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Budgeting


Forum: Large Families

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  #1  
January 22nd, 2011, 10:50 AM
Mega Super Mommy
Join Date: Sep 2009
Posts: 2,754
Becky's post got me thinking.

How do you all budget? I'm just curious how everyone does it. I'm sure it's all different, but we all just might learn something

For us, my DH employment is never certain I should say. He works as a plumber and with the economy right now it's tough. He was just picked up by a shop and we're thinking he will have work for about 8 months....that's an eternity for us. So we plan and live off of less than he makes just to make sure we can make it when he's off, if that makes sense. We have his check set up automatically to put into our checking/savings accounts.

We do:
70% checking to live on
20% to savings
10% to the church

Anyone else care share how they budget with a larger family?
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  #2  
January 22nd, 2011, 11:56 AM
FruitLoopLace's Avatar Mega Super Mommy
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Location: missouri
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I am sad to say, we just go by the paycheck. I would love to figure it out! I pay the bills that we can pay, and try to fit in household stuff and groceries as needed. I had a budget drawn out, and tried to save, and everytime I am on the good path, the breaks down or someone needs somthing TODAY. It is very frusterating.
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  #3  
January 22nd, 2011, 02:18 PM
Farmers-wife's Avatar Platinum Supermommy
Join Date: Mar 2008
Posts: 6,183
Much like FLL, we are pretty much paycheck to paycheck. I know how much we make each pay period and the bills are mostly auto-deducted and I know how much I have left for food/gas/anything else. I have tried to get on the Dave Ramsey budgeting plan. And I know it takes a good 3-4 months to keep it working, but just like FLL said, if I get it all written out and started, something comes up. Every month there seems to be something else. Now, I have good intentions of stacking the deck when the tax money comes in and get things in order. I should have a week or more. I am going to get on it. But according to Ramsey's numbers, we can't afford this house or the food we buy. So, at the end of the day, we just get by.
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  #4  
January 22nd, 2011, 04:37 PM
Just_Marie's Avatar Platinum Supermommy
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Location: Canada
Posts: 28,159
I don't have a precise budget, just mainly for food to get my numbers down. Our savings come off before we get our cheques, so that really helps, I should figure out the percentage. The two mortgages are the priority, pay bills, then we live off everything else. I know we should work harder on putting more in savings, and paying off the houses earlier. Vacations are so much fun, though!
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  #5  
January 22nd, 2011, 05:44 PM
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well, we kind of have the blessing and the curse that our personal and bussiness is all intertwined, depending on how we look at it, we have both always and never money. I just have a feel for what I know we should or shouldn't buy, and how much we can spend, and despite having no "set" budget, I spend the same amount of money every month.
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  #6  
January 22nd, 2011, 06:06 PM
palmetto_moon's Avatar Mega Super Mommy
Join Date: Jul 2009
Posts: 4,648
I absolutely stink at budgeting. We get by just fine but its often paycheck to paycheck. I'd rather have the kids than stuff so we don't usually let finances play too large a role in deciding to have more or not. If we can feed, clothe and house them we're good to go!
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  #7  
January 26th, 2011, 11:01 AM
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Join Date: Feb 2010
Posts: 1,741
Quote:
Originally Posted by Farmers-wife View Post
Much like FLL, we are pretty much paycheck to paycheck. I know how much we make each pay period and the bills are mostly auto-deducted and I know how much I have left for food/gas/anything else. I have tried to get on the Dave Ramsey budgeting plan. And I know it takes a good 3-4 months to keep it working, but just like FLL said, if I get it all written out and started, something comes up. Every month there seems to be something else. Now, I have good intentions of stacking the deck when the tax money comes in and get things in order. I should have a week or more. I am going to get on it. But according to Ramsey's numbers, we can't afford this house or the food we buy. So, at the end of the day, we just get by.
My SIL swears by Dave Ramsey. I tried it and I just couldn't get it to work.. it never fails that something always comes up and needs anything you've saved.. and it's like if I have $245.34 saved then something happens that ends up costing $245.34! Never fails.. it's like the car knows what we have saved up so it picks just the right part to break to cost us the entire amount.

Of course.. you could also try my SILs other budgeting advice to us.... skip eating out twice LOL We have to get a couple new carseats for our kids (Nicky's is coming up on its expiration date and we want to get Savannah out of her infant carrier). We were talking to my SIL about it and she recommended a carseat to us that costs around $300 When we told her we couldn't afford a $300 carseat let alone 2 of them she told us that they couldn't either so they just skipped eating out twice and then were able to get the carseats. I'd like to know where they are eating out because it sure isn't McDonald's like I'm used to LOL and really.. what's eating out? We do it maybe once a month.. who wants to go to a restaurant with a preschooler, 2 toddlers, and a newborn??

I am dead set though that with our tax return this year I'm getting everything set up so that I can put a budget together and start saving some money.. of course I have to budget in DH because he's very anti-budgets because he doesn't want a piece of paper telling him what he can spend and what he cant Doesn't matter if he's the one to write it up or not LOL
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  #8  
January 26th, 2011, 11:54 AM
Mom to 8 amazing kids
Join Date: May 2010
Location: Melba, Idaho
Posts: 2,627
I don't really budget, I have a general idea from check to check and then I make sure there is some wiggle room. With the kids it's hard cause they always need something especially the high schoolers who always seem to need money for something. I have tried a budget but it never works for us, there are just to many variables.
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  #9  
January 26th, 2011, 12:01 PM
GiftsfromGod's Avatar Platinum Supermommy
Join Date: Jul 2008
Location: Michigan
Posts: 5,662
It has taken us quite awhile to figure out what works best for us. DH gets paid weekly so I added all our monthly bills and divded them by 4 and then figured out what our weekly expenses are for church, gas, food. Once it was divided weekly like that it was easy to see if we needed to cut more or if we had enough. Right now any extra that we have (like if DH has overtime) goes toward paying DH's seminary tuition. Plus since we are paid weekly we often have a fifth check in a month. With that check we just take out the weekly expenses and the rest goes to tuition (when he finishes school it will go into savings)

We also have a set amount in savings for emergencies (ie appliances breaking, major car repairs etc) we tried not to dip into that (it isn't all that much) but if we do we work hard to get it replenished as quickly as possible so we have a cushion against emergency purchases.
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  #10  
January 26th, 2011, 05:09 PM
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Join Date: May 2005
Posts: 5,298
No budget

Sometimes I try to set a number in my head for the week and keep under it with trips to the store. Nickle and dime. Where does it go?
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