Budgeting 101
I hesitate to write about my laughable budget because some of you are probably paying off your entire home in three months or giving half of your income to war refugees. OR BOTH.
One night my mentor mentioned we had nothing to talk about (what?!) so he started grilling me with financial questions (yay!) ...that I had basically no answers for (double yay!) My final answer was something along the lines of "So, like, we pay rent every month. And uhh I guess like, insurance?" PATHETIC. I am supposed to be a grown Proverbs 31 woman with two kids and a pastor husband! After I finished riding the Guilt Shame Train (always a pleasure), I came up with a couple of reasons to follow a budget..
1. We can work towards a goal(s)
We want any excess money saved up for IFT (Important Future Things). A bigger family car, college and retirement, mainly. Without goals, our excess money gets spent on little things (or in my mind, floats around in our bank account without any purpose but to play freeze tag with each other)
2. We can spend fun money without boarding the Guilt Shame Train
We have a chunk of money each month to use at our discretion. It's for birthdays, eating out, preschool stuff, clothes., thrifting..literally whatever I want. Without a budget, I used to spend $20 at Goodwill and immediately throw myself into the dramatic depths of despair,
"I just spent all of my kids' college fund at GOODWILL and Kent and I will have to live in a SHANTY TOWN when he retires. ...IF he retires"
Or I would spend an entire 15 minute commute debating a stop at Chick fil A to getme my girls a sandwich. Should I go? Should I not? I shouldn't. It's literally a few bucks. Go. Don't go. YOU ARE A SAD HUMAN BEING.
Are you still reading?
Now I can spend money through out the month within the budgetary bounds without throwing myself into despair or tying myself in knots.
Do you still want to be my friend? Check yes ___ or no ___
------
How'd I do in August?
My high tech, super organized method (jokes!) was to save each receipt, stick it on the fridge, eventually write it on a piece of paper and...add it all up! (Using a calculator). If my calculations are correct, I came in just under budget in both my Food/Household Category and the Other Category.
My biggest take away was the reminder that every purchase counts and I found myself second guessing each item, in a good way.
This month I plan to use an excel sheet to help add as the month goes on.
It'll also be nice to have each month on file for the rest of the year.
I need to grow in the area of Short-Long-Term-Goals. For example, I want to renew our zoo membership and join the Orlando Science Center. I need will power or a super great distraction (A library book? Long movies? Cleaning?) to tuck our fun money away in order to buy the passes. I can do this! Fist pump! Muscle flex!
Do you budget?! Are you donating to war refugees?!
*A public thank you goes to my mentor and his wife, and my in-laws for paying my/my husband's way(s) through college, thus resulting in a debt free marriage and to Kent who has helped us remain debt free. Nothing taken for granted and hugs all around!
One night my mentor mentioned we had nothing to talk about (what?!) so he started grilling me with financial questions (yay!) ...that I had basically no answers for (double yay!) My final answer was something along the lines of "So, like, we pay rent every month. And uhh I guess like, insurance?" PATHETIC. I am supposed to be a grown Proverbs 31 woman with two kids and a pastor husband! After I finished riding the Guilt Shame Train (always a pleasure), I came up with a couple of reasons to follow a budget..
When my mentor isn't asking me financial questions,
he's reading books to his granddaughter
1. We can work towards a goal(s)
We want any excess money saved up for IFT (Important Future Things). A bigger family car, college and retirement, mainly. Without goals, our excess money gets spent on little things (or in my mind, floats around in our bank account without any purpose but to play freeze tag with each other)
2. We can spend fun money without boarding the Guilt Shame Train
We have a chunk of money each month to use at our discretion. It's for birthdays, eating out, preschool stuff, clothes., thrifting..literally whatever I want. Without a budget, I used to spend $20 at Goodwill and immediately throw myself into the dramatic depths of despair,
"I just spent all of my kids' college fund at GOODWILL and Kent and I will have to live in a SHANTY TOWN when he retires. ...IF he retires"
Or I would spend an entire 15 minute commute debating a stop at Chick fil A to get
Are you still reading?
Now I can spend money through out the month within the budgetary bounds without throwing myself into despair or tying myself in knots.
Do you still want to be my friend? Check yes ___ or no ___
------
How'd I do in August?
My high tech, super organized method (jokes!) was to save each receipt, stick it on the fridge, eventually write it on a piece of paper and...add it all up! (Using a calculator). If my calculations are correct, I came in just under budget in both my Food/Household Category and the Other Category.
My biggest take away was the reminder that every purchase counts and I found myself second guessing each item, in a good way.
This month I plan to use an excel sheet to help add as the month goes on.
It'll also be nice to have each month on file for the rest of the year.
I need to grow in the area of Short-Long-Term-Goals. For example, I want to renew our zoo membership and join the Orlando Science Center. I need will power or a super great distraction (A library book? Long movies? Cleaning?) to tuck our fun money away in order to buy the passes. I can do this! Fist pump! Muscle flex!
Do you budget?! Are you donating to war refugees?!
*A public thank you goes to my mentor and his wife, and my in-laws for paying my/my husband's way(s) through college, thus resulting in a debt free marriage and to Kent who has helped us remain debt free. Nothing taken for granted and hugs all around!
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