What keeps you motivated to stay on budget?

JaysonandKristin · July 2010

DH and I have made budgets, scratched them, started over, scratched them, so on and so forth ad nauseum... The ONLY time we ever stayed on budget was when we were getting ready to buy the house.

Now, there doesn't seem to be a "goal" to look forward to. Help me out!! What keep you girls on track? Do you have strategies (like little incentives when you reach milestones or every $1,000)?

Thanks!

ESD_0707 · July 2010

The incentives idea is a good one! We haven't done this, but DH has suggested we take out cash for our spending (other than bills), and when it's gone, it's gone. We also are now considering starting a college fund for DD, so that will take some extra savings on our parts.

finally_mommy2b · July 2010

do you have debt? it could be to pay that off. or pay off a car, or to pay an extra mortgage payment a year.

personally, our goal is to get $20,000 in savings. so we work towards that. every time we take out of savings for anything, we have to really think about it and always make a plan to make that up.

go to mint.com and they can help you make a budget and something to plan towards. and they link up to quicken, so you have all your spending right there. you can see what you spend your money on, it gives national averages, and can help you set a goal. and it's free best part

lifesadance · July 2010

My incentive is being able to pay the mortgage. )

We don't have laid out incentives but when we've been doing well for a while we splurge a little together: we'll buy something new for the house or do a little mini-home improvement, sometimes it's a date night or mini vacation/weekend trip. I think of it like dieting... every now and then you have to let yourself eat the brownie or else you'll fall totally off the wagon from deprivation. Saving is good but you need to have fun and live a little too.

JaysonandKristin · July 2010

finally_mommy2b:
do you have debt? it could be to pay that off. or pay off a car, or to pay an extra mortgage payment a year.
personally, our goal is to get $20,000 in savings. so we work towards that. every time we take out of savings for anything, we have to really think about it and always make a plan to make that up.
go to mint.com and they can help you make a budget and something to plan towards. and they link up to quicken, so you have all your spending right there. you can see what you spend your money on, it gives national averages, and can help you set a goal. and it's free best part

No, no debt. That was one of the things we got rid of before we bought the house. OK, so we have the mortgage, and the one car, but that's it.

Why $20K? Is that just your comfort level?

finally_mommy2b · July 2010

JaysonandKristin:
finally_mommy2b:
do you have debt? it could be to pay that off. or pay off a car, or to pay an extra mortgage payment a year.
personally, our goal is to get $20,000 in savings. so we work towards that. every time we take out of savings for anything, we have to really think about it and always make a plan to make that up.
go to mint.com and they can help you make a budget and something to plan towards. and they link up to quicken, so you have all your spending right there. you can see what you spend your money on, it gives national averages, and can help you set a goal. and it's free best part
yeah. we have a home in hawaii that we are renting out, and so we want to have a nice cushion in case something happens (which has already happened =/ ), and it's a number that makes up feel "safe" in case of emergency.
No, no debt. That was one of the things we got rid of before we bought the house. OK, so we have the mortgage, and the one car, but that's it.
Why $20K? Is that just your comfort level?

MiraclePending · July 2010

It should be to have a 8-12 month emergency fund. You never know when something might happen like an injury, job loss, etc. DH works for himself, and while great for flexibility, also means that we wouldn't get any unemployment for him should his projects suddenly end. Just always keep in mind that you don't know what tomorrow brings.

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