The best way you have found to do a budget?

Question

I added this in HOMESCHOOLING because I want a BUDGET SHEET...an EASY TO FOLLOW budgest sheet. Don't tell me where to put my answers. home school moms teach their kids every day...and I'm sure they teach them budgets. So either answer the question, or move on...

SO HOMESCHOOLED CHILDREN AND HOMESCHOOLING PARENTS NEVER TEACH BUDGETING? SEND YOUR KIDS TO SCHOOL THEN. THERE'S TOO MUCH DEBT IN SOCIETY. THEY NEED TO LEARN BUDGETS, AND IF YOU CAN'T ANSWER MY SIMPLE QUESTION, YOUR KIDS CLEARLY AREN'T GOING TO BE GOOD WITH MONEY & BUDGETS!

Answer 1

Write everything you spend down on a list and evaluate it after a month or two. Decide which things you bought that were worth what you paid and what things were not and then stop buying the things that turned out not to be worth the money.

After a while, maybe 6 to 12 months you will start to be able to spot good deals before you buy and you won't have to keep your log.

Answer 2

Way to go Mom ! You are so right. The public school system doesn't seem to place a high priority on teaching the children about a budget. ( Something so basic) Why don't you give each of them 1 million dollars to spend. On whatever they want. However they must include tax on every purchase. I did this with my 8th grade daughter. Her older siblings thought it would be easy but, they had to allow for groceries, utilities, car insurance, and all the things to run a house. It took some time but, she managed and now they all have a better understanding of what a budget is. By applying it to our own situation I think it made it more real for my daughter. You should be able to get a spread sheet at your local Office Depot. Good luck.

Answer 3

Combining everything that has already been said - track every penny you spend for the next month (without changing your spending habits). This will help you set up your budget, which is the next step. Start with necessities (shelter, food, automotive, clothing, SAVINGS - this one is required). Remember, McDonalds is NOT a necessity, neither is a cell phone or cable/satellite TV. Next budget for your wants (here's where McDonalds and the cell phone come in). After that, budget for any debts (student loans, credit cards, personal loans). If you don't have enough to cover all of this, you have to make the decisions of what to cut back on. Dave Ramsey (author of "Financial Peace" and "Your Total Money Makeover") has two sample budgets on his website that you can print and fill in.

If you have trouble sticking to the budget, use the envelope system. Take out several envelopes and label them (ex. clothing, dining out, entertainment, books/music, auto repairs, groceries, gas, homeschool supplies, ...) When you get paid, go to the bank and withdrawal the budgeted amount for these envelopes and stick the cash in the envelopes. As the week goes on, when you want to go clothes shopping, take your clothing envelope and use only the cash in there. When the money runs out, your shopping trip is over. If you "rob" from another envelope, your only robbing yourself (but at least you're not paying interest to do it!)

If you have a chance, I would highly recommend Dave Ramsey's course, "Financial Peace University" (check his website for a class near you). It was the best investment we EVER made. He'll get you off the credit card rollercoaster forever! (assuming you're on it).

BTW - as Terri recommends, next time, this type question should go in the Finance section. There's a lot more people there who have great answers about this kind of stuff.

EDIT: Sorry about the last comment - I didn't realize this was for teaching your homeschooler about budgeting. Check out the website below for two different forms.

Depending on your child's age, Dave Ramsey has several great kid's books about money, budgeting, saving, and giving. Check them out at his website.

Answer 4

My personal budget is very simple. I start by putting down my monthly income. Then I estimate how much I need per week for rent/food/entertainment/transportation/etc. I add all those estimates together into one amount. Then I limit myself to that amount for that week. I test my budget for several weeks to see what is a reasonable amount, and make necessary adjustments. After determining the basic amount that I spend each week, the next step is to plan for big upcoming expenses such as tuition or a vacation. Each year I have a goal to save a certain amount--10% minimum. Oh, and I also budget my tithe--I give 10% away.

Answer 5

if you use a debit card, or credit card

take time out and put the expendiatures into different areas of what was actually spent and see where the money goes

budgets: start with what you really need, not what you want

we are addicted in US to compulsion and usually don't give ourselves what we need, like,

a budget

we spend first and analyse later

doing a budget takes planning, and patience, slow to spend, quick to account

be honest with yourself and see what you take in vs what you spend

pay yourself first, (savings and investments) and your expendiatures will likely be lower as you are satisfying that need not the want to feel good about yourself you can't get in quick addictive purchases

then actually DO IT

don't do a budget? get stuck forever

pull from savings if you have to and use credit only if necessary but keep them at ZERO

Answer 6

Quicken software is awesome tool for preteen, teens to learn budgeting. I also got materials from century 21 it is an accounting course and taught tthe kids basic accounting which we applied to ebay and our twice a year yard sales that they are in charge of. BYU has a correspondence course related to home management that goes into finances. If your kids are younger try the link, mine loved the Dave Ramsey books. From my personal experience I do not reccomend the kleenex box/envelope approach to teach whole house budgeting.

Answer 7

Envelopes--its kind of silly and old fashioned, but my grandmother used to do this and when my credit cards got out of control I took to keeping an envelope for food, for gas, for fun, for emergencies, for Spring Break, clothes gifts, etc. Every pay check make a deposit into the envelopes and that is what you have to spend until next payday. It works great. I paid off $11,000 in credit card debt last year and made about $9,000 working part time. It does work.

Answer 8

This is homeschooling
try the finance section

Answer 9

You have it backwards.......if YOU can't answer, then you have no business playing "teacher".