View Full Version : Personal budgets
meatpile
08-31-06, 03:24 PM
Anybody else use one? How do you stick to it?
We use cash envelopes for alot of stuff, like groceries. Since the twins came, with double daipers and baby food, I've struggled to keep the grocery budget under $1000 per month. I managed about $875 last month.
How much do ya'll spend on groceries? I'm a family of 5.
We have budgets for charity, mad money, property tax, utilities, medical expenses, maid service, yardwork, home maintenance, school supplies, activities for the kids ( ouch ), babysitting, clothing, gifts ( xmas for kids and for kids friends ), and all kinds of shit.
We have a set investment budget, but hopefully i earn more than the 'budget' and all of the extra gets added to the investment pool. I've come to consider how much I 'make' as how much I 'keep' in the form of liquid investments, as opposed to how much I collect in paychecks. 'Making' money is hard!
I'd say my expenses, in order of biggest to smallest, are:
Investments ( This includes retirement and non-retirement )
Home ( mortgage, taxes, insurance, upkeep, utilties )
Healthcare ( insurance, visits, meds, etc )
Groceries
Care for the kids (babysitting, education, activities)
Auto is probably up there, but I have no car debt, and probably spend $400 per month total on gas, insurance, taxes, and maintenance. Plus, alot of my auto expenses are deductible through a corporation so I therefore don't categorize them as 'personal'.
Being the breadwinner for 5 really makes me think long term on this stuff.
I typcially spend around $300 per month on dining out with the whole family and another $75 or so on lunch while I am at work. My wife will spend maybe $500 on groceries. I feel like we blow too much money on food, especially dining out, but it costs just as much to buy groceries it seems. I have two stepsons who are with us about half the time and a 17 month old toddler.
Superfluous_Nut
08-31-06, 03:51 PM
unfortunately, our budgeting takes place sometime after the end of the year when we add everything up and say "wow, we sure did spend a lot".
we have a target number, but can't seem to actually move towards it. part of the problem is that my wife was recently laid-off and now we're both home with the baby so she's going crazy with her free time and wanting to take trips all the time since we've got the time. so not only are we burning her severance package without earning, we're spending extra money on top of it.
that's the beauty of working like a maniac and having no social life because all you do is work -- you make extra money and you don't have the time to spend any of it. it's a double whammy. sadly, i'm getting the double whammy now in the other direction.
i think our grocery budget is somewhere south of $1k a month, but that's for basically 2 people. the kid has his own expense system and we haven't had a whole year yet to examine things.
We don't really have a "budget" per say. I pay all the bills and we put my wife's total check in the bank each month. I've always tried to keep it to just one person's paycheck paying the monthly bills. Even with the new house, we've managed to keep this going. As far as groceries, we're a family of 3 and weeky groceries are around $100-$150 and will probably get higher as the baby grows. We don't eat out that often, my wife is a great cook, and don't have fancy toys. Basically, the only debt we have is the mortgage. No car loans and pay off credit cards monthly. It's not a fancy lifestyle but we're comfortable. Most of our "splurges" are on vacations.
we're rebudgeting right now -- for the first time in four years.
in charlotte, we were devoted quicken users. we just got it back up and running last week.
we're at about $400/month for groceries -- that's a family of four. we hardly ever eat out.
Wonder Woman
08-31-06, 04:37 PM
we're at about $400/month for groceries -- that's a family of four. we hardly ever eat out.
Do y'all eat Ramen Noodles 3 nights a week?
Do y'all eat Ramen Noodles 3 nights a week?
like i said, we rarely eat out. we eat leftovers.
meatpile
08-31-06, 04:48 PM
Yeah that's cheap Larry!
The daipers add to ours, maybe $125-$150 per. Baby food is also expensive, moreso than food you cook.
Janelle also HAS to have organic milk. And we get lots of it, about 8 gallons per month.
Other than that I think we're thrifty. I don't know how you do it!
I didn't even include eating out in the budget.
Shrapnel
08-31-06, 04:51 PM
How much is your dog food budget?
meatpile
08-31-06, 04:57 PM
How much is your dog food budget?
About $50.
But the monthly is $125 to take into account vet visits, Heartworm and Flea meds ( ouch - 200lbs worth ), and other shit.
I just bought 90# of dog food yesterday.
"Since the twins came, with double daipers and baby food, I've struggled to keep the grocery budget under $1000 per month. I managed about $875 last month."
Shop at Aldi's and you'll save about half on your grocery bill...If you are familiar with Harris Teeter pricing (I do shop there for weekly specials), you will be amazed at the savings...All their products are excellent...diary, fresh & frozen meats vegetables..
I researched it ..wanted to buy some stock, but it is an international privately owned company (2 brothers out of Germany)
[quote=meatpile]Yeah that's cheap Larry!
The daipers add to ours, maybe $125-$150 per. Baby food is also expensive, moreso than food you cook.
Don't know how old your babies are..but all you need is a good blender..let them eat the same fruits and vegetables that you eat. (much cheaper and better for them.)
meatpile
08-31-06, 05:37 PM
Janelle feeds them - no time to make food. She did it for our first when he was a baby.
I don't even know where an ALDI is. I goto costco every other week for alot of things, meat, dairy, paper stuff, diapers.
I goto HT every Sunday. I don't have time to drive an extra 20 min each way, which is unfortunate.
<DIV class=MainBody><DIV class=MainCol><DIV class=ContentBoxTight id=PoiList>
The location in Matthews may be closest for you..it is a nice store located on Monroe Rd beside Eckerd at Intsection of Hwy 51 and Monroe Rd.
I watched a Discovery Channel documentary re a very large family...one of those where there were 20 some children (some adopted of course), and that family shopped exclusively at Aldi..If you went there only once a month and bought in bulkm you would save big bucks. ( You probably have to drive a bit to get to Costco..Aldi's is priced much better than Costco)
Sorry..I keep trying to print their locations.but can't..go to their website..locations are there.
I seriously need to do a budget - I definitely am not use to a "six kids grocery and all the other stuff" bill.
Three gallons of milk in the fridge at one time...:thud:
meatpile
08-31-06, 10:49 PM
I seriously need to do a budget - I definitely am not use to a "six kids grocery and all the other stuff" bill.
Three gallons of milk in the fridge at one time...:thud:
Co-pays. Scrips. 'We've all got strep.'
Just direct deposit to Eckerds.
Southern_Yankee
08-31-06, 11:00 PM
Being the breadwinner for 5 really makes me think long term on this stuff.
no strange...i hear ya :thud:
articulatekitten
09-01-06, 07:12 AM
I'd like to hear some pros & cons on different budgeting methods--like the 'cash in envelopes' idea, using software, using budgeting books, checkcards versus checks, etc.
In my case I don't have credit issues to deal with right now. My life is a 'Frank & Ernest' cartoon I cut out & saved years ago: "I've finally achieved financial independence. No one in town will lend me money anymore." :) Got in a lot of trouble with credit when I was young & stupid, & never quite recovered & learned how to make the most of my assets.
Whatever I do needs to be relatively simple to keep up with. I like using a checkcard for almost everything, for instance. The fewer the complications, the more likely I am to stick to it.
meatpile
09-01-06, 07:43 AM
We started using envelopes b/c it was very easy to track - when it's empty, it's empty. Between 2 people with alot of transactions on check cards, there was never a time that we were even close to keeping it straight.
There are some things that can't go in envelopes - utilities, for example, mortgage, that type of stuff. The most important things to be in cash, we found, are groceries and what we call MAD MONEY. MAD MONEY is anything we buy just for the fuck of it, including haircuts and clothes.
We found most money wasted is 'mad money.' We each have our own pile. Mine never gets spent - I have thousands left over. I usually blow it all at once on gifts or on something like a set of dual weber side drafts for my car or some other bullshit. Janelle spends every penny of hers in a week or 2 every month.
About a year ago, we started seperate checking accounts to manage the rest of the expenses, because we found that she handled all the checks for kid stuff, medical expenses, and b/c she liked to order things online with her mad money and needed it in an account. She is pretty much constantly losing track ( no envelopes - the cash for many budgets is all in one electronic pile ), and every six months or so when she gets around to trying to figure out why she's broke I have to transfer about $600 over. I have calculated that into the budget without her knowing, because I know she'll go over, so it works out.
We also have a babysitting and housecleaning budget, both of which are in envelopes.
My bank account handles the mortgage, the initial landing spot for investment cash, the monthly savings for property tax and insurance, and more recently the lawnmowing service bill. I have written 16 checks in 1 year. The main reason I wanted a seperate account was because I knew she'd spend it if it was there, and we'd fuck up our investment $$ b/c it would need to be used for mortgages, taxes, or some other thing besides investments.
Alot of times, when there are 2 people, it gets even tougher. For example, about 10 years ago Janelle decided she was getting a housecleaner. I thought it was absurd, and then one day she just did it. I was miffed and went out and bought a car. :satana: The end result is that when one of us 'cheats', the other one feels entitled, and the problem compounds.
I'm actually starting some new items when I do paychecks today. We're adding school supplies, charitable contributions, kids haircuts, and educational tools.....also bumping up medical and adding a christmas cash category.
It was tough to get started on this whole thing, but we've been doing it for about 9 years now, and we never had anything good going on financially until we did it. I fought it when we started it, now Janelle does, but we both understand that we would definitely spend more than we bring in if left to our 'own devices'.
The end result is that we know exactly where our money goes, how much we need to get by, which expenses can be eliminated if needed ( maid, lawn service, stuff like that ), and how much more we can invest if we don't consistently waste money. And that investment part is the whole point. Knowing that I have to tow the line for 5 people for 20+ more years makes that even more important.
And whenever I show Janelle the investment statements, she gets alot happier than whatever crap she'd have spent the $$ on would make her....
i'm printing this thread.
my budget looks great.....but
somehow every month I have atleast two $300-$500 bumps in the road....this month I had $1000 in car repairs on a fairly new vehicle (not under warranty), a plumbing issue $250 and a $533 power bill.
Power was $230-$280 all the way up to May....now it's $500....I told them they were thieves and if I could run a generator 24/7/360....I would....I also told them that they were all going to hell.
If things worked out the way they are suppose to....I'd be pretty comfortable.
I'd like to hear some pros & cons on different budgeting methods--like the 'cash in envelopes' idea, using software, using budgeting books, checkcards versus checks, etc.
I swear by Quicken. It's the only thing that keeps all my accounts straight. I don't use it for credit cards as I just pay those off each month. Mainly I use it for our saving and checking accounts. I hardly ever keep cash on me as I use my checkcard whenever I need cash. The most important thing we do each month is pay ourselves first, before we pay the first bill. We treat that payment just like a bill and never try to miss it. I have started doing that with my new daughter as well. I opened a savings account for her when she was born last December and the first of each month I put some money in it. Haven't missed a month yet. Budgeting, no matter what type you decide on, take discipline. Without that no budget will succeed.
Freakshow
09-01-06, 11:54 AM
This is good stuff. We NEVER had a budget. Seemed like money was no obstacle. Always had enough to do what we wanted...with plenty left to invest...
Then we had a kid...my wife started a "job share" at her work...then we had ANOTHER kid...things aren't like they used to be.
We are in the process of starting a budget. I don't think either of us really wants to REALLY look at our spending...especially my wife...damn she spends a LOT on lunches...and general BS from stores...
QueenCityHillbilly
09-01-06, 02:40 PM
Meatpile, it's pretty cool how fucking nuts excited you get about finances.
I think my biggest budget problem is not enough income.
meatpile
09-01-06, 05:45 PM
Meatpile, it's pretty cool how fucking nuts excited you get about finances.
:cucumber:
sdplusbeauty
09-01-06, 06:50 PM
I've always had a hard time sticking to a budget, and I am in a lot of mess now because of it. However, when I was working part-time at Curves in January, one of the women who worked out there gave me a book she wrote. It's called "If We Only Knew Then What We Know Now" *wiping the dust off if it* - I read it, it was good and I swear by some of the techniques. She only published about $500 copies, so I am lucky to have this book.. she was only visiting in town from Michigan.
I'll share some of the tips she reccomends, and the ones I use:
- Avoid debt or don't spend money you don't have.
- Time is money, so don't waste it.
- Save for a rainy day.
- A penny saved is a penny earned.
- Have a strong work ethic.
- Take care of your own.
- The world doesn't owe you a thing.
- Build a better mousetrap and the world will beat a path to your door.
- Count your blessings.
- Give something back.
1. Set short & long-term goals:
Goal - Timeline (start year, acheive by year) - Strategy/Plan - Goal Acheived yes/no?
2. Get organized for success:
Think of your financial success as a business and write a business plan. Create assets (such as: cash, cash equivalents, property, investments) instead of debt and liabilities (such as: loans, credit cards, taxes, etc.)
3. Designate a portion of a room in your home as your office area, visit a local discount store/office supply store to purchase items for your home office. Create a file cabinet with folders labeled in all the important areas from a-z (keep all your recipts to file). Rent a safety deposit box at a bank to put valueable items (such as: jewelry, deeds, stocks, bonds, and other certificates that are extremely vaulable.)
Familiarize yoursel fwith your computer, software programs (including one for money management) and use of the internet. There are also low cost, easy to use tutorial programs to assist you in learning.
4. Making money and having money are not two sides of the same coin. "If you can't manage ten dollars, you won't manage a hundred dollars and lord don't give the fool a thousand, he'll just go crazy" - Isabella Owens Allen.
Know where your money goes. Keep track of the big expenditures, such as the rent or mortage, car notes, etc. The small things you spend will add up to surprising sums. Create a daily log of spending (name of item, amount spent) to track spending and don't leave anything out no matter how small the cost or form of payment. Write down everything and the cost of each item. Keep the log with you wherever you go to ensure that you record everything for at least 7 days. Add up the total amount you spent each day. Keep track for a minimum of 30 days, figure out your monthly total, keep it as a reference. Analyze the results Once you have a good handle on where your money goes, it is important to evaluate your spending habits. Think about if savings and investments are being sacrificed.
Create a table of your basic needs (food-groceries/dining out/other, clothing, shelter-rent/mortage/maintenance/other, transportation-car payment/car lease/public transportation/maintenance/other.)
Create a table of your wants (extras, not essentials)
5. Create your "un-budget" (write down your income "gross=before taxes / and net=after taxes) Start your "unbudget" by starting in the confort zone of most Americans, cnsumer spending. Your long and short-term goals will serve as your financial target. Now take your basic needs list and expand it to include eleven categories under the major heading of monthly expenses: home, utilities, transportation, health care, food, clothing and grooming, travel and entertainment, charitable contributions, savings, loan repayments, and miscellaneous. (customize it to meet your needs) Then figure out the average cost in each of your caegories.
Moment of truth - is your net income greater than your total expenses? Calculate the difference. Hopefully your income is greater than your expenses. If it is not, don't panic. You're in the same situation as most Americans. If you expenses exceed your income, you have 2 choices: increase your income by getting a second job and/or cut spending.
Helpful Hints for Success
Pay yourself first - at least 10% of your earnings should go into savings. Your personal finances is a business and you are in charge (the boss). You deserve at least this amount as the CEO/CFO.
Give 10% of your earnings to charitable nonprofit organizations. When you help build a sense of community and benevolence toward others, you get more in return than you give. (not to mention the tax breaks)
Learn to say no to yourself.
Live at or below your means (on < 80% of your net income). Successful money management is based on the choices you make. When your goals dictate your choices you feel empowered and in control of the decisions you make.
------------------
Here is a link, and although this is not affiliated with her book in any way, I found it online and think that it could be of some use to those of you who are looking for budgeting and financial help. http://www.homemoneyhelp.com/
There is a lot more, but I just left it at this due to the topic of budget... I wanted to write this out anyways cuz I need to return the book to her when i'm finished. I hope you enjoyed it like I did. :trophy:
Yeah that's cheap Larry!
The daipers add to ours, maybe $125-$150 per. Baby food is also expensive, moreso than food you cook.
Janelle also HAS to have organic milk. And we get lots of it, about 8 gallons per month.
Other than that I think we're thrifty. I don't know how you do it!
I didn't even include eating out in the budget.
What's the deal with organic milk?? If she has to have it, have her switch to designer protein-whey..make it with water and fruit for smoothies..sounds like organic is very expensive..maybe she should drink the whey smoothies for the protein and do without the organic..do the babies drink it as well? Consider the Designer Whey from GNC..I can tell you it is healthier than milk.
I've always had a hard time sticking to a budget, and I am in a lot of mess now because of it. However, when I was working part-time at Curves in January, one of the women who worked out there gave me a book she wrote. It's called "If We Only Knew Then What We Know Now" *wiping the dust off if it* - I read it, it was good and I swear by some of the techniques. She only published about $500 copies, so I am lucky to have this book.. she was only visiting in town from Michigan.
I'll share some of the tips she reccomends, and the ones I use:
- Avoid debt or don't spend money you don't have.
- Time is money, so don't waste it.
- Save for a rainy day.
- A penny saved is a penny earned.
- Have a strong work ethic.
- Take care of your own.
- The world doesn't owe you a thing.
- Build a better mousetrap and the world will beat a path to your door.
- Count your blessings.
- Give something back.
1. Set short & long-term goals:
Goal - Timeline (start year, acheive by year) - Strategy/Plan - Goal Acheived yes/no?
2. Get organized for success:
Think of your financial success as a business and write a business plan. Create assets (such as: cash, cash equivalents, property, investments) instead of debt and liabilities (such as: loans, credit cards, taxes, etc.)
3. Designate a portion of a room in your home as your office area, visit a local discount store/office supply store to purchase items for your home office. Create a file cabinet with folders labeled in all the important areas from a-z (keep all your recipts to file). Rent a safety deposit box at a bank to put valueable items (such as: jewelry, deeds, stocks, bonds, and other certificates that are extremely vaulable.)
Familiarize yoursel fwith your computer, software programs (including one for money management) and use of the internet. There are also low cost, easy to use tutorial programs to assist you in learning.
4. Making money and having money are not two sides of the same coin. "If you can't manage ten dollars, you won't manage a hundred dollars and lord don't give the fool a thousand, he'll just go crazy" - Isabella Owens Allen.
Know where your money goes. Keep track of the big expenditures, such as the rent or mortage, car notes, etc. The small things you spend will add up to surprising sums. Create a daily log of spending (name of item, amount spent) to track spending and don't leave anything out no matter how small the cost or form of payment. Write down everything and the cost of each item. Keep the log with you wherever you go to ensure that you record everything for at least 7 days. Add up the total amount you spent each day. Keep track for a minimum of 30 days, figure out your monthly total, keep it as a reference. Analyze the results Once you have a good handle on where your money goes, it is important to evaluate your spending habits. Think about if savings and investments are being sacrificed.
Create a table of your basic needs (food-groceries/dining out/other, clothing, shelter-rent/mortage/maintenance/other, transportation-car payment/car lease/public transportation/maintenance/other.)
Create a table of your wants (extras, not essentials)
5. Create your "un-budget" (write down your income "gross=before taxes / and net=after taxes) Start your "unbudget" by starting in the confort zone of most Americans, cnsumer spending. Your long and short-term goals will serve as your financial target. Now take your basic needs list and expand it to include eleven categories under the major heading of monthly expenses: home, utilities, transportation, health care, food, clothing and grooming, travel and entertainment, charitable contributions, savings, loan repayments, and miscellaneous. (customize it to meet your needs) Then figure out the average cost in each of your caegories.
Moment of truth - is your net income greater than your total expenses? Calculate the difference. Hopefully your income is greater than your expenses. If it is not, don't panic. You're in the same situation as most Americans. If you expenses exceed your income, you have 2 choices: increase your income by getting a second job and/or cut spending.
Helpful Hints for Success
Pay yourself first - at least 10% of your earnings should go into savings. Your personal finances is a business and you are in charge (the boss). You deserve at least this amount as the CEO/CFO.
Give 10% of your earnings to charitable nonprofit organizations. When you help build a sense of community and benevolence toward others, you get more in return than you give. (not to mention the tax breaks)
Learn to say no to yourself.
Live at or below your means (on < 80% of your net income). Successful money management is based on the choices you make. When your goals dictate your choices you feel empowered and in control of the decisions you make.
------------------
Here is a link, and although this is not affiliated with her book in any way, I found it online and think that it could be of some use to those of you who are looking for budgeting and financial help. http://www.homemoneyhelp.com/
There is a lot more, but I just left it at this due to the topic of budget... I wanted to write this out anyways cuz I need to return the book to her when i'm finished. I hope you enjoyed it like I did. :trophy:
Good tips, but this link doesn't work.
Derbygal
09-05-06, 01:30 AM
I generally try to cut out the middle man - on everything
Plan excursions (need to go to the store/post office/gas station - do it all one round trip on the way to/from work: saves gas, time, and money)
Shop in bulk (only go to the grocery/druggist/home store) for perishables or items of immediate need (rare)
Shop SALE items only - even with groceries - if you can get yourself on this rotation and stock up on sale items when they come around, you'll find that you always have what you need and you never pay full price for anything. I've been doing this for years. Especially helpful with clothing/shoes - shop only clearance racks, buy timeless classics, and plan ahead
Use cash. If you can't pay cash for it you don't need it. You'd be surprised what this eliminates out of your spending. For those with runaway debit transactions, if you force yourself to go to the ATM and use cash only, you'll find this especially effective on conservation. It also eliminates those extra "hold fees" they tack onto your accounts sometimes which can bounce other transactions
Set aside enough every month to pay all of your household bills & general maintenance. From what's left, set up what I call "Christmas Accounts" for projects, vacations, savings, retirement, emergency fund, etc. I have a savings account I work out of. I've broken the monies in there down on paper according to what I plan to spend it on. Every so often I add to those monies. For example, this weekend my "new carpet fund" hit 4K (my target for getting new carpet), so I plan to shop the best deals, probably open a credit card with purchase to save an additional 10%, then turn around and pay the credit card off in one fell swoop and be done with it (no interest, so who cares about that 21% rate? then close that account and cut up that card)
Keep a credit card only for emergencies or credit card required purchases only, and then pay off that credit debt before you do anything else! I have emergency credit cards which I've used for emergency once or twice, but generally I plan enough annually for emergency funding that I haven't really found this necessary. I usually only use a credit card only for large or cc required purchases (for example, I recently bought a trip at auction which required a credit card transaction. I then transferred the money to pay it off before the cc company ever printed a bill)
For those who absolutely have to have credit cards to survive, take a permanent marker and write the APR on the back of each card so you know which is the lowest card to use (if you must make those payments). This will also remind you every time you use the card that you're paying sooo much more than the original price (all that interest adds up)
I think the best advice ever, is to always keep an emergency backup fund. You never know when these come in handy. I keep a few months stash in mine, came in really handy several years ago when I decided to make an unplanned career change :)
meatpile
09-05-06, 07:19 AM
What's the deal with organic milk?? If she has to have it, have her switch to designer protein-whey..make it with water and fruit for smoothies..sounds like organic is very expensive..maybe she should drink the whey smoothies for the protein and do without the organic..do the babies drink it as well? Consider the Designer Whey from GNC..I can tell you it is healthier than milk.
I could fight that battle and have a miserable marriage, or I could choose them more wisely. That is not a battle worth fighting....
Sounds like a plan...whatever it takes to keep the family happy and together.
My wife and I plan out all our meals per week. Six meals per day with a free for all day on Saturday. We spend about 100 bucks per week on groceries and that's with a new 5 month old.
Baby saving tips I've found.
- buy Wal-mart brand formula and wipes. It's the same basic thing for half the price. The FDA has guidelines for all formula that MUST be followed.
- buy most/all baby clothes at consignment shops and yard sales. It's as cheap as it sounds. He's 5 months onld and we've spent less than 200 bucks on clothes. They grow so fast he hardly wears the same outfit more than 6 or 7 times.
It really helps if only one person does the bills. That would be me. It does not help if you are the only one working. Again, that's me but we wanted one of us home with the kid.
I added up all my bills and divided it by 4 (weeks). I pay bills up to that number every week and the rest is gravy.
I also take out a crap load for taxes. Claim 1 dependent even though I have a kid. Take out an extra 15 bucks per week. If it's not around we can't spend it although we do get a super shitload back in taxes in March which we invest or do major projects like hardwoods throughout the house.
And last but not least contribute heavily to my 401k weekly.
meatpile
09-06-06, 06:32 AM
That's awesome fan.
Planing meals is something I forgot to put on there. We ALWAYS save money when the planned meals make up the grocery list. It's damn near impossible to get my wife to do it thouroughly, though.
It takes her like 3000000 hours just to make the grocery list.....
Baby saving tips I've found.
- buy Wal-mart brand formula and wipes. It's the same basic thing for half the price. The FDA has guidelines for all formula that MUST be followed.
- buy most/all baby clothes at consignment shops and yard sales. It's as cheap as it sounds. He's 5 months onld and we've spent less than 200 bucks on clothes. They grow so fast he hardly wears the same outfit more than 6 or 7 times.
Those are some good tips. Will probalby try with the next kid. We purchase my eight month olds formula and diapers at Sam's Club and get all her clothes/toys on sale. Baby clothes are pretty cheap to start with. The food is a different story. My wife likes to blend up all her food from fresh fruit, which can get expensive.
meatpile
09-06-06, 07:33 AM
My wife likes to blend up all her food from fresh fruit, which can get expensive.
I think it's cheaper than baby food. My wife did this for our first, plus breast fed him for almost a year. For the twins, it's all out of jars because she just has no extra time. The fact that she has to have the Earth's Best shit makes it even higher....
We get daipers / wipes at Costco.
I think it's cheaper than baby food. My wife did this for our first, plus breast fed him for almost a year. For the twins, it's all out of jars because she just has no extra time. The fact that she has to have the Earth's Best shit makes it even higher....
We get daipers / wipes at Costco.
It's all expensive when half of the food winds up on my daughters face, hands, in her hair, etc and no where near her mouth. She seems to really enjoy the home cooked stuff but the jar food not so much. I think we're spoiling her.
Don't even get me started on breast feeding. We tried for over three months. I bought a nice 400 dollar pump which wasn't good enough so we rented one for 70 dollars a month from the hospital.
The kid would just not take the boob.
Don't even get me started on breast feeding. We tried for over three months. I bought a nice 400 dollar pump which wasn't good enough so we rented one for 70 dollars a month from the hospital.
The kid would just not take the boob.
That's not good, may have another builder/fred on our hands. J/K
My wife breast fed and the kid loved it but unfortunately my wife couldn't produce enough milk so it pretty much ended at around 2 months.
My wife just weaned our son when he was about 15 months. He did very well with it and it seems to have been good for him. One key thing to remember on that is to start them off nursing. If you give them a bottle too soon it will make them hard to breast feed. It is easier for them to get the milk from a bottle. You are not supposed to give them a bottle for atleast a week I think. I know we saved a lot of money on formula.
We are having another baby and I am hoping it gets breastfed too.
He did good in the hospital but wasn't getting enough and they would not discharge us until the kid made water so the nurse gave him a bottle.
His big problem was that he wouldn't latch on correctly. Babies are supposed to take a very large part of the breast into their mouth and he'd just take the nipple. My wife pumped for 3 months and suddenly one day he starts to latch but by that time my wife couldn't get her supply back up to meet his demand so we regretfully started formula.
We still fully intend to try again with the next one.
meatpile
09-06-06, 02:54 PM
We still fully intend to try again with the next one.
If your wife has trouble - I'm sure Thelt can help.
I know we saved a lot of money on formula.
That was the big advantage, other than the nutritional value, of going the breastmilk route. I was eye opening to see how tired it made my wife though. Now it's $30 in baby formula every week and a half.
meatpile
09-06-06, 03:27 PM
Now it's $30 in baby formula every week and a half.
Dude. I have twins. Formula is over, though.
Wifey breastfed one until he was about 8 months and the other until about 10 months. Then the formula and daipers were about $225 month. They huffed it down.
Yours is only gonna drink more!
We also rented a pump and bought a deep freezer - $150 - which we used. Wifey produced more than both twins needed. She also had to pump and dump twice when she got sick and had to take meds, so the frozen was awesome.
Matter of fact, I still got a bunch in there. May have to whip up a milkshake.
The doctor gave my wife some meds to help her up her production. A few times she ran low and we had to suppliment with formula but not most of the time. The nurse giving him a bottle in the hospital is probably what sunk you. If I were you I would consult with a lactation specialist if I had another one.
My wife is an RN and she told me all about this stuff.
We meet with the lactation consultant twice and were doing ok with the pumping and little bit of feeding but also had to suppliment wiht bottles. Poor little guy was probably confused as hell. The problem was my wifes production and she did not want to take the Fenugrek herb.
Hell, with the next one I might try breatfeeding if it'll save me some money. I've heard it's possible.
We meet with the lactation consultant twice and were doing ok with the pumping and little bit of feeding but also had to suppliment wiht bottles. Poor little guy was probably confused as hell. The problem was my wifes production and she did not want to take the Fenugrek herb.
Hell, with the next one I might try breatfeeding if it'll save me some money. I've heard it's possible.
My wife took that herbal stuff and then the doctor gave her something stronger to help out.
My wife took that herbal stuff and then the doctor gave her something stronger to help out.
Mine tried some type of herbal tea. It was hard to tell if it actually worked. My wife was too hardheaded to try any other medicines. She was afraid the medicine would go to the breastmilk and then to the baby.
Medicines can do that , but you have to check and see which ones are safe.
The only items that matter to me:
1) Take money out for savings/investments before you see it, automagically (10+% 401(k), and whatever else you can stomach for IRAs and other stuff). I've done that since I started working. Flat percentages are good, as your income grows so does your savings and you never even notice it.
2) Don't do debt - house debt is about the only good debt.
The only items that matter to me:
1) Take money out for savings/investments before you see it, automagically (10+% 401(k), and whatever else you can stomach for IRAs and other stuff). I've done that since I started working. Flat percentages are good, as your income grows so does your savings and you never even notice it.
Agree. If you can't do 10%, which many just starting out can't do, at least do up to the company match. Otherwise, you'll just be leaving money on the table.
2) Don't do debt - house debt is about the only good debt.
Kinda agree. Student loan debt isn't that bad. Lenders tend to look more favorably on that than say typical credit card, etc debt as long as it's not too much.
Anybody else use one? How do you stick to it?
We use cash envelopes for alot of stuff, like groceries. Since the twins came, with double daipers and baby food, I've struggled to keep the grocery budget under $1000 per month. I managed about $875 last month.
How much do ya'll spend on groceries? I'm a family of 5.
We have budgets for charity, mad money, property tax, utilities, medical expenses, maid service, yardwork, home maintenance, school supplies, activities for the kids ( ouch ), babysitting, clothing, gifts ( xmas for kids and for kids friends ), and all kinds of shit.
We have a set investment budget, but hopefully i earn more than the 'budget' and all of the extra gets added to the investment pool. I've come to consider how much I 'make' as how much I 'keep' in the form of liquid investments, as opposed to how much I collect in paychecks. 'Making' money is hard!
I'd say my expenses, in order of biggest to smallest, are:
Investments ( This includes retirement and non-retirement )
Home ( mortgage, taxes, insurance, upkeep, utilties )
Healthcare ( insurance, visits, meds, etc )
Groceries
Care for the kids (babysitting, education, activities)
Auto is probably up there, but I have no car debt, and probably spend $400 per month total on gas, insurance, taxes, and maintenance. Plus, alot of my auto expenses are deductible through a corporation so I therefore don't categorize them as 'personal'.
Being the breadwinner for 5 really makes me think long term on this stuff.
Now I know where I've seen this...
you follow Dave Ramsey?
meatpile
09-08-06, 10:59 AM
Now I know where I've seen this...
you follow Dave Ramsey?
Don't even know who he is. This is from the school of Charles Wilson, wifey's grandad.
Freakshow
09-08-06, 11:04 AM
Kinda agree. Student loan debt isn't that bad. Lenders tend to look more favorably on that than say typical credit card, etc debt as long as it's not too much.
Not really. I've found where student loan debt can crush a mortgage deal. People with a ton of it...and it's deferred...
YOu have to get the lender to write a letter stating that it's deferred for at LEAST 2 years or the payment is counted in the debt to income ratio. Lenders won't provide letters beyond 1 year.
Consolidate those damn things as soon as possible. They also tend to report twice in many cases...they do a shitty job when it comes to reporting to the bureaus.
Old credit cards where you owe less than 50% of the available (25% is better) and never missed a payment??? :trophy:
Not really. I've found where student loan debt can crush a mortgage deal. People with a ton of it...and it's deferred...
That was my caveat.
A ton of any debt isn't good, even mortgage debt.
That was my caveat.
A ton of any debt isn't good, even mortgage debt.
A ton of mortgage debt can be a very good thing - tax writeoff, low interest rate...if you have the cash to pay it off anyway you've got low risk and can put that money to use in ways that return much more than your interest rate on the mortgage. Almost nothing else in debt is that good (partially because of the tax implications), and it's an appreciating asset (you hope).
Personally, while it's not financially the best move, I'm in the school of paying off even the house debt ASAP. I locked in a 4.5% 15-year mortgage, only 13 years left til I own this baby. It's an investment in my sanity. Of course, I'm looking at much more expensive houses at the same time, so my sanity can be (and often is) questioned.
PhotoGuy
09-10-06, 07:19 PM
....you follow Dave Ramsey?
Our study group from church is doing a 10 week series from dave ramsey. He is pretty amazing and can put his complex ideas into terms anyone can understand. We are half way through the dvds. We started with the envelope system. Mrs P and I each get $80 cash for gas every payday. also $100 for food, and misc "blow money".
We don't use credit cards, or even our check cards. The cash is "REAL" unlike swiping a card. It's interesting how we watch what we spend when using cash. I used to just swipe the check card ad not even know exactly how much money I had since Mrs P does the check book. I just give her the receipts.
The first thing we really cut out was eating out and buying impulsive things, like at the gas station. I used to buy candy, coffee, breakfast, even a liter of aquafina. Now it's just gas and that's it. I make my own coffee. I refill my aquafina bottle with the filtered water dispenser on our fridge. No more candy and impulsive purchases at the store. Mrs P does the grocery shopping without me.
We also do not use credit cards for anything. We save at least $100/month and put it into a high interest savings account. As dave ramsey says, start small with $1000 in savings for emergencies. Buying kids clothes for school or christmas presents are not emergencies. Not having money for those kind of things are from lack of planning. Car breaking down, or a health crisis, or layoff is an emergency. These kind of things can break a marriage and the bank if you don't plan how you are going to handle an emergency. It used to take us weeks to catch up after having a financial emergency. We also used credit cards, which are paid off now.
Dave Ramsey talks about the "debt snowball". Pay off your lowest balance card first, and then take the money you were putting into that card and put it towards the next lowest card on top of the payment you were already paying, and so on. It's amazing how fast debt is paid off when you do it that way.
I highly recommend checking out Dave Ramsey's books or videos. He has definitely changed our way of thinking about money.
Honeygirl
10-20-07, 03:34 AM
This envelope idea is really cool - thanks Meatpile (and others) who suggested it. I've sort of deviated from it a little in that I put my savings in the envelope and bank it once a month. I know it's crazy - but it works for me. In my family, I seemed to have missed the money making gene. My Dad is exceptional with money and can turn two beans into hard cash in hours - me, not so skilled. I decided to use the envelope thing a couple of months ago and am really sticking to it. I don't purchase a lot of crap and think twice on any purchases I make, which naturally saves me more so I'm squirrelling away bits all over the place :smile:. I think it works for those who get tempted by moving funds around via Internet banking and such. Anyone else having any luck with it?
meatpile
10-20-07, 09:38 AM
This envelope idea is really cool - thanks Meatpile (and others) who suggested it. I've sort of deviated from it a little in that I put my savings in the envelope and bank it once a month. I know it's crazy - but it works for me. In my family, I seemed to have missed the money making gene. My Dad is exceptional with money and can turn two beans into hard cash in hours - me, not so skilled. I decided to use the envelope thing a couple of months ago and am really sticking to it. I don't purchase a lot of crap and think twice on any purchases I make, which naturally saves me more so I'm squirrelling away bits all over the place :smile:. I think it works for those who get tempted by moving funds around via Internet banking and such. Anyone else having any luck with it?
I'm stoked you're using this. I have had alot of people ask about a budget, most people are unwilling to do it - it's uncomfortable.
Honeygirl
10-21-07, 04:36 AM
I'm stoked you're using this. I have had alot of people ask about a budget, most people are unwilling to do it - it's uncomfortable.
Thanks Meat :smile:. It's really made a difference and I feel great that I'm tucking a little away each fortnight. Yes, most people are unwilling to do it because they don't want to fess up to an amazing amount of shit that they buy and debt that they have. I know that's a bold statement and I don't mean to offend, but that's the case for a lot of people. And yes, that included me. I'm actually really savvy at getting bargains and wise shopping, but just because it's on sale, doesn't mean I need it.
Anyway, rant over - cheers for giving me the idea!
vBulletin® v3.8.1, Copyright ©2000-2010, Jelsoft Enterprises Ltd.