Financial Question

[ShakeMe]

Anyone here use budget software? If so which one? I'm using an online one now but it's about to expire. Since the number rule of budgeting is trying to save money, the $89(only paid $39 for the first yr) re-up fee does fit my budget.

Let me know
Thanks

[DSG2003Mach1]

Im using an Excel Spreadsheet called "within your means"

You put in your take home paycheck amount, how often you get your paycheck then put in all your bills and how frequently you have to pay that bill along with how much, if any you want to save. You dont really actively track your spending but it will tell you - you have $105.56/week leftover to do what you want to with it.

Im also using Mint.com to track spending but havent really setup the budget portion yet but its still pretty useful and its free

[ShakeMe]

Thanks

[Mach828]

I use my credit card for almost everything. It had a built in budget feature to categorize charges. I adjusted the categories to more relevant ones I picked. Averaged the trends in excel over a year. Filtered them to the necessities. Then determined my average disposable income from there. Which goes to entertainment and hobbies mostly. But gave me an idea per month what I could afford.

[01yellerCobra]

I made my own spread sheet in excel. I have a list of the monthly bills and an area for odds and ends. I put stuff like what we buy at Target or Amazon on there. I made some quick formulas that add up and subtract where needed. I'm able to see what bills I have left to pay for the month and what I have left to spend.

[rcodemach1]

Good topic. Wife is in accounting/bookkeeping and uses QuickBooks. She showed me the credit card balance after the Eaton swap. Def. not going the right direction!

[ShakeMe]

Thanks for the input guys. It's been said everyone needs a budget. In just over 1 year since budgeting we have paid off a 6 year car loan(in 3 years), a student loan for my son, all credit card debt, and have saved over $10K in an emergency fund. You wouldn't believe the amount of money that was walking away when we didn't tell it where to go.

[ShakeMe]

Originally Posted by rcodemach1

Good topic. Wife is in accounting/bookkeeping and uses QuickBooks. She showed me the credit card balance after the Eaton swap. Def. not going the right direction!

Someone here recently posted about the first mod done to your Mach. I grab my mod folder and MAN, all I saw was dollar signs on receipts

[DSG2003Mach1]

Originally Posted by ShakeMe

Thanks for the input guys. It's been said everyone needs a budget. In just over 1 year since budgeting we have paid off a 6 year car loan(in 3 years), a student loan for my son, all credit card debt, and have saved over $10K in an emergency fund. You wouldn't believe the amount of money that was walking away when we didn't tell it where to go.

I would 100% agree on this. For a long time I didnt care, I watched my checking account balance and did as I pleased (I auto debit to savings every week, always have) but when you look at where its going (like eating junk @ firehouse etc...) it can be staggering.

my wife was always bitching about how she didnt make enough money and always on the verge of broke, having to put stuff on her CC then pay it back off. I put all her stuff in that spread sheet and showed her the numbers and she almost didnt believe me. I made her set up all her stuff in Mint and go back and look at where all her money went and was stunned at how much she pissed away $5 here, $10 there adds up in a hurry.

Now all her CCs are paid off and will stay that way, shes putting money in her savings account and aggressively paying down her student loans with money to spare.

[ShakeMe]

Originally Posted by DSG2003Mach1

I would 100% agree on this. For a long time I didnt care, I watched my checking account balance and did as I pleased (I auto debit to savings every week, always have) but when you look at where its going (like eating junk @ firehouse etc...) it can be staggering.

my wife was always bitching about how she didnt make enough money and always on the verge of broke, having to put stuff on her CC then pay it back off. I put all her stuff in that spread sheet and showed her the numbers and she almost didnt believe me. I made her set up all her stuff in Mint and go back and look at where all her money went and was stunned at how much she pissed away $5 here, $10 there adds up in a hurry.

Now all her CCs are paid off and will stay that way, shes putting money in her savings account and aggressively paying down her student loans with money to spare.

Congrats. All parties need to be involved including the kids.

[TKat13]

Originally Posted by ShakeMe

Congrats. All parties need to be involved including the kids.

My daughter is 15 and I am already going over our house hold budget; she was shocked when she saw how much money I made and what was left over. Her end goals have drastically changed since then. College is now a major step to the ultimate goal. She is now looking at at what she wants to do for the rest of her life, at 15 years old! I can honestly say I did not have this focus at 15.

Simple rules I gave her:
1. Credit cards are used for purchasing protection and to build credit. Never used because you do not have the money.

2. Savings should always equal 1 year salary prior to any major purchases (car, house, etc)

3. If you want something, save for it.

FWIW, at 15 she is already working, it was her decision. As a parent, I have always said my job is to teach her how to make decisions, not make them for her. This subject is a major chapter.

There are tons of 'rules' but these are the simple ones and frankly if she follows these then she will easily figure the rest out.

I wish my parents did this for me but I had to learn the hard way. They never wanted to expose how much money they made as it was seen as bragging but for me I wanted to show her the reality of how much it takes to live the life she has.

[Mach828]

I think showing her the household budget was a great idea. Its hard to really grasp how much money you spend to live even a modest lifestyle until you are paying all your own bills and living on your own.

[ShakeMe]

I think, actually I know this stuff should be taught in school also. Since it is not taught in the majority of households. Thumbs up Tkat.

[liv2roc]

i have been using quicken for over 20 years, just updated to quicken 2015