Any ideas on how to formulate a household budget?
374182
First you need to know what your net income is.  In case you don't know what this is:  Net income is the income after taxes (remember we have to pay Uncle Sam first) and other deductions.\n\nYou'll also need to know the expenses you have per month. \n\nI'll give you a typical budget.\n\nExample for a Monthly budget:\n\n2500.00 Net Income\n\n0850.00 Rent or Mortgage\n0100.00 House insurance\n0100.00 Gas\n0050.00 Phone\n0050.00 Electricity\n0040.00 Cell phone\n0250.00 Food\n0100.00 Clothes\n\n1540.00 Total expenses\n\n0960.00 Balance\n\nThere are expenses that you cannot change.  For instance, the rent or mortgage do not vary  unless you move somewhere else or get a new mortgage.\n\nEverything else on this budget can be changed.  \n\nIf you see that you don't have enough money to pay the rent, then don't eat out that much, don't buy those extra pair of sneakers just because they were beautiful.\n\nIn the above budget, you have 960.00 extra per month.  You can choose to spend it all on beautiful sneakers.  I would advise you to save some of it for a rainy day. After all, 950.00 on sneakers is pretty high.  Don't you think?\n\nBesides, if you don't own a house now, maybe you'll want to save it for a house. I don't know.  Maybe you prefer to go on a vacation.  My point is:  DO NOT SPEND ALL YOUR MONEY UNLESS YOU HAVE TO.  ONE DAY YOU MIGHT NEED IT.\n\nOf course, your budget might differ from above.  I  did not take diapers for your toddlers into consideration.  Neither did I take medical costs, babysitters, or entertainment into consideration.  \n\nI figure that this is enough for you to see how a budget works.  \n\nRemember, if your income is greater than your expenses, don't spend what you have left on stupid things.\n\nIf your income is less than your expenses, you are in big trouble.  Therefore, cut down on the expenses.\n\nKeep in mind, however, that sometimes you need to spend money on stupid things.  They nourish your soul.
823106
Find a friend or family member who is good with money and ask them for their help and guidance.  It is always good to have personal help and not just read tips off of a website or book so that your situation, personality, likes and dislikes can be factored into your budget.  \n\nSuze Orman on CNBC Saturday nights is also a great resource!
227189
The Key is NECESSITY. If you have trouble with spending money, then try to stick with only buying items that YOU NEED and  you know what you really need or not and what you can do without.  Also try to limit the amount you spend each week and try to maintain a certain amount for each week and that will limit your use.\n\nOh and most importantly, PUT MONEY ASIDE FOR  YOUR BILLS FIRST BEFORE ANYTHING ELSE, then things might go a little smoother for you. But dont forget the key, Think: NECESSITY AND BILLS.
1179820
There's research you need to do on your finances before you can answer that question.\n\nFirst, you need to track every penny you, your wife and kids spend.  And I mean EVERY penny.  Track everything you buy, every bill you pay, everytime you run through the drive-thru for food or stop to get a coffee and newspaper.  Do this for at least one month.\n\nAt the end of that month, sit down and look at how you are spending your money and what you are spending it on.  Categorize your spending for month specifically.  For example, instead of listing all food purchases into one category, break it down into "groceries," "eating out at restaurants," eating out at drive-thrus," "snacks throughout the day" (especially if you or your wife stop and pick up donuts, bagels or other small items on a regular basis).  Only through specifically categorizing will you find out why you are spending all of the money you are paid.\n\nYou will be surprised to find out how much money you end up spending on relatively "small" items that add up throughout the month.\n\nAlso, are you paying for everything in cash every month or racking up credit card debt which you then payout large amounts of interest every month?  This can take a financial toll.\n\nI know this sounds labor intensive but it is the only way to get a true and honest hold on where your money is going.  If you don't how it's being spent, you will not be able to ever control it.
584608
Budget Creation 101\n\nGet a sheet of paper and list all your income on it at the top.\n\nThis is the order you will pay you bills in:\n\nNecessary expenses.  Shelter (mortgage/rent, utilities - electric, gas water - NOT cell phone, cable/satellite, internet), food (not fast food or restaurant food), clothing, transportation (gas, insurance - NOT auto loan), and savings for emergencies.  If you are here and have run out of money, you need to get another/better job.\n\nAfter this, discretionary spending.  Cable/satellite, internet, cell phone, fast food/restaurants, life insurance (necessary if you have dependents), auto maint (oil changes, registration), home repair/maint (if you own).  If you get to here and run out of money, it's time to start cutting things.\n\nFinally, debt.  Credit cards, student loans, auto loan.  List each loan separately from lowest balance to highest, including what the minimum payments are.  If you get to this point and run out, you either need to decrease some discretionary expenses or come up with more money (2nd job, yard sale or eBay, or sell the car and buy a cheaper one then use the 'profit' to pay debt).\n\nIf you don't tell your money where to go, it will still go.\n\nFor some sample budgets, check out Dave Ramsey's website.
372625
You should do it by percentage.  You each put in the same percentage towards household bills.  This way it will be fair for the both of you - no one person pays more than the other.\n\n    For example, you put 6% of your take home pay and your parter puts 6% of their take home pay.
1045985
Whatever is in your budget. Figure out how much you spend on food eating out. clothes you don't need but want. You can save money by figuring out who much you spend on this you really don't need, then the following month instead of spending it save it. Save it in a place you know you will not have easy access to it. That way you will be able to save even more. Good luck!
678480
Just have moderation in everything you do. Don't eat out, forgo movies and other entertainment you have to pay for, have a yard sale of your unwanted things, I knew a lady once who made $500 on a yard sale.  You'll have to get creative to save money on entertainment, but many communites have free concerts, or you can go for a walk in the part.  If it's possible, you and your partner can get a second, part-time job.  Or go to a temp agency and take some extra jobs that way.  Good Luck. \n\nP.S.- I know you want a house, just don't get in over your head and start of your new life back in debt.
905843
I agree with Overload.  You can customise Excel to handle your household budget. It can be as simple or as complicated as you like. What is more imptortant is that you will be involved in the design which will afford you an opportunity to focus on your monthly expenditure. As you get familiar with the expenditure spreadsheet, you can modify the deign to suit your needs.  The problem with off the shelf software is that it has a generic design that quite often is complicated to use and has many redundant features.  Start with a basic spreadsheet that has your monthly outgoings and your income on the other side.  You will find it quite easy. Good luck!
597839
The one thing that worked for my husband was to SEE our budget and understand that, when his check went into the bank, I had already divided it up between the bills needing to be paid and the other stuff we needed/wanted to do (like saving for a vacation).  He has a 'blow fund' (in the budget) and I NEVER ask him about what he uses it for UNLESS he comes asking for more.\n\nWe have a 'budget meeting every time he gets paid, before I pay bills, so he can see where the money is going and IF there's anything left over.\n\nFinancial Peace University was a GREAT class for us to take together to help work-out and understand our financial differences and start seeing eye-to-eye.  Check it out at the site below.  Ramsey also has a book called Financial Peace.
435348
To prepare a budget following steps should be taken:-\n\n1.Identify the inflows and outflows.\n2.Segregate the essential outflows and define outlays for them.\n3.Keep in mind that the outlays should not overshoot the inflows.\n4.Always keep buffer for the unexpected/unscheduled outflows.
839951
Budget, Budget, Budget.  You need to sit down and write up a budget.  If it ain't on the list and isn't absolutely required then it ain't gettin' done.  As you get used to this each pay period you'll get better at listing everything and estimating bills.  As you go through the month you'll be surprised at how much you'll be tempted to spend on non-requirements.  Make sure you factor in entertainment and food into your budget.  Budget is not a dirty word.  After you do it a few times you'll see it's not a burden.  BTW, get rid of that car or pay if off ASAP.  Alot of people retire poor because they always have a car payment.
186368
First off, understand that a budget isn't to save money, it's to tell your money what it's going to be doing for the next month or so.  You can stay on a budget and not pay your bills, shop 'til you drop, and not save a penny.  You are still on a budget as long as that's what you planned to do.\n\nHowever, if you want to save and pay your bills, you set up the budget to address those desires.  A month makes a good time-frame for a budget, so only list that one month's income, and then determine where every dollar is going to go.  Hopefully some will be left over for savings after paying bills, planning for occasional expenses (quarterly insurance, tag, whatever), buying some groceries, and so forth.  After doing the budget and working on the final numbers with your spouse (if applicable), agree to stick to it.  Never spend any money that isn't planned for by the budget.  "Hey," you say, "what if something comes up I forgot about?"  Simple - call an Emergency Budget Summit Meeting with your spouse.  I.e., sit down and figure out where the money is going to come from.  Scrimp a bit on food, cut back on entertainment, whatever - adjust the budget to include the unexpected expense.  Doing this will force you to accept that the money has to come from somewhere other than that darned useful Visa card (that will kill you over time).\n\nYour best bet for an entire plan of attack is Dave Ramsey's book _My Total Money Makeover_, usually available at the local library (or at your local bookstore).  _Financial Peace_, also by Ramsey, is also a good choice but MTMM is the latest.  Ramsey's plan is a systematic way to get out of debt and build wealth -- a realistic way, which means you won't be rich next month.  You can also take a look at http://www.daveramsey.com but the book is a better introduction to the system.\n\nI'm not affiliated with Ramsey, I just used his ideas and know they work.\n\nGood luck.
851555
Start with a file cabinet and organize your bills. and etc you will always find them when you need them.\n  Make a cook book , by typing all your recipes into the computer and copying them , give them to your children or Friends for a gift. Add poems or stories of you growing up make it personnel. You can make it small or big it all depends on you. Get fancy copying paper to jazz it up..Clean out your closets and give it to the poor,
199888
Keep it simple - use Excel\n\nOpen Excel.\n\nAt the bottom of the blank sheet you'll see a tab - right click on it and call it 'Variables'.\n\nCell A1 - Enter your monthly budget (just the figure, no letters or symbols)\n\nCell A4: Enter this title: 'Budget for XXXX 200X' Where X is the month and year\n\nGo to row 3:\n\nColumn 1 - Date\nColumn 2 - Item\nColumn 3 - Cost\nColumn 4 - Who spent this money? (initials)\nColumn 5 - Category (use symbols - e.g: F - Food; C - Car; G - Gifts; E - Entertainment etc)\nColumn 6 - Cash (you put a tick in the cell)\nColumn 7 etc - Credit Card - a column for each one you have\nColumn whatever - Debit card etc\nIn the last column cut and paste this formula:  =sum((A1-(C1:XX)) where XX is the last cell of row 3 that you have data in. This formula will give you how much you have left to spend.\n\nWhen you've done this, copy this sheet by going to the tab at the bottom and right clicking - select 'make a copy'. Change the name of the tab on the copy to 'Fixed Outgoings'.\n\nIn this new sheet enter things like your mortgage or rent, car loans etc that are fixed and the same every month. Enter the values in the cells.\n\nThe sum in the total cell of this sheet is your fixed outgoing. Subtract this fixed monthly total from the value you originally put in cell A1 in the 'Variables' sheet. Cell A1 of 'Variables' now shows what you have left to spend every month.\n\nWith a bit of practice you'll get this right. \n\nFinally - name the file by the month. On the first day of each new month copy the whole file and fill it in again. You'll build up a month by month account of your expenditure. Save all the files in one folder called 'My Budget'.\n\nPS: If you've never used Excel don't be put off. Its pretty easy - you can make the cells any size you like and you can colour them in or change the fonts etc - so for instance, make your Total Cell a big one in a bold colour!
790335
watch "my super sweet sixteen" and get some ideas from there. if your budget isn't as big as theirs, then just take the idea they had and simplify that into a more suitable budget
46541
Creating a budget would be ideal, but it can get boaring and eventually you will stop keeping track of your spending, if budgeting is not interesting to you. \n\nOne easier way would be to estimate the total amount of money you allocate to entertainment(anything that considered to be a want not a need) then take 10% of that amount and save it.\n\nExample if you spend $250 a month on entertainment save $25 a month. Be sure to put the money is some form of interest bearing savings account.