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When you start a new budget or restart an old one do you have a set date that it goes into effect or do you apply the changes the next day?
Do you wait for a paycheck or a specific event?
How do you decide?
My husband gets paid only once a month so it makes doing the budget really easy because we have all the money and all the bills at once rather than trying to figure out what bills have to ome from which checks, etc.
Then when I get paid that money goes into savings. I SAH and have been watching a little boy 2x a week and soon I will be watching him and his baby sister.
We are getting ready to start a new budget and I'm waiting until his first paycheck of next month, which will be the first week of July. This week we're selling some items to helps us catch up on a couple past due bills so I want to start fresh next month with his first paycheck.
Also, next month will be the first time that he gets a bonus check from his job.
We try to start on a paycheck. I know which ones have more extra and try to start then just for ease of the budget. This time we are starting on the First of July for ease of our goals/budget. We have set 1 year goals so we wanted a nice round start date.
I noramally would start the next pay day. But we are behind on some bills right now, so we need to catch up before implementing the budget. Luckily we made some major changes that frees up an extra 1200 a month so we should be able to catch up ok. I plan on starting the second week of July. but i have made changes to my spending, eating at home more etc.. and am keeping all receipts.
When I have had to restart, it's because I wasn't following what we had decided on. If I didn't restart right away, then we'd keep slipping. What I do is plan out our budget and then plan paycheck-by-paycheck how we are going to get to that point. We start with what we are already spending and then have goal amounts to spend. My job is to get us from point A to point B and figure how it's going to work with the upcoming checks.
__________________ Joanna wife, mother, blogger, support group leader, perpetually behind on laundry
I have a monthly budget on excel that I reset each month. There is a column for each pay check. Under that I sort when the bills will be paid. When the bill is paid I highlight it in red. Certain "bills" like diapers, cigarettes and gas are done every other week. A few times a month I go in and adjust what we did and didn't pay.
I do a new budget every month - all done via excel. I figured out at the beginning of the year which paychecks get applied to which months (I set my budget to live on 2 paychecks a month). The extra paychecks go into our rainy day savings to cover things unexpected expenses.