What's the best way to put together a budget for my fiance and myself?

Question

We're both pretty young, so we've been trying to cut down on our expensess in order to save money. What would be the best way to put some money away in savings and have a few extra dollars to spend on the weekend while paying off our bills?

Answer 1

1. collect all your bills
2. calculate the amount of take-home pay for both
3. add up all monthly bill include gas for driving
4. deduct that from your pay check amount
5. divide that by 4 and you have the amount you need to take out each week and apply that to bills only.
6 the money that is left over should be put in the bank and each should only get $50.00 spending cash.

Answer 2

1. Add up your income for the month.
2. Add up the "Must Pay" bills
3. Add up your grocery bill/household supplies and times the amount by 4 for monthly total.
4. Add up how much you spend a week on gas, lunches, and necessary things. Times by four for the monthly total.
5. If you have money after that, then take ten percent of what you each make and put that in savings.
6. The rest is yours to play with, pay-off debt, etc.

Note: Two common rules are that neither of you spends more than 2/3 your income on bills and that one paycheck a month (or less) equals your rent/mortgage.

I try to take my ten percent and put it away in savings before I do anything else. I put more away when I have it, but ten no matter what.

Instead of using the ATM, I figure up how much I will need and take that out, saving on fees.

If you decide what you need to have compared to what you have to have, and get rid of bills for non-necessary things, it helps toward savings.

Save your income tax checks toward your home.

Buy used cars so you aren't losing money on new cars that depreciate when you drive them off the lot.

Wipe out credit card debt fast by paying more than the minimum balance, and stop using them.

Save for things you want instead of using credit.

I don't know if this helps, but that is how we got out of debt and got our house. We purchased vacation plan that we pay a little on each month. When it is payed off we go. We ditched credit cards and bought cheaper food. I get the paper on Sunday and see who has what food cheap and make a menu from there.

We HAVE to do the bills/finances together each week right after payday. Otherwise, we spend the money and go in debt.

I wish you the best. Sounds like you are on the right track. Best of luck!

Answer 3

Total your net (after deductions) income, then total up your bills, including charge cards. Some of the bills will be monthly and some annual so you will have to convert them to a common payment period. After you subtract the bills from your income, you have how much is left for savings, weekends and extra debt payment.

Reduce what payments you can, switch to paying cash only except for large items such as a house and remember to contribute to your retirement fund with any extra you have.

Good luck

Answer 4

Make sure all your expense accounts are reccorded seperately well all your accounts in general are recorded seperately and keep track of how much you both make monthly/weekly however u want to do it... record where ur money is going and start a joint savings account, and possibly accounts for retirement and stuff.

Answer 5

Dont go out to eat during the week. Eat leftovers for lunch. Don't waste money on stupid little things you will never use(ex: stuffed animals) Dont be an alcholic.

Answer 6

Best advice I could give would be either talk to a personal banker, have them help you or go to Borders, or any bookstore and look through the finance section.

Answer 7

have money taken from your paycheck and put directly into a savings acct.

Answer 8

first keep her away from the local shopping mall shoe stores