Money Mangement

[5ft Diva]

I was wondering how often you guys do your finances. How often is too often to go over your budget/register? Does anyone have a really good schedule for maintaining their finances?

I know that money is a very personal subject so I don't want you guys thinking I'm trying to get specific information. Just looking for new ideas and your trade secrets to successful money management.

[PhillyGirl]

I do it once a month. Just pick the same day every month so you don't end up skipping it; like the first or last Sunday of the month. It is a good idea to have you and your spouse do the finances together so each of you know what is going on, where the money goes, and you are both accountable. I write down my fixed and flexible expenses and what amount I think should cover it (and that we can allow). The next month I compare what I wrote down and what we actually spent, then I can more accurately make a budget for the next month. I always have an emergency fund because you will never know what comes up and a misc. expense for those things you just don't know what category they fit in.

Also I learned that you should set an amount of "free money" that you and your spouse get without any strings attached. Say $20 a month for each of you. You don't have to account for it; you can spend it on whatever you want and there is no guilt. It is good to know your finances but not to over think it. Anyway, I hope this is what you were looking for and that I made sense.

[5ft Diva]

Do you only enter into your register that one day a month? You and I have similar management styles - my life is just VERY crazy it seems so this isn't necessarily working for me anymore.

[LostnFound]

I keep a daily register by the computer and compare it to the online banking every morning. Most people may not have time for this everyday but I have to, because I forget to write it down if I do not do it daily. My husband also forgets to tell me sometimes when he gets gas or other things. When we were first married, we did not keep any good solid register and we kept getting bank fees because we would be negative in our checking account. I would forget to transfer any money.

What we need is a better budgeting system. I keep saying this and month after month it doesn't get done. I need to set this as a goal. Has anyone been really faithful in keeping to their budgets? I need good ideas for making a budget and sticking to it. Also, making my husband stick to it.

[5ft Diva]

How long does it take you every morning to do this?

BS and I are far from where we want to be as a couple managing money but what we've done that I see as helpful is that we've talked about our financial goals. We just try to be on the same page. It's taken many years for us to get on the same page w/ each other but we're finally here.

[LostnFound]

It takes me only about five minutes. It's just part of my morning routine now I guess. This has really helped me to keep better track of our finances. My husband looks at the register and online banking a couple of times a week to see where it's at.

[5ft Diva]

Okay, if it only takes you 5 minutes then I can do it every day. I thought it would be too much. I had decided that I would look at it once a week and then sometimes I would forget. Everyday, for right now, is better I think.

[Dia Minha]

Originally Posted by 5ft Diva

Do you only enter into your register that one day a month? You and I have similar management styles - my life is just VERY crazy it seems so this isn't necessarily working for me anymore.

Uummmmmmm. Sounds familiar. Where have I heard this before. Oh oh I know yesterday. It sounds like exactly what I said before you took me on my little laundry day adventure. Do we need to go on a finance adventure now.

[Mamallama]

ooooooh...I'm not touching this one now...I'm going back into hiding!

[PhillyGirl]

Online banking is my friend; I check that a few times a week. That is when I write it down. I haven't tried it but I heard Quick Books is a really good way to keep track of your finances.

[runamyrun]

I am a fanatic about my finances. We use Microsoft Money, and I love it. It is easy to categorize everything we spend. Then we can easily see where all of our money goes. I have to check online banking everyday. I just always like to have an idea of what our balance is. Our account is different than most people's, though. My husband is self-employed. With his business, he has deposits made into our checking account everyday. He also has a few business expenses automatically debited from our account. I don't know the exact amount of the deposits or debits until they happen. We may get a business checking account to keep things separate, but I love the fact that we are constantly getting paid. We don't have to wait for a specific day each month! As long as I do the finances everyday, it only takes me a few minutes each day. But if I let it slip for a week or two, it easily takes me an hour or two.

[5ft Diva]

I know it'll take a few days before I can get it down to 5 min. but then I'll be fine. Okay, I'm seeing some winds of change here. First I gotta get it under control.

Yes, Dia - you are seeing some underlying issues here. Now that I think of it, I think you'd find it in just about every aspect of my life. Cooking, cleaning, getting ready, being on time, committments, you name it, there's an issue. My life is kind of spinning out of control right now. Good thing I've got BS here to keep me on track.

[Big_Sissy]

Originally Posted by runamyrun

I am a fanatic about my finances. We use Microsoft Money, and I love it. It is easy to categorize everything we spend. Then we can easily see where all of our money goes. I have to check online banking everyday. I just always like to have an idea of what our balance is. Our account is different than most people's, though. My husband is self-employed. With his business, he has deposits made into our checking account everyday. He also has a few business expenses automatically debited from our account. I don't know the exact amount of the deposits or debits until they happen. We may get a business checking account to keep things separate, but I love the fact that we are constantly getting paid. We don't have to wait for a specific day each month! As long as I do the finances everyday, it only takes me a few minutes each day. But if I let it slip for a week or two, it easily takes me an hour or two.

You don't keep the business separate?

How in the world do you report your taxes? Is he just a sole proprietorship? If that's the case, then it's no biggie, but I can't mix either of my businesses, or it's TROUBLE!

[runamyrun]

It has been just a sole proprietorship, but he is probably going to change it. In the past it worked just fine, but it is starting to get a little complicated. He usually does our taxes, and has done fine with them. This year he decided to pay someone to do them.

[Erudite]

I try hard to check ours once a week. I picked Saturday morning and I make myself do it before I do any of my other work, so that it gets done. I couldn't do it once a month because then I'd be late on some of the bills. So I pay bills, check the balances, update quicken, and do a budget check each Saturday. I also write out tithing checks if needed and do the transfer to savings. When it's time to reconcile, TR and I set aside a Sunday evening and do that together. We also set the next month's budget at that time so that we're on the same page on spending.

We've never been great about keeping to our budget UNLESS I check it every week and know exactly what should and shouldn't be spent during the coming week. Too often, I set the "decorating" budget for example (which is only happens in months when I get paid) and I spend the money at the beginning of the month because I'm all excited to actually have the money to spend and then I forget that I spent the money and think I can spend it again. That's when I get into trouble. So if I check weekly, I get the reminder on which budget items have been taken care of and which have not (that's how the piano teacher gets paid sometimes too...I'll see that I haven't written her a check). It seems like whenever I miss a week, I miss a bill and end up with a late fee, so I've learned that it has to be at least weekly for me.

[Big_Sissy]

Originally Posted by runamyrun

It has been just a sole proprietorship, but he is probably going to change it. In the past it worked just fine, but it is starting to get a little complicated. He usually does our taxes, and has done fine with them. This year he decided to pay someone to do them.

Oh, that's right. I actually talked to him about it and he told me that.

After having a business, I'm not sure it's all it's cracked up to be. I seem to pay a lot more taxes than I would if I wasn't. Though, that's just a guess. I need it for liability reason's though.

[5ft Diva]

Good thoughts, Erudite!!!!

[crazyK]

Wow! You guys are great. A few years ago I told my Husband to just give me x amount of $ in cash and then when that was gone it was gone. He said that was a dumb idea. So now what do we do. He gives x amount in cash every month and when it is gone it is gone. It seems to work for me. Oh and by the way my Husband does all the financing. I am in trouble if he ever dies on me bacause I don't know anything! But the cash thing keeps me on track. I act like I am mad (and maybe I was a little bit when he took my credit card away, like I wasn't trust worthy or something) but really I am not.

[Dia Minha]

RAR, you mentioned something about having a credit card that pays you. How would I look into finding one like that? Instead of opening seperate accounts one for me and one for Elder and to prevent any mishapes with overdrawing, (because it has happened in the past, because we both had "emegencies" at the same time) Elder uses a credit card for all of his purchases and then we pay it off at the end of the month before being charged interest. If we could be making money on that, it would be really nice.

TIA, Dia

[runamyrun]

Try doing a google search. I looked briefly, and I saw that Discover gives up to 5% back in cash. Maybe you could find something you like.