Living by a budget

[boomerkae]

a
also..we get direct deposit...take out X amount for gas and misc. and that's IT...no more going to the bank even if we are out of cash until the next pay comes in.

we are just hoping for a better year and see in black and white some money we are saving!

I have direct deposit too, and usually just sit and pay bills after my check is in the bank. We ware currently switching banks so that we do not have accounts at places that are in our BK.

We have been doing a little of the cash spending for gas and groceries the last two weeks. Because I switched banks, my last check was mailed to me, and my husband cashed his too. So we had a WAD of cash. I put most of mine in the bank and started paying bills, and paid daycare and gas in cash this week. Think it will be that way for groceries too this week and a few other house bills. I need to review my submitted budget and see how much money I can pull each week for the 'stuff' I budget for but don't have weekly (clothing, medical). I think I will try the envelopes, or if I have to - give it in cash to my dad so I'm even LESS tempted to spend until the habit is set.

I'm also considering paying my car payment in 'pieces' and same with my soon to be rent so that I don't see it sitting in the account and be attempted to spend. It's that kind of juggling (in addition to some of the bad spending habits) that make me cringe week to week - when i have daycare, car pymnt, gas, groceries all due in one week....there isn't anything leftover.

[tobee43]

I have direct deposit too, and usually just sit and pay bills after my check is in the bank. We ware currently switching banks so that we do not have accounts at places that are in our BK.

We have been doing a little of the cash spending for gas and groceries the last two weeks. Because I switched banks, my last check was mailed to me, and my husband cashed his too. So we had a WAD of cash. I put most of mine in the bank and started paying bills, and paid daycare and gas in cash this week. Think it will be that way for groceries too this week and a few other house bills. I need to review my submitted budget and see how much money I can pull each week for the 'stuff' I budget for but don't have weekly (clothing, medical). I think I will try the envelopes, or if I have to - give it in cash to my dad so I'm even LESS tempted to spend until the habit is set.

I'm also considering paying my car payment in 'pieces' and same with my soon to be rent so that I don't see it sitting in the account and be attempted to spend. It's that kind of juggling (in addition to some of the bad spending habits) that make me cringe week to week - when i have daycare, car pymnt, gas, groceries all due in one week....there isn't anything leftover.

well people on the thread have mentioned Quicken ...or Excel.....and they are EXCELLENT tools for money management...if you have that much to manage...LOL!!!


not US..NOT EVER again!!! i used to be so vigilant with excel spread sheets...LOL!!! well...one can only spread a sheet out if there is money to spread out!! LOL!! we just dint' have enough to budget anymore.

like i said now i use my bank statements...for record keeping as we keep our expenses down to bare bones.....i have X earmarked for food monthly...X for electric...X for misc...etc. and that thus far is working.

but again, i also think it's where one is in their lives...someone managing children, daycare, gas, work expenses, work clothing...etc...it's much more to deal with than two people like us that were laid off and most likely will not re enter the workforce again due to no job opportunities....we can manage on our small pensions and ss....just fine if we are careful and mindful...thankfully!

[Pandora]

I'm like Pandora, I need to write things down to absorb the info, plugging numbers into a computer just doesn't work for me, so I write out our budget each month on paper.

This is actually what I do. I've had numerous cashiers ask me if I was that "lady on the news." lol.

hiya Mom *still gets me smiling when I have to type that!*

Guess we're the dinosaurs huh? LOL I'm the same way..easier if I can see it...

Sheesh - you are SO going to have to tell me how you coupon like that... give me some tips/tricks! I do use coupons but I'm still baffled at how people can get $1K of groceries for $37! It's definitely a job thats for sure. I think the most I've ever saved was about $70, and that was buying everything on sale BOGO, and then using coupons on top of that -and I've only ever been able to do that once or twice. :/

[boomerkae]

well people on the thread have mentioned Quicken ...or Excel.....and they are EXCELLENT tools for money management...if you have that much to manage...LOL!!!

I used Money (HA what a misnomer) to manage my checking account. I'm going to have to try to use the budgeting feature and see how that works too. I just track where my money goes - that's one of my favorite reports - a pie chart that reports categories of my spending.

but again, i also think it's where one is in their lives...someone managing children, daycare, gas, work expenses, work clothing...etc...it's much more to deal with

That would be me. A husband, a 2 year old and a 3 month old. I only have so much time to take care of the money stuff too, so I need a solid, easy method.

[boomerkae]

Sheesh - you are SO going to have to tell me how you coupon like that... give me some tips/tricks! I do use coupons but I'm still baffled at how people can get $1K of groceries for $37! It's definitely a job thats for sure. I think the most I've ever saved was about $70, and that was buying everything on sale BOGO, and then using coupons on top of that -and I've only ever been able to do that once or twice. :/

I had a good week a couple weeks ago. About $225 in groceries and I paid $115. Still more than I wanted to spend (and I do by store brand and but non necessities back! I didn't let ice cream in the house...although I could argue that as a necessity some days.) Between the good sales, the store discount, my coupons, and 20% rewards for using the store's gas station, I saved $110. I need to sign up for online coupons - there aren't many decent ones in my paper, or at least not for stuff I use.

I always price shop the store too, price per oz or quantity.

[MOMof3]

The problem with programs like Microsoft Money, etc.. is that they are good for reconciling and seeing the past, but not too good for actual budgeting and planning. I finally put my budget into an excel spreadsheet. I have each payday running accross the top, and list the monthly expenses down column A. I put in the amount for each expense and I have a total line at the bottom. Whatever is left goes into savings buckets. I have a rainy day emergency fund that gets whatever is left after I've put what I can into my savings buckets. My savings buckets are for things like Christmas, Birthdays, Summer Camps, etc... I look at our bank account EVERY day and enter in what we have at the top and readjust as necessary. Sometimes we spend too much on something, that is life. The thing that makes this approach work for me, is that I can see the future (well, not literally--ha ha), and I can see where I will have gaps in funds for things--like car tabs, vacations, etc... I put EVERY expense I have in Column A. I even have a line where I budget for my lattes. If I go over in my grocery line and I don't want to adjust a savings bucket, then I take my money out of my latte fund. The key is to always be budgeting and always planning ahead. I save for school clothes year round as well as summer camps, etc... I think if you don't look into the future you think you have more money than you actually do!! My husband used to tell me that he didn't see why he couldn't buy "X" because we had money in our account. Doing this spreadsheet allowed me to show him exactly why we couldn't afford "X". It takes a lot of work to do it right, but I hardly have to stress about anything anymore. I also can tell my oldest kid exactly when she can get those new shoes she wants, I tell her when I get paid on this date, we can buy your shoes. It makes them have patience & also learn about money management, etc... (skills I didn't do well with until my 13). I can't wait until this year is over and we will be done the end of January 2012. I see the light!

[RunningMan]

I am using the exact same approach as MOMof3. I just started it last month and it is working pretty well, but I have had to adjust the budget a few times a week as unexpected expenses come up. I think that will happen less as I get better at it. I have the same problem with my wife seeing money in the bank account and thinking we can spend it. The spread sheet has helped show her that we do not really have any money left. We both review the spread sheet every payday and agree what bills and expenses are going to get paid (and what is going into savings).

[tobee43]

our entire food budget including cleaning produces...i.e. paper towels...etc. is $400 monthly...........

EXCEPT for the GAIN which i use laundry ...i will buy that IF i don't have a coupon because it's a "luxury"....how funny...or sad is that!!!

i am not the coupon clipping person in this family....however, we do have one..... that has an entire file...by product and date...so i just bring him along with me and my shopping list!

p.s. pandora...your idea about a "money saving" area on the forum was a great one...( a while back)....so i was thinking what about a discussion group on money saving tips and home repair suggestions etc....like do it yourself questions and answers???? you think?

[tobee43]

just opened the discussion group.....see how it goes?????

http://www.bkforum.com/group.php?groupid=13

if not we'll close it up...but thought it might be a good place to get some great ideas.....like how to fix the kitchen sink myself?

[pavlikclan]

We are looking into doing some major couponing. I want to cut our monthly grocery bill in HALF. I have budgeted in 400 dollars for groceries and 100 for eating out. (About once a week for us) So I will start scouring coupons If I can get it down to $250 I will be a happy woman . Another thing we are doing is axing the cell phones. I pay $210 a month for 2 cell phones...........goodbye verizon and hello prepaid cell. We currently pay 105 for satellite I am looking at putting that in the bk as well and going back to dish network which generally beats directv on pricing. If we can't swing that I'll get rid of it completely

[boomerkae]

We are looking into doing some major couponing. I want to cut our monthly grocery bill in HALF. I have budgeted in 400 dollars for groceries and 100 for eating out. (About once a week for us) So I will start scouring coupons If I can get it down to $250 I will be a happy woman . Another thing we are doing is axing the cell phones. I pay $210 a month for 2 cell phones...........goodbye verizon and hello prepaid cell. We currently pay 105 for satellite I am looking at putting that in the bk as well and going back to dish network which generally beats directv on pricing. If we can't swing that I'll get rid of it completely

Question - if you make all these modifications to save money - do those have to be reported to the trustee? I'm all about saving money where I can - I won't eat out without a coupon even. Does cutting your expenses then mean paying more to the plan?

[RunningMan]

We currently pay 105 for satellite I am looking at putting that in the bk as well and going back to dish network which generally beats directv on pricing. If we can't swing that I'll get rid of it completely

We have been paying about the same for DirecTV. We are going to cancel it completely. We have a Roku and use it for Netflix and Hulu. Netflix and Hulu are only $8 a month each. You can get most current shows through Hulu and Netflix is good for movies and older shows. I am going to miss current news shows, but I get most of my news through the Internet. I don't watch sports, but you can get MLB and NBA on the Roku. They don't have NFL yet and I think college games are difficult.

[HHM]

Question - if you make all these modifications to save money - do those have to be reported to the trustee? I'm all about saving money where I can - I won't eat out without a coupon even. Does cutting your expenses then mean paying more to the plan?

Generally, no. The "key" to success in a chapter 13 is to over budget in the chapter 13, and then make life style changes create a cushion to make sure you chapter 13 succeeds by NOT spending the full allotted amount in your chapter 13 plan.

[RichM]

I'm a big believer in Guerrilla Grocery Shopping (GGS).

The goal of a GGS trip is to save a pre-determined percentage on the entire order, using coupons, loyalty cards, or whatever other method you like. A raw recruit's goal might be 15 percent. A seasoned enlisted person, maybe 25 percent. A commanding officer, 40 percent. (If you ever break 50 percent, come visit me and I'll buy you dinner and a drink.)

GGS begins with conditioning, like any successful military campaign. Watching "Rambo" immediately before shopping is highly recommended. Listening to Wagner's Ride Of The Valkyries in the car on the way to the supermarket also helps, especially if it is timed so you reach the majestic climax just as you are pulling into the supermarket parking space.

Then march into the supermarket with a military bearing, grab a cart, and shop for discounts. Never forget that the supermarket is your sworn enemy: Everything they sell is overpriced, and paying the full price for anything is like being wounded in battle. To the best of your sworn ability as a Shopping Soldier, refuse to pay full price for ANYTHING, even if it means doing without that product for several weeks.

Whenever you see something that is on sale or for which you have a coupon, calculate the percentage of the discount. If it is more than your savings goal, great! If less, then consider other options, or balance the purchase with another whose discount is more than your savings goal.

If a sale item is out of stock, demand a raincheck or an alternate item. If they refuse, then leave the cart in the supermarket, walk out, and never go back there. In any war, retreat is sometimes an essential stage in the path to victory.

When checking out, watch the cashier like a hawk. They're sneaky, those cashiers, with their rigged scanners. If something that is on sale rings at full price, immediately stop the cashier and point it out. If he or she won't fix it, then demand a manager. If they deny you a manager, then leave your order on the conveyor and walk out of the store.

Remember always: The supermarket is your sworn enemy! Everything they sell is overpriced, and paying full price is a wound that, to a Shopping Soldier, is not a medal of honor but a badge of shame, because it is a self-inflicted one. So to the best of your ability, never, ever, ever pay full price for anything; and if you have no choice, make sure to purchase enough deeply-discounted stuff to balance out that purchase, so your final cost for the trip still comes in within your Savings Goal.

Finally, don't stay a recruit forever. Once you are consistently meeting your Savings Goals, it's time to promote yourself. Raise your goals as you gain skill in the arts of Grocery Warfare. (I'm presently saving at least 40 percent on every trip.) If you consistently apply yourself and have the discipline and courage needed to withstand the temptation to buy non-sale items, then some day you may attain the exalted goal of saving 50 percent or more on a shopping trip -- the Guerrilla Grocery Shopping equivalent of the Congressional Medal of Honor.

Good luck, soldier. Now go out there and fight: For God, Country, and Discounts!

-Rich

[pavlikclan]

Idk about reporting it I am not planning to file 13 we fall WELL below the median income. Like 45k worth. However, after we filed our first chapter seven we lived on a shoestring, saved some money, had a decent 401 k then lost it all trying to stay afloat after aprox 40k year paycut. So here we are again. Guess I couldn't really plan to lose half our income. Back to basics we go. Nothing wrong with that.