Do you have a household budget?
We've been trying to figure out what to do with our finances. We recently met with a Financial advisor who does some work for Working Dad's grandfather. He pointed out a lot of areas that we aren't necessarily taking advantage of. Now that we are entering 2014, I'm thinking even more about what our finances look like, and what our family is planning to do.
Before Working Dad and I got married I kept a reasonable budget for myself. Nothing to strict, but I always managed to have money in my account. Get what I needed,go out when I wanted, and generally take care of everything myself.
Now that we are married, with joint finances and joint accounts, things are going relatively smoothly. Before we were parents, we were DINKS... so we were able to 'sock' away a good chunk of change. However, since having EG and the idea of having another one coming to mind, we've taken a good look at where we stand, and what our priorities are.
Working Dad and I are not cheap living people. That's not to say that we spend exorbitantly, but it is to say that occasionally we go to the movies, leave EG with a babysitter and spend $65 on a single movie. And that's not chump change. Additionally we like to eat good food- that means both out and about, as well as in our own home.
Since we both work, it's been easy enough to keep adding to the savings, while still managing to live nicely. When we have baby #2, it's possible that we'll need some tweeking.
Right now our idea of a 'budget' is to just spend money how we both see fit, and check the accounts to make sure things are moving forward. We don't spend to much on extravagant purchases without the other one's okay, but it's still a bit of a loose/free-flowing system. We don't count our dollars, and we don't notice exactly where each penny is going.
I'm thinking it's time to change that. How do you budget? Who does what? Any thoughts on how to move forward?
I keep wanting to try out Dave Ramsey's Envelope System, but I'm terrible at carrying cash. Over the summer I did try to budget "extras"for a week by setting an amount to stay under and then keeping a google doc of everything I spent. It did help me think "Do I really want Starbucks or would I rather go out to lunch this week?"
ReplyDeleteI have a few friends who've done Dave Ramsey, and they have all had great success with it. I think it's best if you really commit to it as a family, and if you have any debt, I know he really helps you tackle that.
ReplyDeleteFor me its not the starbucks, it's the cute baby clothes! I just can't help myself.