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Budgeting Question

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Mom2Miles View Drop Down
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Post Options Post Options   Quote Mom2Miles Quote  Post ReplyReply Direct Link To This Post Topic: Budgeting Question
    Posted: 07 Mar 2012 at 4:39pm
I've decided it is time for us to try out a budget.  We are getting ready to take on a new mortgage and until we get adjusted to making that payment every month I want to track our spending and make sure we aren't spending beyond our means.  I've sat down and written out a budget using our bank statements from the past few months.  Here is what I'm wondering.  I want to budget money for things like vacation/travel, auto repair, and even Christmas/birthdays.  Since those aren't regularly occurring expenses, how do you handle that money?  Do you just transfer that amount from checking over to savings and keep a record of what you have in there for those things, or do you withdraw cash and keep it in an envelope or something until you need it?  Second question, if we don't spend our whole grocery budget or dining out budget and don't go over on other things, what do you do with the leftover money?  Do you transfer it to savings at the end of the month, or just leave it in checking and let it accumulate?
Laurie, SAHM to Miles (7) and Leah (4)

There's no way to be a perfect mother and a million ways to be a good one. ~Jill Churchill
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Post Options Post Options   Quote erinchelsea Quote  Post ReplyReply Direct Link To This Post Posted: 07 Mar 2012 at 4:44pm
If I have extra spending money I let it accumulate in that account. I have a special account just for groceries and household expenses and auto expenses. I like to have a little buffer in there in case I go over some months (like this month!). DH is in charge of the bill account. If he has extra money it goes into savings. So if we were saving for vacation, Christmas it would go into savings and I would keep track of how much was in there for what. If you use the YNAB software you can make budget categories for your savings account and it would be pretty easy to keep track.
Erin, happy wife of Jason (7/21/07) and mama to Abram (3/09) and Adrie (6/11)
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Post Options Post Options   Quote moonangel12 Quote  Post ReplyReply Direct Link To This Post Posted: 07 Mar 2012 at 4:57pm
Erin mentioned it already, but YNAB is a great program to deal with overages and future expense planning since things carry over so well. It's one of the main perks of it. For things like insurance I take the bill and divide it by however many months then use that to budget. Each month that amount is "spent" so when the bill comes due I have the full amount to send in. And for overages, you can choose to have them transfer to the next month in the same category (ie. groceries) or to the general "buffer" amount. Same with deficits - you can subtract them from the starting buffer for the next month, or the individual category. It's all how you want to tailor it to suit your needs.

Renee
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SAHM to JJC (ODS) ~ 8/06/07, MEC (ODD) ~ 5/06/09, LGC (YDD) ~ 4/14/11, DAC (YDS) ~ 12/31/12!!
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Post Options Post Options   Quote BrittanyM Quote  Post ReplyReply Direct Link To This Post Posted: 07 Mar 2012 at 5:33pm
We've been budgeting the last couple of months using an excel spreadsheet that DH made. We put all our "other" expenses either into savings (which we have a separate detailed spreadsheet for) or cash. It just depends on when and how we will be spending the money.
Wife To Timothy (Nov. 2007) and Mommy to Tirzah (12.31.08), Elijah (12.24.10) and Samuel (with Jesus, 1.19.13)   k <a href=http://mariapayd
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Post Options Post Options   Quote GreenJessicaA Quote  Post ReplyReply Direct Link To This Post Posted: 09 Mar 2012 at 4:23pm
Have you read about the 60% solution?  We used this method because of wanting to save for vacations, gifts, etc. and it worked great.

http://money.msn.com/how-to-budget/a-simpler-way-to-save-the-60-percent-solution-jenkins.aspx?page=2
Wife to David, Mama to DD(04/07) and DS(08/11) giada md
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Post Options Post Options   Quote Mom2Miles Quote  Post ReplyReply Direct Link To This Post Posted: 10 Mar 2012 at 6:34pm
Thanks, everyone!  I think I'm going to start by putting some of it in envelopes and some in savings and see which works better for us.  
Laurie, SAHM to Miles (7) and Leah (4)

There's no way to be a perfect mother and a million ways to be a good one. ~Jill Churchill
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Post Options Post Options   Quote 3boysMom Quote  Post ReplyReply Direct Link To This Post Posted: 10 Mar 2012 at 7:05pm
We did a combination, money being carried over for bills like car insurance etc got transfere to a savings account so it was easy to transfer back when we needed to make the payment. Other items like vacations, furniture etc we did the piggy bank method. And really it was so exciting to see the money in hand growing and knowing how close we were getting to being able to buy wahtever it was we were saving for. Good luck!
Samantha, Captain of Chaos at Turk & Bean
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