Do you follow a budget each month?

And if so, is it strict to the penny, a ballpark figure, or a range of spending?

I was out with my girlfriends last week and was surprised that 2 of them follow a monthly budget to the penny.

Re: Do you follow a budget each month?

No, not at all.

Though I keep track of our spending and despite that, it seems we spend approximately the same amount of money every month, give or take a few unexpected expenses.

Re: Do you follow a budget each month?

Sorta.... when the credit card bill is higher than what I have to pay it off with, I stop spending, until it's clear again......

Re: Do you follow a budget each month?

definitely. I budget money for food, gas, clothing/makeup $ (), bills, and whatever is left over (usually not much) is misc. spending---i have no idea where that cash goes!

Re: Do you follow a budget each month?

I use Quicken to do all my bills -- so i guess you could say i budget--since i make sure i have enough in the accounts to cover all expenses....and make sure we don't overspend anywhere.

i'd say its not exact down to the penny--cause really things can happen and you might need to spend a little more one month than the next...plus DH's checks can vary from paycheck to paycheck depending on the amount of OT he does.

Re: Do you follow a budget each month?

We budget, not really to the penny, but as close as possible.

We have a certain amount to spend in each catergory and stick to it. If I go over with groceries one week, most likely the next week I'll be under. With the Christmas shopping we set an amount for each person, if I am under alittle for one person I can go over a little for someone else. Ballpark figures/ranges don't really work for me because I would tend to work with the upper end of the figure too much.

Things also come up that aren't in the budget, like this weekend our snowblower died so we had to buy a new one.

ETA: Our main budgeting strategy is to never charge, if we don't have the cash for something we won't buy it. We do use a credit card to collect points, but it is paid off each month.

Message edited 12/22/2008 4:41:58 PM.

Re: Do you follow a budget each month?

NOt really. I mean, DH and I have gone over our budget and know what we can/can't afford... but we don't really keep track so diligently.

Re: Do you follow a budget each month?

Not at all...

We pay the bills and what's left over (which is usually little to nothing) goes into savings.

Re: Do you follow a budget each month?

I budget our extra spending cash. For example, DH and I each get a set amoutn of $ each week, which covers lunches, dinner out, my nails, and any other miscellaneous items we need/want. If the money runs out before the end of the week, tough. There have been plenty of times where we've wanted to go out with friends but had to say no because we didn't have enough left over from that $. This is the ONLY way I have found I can control our spending and put enough into savings.

But I do not budget everything to the penny. I put X amount in savings every month and I know exactly how much our bills are. But our spending habits can change from month to month depending on our needs that month.

Re: Do you follow a budget each month?

I guess by the penny I don't mean necessarily sticking to the budget to the penny. But more do you know every penny that you spent each month?

Re: Do you follow a budget each month?

Re: Do you follow a budget each month?

Re: Do you follow a budget each month?

We budget, but not as strict as your friends. We know what goes to bills at what time of the month and what money is "free" or usable money. We still go out and do things, but saving and paying off debts are priority.

For the most part, we live within our means, despite those unexpected expenses here and there. We do allow ourselves to splurge every now and then. You got to "live" sometimes.

Re: Do you follow a budget each month?

I do my best - we don't have a set income- so it's interesting to say the least

Re: Do you follow a budget each month?

We use Quicken too. We have more or less the same left each month.

The beginning of the month is a little tighter because both mortgages come out of the account and my tenant is always late! He racks up so many late fees he makes up the deficit in rent vs my mortgage!

Re: Do you follow a budget each month?

we don't reallly budget. we take the same dollar amount eveyr month and save it, then we pay / buy whatever w/ the leftover money.

Re: Do you follow a budget each month?

Yes we do. Since I am a SAHM with just one income we have to.

Re: Do you follow a budget each month?

Yes. I know exactly what our expenses are each month to the penny. I keep all of our receipts each month and go over them.