Tuesday, October 9, 2012

Ten Minute Tuesday - The Need for a Budget Edition

I’ve been thinking a lot lately about how much I haven’t been blogging. I’ve realized that it isn’t as high of a priority for me as it was before. That, and I’ve started reading about a zillion other blogs and by the time I’ve read them I’ve basically used up my computer time. I am only able to write this right now because a) I know that it’s only 10 minutes and b) Will and Joseph are having some quality bonding time right now.

I’ve been thinking a lot about that budgeting post (or posts) I said I was going to do. And I still plan on doing them. So, maybe this would be a good place to give a little background as to why we started budgeting in the first place.

Shortly before Labor Day I finally decided we needed a couch for the front room (the play room). I had been pondering it for several months and wavered back and forth whether it was something that needed to be purchased now or if it was something that could wait a year (or two or three). But the more I thought about it the more I realized how nice it would be to have somewhere to sit (not the floor) while nursing baby #2 and watching Joseph play. So, I started looking for a couch.

I told Will about this and informed him that it would likely use up the rest of my “for the house” budget for the year and likely dip a little into next year’s budget. He had forgotten we had even set a limit for me. But when it comes to spending money I need clear limits. When he realized how much this was going to cost he started looking at our bank account. I had mentioned before that I thought we were spending more than we were taking in, but he brushed it off saying that he gets paid every 2 weeks so occasionally we would have a 3-paycheck month that should cover the monthly decrease.

It wasn’t until the couch purchase was almost a done deal that he took a closer look at our bank account, and we were, indeed, spending more than we were taking in….to the tune of approximately $100/month (eeks!!!). So, we sat down that same weekend and made a budget. As with most families (I think) food and household supplies are our biggest monthly expenditure (behind mortgage/rent).

My time is running out, but let’s just say our first month with putting a limit on our food/household supplies budget was a bit of a challenge, but a really good learning experience. I think it’s going to take a little time to get used to, but I’m up for the challenge.

Now go see Rachel at Testosterhome for more!


Grace said...

Budgeting can be fun when you have a purchase to look forward to! Good luck and I look forward to reading more on the subject. We're always looking for more ways to save...of course without too much sacrafice, haha.

Megan said...

We've been budgeting ever since we got married. I wish I could say that I've arrived and become some kind of budgeting buddha, but it's not true. I'm already $22 in the hole for groceries this month, and our budget cycle doesn't roll over for another 2 weeks. oops.