How do I get started on a family budget for monthly expenses?
I have a budget plan that I would like to stick to, but I don’t know how to go about starting it. Currently we live very paycheck to paycheck and don’t have a “cushion” at all. My husband and I are paid every two weeks, on different days. All my bills are due on different days throughout the month. How can I realistically start my budget?? If I have a mortgage and car payments due on the 1st of the month but I am not paid until the 7th or 8th how do I make those payments? I just can’t seem to get it started, but I really want to..because it will help out in the long run. We have tons of money that just *disappears* right now and the budget will help. Suggestions????? Thanks!
We did the same thing. First thing to do is invest in a box of pencils, a sharpener, and a yellow (or white) legal pad.
Then start writing.
Start with the income. List your paychecks at the top-AND THE DATES YOU GET PAID.
Then start listing the bills, prioritized. Rent, utilities, food, all the way down to cable and newspaper subscriptions. Include the dates they’re due.
Then parcel out the "left over". Save some. Spend some. Ideally every dollar will have a name. This way you know EXACTLY how much you have to spend and you can ask yourself when you’re trying to decide to order Dominos or get a cheapo pizza from the grocer whether it’s worth taking money from savings to buy Dominos.
It’s working for us. We’ve paid off 40k in 5 years and 10k away from being completely debt free–should be by next Christmas.
First step in starting a budget is to track your expenses. So, start there. Document every single expense, from mortgage payments to lunches. Once you know where the money is going, you can figure out where it should go. You’ll be amazed at where you spend your hard-earned dollars.
If you’re in immediate financial trouble, consider canceling or reducing some "subscription" costs. Look for a lower cost internet provider. Drop the cable or satellite TV. Look at your phone bill and get rid of the special features. You can live without a cell phone, believe it or not.
With gas prices,good luck getting a budget and sticking with it. Call your banks and tell them you want to switch your payment due dates. I bet they will be happy to assist you.
Well, first you should add up ALL of your expenses that you have monthly. Toilet paper, food, toothpaste, etc. Basically anything you know you are going to buy all the time just write it down and the cost of it. If you would like to help save money start buy cutting the cost of those things like buy the cheaper brand or buy in bulk. Also you should set a day every month when you would go shopping for ‘necessities’ and only spend what you have to. After you have that established go from there. You have to start small in order to save in the long haul! It’s hard but trust me it will work!! You’re savings account will increase!!!