Wow do we need help. 2 years ago I would have considered us pretty good with money (no debt aside from a $17k student loan) and $30k in savings. But after paying for our wedding, moving back to the US from abroad & having to purchase 2 cars to get to work, and experiencing a 6-month job loss--we now find ourselves close to $50k in debt with only $5k in savings!
We have never had a budget. I have tried in the past (using cash envelopes) but found it nearly impossible to properly manage. We really have no idea how to begin a budget. For instance, we know my husband is having dental surgery in a month that will cost us a little over $2k out of pocket and I am not quite sure to budget for that.
We have always lived by putting every purchase on the credit card and paying it off in full every month to get rewards. Whatever is left over in the end has been our savings. However, in the past 2 years we have not saved anything. I really wouldn't say we are big spendors. We rarely eat out (maybe once a month), we don't buy new clothes, we don't have smartphones, we don't have a house phone or cable tv, we go on a weekend vacation once a year, our entertainment is watching Netlix, and we have free gym memberships...
I have also tried the 'paying yourself first' method and we managed to save $5k this way. However, we decided to put it all towards tackling some of our debts...which never really seems to go away.
It is very frustrating and I usually just end up giving uo because I don't know how to make it work for us. Has any disorganized people been successful with budgeting? I should add that our income is not fixed either but I go off an average..
We have never had a budget. I have tried in the past (using cash envelopes) but found it nearly impossible to properly manage. We really have no idea how to begin a budget. For instance, we know my husband is having dental surgery in a month that will cost us a little over $2k out of pocket and I am not quite sure to budget for that.
We have always lived by putting every purchase on the credit card and paying it off in full every month to get rewards. Whatever is left over in the end has been our savings. However, in the past 2 years we have not saved anything. I really wouldn't say we are big spendors. We rarely eat out (maybe once a month), we don't buy new clothes, we don't have smartphones, we don't have a house phone or cable tv, we go on a weekend vacation once a year, our entertainment is watching Netlix, and we have free gym memberships...
I have also tried the 'paying yourself first' method and we managed to save $5k this way. However, we decided to put it all towards tackling some of our debts...which never really seems to go away.
It is very frustrating and I usually just end up giving uo because I don't know how to make it work for us. Has any disorganized people been successful with budgeting? I should add that our income is not fixed either but I go off an average..
Comment