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Who has a budget?


Forum: Financial Planning and Budgeting

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  #1  
August 26th, 2007, 07:26 PM
MandiK's Avatar Platinum Supermommy
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http://www.bankrate.com/brm/news/Financial...=1&caret=4a

Here's an article from Bankrate about a study they did of who in the US believes in the concept of budgeting. Check it out, tell us what you think.

I found the article particularly interesting in that so many responded that budgets were important and they had one in light of what we also know about the debt situation of Americans. I think there were probably a bunch of people who said, "Yea, budget, I heard that word once ... yea, that sounds like a good idea. Sure." When in reality, they obviously aren't using those budgets.

Either way, a budget is a crucial part of your financial success, IMHO. You can't drive across country without directions and not expect to get lost. Are you in need of a budget? Are you lurking? Are you afraid of posting your info? Drop one of us a line. Do it right now. You need a budget, I promise.
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A 20something, graduate student, college prof, tree hugging, time managing, coupon addicted, cosmetic selling, dirt worshipping, girl who is in love with Ben and welcomed Sofie Grace on 1/31/11.
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  #2  
August 26th, 2007, 09:08 PM
lizard's Avatar Platinum Supermommy
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I don't really have a budget. Our goal is to spend less than our income each month.
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  #3  
August 27th, 2007, 03:30 AM
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Quote:
I don't really have a budget. Our goal is to spend less than our income each month.[/b]
That's great!

Our budget is very loose...obviously if certain bills are higher (ex: electricity this month bc of the A/C plus we got our 2 month gas bill this month) they HAVE to be paid. Then whatever is left from paying the so called "fixed" bills goes to the CCs. Then with the money I make we get our groceries, etc, gas, flying $, eating out, etc. Again, I can not control the gas price and we have to get to work, run errands, occasionally visit the parents, so I have to pay whatever it takes to get me there. What is leftover from that $ goes into the safe for stuff we want to save up for. Even though we have debt to pay, I still think it is important for us to be able to enjoy life!
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  #4  
August 27th, 2007, 07:45 AM
lizard's Avatar Platinum Supermommy
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Posts: 5,479
Quote:
Quote:
I don't really have a budget. Our goal is to spend less than our income each month.[/b]
That's great!

Our budget is very loose...obviously if certain bills are higher (ex: electricity this month bc of the A/C plus we got our 2 month gas bill this month) they HAVE to be paid. Then whatever is left from paying the so called "fixed" bills goes to the CCs. Then with the money I make we get our groceries, etc, gas, flying $, eating out, etc. Again, I can not control the gas price and we have to get to work, run errands, occasionally visit the parents, so I have to pay whatever it takes to get me there. What is leftover from that $ goes into the safe for stuff we want to save up for. Even though we have debt to pay, I still think it is important for us to be able to enjoy life!
[/b]
I feel the same way. Our budget used to work exactly like that- my pay was for groceries, eating out, gas, etc. and his was for the bills. It has become much tighter since I haven't been back to work. However, it does help tremendously that we have NO debt other than our mortgage (which we have extra going to every month in hopes of paying our 30 year loan off in 20). I would have a horrible time sticking to a budget and it isn't like we have that much wiggle room anyway. Plus, like you said, no matter how high a bill is, it still has to be paid.
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  #5  
August 27th, 2007, 10:45 AM
4iris's Avatar Platinum Supermommy
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We have more of a ballpark than a budget. Our bills are fairly steady and I know about how much I can comfortably spend on groceries every 2 weeks and we still wind up with extra (finally). DH is in charge of the finances now and doing great, so I'm not going to mess that up by pushing for a budget.
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  #6  
August 27th, 2007, 06:47 PM
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I can't wait for our debt to be gone! Once the extra debt is gone we'll tackle the mortgage. Rough estimates put us at being able to pay off in 20 years too (from the start of the original loan).
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  #7  
August 28th, 2007, 10:07 AM
Resi's Avatar Platinum Supermommy
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We have a budget. At this time we have all our money going to paying monthly bills and then the rest goes to paying off our debt. After the debt is paid we will start saving.
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  #8  
August 28th, 2007, 11:07 AM
donomama
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We used to have a ballpark and the mentality of spend less than we earn. In reality, we overspent, didn't pay close attention to where our money was going, and used credit cards when the money ran out. We now have a strict cash-only budget and are paying off the damage that not having a budget caused us.
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