Getting Down to Budget

To be honest, I've always been pretty smart with my money. I've always had money in my savings and I do not run up my credit cards, but lately by the end of the month I have been putting only about $50-$75 away in saving, and I wasn't really paying too much attention to where my spending was going. With the birth of our first child approaching and as I anticipate maternity leave, I know money will be tight(er), so never have I been more motivated to save. Nathan has always been an awesome saver putting $400-$600 away each month, so I decided I want to do my part and try to save as much him. You might be thinking at this point, but you're married, isn't his money your money and vise-versa? Well, actually no. Nathan and I have separate bank accounts! I know so alternative, but it works for us. I pay for certain bills, he pays for others and then we take care of ourselves from there out while splitting a few other expenditures. So the other day I made a spreadsheet of my bills: mortgage, car payment, gym payment, life insurance, student loan etc. All these bills are on direct withdraw from my account. But then there are a bunch of things I paid for with my debt card and this is where I lost track of my spending. I decided to list these things on my spreadsheet as well and allot certain amounts of money to each and that is what I am allowed to spend on that expenditure for the month. It looked something like this (dollar amounts omitted):
  • Food: eating out socially at work or with friends
  • Groceries: Nathan and I both contribute equal amounts each month
  • Misc. Spending: includes those little random things that come up (make-up, hair appointments, goodies for the dogs etc.)
  • Shopping: shoes, clothes and accessories (my favorite)
  • Gas: for uh, gas...
As I need to buy these things, I will use cash. I hope that by the months end , I will be able to put Nathan's saving to shame. And no I will not be carrying around loads of cash with me on a daily basis, so please don't mug me if you see me out around town. My hope is to save as much money as possible before the little one arrives.

BTW, I corrected my obvious spelling error from the title of my last post, just in case you were wondering...

3 comments

  1. That is great you are motivated to save. A good budgeting plan we use is mint.com. You should check it out. Its free and really easy!

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  2. If you want to get serious about saving you should read "The Total Money Makeover" by Dave Ramsey! But this for sure is a great start. It's so weird to me that you have separate accounts but whatever works best for you guys! Good luck!

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  3. I love that you guys still split things! Me and my boyfriend do that, and though we are not married, people think its weird... I don't. I have student loans and I would never expect him to pay for those, you know? We split bills (we live together) and we split food and stuff. Good to know we are not the only ones.

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