Thursday, January 9, 2014

Budgeting bust

Oh man.. I have some exciting things in the works to share with you guys! I can't wait to tell you all about them!

I talked a little bit about my resolutions for this year, but I left something out. I started budgeting even before we were married. We don't use any credit cards, and the only debt we have is student loans and our house- so we were on the right track to begin with. I've tried making monthly budgets ever since we've been married, but we just don't stick to it. I haven't paid as much off on loans as I've wanted to, and we keep spending money in areas we shouldn't. SO. I decided to do an envelope budgeting system!

I started off with Dave Ramsey's envelope system. To start out the new year I planned for the entire month of January. I divided up our money into different envelopes, and that is the ONLY money we can spend for the month. As soon as I spend any money from that envelope, I track how much I spent, and how much is left. When it's gone, it's gone. No more using our debit cards for everything.
 This has worked really well except for three things. 1. I have all the grocery money, and sometimes I ask Drew to stop and grab an ingredient I forgot for dinner. 2. The envelopes are already ripping. 3. I have change and cannot put them in the paper envelopes. I have a solution for number 2 &3 (Coming soon!!) but I'm still not sure to do about the first problem. I don't really want to split the money between us, since it's only once or twice a month I ask him to do this. Maybe I should just keep out $10 or so a month for him to keep in case something like this happens.
Do you budget? What do you suggest?

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  1. What I actually do is a digital version of the envelope system--not using actual envelopes, but separating all the money we earn and allotting it into the appropriate sections in an account book, and then just writing down everything I spend in each category and subtracting it as I go. To some people it would seem more complicated, but my mind works better being able to see all the numbers at a glance rather than just all the envelopes with cash in them.

  2. I've done envelopes before and I always kept some money out for "extra" or "emergency". Split that amount between the two of you so Drew has something with them on these occasions!

  3. I also do the Dave Ramsey Envelopes. I agree that they rip very easily. I find it easier to use the envelopes that they give "on the side" for my most used categories (groceries) and keep that seperate. The change, I put in my pocket and it goes in a jar at home. I don't ever spend change. (I went on vacation one year with all the change I saved up)


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