Author Topic: Show Suggestion: Financial Budgeting  (Read 1890 times)

Offline STLAR

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Show Suggestion: Financial Budgeting
« on: February 10, 2009, 12:00:03 PM »
I think budgeting would be a great topic.  I do extensive budgeting in my profession and I carry that over and budget all of my family expenses.

I estimate how much income that will come in over the next 12 months, salary, bonus, mileage reimbursement, tax refund etc. 

I then estimate every possible expense from my mortgage, utilities, food, savings, birthday presents etc.  If an expense is going to change or I have something big planned it is stuck in the budget for the month that I am extimating when it will be paid.

I then keep track of every expense and measure it against the amount I budgeted for that expense and I can project out very realistic estimates. 

Budgeting has become a big part of my life.  If you dont know where your money is coming and going you cant ever change bad habits. 

Offline fritz_monroe

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Re: Show Suggestion: Financial Budgeting
« Reply #1 on: February 10, 2009, 03:08:34 PM »
I have to agree that this would be a great topic.  I'm one of those challenged people that have a horrible time making a budget.  A bunch of tips would be great.

Allerion

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Re: Show Suggestion: Financial Budgeting
« Reply #2 on: February 11, 2009, 01:05:48 PM »
Me three.

Offline digger

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Re: Show Suggestion: Financial Budgeting
« Reply #3 on: February 11, 2009, 02:09:59 PM »
Just a suggestion for your budgets.

My Grandfather, coming out of the depression with his farm intact, had a great hatred for bankers and "money men" as he called current finance companies. He always told me "Pay yourself first"

Take 5 or 10% off the top of EVERY dollar you acquire, no matter from where, and squirrel it away. It will sound impossible, at first. To receive a $1000 income, then put $100 where you can't touch it...  but it is doable. Where you can't touch it doesn't mean a bank, nor a place where you can't retrieve it in life/death circumstances. Just make it difficult or time consuming to recover.

It will surprise you how quickly you can build a stash for EMERGENCY use only. Medical, or home preservation mainly.

Allerion

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Re: Show Suggestion: Financial Budgeting
« Reply #4 on: February 15, 2009, 02:28:57 PM »
You can set up automatic investments through vanguard, fidelity, or charles schwab for free with no loads or transaction costs to make this savings happen automatically.  This would be for taxable non-retirement accounts where you can get the money in an emergency.  It takes about four days to access your money, which gives you time to really assess if the situation is a real emergency or not.  They almost never are. :)

Offline BigDanInTX

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Re: Show Suggestion: Financial Budgeting
« Reply #5 on: February 16, 2009, 07:36:08 AM »
Exxon also has something called Dividend Re--Investment Program (DRIP).  You can schedule a periodic payment (weekly, etc) and you buy partial shares of stock.  Every quarter when you get a dividend payout, it is also used to purchase partial shares.  It really does add up quickly (if you like the idea of investing in Exxon of course).

Many other companies offer this type of DRIP as well, so don't worry if you're against supporting any oil companies.  =-]

mindmetal

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Re: Show Suggestion: Financial Budgeting
« Reply #6 on: February 17, 2009, 02:03:14 PM »
I think Jack has mentioned Dave Ramsey before.  He has a good radio show.  He teaches ways for normal people to get out of debt and stay out of debt. 

Jack, any thoughts?