Finding a working budget
I'm really struggling to find a way to budget effectively. We do use Quicken to balance our checkbook...for the most part it is pretty accurate. I haven't reconciled for about 5-6 months, so it could be a little off. I'm really motiviated right now to move our finances from RED to BLACK, but don't really know where to begin.
I'm in sales, so at the end of every month I do get a commission check. I guess I should budget all of our living expenses on our base salary only. Any commission checks or extra income that we recieve can be used to pay down debt. Is there a way that we can be effective in managing our budget? These are the questions that I struggle with. The spirit spirit is willing...the flesh really wants to learn.
Is bugeting that hard to keep control of? How anal do I have to be? Are we literally going to put cash in envelopes to keep it all seperated?
I'll let you know.
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There is an excellent way to track your budget for cash expenditures. Take the cash you need out at the beginning of the week and don't go beyond that. In addition, keep a spending log for a couple of months writing down everything you spend money on. It will give you a good idea where they "excess" money is going. An excellent book to read on the subject and other financial matters is Die Broke. Get it used from half.com or amazon for under $5.
the key to budget: you need a goal you really really really want to stick to. say you have to put $X to pay down your debt, then structure debt repayment similar as a mortgage or rent payment. It's something you have to pay, not something you would like to pay if you have left overs... then substract all your have-to expenses from your take home check every month (base salary is good to use). If your take home can't support your expenses, cut the fat in spending! If one cell phone need to be dropped, cable/satelite need to go, do it. You can always get those back after you are DEBT FREE!
