Does Anyone Stick to a Real Budget- Monthly or Weekly? Willing to Share Ideas?

Updated on September 06, 2010
M.D. asks from Crowley, TX
31 answers

Ok moms- I need to know Im not alone. Im a SAHM and I feel that my husband makes enough for us to live comfortably and me to not work. But come time to pay bills- its like where is all our money??? We talk about a budget, but never follow through. I would like to know who uses one and how you came about it? Any tips or suggestions is greatly appreciated. I love staying home and have given up things that I had when I worked- no problem. At the same time, I dont like having to track every dime! If i look at our net pay minus our bills, there should be plenty left over each month. But its like that "left over" amount never shows up! I should add that we always manage to get by and we do live pretty good considering we have one income. I just want to know that Im not alone. I feel this way about twice a month. Thanks moms

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So What Happened?

Thanks for all the great responses!! I will be checking into Dave Ramsey and see what that is all about. I think taking out cash on payday for spending money is a great idea also. (I always say Im going to do that, but never do) Im also giving the spreadsheet a try. I keep track of the bills in my head- and if something was to happen and my husband needed to take over- he would have no idea where to begin! So, this will help him alos. I love staying home and feel fortunate to do so. As another poster said- it definately outweighs the "I wants" Thanks Again moms!!

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P.P.

answers from Dallas on

9 Steps to financial freedom by Suze Orman changed our lives and our finances!

I highly recommend this book, we also used www.wesabe.com

it's a website that hooks up with your checking account and every time you use your card it will record the transaction and classify it in a spending summary so let's say you have a tag for "groceries" so every time you use your card at walmart that amount will be added to the category "groceries" that way you know how much you spend in "Gas" "groceries" "clothing" "electricity" etc.
You name your own tags and put as many or as little as you want depending on your expenses so it's very user friendly.

Good luck!!!

2 moms found this helpful
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S.N.

answers from Dallas on

My husband manages most of the bills, and I mail them out as needed and collect receipt expenses in our electronic ledger.

We've had the same question about our finances from time to time. Around paycheck time, we pay our highest/most important bills first (mortgage, car, medical, credit card, etc.) then the smaller bills at the next paycheck if we're strapped on cash. We budget recurring expenses including groceries, gas, utilities, etc., not so much to restrict our spending in those areas but to make sure we're making enough to enjoy a comfy quality of living with the optional expenses (i.e. netflix, date nights). Since I'm not pulling in income, my contribution comes from making dinners, saving coupons, comparison shopping, leaving the house warm in the day, and focus groups twice a year or so.

One more tip- we give ourselves a cash allowance each week ($20-30) to spend on small stuff before we charge it. This helps make accounting easier when we stick to cash and reduces the chances of charging lots of small expenses that can quickly add up.

And, we talk about upcoming bills and expenses periodically so that we're not blindsided and can expect a spending crunch or know it's ok to get those nails done without feeling guilty. :)

Hope this helps you in some way!

1 mom found this helpful
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B.H.

answers from Los Angeles on

I don't use a "budget" I use an "emotion-free-money-success-system". You can find it in my ebook.
http://www.heyyougetreal.com/NewFWords.html

It's what we have been using for the last 7 years...it's how we realized our financial freedom 2 years ago.

B.
Family Success Coach

1 mom found this helpful
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E.W.

answers from Dallas on

www.daveramsey.com Full of useful information on budgeting and staying our of debt. He also has a show on 570 AM KLIF Radio that airs M-F from 1:00 to 4:00. Do listen, you won't be dissapointed.

1 mom found this helpful
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C.K.

answers from Denver on

Sounds like people swear by Dave Ramsey. But - to me, "real world" is easier to stick to, and "real world" to me is regular, average, not-well-to-do people like me. :o/ I can't afford to buy books and don't have time to read them, anyway. So I went to www.budgetstretcher.com ("Grandpa Terry"), who has a FREE budget program that is already set up for you. It's an entire system and all you have to do is plug in your stuff. He's got a hard copy one you fill out and put in a binder, or one that is online using Excel. All free. His website is also full of free articles and information, tips, etc., and you get an email with ideas every week with more timely stuff. He does sell ebooks on all kinds of stuff re saving money, but if you don't want 'em, don't buy 'em! I started out with the free budget, moved into the "premium one" (paid $5 for it when it was on sale) and I've never looked back. Went from being overdrawn every month (I'm on disability and only get a check once a month) to having $ left over at the end of the month, and I don't count every dime, either!

Hope these ideas help!

1 mom found this helpful
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J.M.

answers from Dallas on

Check out Crown.org and look under budgeting tools or calculators. There is one that can help you determine how much you should be spending in each category per month. Some people do the cash thing, where they divide up each of the categories into envelopes and once the cash is gone for that category, you either stop spending (no more clothes for the month) or take some from another category (like entertainment) to supplement. I prefer to do things electronically, with Quicken. I like the reports that tell me how much I'm spending where. I also use it to budget each month. I do have a budget and sometimes I blow it, but those things have helped me at least know how much I should be spending and where my money is going.

1 mom found this helpful
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D.R.

answers from Dallas on

Hi!

One of the best programs on budgeting is by Dave Ramsey. There are churches all over the area that have his program classes. It is worth every minute to have the financial security that his program teaches and helps you implement. I know it is being offered at the Irving Bible Church. Their number is ###-###-####. Many other churches in are also teaching the outline for financial health.

Sincerely

Dr. Cindy L. Russell
Nutritionist
Doctor of Naturopathy
Doctor of Chiropractic
###-###-####
###-###-####
____@____.com

1 mom found this helpful
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M.F.

answers from Dallas on

Dave Ramsey's Total Money Makeover book lays out how to set up a monthly and weekly cash flow budget. You basically look at ALL of your regular expenses over a year and break them down into weekly and monthly budgets. For example, think about what you spend for Christmas -- this is presents, extra food for dinner parties, a couple of road trips (gas, hotel), etc. Now break that amount down into a monthly allotment. Take the cash and stuff it into a "Christmas" envelope each month.

Take auto tags and inspection. These things aren't a surprise - you know you'll be getting them every year. So take that $200ish or so per year (ours is about $60 per car for registration and maybe $40 each for inspection), and break it down monthly, put it in an envelope.

Same thing for birthdays -- your family, friends, the people you buy for regularly, plus a few extra invites... This is where it can be difficult. You may be used to buying a $20 gift for a friend's kid. If you look at the total on birthday gifts, it can get pretty high. We've limited the amount per gift to $10.

The book lists all of these annual things -- anniversary, family vacation, homeowners insurance and taxes, school supplies.

It also lists your weekly and monthly expenses to consider -- groceries, paper products, toiletries, hair cuts, eating out, week-day lunches (if your husband eats out at work), car insurance, life insurance, utilities, cell phone (all the regular bills), debt payments, diapers, weekend "fun" money, etc.

You're giving everything a category. The problem probably isn't that you're an extravagant spender (we weren't), but that you just don't have a cap on all these different categories.

Once you look at all the amounts, you can move numbers around as you work out what's real. Honestly, though, there are some trade-offs to make. If you want more in weekend fun money, maybe you give up a couple fast food lunches. Maybe switching to generic diapers will leave room for monthly eyebrow waxes... :-)

If you need help setting up your budget, I know an excellent budget counsellor in Denton. She was free when we used her, but may charge a nominal fee now (it's been 5 years since we first started seeing her). She can set you up on this type of budget and literally hold your hand through it for about 6 months.

Hope this helps!

1 mom found this helpful
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J.F.

answers from Dallas on

Check out the Dave Ramsey - Total Money Makeover - a life changing book for budget/daily living. U can order the book online or get it at most bookstores. He also has a talk show in Dallas (570 - KLIF AM). It works - U are doing the right thing staying at home - don't give up.

1 mom found this helpful
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J.R.

answers from Dallas on

I understand and I feel the exact same way! My husband also makes good money and there should be plenty left over each month for savings. (We are saving for a down payment for a bigger place now that kiddos are coming along.) I'm an impulse spender and the little "$3 for coffee here, $5 for lunch there" really add up! I've been writing down everything I've spent the past month, and let me tell you... it's been really eye-opening! That's really helped me curb my spending already, because I don't want to have to write it down!

I am going to take a Crown Financial Ministry class at my church. It's something I've been wanting to do for a long time but couldn't talk my husband into, as we both worked. But now that we are on one income, I know that I need to learn how to budget and make wise financial decisions on a daily basis. So this class is for women and meets once a week in the morning, and will be practical and hands on.

I've also heard great things about Dave Ramsey and I know he has a lot of really good resources at his website.

My parents used a paper ledger for years. Each section showed how much was alloted each month and they wrote in deposits and withdrawls based on paychecks and receipts. They've recently switched to Quicken, which they really like. My dad pays the bills, but my mom is in charge of entering everything into Quicken and keeping track of how they are doing overall.

The best thing is to figure out what will work for you and what will help you stick to it. And both you and your husband need to be committed to it and communicate with each other, esp. if one is a saver and one is a spender (like my husband and I.)

Good luck!

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A.W.

answers from Dallas on

Nope, you're not alone! There are so many of us out there that go thru the very same thing. Great post, M.!

I quit my job back in Feb to stay home and sell Home Interiors. I make a pretty good income from it. It's not my $50K a year, stressful, nundane, chaotic "real" job, but I am so much happier and so much more in my element with what I do now.

I did put together a very detailed Excel spreadsheet a month or so ago, but it's hard to see everything at one time and also hard for my husband to understand what all my formulas do, etc., etc., etc. He has used Microsoft Money for a long time, but he drives me crazy because he can't spell work a darn, and he is not very organized with it. So I have told him I will help him with the bills since we, too, never have any money left over, but I can't stand to use that stupid Microsoft Money that he has all jacked up! I've been thinking about going back to the old paper ledger. My neighbor does that, and it works well for her.

I hope there are suggestions out there for us because we need help, too!

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J.T.

answers from Dallas on

Dave Dave Dave....my hubby and I are into the total money makeover book and workbork right now. its all common sense really but he keeps you own track. its step by step sooo easy and once your into you'll love not having money issues every other week. We also went to see him when he was here in Dallas a few months ago. He's soooo awsome. On his websites his books are often on sale for ten bucks. Well worth the investment. Good Luck.

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H.S.

answers from Dallas on

We use 3 accounts - one for bills, gas and food, one for my hubby's expenses and one for mine. We each get an allowance each pay period that we can spend on whatever we want but we cannot borrow from the "bill account" without consulting the other. We also never make purchases over $50 for the home without consulting the other. It makes a huge difference for us - especially since my husband pays the bills and he does not balance the checkbook! ahhh!! I used to pay the bills but he wanted to take it over - sometimes I wonder what I was thinking...he he. With the allowance system we do have money left over to put towards our debt most months because we are not needlessly spending. We use the allowance accounts for lunches at work too - this keeps the extra "out to lunch" expenses from hitting the bill account.

I need to check out Dave Ramsey too - I've heard great things about his program.

E.C.

answers from Dallas on

M.,

Budgeting is a hard thing to stick to, but it can be done! I read there are a lot of people on here who use Excel... hat's off to them! I am not literate when it comes to spreadsheets! Really, when making a budget, it is really about coming up with something that makes sense to YOU, and makes it easy for YOU to stick with. (By You, I mean you and your family.) I guess just hearing what others are doing may end up sparking an idea of your own. Here is what my family does...
My husband gets paid every two weeks. So, my budget sheet (made on Word, with unintimidating font and a nice clipart picture) is divided up into halves.
The first half is Week One, the second obviously, is Week Two. I have listed on each half the bills that we pay with that check, how much they normally are, and a line next to each bill so I can write in the exact amount. That way, I can make sure they stay consistent, and have easy record that they were paid that month.
I also have on there how much money I need to get out of the ATM for the week. I have things on there that aren't really bills, but we need to have the cash on hand. Like my son's guitar, gas money, a new book for my daughter, beer money, and "Fun Money". This fun money is for things like going out to eat, renting a movie, and other things like that. It is really important not to cut yourself short on that fun money, because when you are PMSing and really wanting some McDonalds... you should be taking it out of the Fun Money... not the bank!
Anyway, I am sure you get the idea. All of our Fun Money is then divided up into appropriate amounts, and put in envelopes that I have labeled for their purpose (like gas money... etc).
Another tip is to have your account set up to automatically trasfer some money into savings. I always thought I would automatically just DO it - but something always gets in the way. So, we picked a small amount of $25, and every month on the 15th, it just goes to savings. It is on my bill list for the month, so I just take it out of the register like all the other bills. By doing this, we magically have over $400 in there with no effort. Not a lot of money - but it is there when it otherwise would not have been.
Bottom line - find something that works for you and your family. Be realistic about how much money you normally spend for your "Fun Money", or else you WILL be dipping into your account when you shouldn't be!
Good luck!
E.

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K.C.

answers from Dallas on

We have been in your shoes and Dave Ramsay's Total Money Makeover workbook has changed our lives! I cannot say enough about it. You would think budgets would be easy, but why aren't most Americans out of debt and living with a budget? One person said its common sense...and it is...just read the book and it will make sense. Once its in place, anyone can look at the monthly budgets you've made on the worksheet and keep your budget in place. ie. husbands!! I am due in a few months and thankful for this budget this time with baby #2. Last time, things were late because hubby had no clue. Once you start and see that extra $$$, you will get that peace in your budget you desire. Good luck to you guys!

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M.H.

answers from Dallas on

Hey Michelle, My husband and I do a written monthly budget and have done this for the past 14 years. It is such a liberating thing because you know exactly how much you have budgeted for each item and you don't feel bad if you spend it. We have been doing this long enough that we couldn't do without it. Everyone we know that goes on a budget likes it because they have more money to spend. Dave Ramsey (Money Manager) says that a business would fail without a written spending plan so how can you expect your home finances to do well if you don't know where the money is going. I would recommend his book. I think it is called Financial Peace. It takes about 3 months to get a budget that works but I would highly recommend it. M.

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D.L.

answers from Dallas on

ugh. you and me both! we've gone through our bank statements and color coded things like, eating out, groceries, baby things, bills, credit cards, etc... and tried to come down on the things that we shouldn't be spending money on or not as much. but no matter what it's like we end up the same... i have no idea what to do either!

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D.W.

answers from Dallas on

M.,
Our situation is a bit different. My husband is a self-employed contractor. The money is kind of sporadic and always changing. The nice thing is he bills his clients weekly fir the work that has been accomplished, Then he pays his subs and then we get what is left!
Anyway, we just have a loose budget- fixed things like mortgage, insurance, utilities come out first. What is left over is what I have to work with. Some weeks I work REALLY hard to make meals from whatever is on hand, use up canned goods etc... other weeks I have some extra and I can stock up on sales things.
With 4 kids- 3 in school- this time of year is REALLY frustrating for me- school uniforms (DISD), school supplies, join the PTA, contribute to the snack fund for the class, different school supplies that weren't on the list, after school activity fees...
I feel like my life is spent on a quest for how to save $! I am tryting the new Homemade Gourmet 4 meals in 4 minutes kit- it is a bit costly ($130) BUT I can make 50+ meals by adding my own meat and some canned goods, I make them ahead of time- hopefully that will cut down on the "quick trips" to the grocery store!
All of that to say you are not alone!

D.

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R.S.

answers from Dallas on

Definitely check out Dave Ramsey! I'm working on his Financial Peace University on CD, and its awesome. If you need a budget buddy I'd be more than happy to help!

D.G.

answers from Houston on

DAVE RAMSEY, DAVE RAMSEY, DVAE RAMSEY www.daveramsey.com & 1-4 p.m. on 570 am KLIF. Best book on the subject is his Total Money Makeover. You both need to read it & work on budgeting as a team. Then listen to Dave daily to keep yourself on track. From a dedicated spender, he has turned around my thinking & we are reaping the benefits of it with a much larger reserve of cash than EVER before- in 15 years of marriage! And we have NO credit cards. We have no need, b/c we live w/in our means. Emergencies are taken care of w. cash reserves, then replenished.

Good luck!

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R.W.

answers from Denver on

We finally went to a cash only method for weekly extras....not bills, but anything extra like birthday presents, stops at a restaurant, things for the kids, makeup, etc.

Also, we track EVERYTHING on an excel spreadsheet and review it once a week to see how we are doing compared to our monthly budget.

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J.R.

answers from Dallas on

I think you are in the same boat as most people. We want to live by our budget, but we also want a life and enjoy it. I have checked out several books from the library on the subject and would suggest the same to you. Basically, once you have a budget, it just takes will power to stick to it. It also depends if you get paid weekly or monthly to help determine your spending habits. Do you keep a check registrar? I find that writing everything down as soon as I spend it helps me realize I'm spending money I shouldn't. Also, at the beginning of the month, since my husband gets paid monthly, I take out all bills first so I can see visually what I am working with for the month. I have also heard giving yourself an allowance. If you know you are only allowed $150 for the month for extra stuff, then keep the cash in the envelope and once you are done with it, then you are done and stick with it. Other than that, let's just hope we win the lotto so we can keep spending w/o worry! lol

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C.S.

answers from Dallas on

I am motivated by Susie Orman's thinking. She is so much like my own mother, who budgeted over her lifetime with great monitary success. The result of this was empowering for me and I grew up thinking that whatever you want is possible if you want it badly enough. There were sacrafices and looking back, it seems to me that each family's budget should be tailored to their individual priorities and constantly readjusted as inflation these days is impossible. From housing to computer monitors, I am staggered at the flucuation in costs.
Another thing I learned after leaving the work force is to stay on top of the services you use. The first month at home I cut our budget by hundreds of dollars just getting on the phone with the cable company, the electric company, porting our land line to my cell phone. Fifty dollars a month for what??? Is your home insurance covering the dwelling and the land? Why insure the land? Are you paying collision coverage for an older car that is paid off and isn't really worth it? Can you find a lower mortgage rate without huge closing costs? Can you make just one extra house payment a year toward the principle? Do you have a locking closet somewhere in your home where you can stash bargin Christmas gifts and reusable wrapping throughout the year?
Don't get me wrong. I do not believe in obscessing over every nichol and along the way, I constantly ask myself what my time is worth, especially driving across town just to save a dollar at another store. Life marches on and there should be time to enjoy splurges along the way with no regrets. Moderation in ALL things. Your time is every bit as important as money ever will be. You can't take it with you and your circumstances can literally change on a dime. Consider the victoms of Katrina as you set your priorities and sometime in your life, try to visit a third world country.
Financial crisis will pass and it amazes me that more than not, every income level seems to suffer the same financial challenges. Those huge new mansions often hold families dealing with huge financial problems just like the rest of us.
These are just my personal thoughts,
C. S.

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M.D.

answers from Dallas on

M. -
We are in the exact same boat!! I stay home, we own our own business and live much more comfortably than I ever thought possible, thank God, but it's hard to point out where the extra $ goes. I think that for us it's eating out, and the little stuff, like Starbucks and snacks. For instance, when I take the kids out playing at the mall or whatever, rather than take 5 minutes to pack drinks, water, etc for everyone, I stop and buy it figuring, hey, it's only a couple of dollars. Well, they add up. We are not hurting for $ but sometimes I wish I had the saving gene instead of spending gene!! My old boss used to say, "Take care of the pennies and the dollars will take care of themselves." I guess that holds true. I'm sorry I don't have any advice or help, but just wanted to let you know you are not the only one with this problem. I have thought about setting up a separate savings acct (or even just a jar) and everytime I resist the urge for Starbucks, sodas, etc. put the $ saved in there, just to see what it adds up to. Has anyone else tried this?
Thanks for letting me ramble,
Martha D.

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D.M.

answers from Dallas on

Hi,

We have a weekly and a monthly budget that we try really hard to stick to, but we have the same problem. My husband makes more than enough to cover our bills, and yet at the end of the month, where did the extra go? One thing that helps me, though, is to withdraw cash for our weekly and monthly budget, keep it in separate compartments in my purse, and leave the cards at home. That way, if I run out of cash, I know I shouldn't spend anymore until the next week. I also use a spread sheet to keep track of expenses, so I know where I am during the month. I make a weekly menu and grocery list, and try my best not to make any impulse buys. Honestly, the hardest thing for me to avoid is eating out. I hate cooking, and I tend to find any and all excuses to just eat out. I try to avoid stores when I don't really need to go in. If I'm grocery shopping, I can easily avoid the impulse buys, but if I'm just in there because I'm bored and looking for something to do, watch out budget, because it's doomed, lol! Well, I hope this helps you in some way. You're not alone!

D.

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K.I.

answers from Dallas on

My hubby and I have done a budget (monthly) since we got married 12 years ago. However, we've NEVER been underbudget except when he was fired and we didn't spend ANY money. What did that tell him? Nothing. I suggested to him that we take cash out of our account to spend for the week, but he was resistant.

So, you need to figure out what will work for you. I found that it was helpful to have a spreadsheet that listed all money coming in and all money that went out on a monthly basis (mortgage, bills, college fund, etc.) That way, you know what you have left.

You don't need to specifically detail everything, unless you want to. It might be handy to detail everything at first so that you know what you are spending your money on (groceries, clothes?) and that will tell you where you need to limit spending.

But in the long run, if it doesn't work for you, find another system that will work.

K.

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D.L.

answers from Dallas on

If you want to stay home you do need to be on a buget with no credit cards. Spend only what you have and no more. Figure your total income. List all your major bills and make sure they are covered. Whatever is left over will be for groceries,entertanment,doctors and savings. It's hard to at first but the rewards of staying home with the children out way the "I Wants" or having the best. Good luck and don't wait. Debbie

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L.M.

answers from Dallas on

Hey there - I am just sharing what we do here...

Both of us work - but we are in our 1st home (almost 2 yrs now!) and I feel it's VERY important to stick with a budget - that way we both know whats what...

Honestly - all I do is use an excel spread sheet - design it any way you'd like - it has help tremendously here!!! It allows me alot of freedom actually - to not carry the weight of the bills around on my shoulders all the time. If we want to splurge - we know what we have to do that on -

If you have more specific questions - just ask!

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E.W.

answers from Dallas on

My husband and I do have a budget that we live by strictly. We made a spreadsheet with all of our monthly bills, you must include everything!! (gas, tolls, cable, water, etc.) We give ourselves a food budget every week and that is what we spend at the grocery store. Then we take what is left from our income, after all bills are paid and divide by 4. This gives us what we can spend for the week for going out, renting movies, etc. This makes my husband and I talk about what we spend each day for lunches, etc. If we have any extra money at the end of the week we just transfer it to savings.

I hope that this helps.

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A.S.

answers from Dallas on

We are starting a Dave Ramsey seminar this Thursday at 7pm. It's in Fairview(between Allen and McKinney). The address is 571 Lakeridge Dr. Faiview, 75069. The phone number is ###-###-####.

We went through this seminar about a year and a half ago, and we've accomplished a lot.

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D.A.

answers from Dallas on

I totally understand what you are going thru. When I had my son 2 years ago I quit working and we became a single income family. The problem was I made much much more than my husband but the idea of him being a stay at home dad was not an option. Anyway we sat down and made a budget. This is the key. you have to have a budget. We gathered all of our bills to see what the average amount of each bill was. Phone, electric, credit cards, house payment etc., and we would set aside money for those bills each week. It was easy because we relied on cash instead of debit cards, checks, etc.That is the other key. Rely on cash. We made a weekly budget of $250 dollars a week for groceries and other household expenses. My husband would give me $250 cash every friday for the weekly budget and what ever was left over from his paycheck would automatically go towards the bills. I bought everything we needed for the house in cash. (Which helped keep me more aware of where exactly the money was going and how much things really cost.) If I ran out of money for something that week I would just have to wait till the next friday when it was "payday." I recently went back to work but we are still doing this budget because it worked out so well. Good Luck!!!

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