#1: Making or Redoing the Budget & #2 Envelope System
A Bowl Full of Lemons is kicking my back side this week. I have been meaning to get our finances together and everything in one place for some time now. With this weekly challenge I am able to be accountable for that. Which means, I am getting it done.
One reason that I really want to do this is so that my husband can be a bigger part in our family's finances. He knows what is coming in and going out but not any details. With everything written down on paper and an explanation of each cent, I think, will be very helpful. It will also allow us to communicate about our finances much more purposeful. So, I found a few ways that work for my family.
In our Home Management Binder I have a finances section. This has a monthly list of the bills that we have. Once those bills are paid the amount is written in that month's square for that particular bill. It took me a few months to get his down and remember to do it but I have. Then I have a running list of our debt.
The list includes our vehicle, 4-wheeler, medical bills, and bills that are from a not so great financial season when I first got married. Needless to say, 20 and a credit card... NOT a good mix. So, we are paying off that debt now as well. We do not currently have a house payment and we do not have a credit card ( nor will we ever again). A lot of people it may seem like a very small amount of debt but to our one income family it seems huge.
This note book is small enough to carry in my purse, so it goes with me everywhere. When I make a purchase for groceries or whatever it may be I write that purchase down. If I wait until I get home and write all the amounts down from receipts I get a little crazy headed during the day. I don't enjoy not know where every cent is. Like I said, crazy headed. This is a system I have been using for nearly a year. It has worked wonders for my family but mainly me! I have gotten caught up on the monthly bills and that feeling of not being behind, even if a week is amazing. Such a relief of stress and worry. I know that God has all things under control, yet I still would worry.
NOW, I still keep my notebook but I am making an envelope system on paper yet keeping my debit card. My husband is not on board with cash on our person all the time (nor am I considering friends purse being stolen right in daylight in parking lot. NOT COOL), if it's left at home then it can't be used to pay bills, groceries, etc. SO, on paper we have each item written down and how much goes in that 'envelope' for the month. YES, I know. The money is in the bank and not in the envelope. I know. :) I had to adjust to what my husband needs as well. We only are able to use our debit card for the amount alloted just as if it were cash. The point is to save some money, pay off some debt, pay your bills and provide for your family!
So, this is our budget. It works and I pray it continues to work. If you are making your own budget just be sure it caters to your needs and not those of other fellow bloggers. Tweek it so you are on track with where you are in your life. You can include envelopes such as: Mortgage, Car, Insurance, Utilities, Cell Phone, Internet, Loan Paymetn, Savings, College Fund, Christmas Fund, Birthday Fund, etc., etc. There are so many options.
Next will be the Budget Box! I can't wait to get mine completed! This will be SO much easier or SO organized! Thank you Toni at A Bowl Full of Lemons for kicking us into high gear! :)
Blessings,
One reason that I really want to do this is so that my husband can be a bigger part in our family's finances. He knows what is coming in and going out but not any details. With everything written down on paper and an explanation of each cent, I think, will be very helpful. It will also allow us to communicate about our finances much more purposeful. So, I found a few ways that work for my family.
In our Home Management Binder I have a finances section. This has a monthly list of the bills that we have. Once those bills are paid the amount is written in that month's square for that particular bill. It took me a few months to get his down and remember to do it but I have. Then I have a running list of our debt.
The list includes our vehicle, 4-wheeler, medical bills, and bills that are from a not so great financial season when I first got married. Needless to say, 20 and a credit card... NOT a good mix. So, we are paying off that debt now as well. We do not currently have a house payment and we do not have a credit card ( nor will we ever again). A lot of people it may seem like a very small amount of debt but to our one income family it seems huge.
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| It is nothing fancy... but what is working for my needs. |
I have an envelope system but most of them are empty. Once our bills our paid we have very little left for necessity such as groceries and so forth. SO, we are watching every dime to make sure we get the most out of our income. I also have a notebook that has a page for each month. The page contains a table with the monthly list of bills. The table has the bill, how much it is, when it is due and if it has been paid yet. Then there is a table under that one that contains this months extra things. Example: March we have to renew our car tags and my son has his Spring School Pictures, Year book purchase, and Spring Break (extra food in the house with a hungry 8 yr old). :) The table has the item/activity, the date it needs to be paid by and the amount. On the right side of the page I have a list that is pretty much my check book register.
This note book is small enough to carry in my purse, so it goes with me everywhere. When I make a purchase for groceries or whatever it may be I write that purchase down. If I wait until I get home and write all the amounts down from receipts I get a little crazy headed during the day. I don't enjoy not know where every cent is. Like I said, crazy headed. This is a system I have been using for nearly a year. It has worked wonders for my family but mainly me! I have gotten caught up on the monthly bills and that feeling of not being behind, even if a week is amazing. Such a relief of stress and worry. I know that God has all things under control, yet I still would worry.
NOW, I still keep my notebook but I am making an envelope system on paper yet keeping my debit card. My husband is not on board with cash on our person all the time (nor am I considering friends purse being stolen right in daylight in parking lot. NOT COOL), if it's left at home then it can't be used to pay bills, groceries, etc. SO, on paper we have each item written down and how much goes in that 'envelope' for the month. YES, I know. The money is in the bank and not in the envelope. I know. :) I had to adjust to what my husband needs as well. We only are able to use our debit card for the amount alloted just as if it were cash. The point is to save some money, pay off some debt, pay your bills and provide for your family!
So, this is our budget. It works and I pray it continues to work. If you are making your own budget just be sure it caters to your needs and not those of other fellow bloggers. Tweek it so you are on track with where you are in your life. You can include envelopes such as: Mortgage, Car, Insurance, Utilities, Cell Phone, Internet, Loan Paymetn, Savings, College Fund, Christmas Fund, Birthday Fund, etc., etc. There are so many options.
Next will be the Budget Box! I can't wait to get mine completed! This will be SO much easier or SO organized! Thank you Toni at A Bowl Full of Lemons for kicking us into high gear! :)
Blessings,
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