This month’s poll is pretty straightforward -
Do You Use A Written Budget?
(By “written” – I mean an actual budget – one that is written down, or typed into a spreadsheet, or entered into some type of budgeting software. In other words, the budget actually “exists” – somewhere besides “in your mind”.)
{democracy:8}
I’ll leave this poll up for a few weeks.
YES!!! Absolutely YES!! The written budget has been to KEY and FOUNDATION of the success we’ve had so far in getting our debt under control (and soon to DIE FOREVER). I simply can’t imagine going back to not kowing where our money is supposed to be going…and at the end of the month wondering just where it went.
I use a simple spending plan spreadsheet. It’s nice because I can copy it from one month to the next and plug in new numbers where necessary. But all the subtractions and additions are set up to give me an automatic picture of how much I have left in each category, left overall, spent overall, etc.
Our budget is on Google docs and it allows us to modify it and share.
Yes, I have a budget to which I stick. But it’s not the detailed budget you’re probably thinking of, such as Dave Ramsey’s “every dollar has a name”.
I pay myself first, with saving targets for retirement. Also savings targets for ongoing expenses such as taxes and insurance, and more vague expenses such as major repairs to my house. After that’s taken care of, the rest just kind of happens.
When I was younger, a detailed budget was needed. Now that I’m older and have done it for awhile, a less detailed approach works for me. I have no debts other than current month’s credit card charges which I pay in full. I also have higher-than-average retirement savings. Your Mileage May Vary.
Yes, and I use it, but it’s brand new. The wife and I just started with it this month (Jan). So far, so very good!
I have a simple budget that I compare to my spending at the end of each month. So, I don’t live by it, but I certainly use it.
I used to have a budget, but now most of my finances are on autopilot. I found that a budget didn’t actually provide me any benefit.
I found that having a retrospective (know where every dollar is spent) and a spending plan (know what my financial goals and large expenses will be for the next thirty years) is far more useful.
But then, the only debt we have is the house, and again, all the retirement and savings funds are automated. It’s amazing how much you can accumulate if you put your money in a place where it’s inconvenient to access!