Do you have a budget?

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[Post New]09/30/2015 09:14
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sony
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Anonymous wrote:
Anonymous wrote:Yes, definitely have a budget. HHI 195k.

I agree with the PP who wrote about a budget just telling your money what to do. I also listen to Dave Ramsey - and I'm a 30 something year old Democrat and black woman. His financial advice is solid. I truly believe that no matter how much you make, you have to know exactly where your money is going.

When we spend our allotment for a category, we generally stop spending. There are times when we tweak it and move money around to cover unexpected expenses, etc. (Not just serious expenses, but fun ones too, like brunch with friends). But, we can do that comfortably b/c we're not overspending every other month.

I'm very surprised at the amount of people who don't have a budget that responded.


How do you just stop spending when you reach your allotment? What if you needed something?



In my case I've learned to question myself if what I "need" is just something that I "want". If I really need it, I take it from a different category but it is rare. It wasn't easy at first but now I am good at differentiating between the two. Our biggest challenge like most people here is eating out and groceries, but we are slowly getting better.
[Post New]09/30/2015 11:35
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Anonymous
No, we have no budget. Our expenses are about 25% of our net income, so we don't need one.
[Post New]09/30/2015 12:13
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Anonymous
Yep, we have various amounts budgeted for everything from food, person spending, commuting to gifts and holidays. If we NEED something and there isn't enough money in that specific allotment then we'll "float" it some money (or borrow from another account).
[Post New]09/30/2015 12:16
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Anonymous
No budget here. Our early penny-pinching ways have served us well today. But really we have everything we need and nothing that we don't. ZBB!
[Post New]09/30/2015 16:49
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Anonymous
Anonymous wrote:
Anonymous wrote:Yes, definitely have a budget. HHI 195k.

I agree with the PP who wrote about a budget just telling your money what to do. I also listen to Dave Ramsey - and I'm a 30 something year old Democrat and black woman. His financial advice is solid. I truly believe that no matter how much you make, you have to know exactly where your money is going.

When we spend our allotment for a category, we generally stop spending. There are times when we tweak it and move money around to cover unexpected expenses, etc. (Not just serious expenses, but fun ones too, like brunch with friends). But, we can do that comfortably b/c we're not overspending every other month.

I'm very surprised at the amount of people who don't have a budget that responded.


How do you just stop spending when you reach your allotment? What if you needed something?


All needs are incorporated into the budget...down to getting our hair done and haircut
[Post New]09/30/2015 17:26
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Anonymous
Anonymous wrote:No budget here. Our early penny-pinching ways have served us well today. But really we have everything we need and nothing that we don't. ZBB!

Love ZBB!
[Post New]09/30/2015 19:34
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Anonymous
Anonymous wrote:270k HHI. No fixed budget, though we allocate to checking and savings based on expected monthly spending. Take from savings for anything unique/that exceeds.


This. If we have to move money from savings to checking, we know we "overspent" that month. But our savings amount is aggressive, so if we are over a little on spending, it's ok. Some months we underspend by a lot. It's hard because some things are not monthly expenses, such as real and personal property tax, home and auto insurance, which are all 2x a year. So the months those hit are big months, as are the months we buy flights or vacation packages.
[Post New]09/30/2015 19:36
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Anonymous
No. There's a big pile of money I just nibble from. If it ever goes down noticeably, I'll build it back up or budget/track.
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