...
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For Richer or Poorer: Share Your Thoughts on Joint Finances

ERoberts ·
I know that it is customary to join bank accounts after saying, "I do"...but what about for those who don't want to? Marriage isn't on the horizon for me anytime soon, but I am curious about how your relationship with your partner and your money changes after deciding to join forces. I have a few questions, too: Do you take on your partners debts? Does this affect your credit score? How do you justify purchases that your partner does not support? I want to hear the good, bad, and the ugly. GO!
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Grocery shopping for lower prices

Isabel ·
I am presently driving to and shopping 3 different grocery stores to compare prices. Publix, Walmart and Aldi's. Walmart and Aldi's are pretty close in price so I am realizing it might not be worth driving to Aldi's just to save a few pennies, plus their inventory is very small compared to Walmart's. I love Publix the best but their prices are so high. I guess I am paying for good customer service and good products. Walmart CS is horrible. Aldi's is good if you can find someone. Example: 2%...
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What do you do when you have a surprise expense?

Melissa ·
What do you do when you have an expected expense? Do you pull money out of your savings to pay for it? Or do you put it on your credit card?
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School Fundraisers

FreebiePharm ·
As a mom of 3, I usually do not participate in most school fundraisers, but still feel guilty. Does anyone set this into their budgeting?
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Cutting the Cable Cord - how to save $ and cobble together the right streaming services

Virginia J ·
Just read the 'Cut the Cord' article by Kelly Gurnett on Penny Hoarder today. It's very true that people are spending at least $1200 per year on cable and hate the fact that they are forced to pay for channels they don't want and don't watch. But with 200+ streaming services out there, it’s difficult to figure out which streaming services to use. So I thought I'd pass along that there is a free website and app called CobbleCord, which helps you cobble together the best combination of both...
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Grocery Shopping - How far away is your usual store?

Former Member ·
I'm working on an article about food deserts: areas where there's limited access to fresh food. It's making me think more about those trips to the grocery store that I take almost on autopilot. Did you know that just 10 years ago, more than 2 million Americans who didn't own cars also didn't have a grocery store closer than one mile away? I gripe about doing this weekly task, but when it comes down to it, it's not a strenuous one for me to complete. I'm curious how far you go to do your...
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Does anyone have creative ideas for teaching their kids about budgeting?

TiffanyConnors ·
Hi all, I'm curious if anyone out there has tried teaching their kids about budgeting. I have a 10-year-old who's (fairly) good about dividing her birthday money into saving, spending and giving categories. But somehow her "spending" amount disappears quickly, and she can't seem to get the idea that just because you have the money doesn't mean you need to spend it that month. Anyone have creative suggestions for handling this? Thanks!
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Everyone fails. The trick is...are you learning from it?

Rob Loftus ·
For those of you that have read my posts here, or visited my blog, then you know I was tired of living paycheck to paycheck and wondering where all my money was going. I got on a budget, using Dave Ramsey's EveryDollar budgeting tool, which is free. I stumbled a bit at first, learning true restraint and impulse control. As I became more focused and aware of the state of my finances, I couldn't believe how much money I had left at the end of each month! I got to a point where I was living off...
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Step to take to plan a business trip

Kristy Hoy ·
I have ADHD and I have some many squirrels in my head when I plan something. I need basic steps to plan a trip from my home to the place I'm going. I also have some traits of OCD. This has prevented me from alot. I'm on a budget. I don't know where to start to look up the plane and where to stay. Too much information and I'm overloaded. Thank you for your time and help.
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The envelope budgeting method - Does it work?

Briana ·
Popularized by personal finance guru Dave Ramsey, the cash envelope system encourages you to toss aside your cards and rely solely on pre-labeled envelopes full of real, physical money. . Here’s how it works: 👇 ◾️ Take out a set amount of cash at the beginning of each week. ◾️ Set your budget, and divide the cash up accordingly. ◾️ Put the cash into labeled envelopes for each of your weekly spending categories. (This shouldn’t include fixed expenses like your rent or monthly car payment —...
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How do you "budget" when taking a Vacation?

Lucy ·
We all need a break from daily life at least once a year? How do you cut costs when vacationing? I noticed one time when we went to Disneyland families brought in their own lunch - so we started brining an ice chest with us on vacations so we can have lunch on our own. (We do splurge on dinner however.. I mean you have to live a bit - especially on vacation!!). I also like cruising because food is one of the biggest expenses while vacationing and you can do a 4 day cruise - with food and...
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What is everyone's favorite budgeting method?

Melissa ·
As the new year approaches, I have been thinking about new budgeting methods. Any advice?
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Budgeting for 2019!

Rob Loftus ·
I Resolve To Budget! Everyone wants to start off the New Year right, in one form or another. One out of the top 20 most common New Year's resolutions is to start a budget. Starting a budget is a popular resolution that many have difficulty accomplishing. Keeping this resolution often requires a major reduction of people's comfort and conventional habits which is something many people don’t want to give up. However, nothing good worth doing is going to come without sacrifice. So, do you feel...
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Paying Off a Loan Early

Kirsten Cherry ·
The very first loan I ever got was for a used car. I had found out I was pregnant a few months prior so my husband and I went to the local dealership to find a good deal on a safe and reliable “family car”. I wouldn’t say it was the best financial decision we ever made, but we love our Pilot and now we would love to pay it off. I just did some calculating and with just my side hustle money, I will be able to pay it off over 2 years early, saving about $1000 in interest. And that is with me...
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A Free Resource to Make Budgeting Easier

The Saving Scientist ·
Hi Penny Hoarders! As a means to better track my own spending and sort our my financial priorities, I recently developed a budgeting Excel sheet that is unique in several ways: 1. It allows you to select your currency and year (making it customizable based on where you live and a template that you can use year on year) 2. The overview page allows you to enter your budgeted amounts and has hyperlinked buttons for each month of the year, allowing you to hop around and see how your spending has...
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Can Budgeting Come with Baggage?

The Saving Scientist ·
Similar to how we enter into new relationships with some of our own baggage, we tend to do the same with our relationship with money. One area that often carries the most is budgeting. If I can draw parallels with emotional baggage, our mindset about budgeting may simply be caused by our unwillingness to address unresolved issues and fears. Is the stress of creating a budget caused by the fear of having to face the amount of debt you owe? What if it’s too overwhelming? Are you delaying your...
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Debt Pay Down Tool - Now THIS is Cool!!!

Men On A Budget ·
Without question, the biggest budget buster than my wife and I uncovered in our Penny Hoarder journey was the ridiculous amount of credit card debt and the accumulation of interest being charged on the interest, month after month. Have you added up the total of minimum payments and the amount of interest alone from just one month? We were aghast at how many of today and tomorrow's dollars were going to pay for yesterday's expenses... hundreds and hundreds of dollars each month. We found a...
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Earn. Save. Invest.

Moore Income ·
This is the simple 3 step approach I have begun taking with my finances and what I believe are three keys that lead a person to financial freedom. If you read any of my posts here on the forum, you will constantly hear me mention the phrase "create a better financial future". This is becoming my goal in life, to create a better financial future for myself and in turn to help others do the same. To do this, I am taking this 3 step approach which I will be sharing more in detail in future...
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School Lunches - questions

Nicole ·
Does your child's school offer optional purchased lunches & snacks? Do you budget for your child to participate? My children's school has optional $2/slice pizza every Tuesday and has a optional hot lunch once a month plus some other days of optional popcorn, hot chocolate, etc. These are fundraisers for the school. I do allow my son to purchase the pizza sometimes. I find that the hot lunch days are very expensive at a minimum of $8 each, so he has never participated. The school also...
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Staying on budget - do controlled reward or “cheat” days help?

Theodora ·
I liken budgeting to weight loss regimens. Knowing that the feeling of deprivation often leads to failure - does anyone have any tactics to weave rewards into the budgeting or saving process that are motivators (& reprieves) to stay on track? Or, is this just a bad idea that leads to self-sabotage and disaster? Discuss!
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Do you budget in for gift?

Bonnie Squires ·
i was wondering if any one budget in for birthday,Christmas or any other gifts? All so do you buy things on sale or buy gifts all year round. If i can get a good deal I'll buy a gift ahead of time. Like now the dollar store having 70% and 90 % off different things. Some things I can get for my grand kids now for birthday and Christmas gifts. Which doesn't cost much. Most things are .03 cents to .10 than bigger things or name brand like froze are $1:30 or a little more. I usually just use my...
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Credit Cards Good For Emergency Fund YAY or NAY?

Bonnie Squires ·
Do you think its good to use credit cards for an emergency fund? I my self say no. Save money up for emergency. Here my story. Reason I say no is I'm in 12k credit card debt. Why because I had nothing saved up. I had all most all our kids living with us. Yes they did help out but every thing went into the house for bills food ect. Well last year I wasn't expecting my husband to have a heart attack. Yes I was working and did get a small amount from SSI. But once my husband had his heart...
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Stop the Paycheck to Paycheck Cycle by Being Mindful of Your Financial Habits

The Saving Scientist ·
How’s this for a truth bomb – the life you are currently living is mostly the sum of all your habits. Read the following article to find out 10 financial habits that may be getting in the way of achieving your long-term goals: Stop the Paycheck to Paycheck Cycle What are some habits that you've discovered that get in the way? I'd love to hear your own experiences.
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Have you tried the Zero Based budgeting method?

Briana ·
Has anyone used this budgeting method before? How have you (if you've done it) or how would you alter it to work for you?
Topic Featured

Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

Briana ·
Budgeting isn’t easy. But whether you’re trying to cut spending to save for that new house or you’d like some extra money to put towards your credit card debt, establishing a budget that works for you is essential. Which is why we’ve created the Budgeting Bootcamp experience. The bootcamp is a two-week program that will teach you how to establish a budget from the ground up and then actually stick to it. Every couple of days you’ll receive helpful tips and tricks for creating your own...
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

laughing broke ·
That sounds great. I have been married for 28 years and my husband has gotten laid off so many times it has been hard to build up any savings. Plus, we each had daughters from previous marriages and my ex-husband, who was supposed to pay child support, didn't, and my husband responsibly paid $300.00 per month regardless of our money situation. I worked up until I had our first son, and then I stayed at home. When he started school, I went back to work. Eight years later when I had my other...
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

BJLEE ·
Why can't current email subscribers participate in the bootcamp?
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

Briana ·
At this time, we're only rolling it out to new newsletter subscribers. But we will absolutely consider others in the future! If you have any ideas, I'd love to hear them =)
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

dboothe ·
Why withhold Budgeting Bootcamp from anyone on the site who is interested and in need of this information? Why should people struggling to pick up a bit of information here have to wait and brand new people get the whole bootcamp?
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

Briana ·
We completely agree @dboothe which is why we have another one that will be available to all members coming soon!
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

Meganwalker73 ·
I don't understand why the budgeting bootcamp wouldn't be available for everyone. Why make people wait for what they need?
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

Briana ·
@Meganwalker73 we hear you! We do have one coming soon, but while you wait, we have a great resource that you can take a look at: https://www.thepennyhoarder.co...ademy/budgeting-101/
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

R Hopkins ·
I'm in content and community marketing also, and it's a huge customer service mistake to make a new, permanent offering available only to new members. I guarantee you're going to lose existing subscribers. Starting with me, possibly. You're messaging us that your entire business plan is focused on churning through new subscribers and not providing quality content for the ones you already have. Plus, if you're going to do launch something for new subscribers, why announce it to existing...
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

Briana ·
Hi @R Hopkins completely understand where you're coming from! However, this is just a pilot that we're soft-launching to new email subscribers. We're working on another iteration for a wide release. In the meantime, the content is still available to ALL community members in our Budgeting Academy course where you can receive the same kind of content: https://www.thepennyhoarder.com/academy/budgeting-101/ I thank you and value your input here!
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

Briana ·
Also, we do have a resources tab here in the community where you can view all of our academy courses and more helpful content: https://community.thepennyhoarder.com/pages/resources
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

AnnieB ·
Unfortunately, I think that you have a marriage problem that is manifesting itself as a financial one. You have a husband who wants to spend what he wants when he wants to, with no regard for your (joint) finances and your feelings and stress level. I would recommend marriage counseling - IF you want to save your marriage. If not, separate your finances and don't give him access or knowledge of anything you are squirreling away. Talk to a lawyer who can advise you of the laws in your state...
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Re: Ready to create a budget that you can stick to? Our Budgeting Bootcamp group has officially launched!

dboothe ·
I absolutely agree with Annie B. Then you can begin to get your finances in order. Your husband has dug a very deep hole, but you can dig out slowly. First and foremost, no co-signing for ANYONE once you get back in the black, EVER! Then you can use all the good information on here, like pay yourself first. Start a savings and even if it's only $5 a pay to start, DO IT! As you get things under control, you can raise it. So much good information on here, but you have to either get counseling...
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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: 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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