Do you live on a budget? If so how is it going? Like does it really work?

Answer 1

we live on a very tight budget, have to with my husband the only one with income and three children. I have been doing so for three years now and its very simple and it does work. Nothing fancy, I've tried all the free programs on the web and those are all so confusing. Basically I get out the ole pen and paper and write down all the bills and how much we owe monthly on them (I usually round up to the nearest dollar) then I figure out when each is due. Then I make a calender thing I write down every Friday of the month (since thats pay day) and what bills can be paid without be late and how much. I try to spend the same amount every week so we know what to expect. The remaining of it has to be spent for groceries, entertainment gas, etc. Everything gets paid on time and I have even made money by doing this. I average 50$ a month for gas bill per say, well some months gas bill is only 10$ so the extra 40$ that I averaged into the budget goes into savings. Over the past 3 years we have saved 235.00 just by doing this. Also, I ALWAYS put 15$ a week into our savings account in case of emergencies..your budget doesn't get thrown out of wack. Seems pretty simple and it is, and has worked for me and my family. Another thing that helps is if you can contact some companies (like phone, electric) and ask to be put on average billing so you always know what to expect. Hope that helps.

Answer 2

I sure do! My fiance is horrible with money and before we got together he had a bunch of things in collection and had filed bankruptcy in the past. A lot of people take credit for granted when they're young but they shouldn't because one day, you're going to want a house or a car, and then you are screwed because you can't get financed.

So since the beginning of this year, I've handled all the money. I deposit both of our paychecks. I've made a spreadsheet of all of our bills and when they're due. I then print off a calender and highlight our paydays. We always get paid around the same amount, so it's easy to know how much money we will have. I then write down which bills to pay out of each payday that's highlighted. I allow only 100 a week (it's usually less) for groceries and household items (and gifts,etc) and 100 every two weeks for gas for the both of us. I then add up how much we'll be paid each two weeks, minus those bills I put down to be paid with those paychecks and everything else I put towards the wedding we're paying for or make an extra payment on a loan. We've been doing very well. It's good to be consistent because if you're not tight with your money, it seems to disappear really fast and you're like "where did all of that money go?". If you get in a routine, then you're helping yourself in the long run.

Answer 3

everyone lives on a budget. some follow it, others ignore it.

we have a budget that tells us essentially what bills will be due each month and what is left over.

by knowing this, we are able to avoid credit cards/debt and save for the future.

I could tell you what it would cost for july 2008 (within a few dollars) and how much extra we can spend or save.

It makes life easier, and you would be surprised how easy is to do. Just because you are on a budget doesnt mean you dont have money or have to skimp. we are saving for a summer home, vacation whenever we want, save enough for retirement, raise a family (spoiled,but modest) and have enough spending cash each week to live normally.

we are not rich by any means, but a budget really helps control your spending and helps prevent overspending (debt=bad). I know people who make nearly twice what we do and have debt collectors calling each month.

Answer 4

We do. It's going well. It does work.

Here's what we do:

We pay ourselves first. In other words we have money electronically transferred each month from our checking account to our savings account. We don't "miss" the money because we didn't really ever have it.

Next, we charge all our purchases on our credit card (so we get purchase points) but we make sure to pay the entire bill each month. That way we don't pay any interest.

We save money to buy what we need - instead of buying with a credit card and paying it off. That's good for emergencies - but if you want to go on vacation, or buy a TV first save the money, then make the purchase.

We are also careful with what we spend. I work at home, so I eat most of my meals at home anyway, but my husband works in an office - so he makes his lunch and brings it. We make our own coffee (those coffee shop coffees can really add up), cook most of our meals, borrow our books and movies from the library instead of buying or renting, and clean our own house. We also make sure to take good care of our cars - get the oil changed every 3000 to 4000 miles so they'll last longer.

Don't get me wrong - we're indulgent too. We eat out a few times a month, and buy what we need. We travel. But we've found that living frugally when we can has enabled us to fo things we really want. Last year we went to New Zealand and Fiji - (from New York) and paid for the trip in advance.

Oh, and we make sure to save for retirement. Very important .

Hope this helps!

BTW - I was a single mom for 10 years - and still stayed on a budget. It lets you sleep at night.

Answer 5

My family and i live on a pretty tight budget right now and it sucks but we have to do it if we ever hope to get out of debt. I do the usual things like clip coupons,search sales,and try to reuse all leftovers. We do budget in one night of fun such as a movie rental or going out to a fast food dinner once a month.

Answer 6

life sucks when you live on a budget go to school make some real money then ask

Answer 7

I have always done some budgeting.

Answer 8

it works if you stick to it and dont cheat. just stick to your plans and it will be fine. you just have to be really determined to make it work.

Answer 9

Yes and NO it does not work. Its terrible.