How far ahead do you budget?

[asmom]

My excel spreadsheet has 5 tabs on it at a time so right now, I'm budgeted out to 2014. I've tried to increase my expenses by 5% every year(without increasing my salary) so I can project what my savings and investments will look like. I know that things happen, for instance this year we had 10K worth of unexplanned expenses. However I still like to plan waaaay ahead. Is that bizarre?

[jIM_Ohio]

I have one budget, and round up. I don't project anything- not investment returns, not expenses, not anything. Just make sure we spend less than we earn, save something, and improve year over year.

[snshijuptr]

My "Plan of Attack", a tracking sheet for our savings goals, goes out to 2050, the year we hope to retire. I even included saving for children we don't even have yet. Our regular budget is set at 50% needs, 20% wants, and 30% savings with a net income a little less than our average monthly take home pay. Our old monthly budget projected until June 2013, my projected graduation date. It just wasn't helping us cut back spending while still enjoying ourselves.

[ferriwinkle]

Most of the items on our budget are transferred month to month, the only thing that really changes is our income. I get varying amounts of overtime, and we make differring amounts of extra "side" income every month. We are new to this budgeting thing, but we base it of a low projection of what our income will be for the upcoming month, and anything extra we put into our emergency fund at the end of the month. Once we have $1000 EF (getting there), then the excess funds will go to debt. I think for us it is important to be realistic--we need to live below the level of our lowest possible income, that way we can have excess money to fulfill our financial goals.

[PMMM]

I budget one month ahead and expense all income to the necessary category each month. I budget for things like life insurance, car insurance etc. (or even larger things like a car or flat screen. LOL ) things that I pay once or twice a year each month. In this way I accrue the money each month and then I have the money saved when it comes time to pay the bill. This eliminates the large ups and down and allows me to manage my money more closely. I also keep a 1 month buffer. I get paid every other week so when I get my last paycheck for say August, the money is already accrued to pay all of Septembers expenses. As September paychecks come in I am now accruing or for all of Octobers expenses.

[LuxLiving]

Using YNAB (you need a budget) software, I work out to the end of the year. Things that are expected beyond that get a note attached to them telling the particulars, ie, Lawncare Line Item: Suspected motor overhaul on riding lawnmower projected June 2011, approx. $200 needed/6=$33.33 monthly.

[PMMM]

[QUOTE=LuxLiving;268888]Using YNAB (you need a budget) software, I work out to the end of the year. Things that are expected beyond that get a note attached to them telling the particulars, ie, Lawncare Line Item: Suspected motor overhaul on riding lawnmower projected June 2011, approx. $200 needed/6=$33.33 monthly.[/QUO

I use the same software with the IPhone APP.

[glock35ipsc]

I use an Excel spreadsheet with tabs below for each month. I use formulas so that a change in one month that might change something in the following month automatically happens (like any extra $$ left over this month will roll over to next month's available income). Each month is basically the same, listing expenses like utilities, insurance, daycare, fuel, blow money, etc. I can add a line or two if I need to.

I like to run it out at least 12 months, this way I can add in things that are predictable like buying firewood and having the chimney swept in September, tires for the wife's car in November, scholarship funding in December, Christmas spending (we draw names and have a set spending limit), or anything else that we know will be coming up.

[FrugalDad123]

One year.

[zakity]

I budget out about three or four months.

[richrf]

I also don't budget. Budget just gives a license to spend. That is the way it is in corporations and that's the way it is with individuals. Instead, I always spend less than I make, I spend wisely and prudently, and I find ways to enjoy life without spending a whole lot of money. It makes me less reliant on finding ways to make money to fund an expensive lifestyle habit.

[asmom]

I also don't budget. Budget just gives a license to spend. That is the way it is in corporations and that's the way it is with individuals. Instead, I always spend less than I make, I spend wisely and prudently, and I find ways to enjoy life without spending a whole lot of money. It makes me less reliant on finding ways to make money to fund an expensive lifestyle habit.

It also gives you a license to save. I include that in my budget as well.

[disneysteve]

We don't budget our spending. We only budget our savings. 50% of my wife's income goes to her 401k automatically. 22% of my income goes to savings. Some is automatic. Some is done manually.

What happens to the rest of the money varies from week to week and month to month. As long as the savings are being taken care of, I really don't care where the rest of the money goes.

[GREENBACK]

I've always avoided budgeting as others have said. It's too regimented for me and hard to stick to. I do track my spending carefully and adjust as needed.

[mrpaseo]

Normally I budget at least 12 months... Currently I am budgeted only until the end of the year. I use excel and keep the entire year on one page (Scroll right). I also have the extra money auto forward to adjust each month as things change from month to month. I also keep tabs (New pages) for each savings/checking account and each used credit card... oh, also my mortgage payoff.

Ray