First timer tracking finances

[Danestress]

Oh my goodness. For the first time ever, I have tracked every penny we spent this month.

 

For a family of four (the fifth is in college) we spent over $1000 at the grocery (I guess that includes cleaning products and personal items, though). We spent just as much on hobbies. I doubt I can convince DH to cut back a lot on hobbies (none of which are for me, lol). But wow. Some of you do so much better on groceries. I'm setting a $700 goal for this month. I have no idea how to do it, but I know some of you manage. We didn't even buy much alcohol, which used to be a bigger expense for us until I mentally calculated when we spent.

 

We also spent $186 on gas, which is depressing and it's going to be worse in the summer when we travel more. That's just driving around town. DH doesn't even have a real commute, but he drives a ways to swim three times a week.

 

Keeping budgets really hurts.

[CookieMonster]

It's shocking isn't it!?

 

And it does hurt at first. Like a sucker punch. Oh, the shame to realize how much I spent on pidly items!

 

But, then...

 

Then, I realized that knowing how much money I have to spend, and how much I have spent of it, empowers me. I can make a sound decision about whether or not I can afford something. I can turn down that trip to the grocery store for pidly junk. I can manage my money! I can know where it's going and then...yipee...actually start to set some aside for important things.

 

Gradually, I started to rule my money. And I started making it work for me. And now, I wouldn't give up my budget/spending plan for nothin'!!!!!

[~Puddins~]

We have always budgeted, but this year we decided to really track every penny. Wow. Just the first month alone was an eye opener. But I'm excited to see that when I really want to, I can be a wise spender. I totally agree with Cookie Monster - it's empowering to be in charge!

[Danestress]

Thanks for the encouragement. I suppose the first month is the hardest. It really is pretty interesting to see what we spent money on. DH is revising his ideas about spending $6 several times a week for lunch at the grocery deli next door to his workplace. And we are going to be eating more beans and rice, which we both like anyway.

[momo4]

I think it is hard for more than a month, because you have to keep tweaking it until it is very realistic. I thought we were doing pretty good too, until last month when I checked expenses. We spent over 100% of our income on food! No wonder the savings account is rapidly decreasing. I dropped our food budget down (I am embarrassed to say what it WAS) to $500-550. Very interesting how our meals changed and how creative we have gotten in the kitchen. We are learning to bake pizza dough, sourdough, and sprouted breads. By the way, we were not eating a lot of packaged food or junk food when our food expenses were super high. It is down to the basics now, not many frills.:)

[Danestress]

By the way, we were not eating a lot of packaged food or junk food when our food expenses were super high. It is down to the basics now, not many frills.:)

 

 

You know, we don't eat a lot of packaged food or junk either. I think our food bills are high because we drink good quality coffee and eat breakfast cereal (that's stopping - the cereal, not the coffee). We don't eat a whole lot of meat - probably 3 or 4 vegetarian meals a week at least. So I guess I was surprised to see how much more I spend than the rest of you do. And while I buy some organic things, certainly not everything. But even regular fruits and vegetables are SO expensive!

[Beth in Central TX]

Keeping budgets really hurts.

 

In the beginning, the budgeting process is tough, but once you have it in place and live by it, it becomes very freeing. Now I don't feel guilty about spending money on homeschool books because it has been set aside specifically for that purpose.

 

Keep up the budgeting work even though it's hard right now; I think you'll be happy with your finances in the end. Saving money has always been a goal of ours, but we've only been able to accomplish a true emergency fund with a budget. I wish we had started sooner, like when we were first married 15+ years ago, but I guess it's better late than never.

 

Good luck!

[PariSarah]

Thanks for the encouragement. I suppose the first month is the hardest. It really is pretty interesting to see what we spent money on. DH is revising his ideas about spending $6 several times a week for lunch at the grocery deli next door to his workplace. And we are going to be eating more beans and rice, which we both like anyway.

 

I'd have a hard time eating beans and rice while my dh spent $1000 a month on hobbies. :eek:

 

What kind of hobbies are they??

 

I guess if you're not really in financial trouble, expensive hobbies aren't a problem. But I feel guilty spending $50 of my Christmas money on yarn, so my opinion on this is probably a little skewed. :D

 

But it is amazing how just keeping track of things makes you a better steward. You start to ask yourself questions like, "Is this a real need?" and "Is this thing worth that much money?" It's great. Good luck moving forward!

[Mom2jnb]

We started budgeting this month also. It really is an eye opener. My dh enters all our expenses in an excel worksheet and I just write the category at the top of the receipt. We each have $50 a month for "blow money" amazingly I haven't touched any of it this month...but that was hard....I am saving up for the curriculum I need for next year. Our grocery budget is $650 for 5. It is too low we found. I was working on cleaning out the freezer's this month and I really didn't have to buy a ton of meat or anything and we STILL went over.....I have been told it takes approximately 3 months to get a hang of the right amounts for each category...stick with it....we are all here for you and each other.

 

Alison

[Danestress]

I'd have a hard time eating beans and rice while my dh spent $1000 a month on hobbies. :eek:

 

What kind of hobbies are they??

 

I guess if you're not really in financial trouble, expensive hobbies aren't a problem. But I feel guilty spending $50 of my Christmas money on yarn, so my opinion on this is probably a little skewed. :D

 

But it is amazing how just keeping track of things makes you a better steward. You start to ask yourself questions like, "Is this a real need?" and "Is this thing worth that much money?" It's great. Good luck moving forward!

 

 

I almost don't want to answer because if Parisarah wants to think I am a better woman than she is, I sort of want to enjoy the glory:)

 

The hobby expenses are not just DH's. We belong to a tennis club, which is great because DH and one of the boys play tennis together a lot. The boy who plays spends about $200 a month on tennis lessons. That's on top of the monthy membership fees. I know. THAT's a lot. I personally would cut that down, but DH is always supportive of our kids' sports because that's what he and his father shared in common and he really loved and misses his own father.

 

The other son swims on a year round team. His fees are $112 a month. Recently my DH started swimming there too because he wants to be able to share that with the twin who swims, since he has the tennis with the other. That adds $35 a month. They go over on Saturdays and practice together, and DS loves that. DH spends A LOT of time with his sons and they really bask in his attention, so I don't want to make waves about it. This month was a little high because DH had bought himself the necessary equipment to start swimming - a suit, googles, flippers, kickboard. He also bought a video on breast stroke drills. That was $30!

 

Then DH is a painter - as a hobby. He's recently been trying to learn to do human portraits. So some of the expenses were for oil paints and a couple of painting books. He buys videos for techniques, though not this month.

 

I'm a knitter too, but I didn't spend any money on yarn this month. I think I spent $100 in January, and that will keep me for a while.

 

I think this is a category we could reduce some, but the DS who plays tennis does cost a lot in terms of tournament fees, tennis shoes, balls etc. And since we live close enough to the club that the kids can walk over and play, I think it's sort of a nice lifestyle perk. But $1000 a month? It makes me SICK to think about it. That has to come down some.

 

But but but. I really am happy that DH finds things in common with his sons and spends so much time with them. They always enjoy that time too - they have a really adoring, fun father and I guess sports is just something he feels he can do with them. They do other things too, not just sports, but this month I don't think there were expenses related to those things.

[PariSarah]

I almost don't want to answer because if Parisarah wants to think I am a better woman than she is, I sort of want to enjoy the glory:)

 

*snort*

 

DH is always supportive of our kids' sports because that's what he and his father shared in common and he really loved and misses his own father.

 

Awww . . . how sweet!!

 

Wull, gosh, then--it's not "hobbies"--it's school! Phys Ed and all that! Doesn't that make you feel better? :D

 

And you can still have your "Better than PariSarah" hat. They aren't that hard to come by these days. ;)

[Danestress]

*Wull, gosh, then--it's not "hobbies"--it's school! Phys Ed and all that! Doesn't that make you feel better? :D

 

 

 

YES much much better. That's really an excellent idea! I think I will keep it in "hobbies" on the computer program so that DH really thinks about what it all costs, but I think in my own mind I will consider it "P.E." I don't know why I didn't think of that. I knew there was a reason why I revealed all these personal facts and figures on the internet!

[Danestress]

I have been told it takes approximately 3 months to get a hang of the right amounts for each category...stick with it....we are all here for you and each other.

 

Alison

 

Thanks! In a way, it's sort of fun to track and see. I've always been afraid to make finances a "big deal" in our marriage because we never argue about money, and I was afraid that tracking spending might cause friction. But so far, so good. Probably it's nagging about what you track that causes the friction!