I came up with an idea (Brent even claims it was mine) that the money that we would be making the current month would be for the budget for the next month. Then we wouldn't be living pay check to pay check or even month to month. The bills that we have to pay this current month we already have the money for from last month.
Brent loves to budget and figure out our finances. We have a Google share document so that we both can log into it and see our budget. Also we update it to show what we have spent in our budget through out the month so we can track our spending. In the document we can make new ones so that we can save the budget every month to look back through the year at our expenses.
I admit that its not fun for me like it is for Brent, so I don't pay as much attention to it as I should. But it is so great that we can both be on the same page about it all.
We share bank accounts even the month before we were married we joined our accounts. This shows our trust and our commitment to being one together. For other people this doesn't work. I am glad that we found what works for us from the start.
In our budget we have categories and from last months pay how much we can use in each.
1. Starting with tithing. We take that out the minute we get our pay checks and set it aside. Not even usable because we agree we won't spend that no matter what.
2. Our Rent. Nice to have a set amount every month and our utilities included. If they were not we use to guess how much knowing it was a give and take.
3. Insurance. Our car, and renters insurance. Which has always been the same for us. We can plan on what we are going to set aside in this category.
4.Auto fuel and maintenance. We try and plan how much for fuel and what maintenance we are going to need. We all know that can't always be planned though so if their is ever a surprise repair we take it from savings. The oil changes and what we can plan for is what is here along with what we think we will pay for fuel estimating from previous months. Right now we have $230.00 in this category.
5.Groceries. This we have estimated that its about $100 per person to feed for a month. We have $200 here each month for the two of us. I try to be the best at this and have a meal plan for the month and we shop according to that. and what ever else savings I can get.
6.Gifts. This varies depending on the time of year of course we try to put more here during the holidays. Our birthdays are near the holidays too. but we try to put a little here each month even if its in the middle of summer just in case because Brent knows I like to spend on others sometimes.
7. Clothing. If it was up to Brent he wouldn't put anything in this category. But I like cloths too much. Sometimes I spend the money here and sometimes I don't. I try not to but once in a while I buy something. What we don't spend goes to savings.
8.Phone. this is a set amount we pay each month great to plan for.
9.Dental and Medical. We put a little here each month to save for when we will be in the need of this which we have been here and there.
10. Dating and Entertainment. This is where we like to over spend and we try so hard not to. Dating sometimes can suddenly be a $100 here and there if you are not careful. Lately we have been trying to plan out our dates and what we do for fun so that we are not spending a lot.
11. Micellaneous. Some times we need money for things we don't know what category they fall into so we have this just in case. If we don't use it te extra goes into savings.
12. We also have one called Debt to help us keep and stay out of it!
13. Church category is for anything we need for church. Materials, garments, fhe activities ect. And our fast offerings. This is never too big though.
The last category is we give each of us an allowance. About $25 per month. We try not to spend it all also. This is for us to spend however we want. If Brent forgets to pack dinner he uses this or if I am wanting something to do crafts with I take it from this.
After the categories we have a money market account. We decide on depending how much money we have left over we will set some aside in this account. We use this for travel and camping. Something that we both love and want to make a priority in our lives. It takes money to travel so we have planned and prepared for it this way. (also my idea lol)
Its great! When we went on our 1st anniversary cruise and trip we had all the money already set aside and ready for the fun!
Of course we also have our savings account. We put every last penny we did not use in our categories to set a side here. This we use if we have to make a big purchase usually and in case of emergencies. We also have our money market if their is ever an emergency. So far with this money we have bought a car, paid off schooling, and saving for Brents surgery this December things like that.
This is what works for us! Let us know if you like this idea and what works for you!
After the categories we have a money market account. We decide on depending how much money we have left over we will set some aside in this account. We use this for travel and camping. Something that we both love and want to make a priority in our lives. It takes money to travel so we have planned and prepared for it this way. (also my idea lol)
Its great! When we went on our 1st anniversary cruise and trip we had all the money already set aside and ready for the fun!
Of course we also have our savings account. We put every last penny we did not use in our categories to set a side here. This we use if we have to make a big purchase usually and in case of emergencies. We also have our money market if their is ever an emergency. So far with this money we have bought a car, paid off schooling, and saving for Brents surgery this December things like that.
This is what works for us! Let us know if you like this idea and what works for you!
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