Friday, November 11, 2011

Getting on a Budget

     I decided the other day to write down all of our expenses, so we can figure out where our money goes because it seems like no matter what we barely have much left by the time we get our next paycheck. After doing so I saw about half of our money goes to bills such as mortgage, car payment, phone, electric, etc... This is not including groceries, gas, diapers, or any other items. Still though after seeing that I feel like we should have alot more money in our savings. I'm just not sure where our money goes it seems no matter how much we make there is always just enough. Does anyone else have this problem? I decided for the next two months I am going to keep track of what we spend then try to set a realistic budget for groceries and other items. I'm not really sure how much is reasonable budget for a family of 5 to spend on food.I guess that's something I will figure out. Then after I see where our money is going I want to decide on a set amount to save. Right now we do have a small savings, but I would like to have more for emergencies and other things that pop up.
    Overall I guess I feel there is just a lot of money that seems unaccounted for because I really don't buy myself new things often and we haven't been eating out much, so we'll see where it's been going. I remember reading somewhere that most people even if they are rich still feel like they have no money and think if they just made a little more that would be enough. What would be your family's perfect amount to earn in a year to feel comfortable or do you already? Also if anyone has any budgeting tips I would love to hear them.

5 comments:

  1. You definitely live to your income. My parents, who are incredibly well off, continue to gripe about their lack of funds and how much difference a 'little more' would make. Now that I'm out on my own, I can't figure out what they need to spend all that cash on.. but then my Mum buys all tops brands, eg $20 Body wash from a fancy store rather than the $4.00 pump pack I buy at the market..

    I've been trying to draw up a budget the past few weeks. It's really hard! My original groceries estimate was WELL below what we need to spend to eat.. I can't imagine trying to figure it all out for a family of five..

    I think the best thing you can do is pick how much you want to save per pay period and transfer it straight into a savings fund.. trying to save whats left at the end of the week never works (for me anyway).
    For the past fortnight, we have been carrying around notebooks and writting down every dollar spent. It has quickly made us realise where a lot of the extra cash was going.. just little things but they add up. By the second week, knowing we had to write it down made us more reluctant to spend to begin with (eg. my sneaky soda on my lunch break).

    The other thing my Mum always taught me was to sit at the start of each year and write out a Birthday/Gift list.. so sort into each month who you need to buy gifts for.. there's always one or two you didn't budget for (esp. when your a 20 something and ALL your friends are pregnant) but it does help you keep tabs on how much you need to spend and encourage you to start shopping advance and getting gifts at a better price..

    I know there's nothing major in there but maybe some stuff to think about. good luck with your budget plans!

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  2. Hi, I'm a new follower w/ GFC from the Lots of Lovin' hop. Hope you follow back. Cheryl
    http://hearttoheartathome.blogspot.com/

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  3. Hi - Yep, if you add it all up - money easily flys out the window...good idea to keep track for awhile...

    Following you from Keepin' Co. Thursday - hope you will follow back :)

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  4. I think I may take your advice and write down what I spend...wish I could do the same for my husband.

    Following you from the Wild Weekend Blog Hop.

    http://www.TheExhaustedMom.com

    Alexis

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  5. I have just passed on an award to you. The details are on my Blog here:
    http://my-bloggityblog.blogspot.com/2011/11/i-received-award.html
    Have a Bloggety weekend! Also I follow you on GFC please follow me back!
    Kim
    Bloggity Blog

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