restoring my financial stability

[Payn_it>>>]

I'm a member of other forums, and know how helpfull they can be, so i thought id join up and ask some questions...I'll try to keep this short

First, i have three credit cards, two of which saved me when i was laidoff two time in two months last year. now i'm struggling with balanceing my bi-weekly budget and paying down those cards two month before i get married.

Second, i am really good at lining out a budget. I stink at sticking to it. I don't like quickbooks, i forget my check book and register, so i usually forget to record my debit card purcahses. Then, before i know it i've blown my budget.

Do any one have any suggestions as to what i can do to keep track of where i am within my budget?

[arthurb999]

Cash basis... using envelops. At the beginning of the month... load up the evnelops with the budgeted amounts.

When there is no cash in the dining out envelop... you don't.

[zetta]

I really like YNAB for tracking a budget: Personal Budget Software - Free Home Budgeting Course for the Family

You really need to either save all your receipts or to download your transactions and update your budget on a periodic basis -- at least weekly until you're not struggling anymore, although some would say daily.

[creditcardfree]

You really need to either save all your receipts or to download your transactions and update your budget on a periodic basis -- at least weekly until you're not struggling anymore, although some would say daily.

I would agree with daily, until you get a better handle on your spending and expenses.

[Payn_it>>>]

i usually update my budget every two weeks when i get paid.

I always request a reciept. the issue is i usually put it in my wallet, get home and forget to record it in the check register. I remember and say, "oh, i'll just do it later." before i know it i have 25 reciepts and i'm too lazy at that point. then i'm affraid to log on to my online banking because i'll have less in my account than i'd like to see.

I like the envelope idea. I may try that. problem i have is carrying around $300+ I'm affraid i'll spend it on something other than what its designated for.

[arthurb999]

I like the envelope idea. I may try that. problem i have is carrying around &300+ I'm affraid i'll spend it on something other than what its designated for.

Then you do without... if you spend your food money on clothes or booze... then you don't eat. It forces you to make a choice.

[Payn_it>>>]

True. ok some other ideas. I wanna explore my options and colaborate with the fiance. We make all decisions together. I know i-phone has some apps that are finance oriented. Any one use those?

[arthurb999]

My wife and I use the envelops together. I prepare a monthly budget in excel and we review it together. Then she goes to the bank and gets the cash for the month and divvies up into the envelops (food, gas, my spending, hers, household items, booze, dining out, etc).


You don't need fancy stuff... although i do use mint.com and online banking to prepare monthly financial statements... dump mint transactions into excel and doll it up. (I'm an accountant)

[Payn_it>>>]

nice. then do you just leave the envelopes at home and take the cash you need when you go out?

what about things like gas. I never know for sure where i'm gunna go.

[arthurb999]

Yep we leave them at home... I usually grab 100 of my personal spending and if I forget to grab gas money... use my cash and grab it when i get home out of gas envelop. It's basic but it works well...

also when you spend cash... you tend to spend less... hurts more to spend $85 cash on dinner... than to swipe a card.

[Payn_it>>>]

i feel that...how bout this...

If i budget say $120 for food for two weeks, and we only spend 75 that week because we have food left over..ie lunch meat and such...then, instead of saving it and have extra money of emergencies and such, we go out to dinner. i figure if we only took the cash we'd have to be more carefull.

[arthurb999]

that would be fine... it might take a few months to get the dollar amounts right too... I tend to spend my personal money on stuff like that too.... if i use all the booze money but want beer, etc.

[Payn_it>>>]

ok, see i haven't been budgeting in spending money. I've been paying down my credit cards. that was usually $75 or more each card. I'm paying my last payment on one of them next friday, so the money that would usually go twords that, i can shift to spending cash as a bumper.

[arthurb999]

It's not realistic to have zero spending money for the month... that is definately your problem.

[Payn_it>>>]

then that'll probably be my first step forward....