Ways to budget your money...
By tklich
@tklich (391)
United States
December 15, 2008 11:36am CST
My husband and I are looking for a good way to get our finances under control. We have all the typical monthly expences, including a mortgage payment, gas/electricity, trash, water and cable. Sometimes it's hard to remember to get these all paid on time, and sometimes we get in a bad habit of letting one accumulate a balance for a couple months. We're tired of getting behind on bills. For one, it would be much easier if they were all due at the same time each month, then we could sit down and do all our bills just 1 day each month. What are your different strategies of budgeting your money and paying your bills? Do you have a monthly routine that you stick to every month? I'm open to all ideas, because at this point we're not even sure how much money we're spending every month for bills. I'd like to have a good idea of how much money I need for bills and how much I have for left that way I can put a portion of what I do have left in my savings account. Right now when I put some aside in my savings it doesn't do me any good because I end up getting it back out of savings and using it to pay bills! I hate being unorganized like this. Any advice would be greatly appreciated, thank you!!
3 people like this
13 responses
@Hajbru872 (72)
• Brunei Darussalam
15 Dec 08
If you want budget you money, I suggest you do as I say.
- Do not go shopping for things that are not necessary.
- Pay your bills every month, do not hold it until the next month.
- Save at least 20% of your total income in separate bank account.
(Savings account for higher dividend rates.)
- Do not go window shopping! It can become a great pressure to buy things!
I think thats all I have to tell you!
3 people like this
@tklich (391)
• United States
16 Dec 08
Thank you for the response. I would love to be able to save 20% of my income each month, and can maybe someday I will be able to do so, but right now that seems like kind of a stretch for me. I will definitely give it a shot and see where it gets me. I'm afraid between my mortgage payment, utilities and groceries, I will have less than 20% left. But maybe I'll surprise myself and be able to do it!!
2 people like this
@Margarit (3676)
• Philippines
15 Dec 08
For me the best thing to budget my money is to have a plan and stick with it, track down all my expenses everyday buy having a record. And i always pay all the bills on time spicially the credit cards to avoid interest and sure charge. And i put a side atleast 10 percent of your earning for saving for emergency uses. I do it every month and i know now where does my money goes and i can manage my money very well.
3 people like this
@tklich (391)
• United States
16 Dec 08
Thank you for the response. I like the idea of putting aside at least 10% of my earnings. Doing this will ensure that I will always be accumulating money in my savings account that I can use for future use or for an emergency. I'd like to also keep a record of every time I spend money. It seems like my money just goes incredibly fast and before I know it I'm out of money. Thanks for the tips!
3 people like this
@lingli_78 (12822)
• Australia
16 Dec 08
well, for me i always write down all my expenses in a book and i always review it every now and then... so i know how much money i spend every month... and i always try to pay all my bills on time as well... i never delayed to avoid the penalty fee... and i always pin all my bills on my study room wall so that i know the deadlines... my hubby also put reminder on his mobile phone so that he can remind me to pay the bills... good luck... take care and have a nice day...
2 people like this
@tklich (391)
• United States
17 Dec 08
Thank you for the response. I definitely need to have reminders about the bills for the month. You'd think that paying them every month would be enough to get in the habit of not fotgetting to pay them! LOL. But avoiding the late fees is very smart, those can really add up, espiecially credit card fees, those are the worst. Thank you for the tips!
@Ithink (9980)
• United States
16 Dec 08
I use a calander and put the bills in the right month as to when they are due. I also right on the calander each bill under the date due and how much it was. Then every Friday after we cash my husbands check and get the must haves for the house and kids, I do the bills right then. It gives us no time to spend extra if it is already gone.
2 people like this
@tklich (391)
• United States
17 Dec 08
Thank you for the response. That's a great idea for you and your husband to pay bills with his paycheck first before spending the money on anything else. I know I've been guilty before of thinking I have all this extra money, but come to realize that it's because I haven't paid my bills yet! A little absent minded I suppose, but I'm definitely more self concious of it now that my family is on a tight budget. I am definitely going to get in the habit of writing each month which bills are due when. I think it will help out tremendously and will avoid any late fees and bills piling up and carrying over monthly balances.
@brucekaushik (891)
• India
16 Dec 08
if you really want to save money into the bank straight away otherwise you're will spend it. Anyway this is my suggestion because this is what I do. But my other plan is to earn more money than we can spend it 
. So that we can never run out of money
. So that we can never run out of money@tklich (391)
• United States
17 Dec 08
Thank you for the response. My paycheck is automatically deposited into my checking accoutn twice a month, so I think I will get in the habit of transferring a certain amount from each paycheck into my savings account the same day it is put into my checking, that way I don't spend it before I put it into my savings account. Thank you very much for the advice!
@littlek1230 (179)
• China
16 Dec 08
hi,nowadays under the economic crisis,all of us are budget our money to take controll of our finance.i have no married and i know that for a couple it waste more money if you dont budget it.i have some advise for you,the first one you should take a list which you must spend each month and you regularly follow it.and there must be somethings that you dont "must "to buy,now save the money and do not buy it.2compair with the last month you spend,and what do you find in this month,the where you saved your money,and make the money into the bank.and after day to day,you will save a lot of money and when you realize it,you will be very happy about what you have done before.wish you good luck and bye!
2 people like this
@tklich (391)
• United States
16 Dec 08
Thank you for the response. I will definitely take your advice into consideration. I'm sure that keeping track of everything you spend money on will end up saving money. Seeing what I'm spending all my money on will allow me to save money by stop spending money on unnecessary items. Hopefully it will be as easy as it sounds. Thank you for the advice!
2 people like this
@highflyingxangel (9225)
• United States
15 Dec 08
You say you have a hard time remembering when each bill is due. Why not take a calendar and place it somewhere that you can see it everyday. Go through the entire calendar and for each month write the name for each bill on the day that it is due. Then hang it up and make sure to look at it everyday. This will help you see when each bill is due and when.
1 person likes this
@tklich (391)
• United States
16 Dec 08
Thank you for the response. I love this idea, and am amazed that I haven't started doing this before!! LOL. I have a calender on my desk in my office and I write every single event on it. I depend on it so much and look at it several times a day. Writing each bill on the calender will definitely make a difference in helping me remember to pay it. Thank you so much for the tip.
1 person likes this
@sierras236 (2739)
• United States
15 Dec 08
These are not my ideas but some suggestions I have come across on budgeting. First, keep a written diary of how much you and your husband spend every single day. Go back and look at your old bills to get an estimate of how much you spend. You may be surprised to find that there are some areas that you can cut back. This will make easier to decide on how much you need for each area and how much you can save. It is important to keep track of your finances. The diary will help a lot. Also use a calender as a reminder of upcoming bills. Usually, they appear at the same time each month. Hope this helps.
1 person likes this
@tklich (391)
• United States
17 Dec 08
Thank you for the response. I've been trying really hard to think twice when I go to spend any money. If I decide I really don't need it and can live without it, then I don't buy it! And I've also decided to start marking on my calender when my bills are due. I've become so dependent on sticky notes and my calender, it's almost scary, lol. But as long as it helps I'm willing to do it! Thanks again for the advice.
@Monkeyrose (2840)
• Canada
16 Dec 08
This is a good question! lol
I'm not very good with my money. I just keep track of when bills need to be paid and make sure I have enough in my bank account to pay them on time.
I find it difficult to have self control. I spend money on food all the time when I have it at home free. I also take cabs sometimes when I really don't need too.
I too really need advice on budgeting money.
I'm not very good with my money. I just keep track of when bills need to be paid and make sure I have enough in my bank account to pay them on time.
I find it difficult to have self control. I spend money on food all the time when I have it at home free. I also take cabs sometimes when I really don't need too.
I too really need advice on budgeting money.
@Monkeyrose (2840)
• Canada
17 Dec 08
Yah I'm doing okay. But I still live at home and don't pay rent. If I had to pay rent I would not be eating at all. and I would have no social life what so ever.
@tklich (391)
• United States
17 Dec 08
Thank you for the response! As long as you have enough money to keep caught up on your bills, I'd say you're doing ok!! It sounds like you could be putting money away in savings though, if that's something you'd ever want to do. I've been guilty of buying food before when I have plenty of food at my house that I've already spent money on. But I've made myself cut back on that tremendously.
1 person likes this
@SydneyHazelton (4586)
• Singapore
16 Dec 08
I have also been trying to find a way to do this. So far this method I going to tell you has worked for me, at least to pay my bills on time.
My hubby and I both contribute the same amount for our household expenditure, including bills. We have $600 set aside every month. Withdraw From here, I got used envelopes and write down all the bills I need to pay on each envelope and put an estimated amount of money into it. For example, I will check the previous month's gas/elec bill and estimate the same amount for gas/electricity. I do that for all the bills I need to pay and also groceries. The balance, if we have any, can be used to enjoy a little or for savings in your case.
When the bill comes, we take the money from the appropriate envelope and pay immediately. In this way, you know that you have all your bills covered and know what is left to spend at any point in time.
If both of you do not have any amount set aside, I suggest you look into your last month's bill and estimate from there a suitable amount to be set aside. All the best! Hope it works out!
1 person likes this
@tklich (391)
• United States
16 Dec 08
Thank you for the response. My husband and I have actually already talked about setting aside money from each paycheck that way we know we have money for the bills when they are due. Obviously we haven't put this plan into affect yet, lol, but we both think that it's a great way to get the bills paid. Thank you for the advice!!
2 people like this
@savak03 (6684)
• United States
17 Dec 08
Our bills usually come once a month and our paychecks come at different intervals. One way to get a handle on this is to figure out what you need and when. The first thing I do is make a list of all my bills for the month. Don't forget to include things like groceries, household supplies, and transportation costs. In fact list all the things you spend money for each month. Now, assuming that you get paid every week you need to multiply your monthly expenses by 12, the number of months in the year, then divide that number by 52, the number of weeks in the year. This will tell you how much money you need to bring home each week to stay solvent.
@messageme (2821)
• United States
15 Dec 08
1. you need to take all your bills and see how much they add up to each month. Usually bills are around the same amount each month.
2. then add up what you both bring in a month.
that way you know the difference between what your bills are and what you bring home. You should then know how much you have to spare for your savings. Don't forget to add groceries and gas and all your other itema in.
I had a roommate once and what she would do is have an envelope for each bill and everytime she got paid she would put some money in each one of the envelopes so then when it was time to pay the bill she would just go to the envelope and take the money out.
She wouldn't touch the money in those envelopes either unless it was to pay the bill. That way whatever was in her purse was always the extra she knew she could spend.
1 person likes this
@messageme (2821)
• United States
16 Dec 08
oh yes they can add up quickly. no it's not in your head I am the same way, money just seems to disappear when it is cash and not a card. :) Good luck in bugetting!
1 person likes this
@tklich (391)
• United States
16 Dec 08
Thank you for the response. My husband and I have talked about the idea of putting money aside ahead of time that way when our bills were due we would already have the money ready to pay. I have found that it's best not to carry cash with me. It seems like I spend more when I have cash as opposed to using my debit card. Maybe that's just in my head though, lol. I'm still amazed at how much buying groceries and gas for the car really add up!! Thank you for the tips!
2 people like this
@trickjoseph (197)
• Philippines
16 Dec 08
My idea is that, based from your gross income, 20% will go to savings and 10% will go to tithes (if ever your a Christian). Live with your 70% of you income. Based from the 70%, you must prioritize in which to pay or spend money with.
With me, 30% goes to food, 20% goes to hangouts and 20% goes to bill payments. Just manage it properly.
1 person likes this
@tklich (391)
• United States
17 Dec 08
Thank you for the response. Your advice has led me to believe that if I put a certain percentage of each paycheck directly into my savings account, I will grow accustomed to living off of that amount of money. I will pretty much be training my mind to believe that my income is less than what it actually is, therefore will be spending less money and saving more. I will put this idea into effect starting my next paycheck and hope it works! Thank you for the advice!
@trickjoseph (197)
• Philippines
17 Dec 08
To be honest with you, this training is really not easy. It will really be difficult at first. But if you manage to practice this out, then you won't have any difficulty on the next pay. The good thing on this practice is you will learn to know how to manage your money properly. Spending it to the right things.
On the long run, why not make it as a goal that your management on your money will be "reversed tithes". What I mean is 90% go to tithes and the rest is 10%. That's quite hard but that is a challenge. The good thing, many blessing will come in to your life and you will always have money.
