Finally made a budget and started tracking every single expense

[dsvloper88]

I’m turning 33 in a few months and up until the past month my finances were just this vague cloud in my head. I knew approximately what I had and could spend, and I was never in the red. But recently I realized our savings account wasn’t growing as it should and my husband was likely contributing much more than me so I finally buckled down and started tracking and organizing everything. We both work full time and make the same ish amount of money so we have a joint savings where our bills come out of but we have separate spending accounts that the other doesn’t have access to.

It was hard and sad to limit spending like groceries and fun, I don’t have much to spend on groceries until April 8 which my husband thinks I’m going to blow through lol (we buy separate groceries). But I’m going to stay strong. I’ve been buying all my groceries from ALDIs. I have only spent $70 of the $100 I allowed for Amazon and have stopped myself from buying anything else at least a dozen times. Instead of going out yesterday we made pizzas and pasta from semolina and einkorn flour that we already had and my husband just got little ingredients like mozzarella, pepperoni, tomato sauce, and basil leaves.

Every cent is now accounted for and while I don’t plan on maxing out my 403b, I’m going to get it from 13% to at 15% by the end of the year while putting at least $1300 into our savings accounts every month (one for general savings and one for vacation). We have been putting $200 each in curtailment every month and maybe I’ll try to increase my portion of that too.

For anyone who isn’t tracking their spending and saving but knows they really need to, it’s hard but you can do it!! Break out your spreadsheet app and get to work!!!

 

[outofthedesert]

@dsvloper88 We’ve been on a written budget for a few months now and it’s life changing

 

[dsvloper88]

@outofthedesert It really is! I’m so happy to have figured it out. Do you and I assume your partner do it together? My husband isn’t doing it but he’s pretty frugal anyway.

 

[agelababypo]

@dsvloper88 When I first started making good money my wife and I just didn’t track it. We would just spend money with no regard because we had enough. Well one month I decided to add up all our spending and it was over $12 grand on pretty much nothing. That was three years ago and as of today we keep our monthly spending under $5k every month now

 

[joyinsf]

@dsvloper88 Every time.i see a post of tracking I tell.myself I will do one...

 

[jesusismyking2023]

@joyinsf Make this time the different time. Take control of your finances. Your older self will be forever grateful. You can do this!! It can be both overwhelming and for some scary, but it can also be the start of a financial wellness journey that is freeing!!

 

[christiandad]

@joyinsf It's almost a new month - start your spreadsheet listing all the bills you think/know you have and, as the bills roll in for April, add the amounts to your spreadsheet.

Keep a line item for "entertainment", "clothes", "fun money" or whatever makes sense for you and add it all up on the spreadsheet throughout the month.

In May, evaluate where you might have savings opportunities and go from there!

I set up my spreadsheet to be a calculator where my top line is my net monthly income and then each line item deducts from there so the bottom of my spreadsheet shows me how much is left over and I make sure I put that amount into savings.

Eventually, I will switch to just having the savings amount pulled directly from my check and direct deposited into savings but I'm notnquite ready for that yet.

 

[lacey65]

@joyinsf You probably don’t because you don’t want to come to the realization of how bad you are with money management, etc. Trust me I was the same way just get over that fear and take the leap brother

 

[dsvloper88]

@joyinsf You can do it!! It’s scary and overwhelming to think about. It really is. I started seeing the sankeymatic budget screenshots recently too that piqued my interest but it still didn’t click for me.

Maybe you can start with just tracking one area of your finances like groceries/food. Try to stay on top of every purchase and write down how much you spent and where. I just use google sheets. You don’t need a budget now, you could just use it to see exactly how much you are spending. Then later when you feel ready you can do the hard work of figuring out what you really do or don’t need. It doesn’t have to be too depressing, my fun budget is still $400!

 

[christiandad]

@dsvloper88 It is hard at first, but it feels so good! I feel so proud of myself when I spend under my budget for something and can put more in savings!

I even made adjustments to my car insurance to lower my bill by $800/year and took advantage of an additional $200 discount by paying the annual premium in full. Still have fantastic coverage! Overall, I saved over $100 per month with that change.

I also read through my employer handbook and discovered I'm eligible for cell phone reimbursement, which takes care of my entire bill, so that saved me another $80 per month.

I allot myself a generous budget for "entertainment" (eating out, beauty, wardrobe) and my goal is to stay well under budget the next several months so I can chuck it all into savings along with my newfound $180/month. It has me so excited!

 

[lacey65]

@dsvloper88 Monarch is a great program. Well worth the money. I love it. Super easy to use

 

[dsvloper88]

@lacey65 Thanks I’ll look into it!

 

[slowmotion1952]

@lacey65 Seconded, Monarch is worth every penny

 

[lacey65]

@slowmotion1952 I wish I knew about it sooner. Mint was good. But I definitely think this is better.

 

[eront]

@dsvloper88 I made a budget when I was 23, 10 years ago and I still have a monthly budget I follow

 

[snowkatcher]

@dsvloper88 I’ve been tracking with a little of budgeting for over 10 years. The huge increase in savings and networth has made it all worth it. People don’t realize the impact of tracking/budgeting and how much of a difference it can make.

 

[dsvloper88]

@snowkatcher It’s so worth it. Obviously I just started, but it feels like a weight has been lifted off my shoulders. I don’t have to worry if everything is covered, I know.

 

[lauds]

@dsvloper88 I've been using You Need a Budget for the last 5 years and it's made budgeting so enjoyable for me. Keep it up with whatever system works best for you!

 

[christiandm]

@lauds I've only been using it for a month now and it's so painless!

 

[dsvloper88]

@lauds Thanks I’ll take a look!