Hello, My name is Bill. I have been married for a little over a year. I working double shifts and my husband 2 jobs to make ends meet. I have no clue really about budgets, but my husband and i know we need to get one in place.
Welcome to the blog. Get your budget together asap it can be your saving grace.. Can also be the scariet thing you have to do .. but what you do with the information can change your life. Hope we can help and good luck.
Just write on a piece of paper in one column the people that you owe everything to each month. Next to each place, write the total amount you owe, then the minimum monthly payment. Then write down what you get paid every month and figure out where you are at.
Positive cash flow or negative cash flow each month.
Each month may be different due to bills that may just pop up quarterly or things happening that you didn’t know would happen. Having a budget and knowing what’s going on is the key to getting your finances under control. Most people don’t have plan and have no idea what is going on each month. Try sitting down with your husband and just go through everything…Once you do that write back and let us know.. Then if you have any questions beyond that we can help. Good luck!!
Also, Bill, The best way to do a budget is to sit down with your spouse and write down everything you spend money on. The monthly expenses as well as the quarterly and yearly expenses like Christmas, property taxes, and auto renewals. Make sure you include spending money for each of you too even if it is only a couple of bucks a month. Then look at your income and see if they balance. If not, try to cut out some things.
Do you have student loans, car loans and credit card debt? Add it all up and make a goal to pay off the smallest one as soon as possible.
I would check out the book, Total Money Makeover, by Dave Ramsey. He is fantastic and really helps you set up goals and get the steps to becoming financially free.
After you do a budget and if you are current on all your bills. Take a little bit of money each week automatically and put it in your savings account. You can call your bank or go online to set this up. Even if it just $25, you will really see a difference in your savings after just one year.
I could write so much more, so let me know if you want more details or suggestions!