Creating a Budget

[pigpen75]

My wife and I recently joined the 60 day club, and we would like to get on a strict budget starting the 1st of the year. I would first like to get some sort of software for my PC to help keep us on track and I was wondering if anyone new about good budgetting software. W'ere also looking for some good tips in making a budget. Thanks.

[justbroke]

I tried Microsoft Money and don't use it that much. I just have a spreadsheet which goes out 18 months.

[JRScott]

I use the forms that I got from Dave Ramsey's Financial Peace University. I learned of it after filing. You can go to daveramsey.com to learn more . I think you can download budget sheets there for free.

I have used microsoft money way back in the 90s but haven't used it since.

[momof3b1g]

I'm with you. My brother said to just use a spreadsheet. Yea not much help. LOL

[Genenco]

Personally, I like the "Hands on" approach.

Thus I like excel for my choice. Easy (Well, for me at least) to set up and catagorize (Well it was WHEN I had money to budget) and not just your average "Here's where this goes" because as we've all seen, not everything falls really easily into some catagories..

But I did try MS Money, not bad,,,

There are ALOT on the web which will let you download and try for 30 days or so (Maybe less even) so there's alot of choices...You'll find the one you like

[newbeginning]

Yeah, using excel is the cheapest and if you know how to program or get to know excel, you can create a pretty sophisticated budget form yourself. Otherwise, try downloading FREE templates from MS: http://office.microsoft.com/en-us/te...172321033.aspx

[pigpen75]

Yeah, using excel is the cheapest and if you know how to program or get to know excel, you can create a pretty sophisticated budget form yourself. Otherwise, try downloading FREE templates from MS: http://office.microsoft.com/en-us/te...172321033.aspx

Yea, I think those premade budget spreadsheets will work for us. Everything is right in front of you and its seems pretty user friendly, and its free. Thanks a lot!

[okiemom2008]

do you need to create a budget if you do not have any leftover money after paying the bills? Seriosuly I am wondering if we need to?

[justbroke]

do you need to create a budget if you do not have any leftover money after paying the bills? Seriosuly I am wondering if we need to?

Absolutely, yes! A budget spreadsheet, for example, allows you to do what ifs. Like, what if I needed to spend $500 for an emergency. You can then see the ripple affects of that spend through your budgets in future weeks and months!

Very nice to see the affects!

The other thing, is being able to see where you actually spend your money each week, month, year.

[pigpen75]

do you need to create a budget if you do not have any leftover money after paying the bills? Seriosuly I am wondering if we need to?

I'm hoping that we'll quite blowing money if we see our actual bill in front of us. And I would like to start a savings with whatever we have left over.

[Never_Again]

Microsoft Money and Quicken are great financial tracking programs, but are not very good in the budgeting department. They will tell you what happened, but not what is happening in the budget. They do not let you pre-allocate money into different spending sub accounts, or "envelopes."

I use my own Excel sheet that I custom made. It not only tracks the budget, but it tracks your spending, and allocations into the categories (kind of in an envelope fashion).

I am serious... it does work, and it works well! Use it for a few months, and you will see a huge difference!

I have had a couple of people ask me for a copy. I will try to, over the next couple of days, create version of it that is a bit easier to use for others (including writing some instructions for it.) I have been told by others that I should sell it to people. I am not sure about that, but I wouldn't mind making some copies available for "beta testing" with others on the forum, on a couple of conditions... First, they have to promise to implement the system and make a difference in their lives. Second, they need to give me feedback about what they like and didn't like, and what they would like to have different.

You can drop me a PM if you are interested in trying it.

[Never_Again]

Also...

You are to be commended for wanting to get on a strict budget! It is one of the things that will make you so much less likely to end up back here again! It is great to read a post about wanting to make a budget, instead of posts about how to increase a credit score, or to re-build credit.

While you are in the sixty day club is a perfect time to get started!

[pigpen75]

Also...

You are to be commended for wanting to get on a strict budget! It is one of the things that will make you so much less likely to end up back here again! It is great to read a post about wanting to make a budget, instead of posts about how to increase a credit score, or to re-build credit.

While you are in the sixty day club is a perfect time to get started!

Thanks, I've gotta try something new because what we've been doing hasn't been working at all. Not to mention we have over $100k in student loans. I would love to try out your beta budget spreadsheet if you'd let me. My email is pigpen75@hotmail dot com. Thanks

[momof3b1g]

How do you guys keep track of everything? Say you go to WM. You buy clothes, food, cleaners etc. Do you add the items up for each grouping?
Do you stick to the amount you have for each thing like clothes and food?

[justbroke]

How do you guys keep track of everything? Say you go to WM. You buy clothes, food, cleaners etc. Do you add the items up for each grouping?
Do you stick to the amount you have for each thing like clothes and food?

I try to keep food separate from clothing and other expenses. It really depends on what level of tracking you want.

Generally, I separate general expenses into food, clothing, and other.