Budgets?

JulesET

Who has a household budget that they follow? I need to create a budget for my family but I have no idea where or how to start. What is the best way to do it? Excel? Anyone able to help or provide any guidance would be much appreciated. Thanks!

Pandril19

I have an Excel based budget that I update with each major change (income or expense).   I then enter it into Mint and actually track how we're doing against it there.

Mine is a zero-based budget, so in the end I force inflow to equal outflow with planned savings/debt payoff goals.  I try to include both recurring and infrequent expenses.  

Mine's got a lot of categories, but I've been tracking spending for ages, so I had the history to do so.   I use it as an exercise in making sure my planned spending matches my beliefs/values (i.e. I believe in travel more than video games, so I should have more money allotted to it.)

I would be more than willing to share a blank version of my template, but there's all sorts of methodologies out there.

Pandril19

I personally dont treat cc payments a single item... I look at the underlying type of expense.  So Groceries and gas have an amount in my budget.   The fact that I put them on one or different credit cards and pay them off is just a mgmt method.  

If one had CC debt that wasnt "current", I would have a category of "debt repayment" and allot what i wanted to pay off the balance (above the current expenses).    The ultimate goal is to cash-flow all your current expenses as well as pay off the older balance eventually.   Does that make sense?

Pandril19

But at some level you have to have a budget that shows your current expenses vs your current income to make you sure you'd not digging a deeper hole and guage how fast you can get out of your current hole.

Pandril19

@andreab7412 - PM your email and I'll send you a blank version.   It can easily be made simpler if you like.

 

 

lewispm

MH handles most of our budgeting so I don't really have any advice.

He usually gives me an amount per week to use on groceries/household items and then I get a budget of "misc" $ to use on my own stuff like taking K to the zoo or out to lunch or buying myself some new makeup and what not. He's not anal about it if I go over, but I usually stay under it unless something special comes up.

JulesET

Thanks everyone. I am going to work on something tonight! @pandril19 pm sent

StokedWifey

My husband is a CPA, so our budget spreadsheet is RIDICULOUS.  All we have to do is put in our salaries and expenses and Excel does everything for us.   When he made the budget, we really saw how bad we we

We were spending A LOT on groceries and miscellaneous shopping, so we started a cash system.  We live off of cash except for recurring bills, so each week, I get out a certain amount, divy it up between MH, Bryson (clothes and toys), my personal and household.  That way, our spending is very controlled.  

We also set a budget on Mint so we can track if our fixed bills, gas, etc. change any.