Mu husband and are first time homebuyers, newly married, and new parents. We have no credit cards and only one car payment. However, we can't manage to stay ahead, either something breaks or something comes up and we are housebroke again. It seems like all we're doing is paying bills every month such as our phone, cable, electricity, gas, water, etc. I've tried to make a budget sheet to follow, but it's hopeless. My husband and I make decent money and I have come to the conclusion that we are just young and don't really know what we're doing yet. If anyone has any ideas or suggestions, please let me know! TIA!
Dave Ramsey. He has a course you can take and has many books on how to manage money, become and stay debt free and still have money left over. Total Money Makeover is one of his best books. Invest in it, follow his plan and you won't fail.
Hi Kristin,
I can send you a budget worksheet that we use in our business. I've filled it out for us and it really helps us know where the money goes too. My cousin uses it too and they were able to "find" and extra $2000 the month that they implemented it. It's a pretty simple Excel sheet.
Clair
[email protected]
Kristin...
Hi. I am a Kristin as well. I am also a young mother/wife, 21, married 1 year with an almost 4 month old. I am what my husband likes to call a "bargain shopper". He says I could go to the store with 100.00 and eat for 3 weeks. There is way to much to talk about on here. Email me! [email protected] or find me at www.myspace.com/kountrykristin
Kristin B
Dave Ramsey is awesome go to the library and check out his dvds or audio cds and listen to them I know he has a book but I've never read it. He is great it is all about common sense and how the sellers work to trick you into buying things. Also, I noticed you said cable bill. There is some extra money.
I agree with Dave Ramsey. We just checked out his book at the library. He has several, but I believe it was Total Money Makeover that was the most helpful. You can download his budget forms online as well. Just google allocated spending form and monthly cash flow for pdf printouts for Ramsey. He also has suggested percentages of what you should be spending in each section. It's an easy read book and I would highly recommend as your next step in deciding how to handle financial affairs.
Hi Kristin,
All of this may have nothing to do with your age. The economy has been hard on all during the last couple of years. One thing you might consider is a financial planner. They can be very helpful with this. There are also, some online budget classes that can be very helpful as well.
I highly recommend that you pick up the book "The Total Money Makeover" by Dave Ramsey. He talks about budgeting, and has several budget forms at the back of his book. He also has a daily radio show on KLIF (570 Am) from 1-4. Dave is awesome! Good luck, you can do it!!!
A friend of mine's church is doing a financial class in Arlington and this is the 2nd week of 7. The workbook we are using is called Managing our Finances God's Way. The got the information through the Saddleback Church's website. It is through Crown Financial Ministries at www.crown.org. If you belong to a church you might suggest to them to see if someone there might be able to get a class going there. Hope you get your answers.
Dave's Total Money Makeover! It is simple to use, but it works!
Dear Kristin,
The worse thing you can do is give up. You need to be proactive as you seem to be in asking for help. Crown Financial, a Christian Organization, is there to help people just like you. I'd try checking out from the library some of their books. They also have a daily radio program on KCBI in the afternoons. I have no doubt that if you follow their guidelines, no matter how tough they seem at the moment, you'll prevent catastrophe down the road.
I'm 47, and have 2 older kids, 20 and 21, as well as a 6 yr. old. The difference between moms' view of finances since I had the first 2 is incredible. We used to pride ourselves in re-using items, finding new uses for things, and making recipes from scratch. Much of that is gone now. The first thing I'd consider if you aren't already doing it is having a cooking day where you cook for the week in advance. Spaghetti sauce freezes well and is pretty cheap to make. If you like veggies, there's an abundance right now, so stock up and make dishes with what you can and freeze what you can. Look for other moms or even older ladies who can trade services with you. Angel Food Ministries has food that can feed a family of 4 for a week for $25 and it's not just for the poor- it's for anyone. The more that participate, the better it is for the program. It's usually run by churches.
Anyway, I hope this has been helpful. I'm sure there's a bright future out there for you if you're willing to change a few things. I think you'll find it's even pretty fun!
Lauri
We did the Crown ministries program at our church, too. While I found it was a good program, I really enjoyed Dave Ramsey's Financial Peace University better b/c I feel like it had more day-to-day practical applications of how to reach your goals (the principles are similar in both). Dave Ramsey's books are great like many of the previous posters have said, and very helpful. However if you go to his website you can find a class in your area (Financial Peace University - they are held at churches for the most part) for you and your husband to attend. It made a world of difference for my husband and me b/c we worked through it together and got on the same page. Finances are hard, you're smart to figure it out early!! Good luck whatever you do!
when my husband and i were young and first married (still in college) we took a dave ramsey course. It has changed our lives. 7 years later we still follow his budget and his suggestions. living off of one fairly simple income we have a nice house, two paid for cars, no credit debt and money in the bank! you can do it!! i have heard people say all the time that you can't live off of x amount of dollars but we do it everyday and do well.
keep track of all that extra money that you have no idea where it went. and don't eat out so much. you can have a steak dinner at home for the same price as going to taco bell!!!
Dave Ramsey! His books and/or Financial Peace University would be a great start. You are doing good with only a mortgage and car payment, but don't let those little things (stuff breaking, etc.) put you in debt! The main way to stay on a budget is to use case. Get a coupon holder and lable categories such as groceries, dining out, haircuts, mad money, etc. I don't use the cash for bill payment, but by controlling the other spending, we pretty much stay on budget. If you can figure out where your money is going (like if you eat out too much or get starbucks every morning), you'll find out where you are breaking your budget. Key is, when you run out of clothing money for the month, you don't buy any more clothes. When you run out of grocery money, you figure out how to eat what you already have. You should also check out www.grocerygame.com and/or couponmom.com Grocery game tells you what is on sale at your local store, then what coupons to use with it to get it at a rock bottom price. You can use my name as your refferal and you can contact me if you want more info - [email protected]. Coupon mom is the same, but is free. I like grocerygame better, but you can either use both or just one. By doing grocery game I have got my food budget to about $400/month for a family of 5. That includes diapers, cleaning supplies, paper towels, toilet paper, etc. It can make a huge difference in your budget. Just remember that a budget frees you to spend money on the things you want to spend money on and you have permission to get things, it's not a way to deprive you. It's just a tool to keep your money under control. Feel free to contact me if you want more info.
You're in a great position--you make good $$, don't have credit card debt, just need some guidance. Try Dave Ramsey's course--he preaches no credit card use, building in 'baby steps' and 'live like no one else now so you can live like no one else later'. It's a great investment with worksheets etc.
Kristin
Congrats on the purchase of your first home. My husband and I have been married for twenty years and just yesterday the upstairs AC went out! God always provides. We have seemed to always have trouble making ends meet but somehow they do. I have always did a little something on the side to help that happen. Work at a Mother's Day Out......Delivery pizza.....Cut Grass.......Made and sold jewelry....Cleaned homes......but my latest has helped the most! I am working with Ambit Energy (Dallas Company) and help others switch and save on their home electricity bill. This company has a program that once you switch, you have friends switch with your account referenced. After 15 switch, they will deduct the average of those bills from your bill!! Getting a deduction from your electric bill REALLY helps. For more information, just call me, Tracy 817 705-9734.
Look into Dave Ramsey's plan. It works! I am staying at home, and we just paid off our house. We have no bills. I am not trying to brag- just letting you know that it is possible to get out of the money rut.
We did not go out for dinner very often- about one time a month- maybe even less. We also do not drive fancy cars- my husband's car has over 260,000 miles on it while mine has about 110,000. But, we are now saving for him to get another car. But, this plan will help you take control over your finances. We are in our mid- thirties with a young child.
http://www.daveramsey.com/tdrs/
Gateway Church offers the Dave Ramsey Financial Peace University classes. You can sign up online at
www.gatewaypeople.com I listened to his radio show for years and his system really works. He is on locally on am570 from 12-4 or sometime around there. Another good talk show was The Clark Howard show. I'm sure you can find his website as well. He is good at money saving tips, consumer report type issues. As the current Dave Ramsey billboard says....
act your wage!!!!(LOL)
Kristin,
I highly recommend checking out this website and the materials here.
http://www.watermark.org/ministries/care/moneywise-ministry/
For me, the easiest way to save is to set up an automatic monthly withdrawal from my checking to a savings account ... when there is less in your checking, your spending will automatically lessen. I would start small (say $250 / month) then, once you get used to withdrawing that amount, increase it. Good luck!