Budgeting Help | Imamother

amother

Tue, Feb 18 2020, 7:59 pm

I just checked my balance and my credit card bill is more than what I have in my account. Im panicking. Im only married for 2 years. How do people do it esp with a big family??

amother

Dodgerblue

Tue, Feb 18 2020, 8:02 pm

Firstly take a deep breath, relax the anxiety will not help except cause more issues.
Start budgeting ur money
U can do a balance transfer to a credit card with 0 interest so u can pay it up quicker, every time u get a pay check give a nice percentage to paying off ure card
And avoid swiping the card!

amother

Dodgerblue

Tue, Feb 18 2020, 8:04 pm

And just like u got in to debt u can get out of debt ! Main thing is to be determined, proactive and a team with ure dh!

amother

Thu, Feb 20 2020, 10:15 am

BH were not in debt. Im getting a paycheck on friday that will cover it but im getting really nervous. I only have one baby how do people do it??

baby12x

Thu, Feb 20 2020, 11:18 am

You budget. You plan. You make it work.

I suggest using cash until you get used to living on your budget.

You are young. Now is the time to do whatever you can to make sure you learn how to budget, SAVE, and get your financial life under control.
It will not get easier. Just harder.

Start with this: https://adimesaved.com/basic-g.....nance

Basically make a budget, start savings and do it NOW

amother

Purple

Thu, Feb 20 2020, 11:28 am

Idealy, live below your means and save. It's most challenging if both partners aren't on board with that. See if you can sit down together and come up with a budget and brainstorm on where to cut back. Use the "pay yourself first" strategy to make sure you put some savings away every month.

amother

Chartreuse

Thu, Feb 20 2020, 12:04 pm

You can listen to the Dave Ramsey podcasts. That will give you a lot of chizuk.

amother

Blonde

Thu, Feb 20 2020, 12:11 pm

Sit down and figure it out with DH. Create a budget. The numbers have to make sense. If they don't, something must change.

amother

Copper

Thu, Feb 20 2020, 12:14 pm

Don't use credit cards unless u can use it like cash.
You don't spend what u don't have.

You need a budget.

At the end of the month, it should be "oh my this is how much we spent this month".
At the beginning of the month, it should be "this is how much we WILL spend this month, and not go above it"
Also, I see a lot of young people saying "I don't budget food." Or "food is not something you budget, it's a necessity"
It doesn't work that way.
Every dollar you spend should be in your budget, whether it's coffee or chicken.

amother

Thu, Feb 20 2020, 12:20 pm

We sat down and figured it out. After paying our bills there's maybe $200 left per month... Sad

Nothing left for savings

Whats the normal amount for groceries per week including shabbos?

amother

Thu, Feb 20 2020, 12:23 pm

amother [ Copper ] wrote:

So how do you budget groceries? Walk around the grocery with a calculator??

amother

Blonde

Thu, Feb 20 2020, 12:26 pm

amother [ OP ] wrote:

We sat down and figured it out. After paying our bills there's maybe $200 left per month... Sad

Nothing left for savings

Whats the normal amount for groceries per week including shabbos?

We pay around $600/month for groceries. Two adults and one toddler. No programs.

$200 extra a month isn't tons but it is something. Put in straight into savings at the BEGINNING of the month, not the end.

amother

Thu, Feb 20 2020, 12:30 pm

amother [ Blonde ] wrote:

We pay around $600/month for groceries. Two adults and one toddler. No programs.

Thats $150/week I really have to work on keeping to that... Budgeting is so hard!

amother

Blonde

Thu, Feb 20 2020, 12:39 pm

amother [ OP ] wrote:

Thats $150/week I really have to work on keeping to that... Budgeting is so hard!

Yes budgeting is hard.

Don't hold me to that number however. That is how much we spend because it works for our budget. What is important its that it fits into YOUR budget.

Maybe some other ladies with a similar family size can chime in and tell us what their grocery budget is.

baby12x

Thu, Feb 20 2020, 1:32 pm

amother [ OP ] wrote:

We sat down and figured it out. After paying our bills there's maybe $200 left per month... Sad

Nothing left for savings

Whats the normal amount for groceries per week including shabbos?

The $200 can be put into savings? Or thats all you have for food?

amother

Thu, Feb 20 2020, 1:40 pm

baby12x wrote:

The $200 can be put into savings? Or thats all you have for food?

The approx $200 is for household stuff/clothing and any other things e would need to spend on
I guess we wont be putting into savings for now...

amother

Copper

Thu, Feb 20 2020, 1:44 pm

amother [ OP ] wrote:

So how do you budget groceries? Walk around the grocery with a calculator??

Save your receipts for 3 months and you'll see how much your spending and whats the highest priced items on your list. you'll see what your paying for certain items in sale and maybe you'll want to avoid buying them when their high priced

amother

Copper

Thu, Feb 20 2020, 1:47 pm

amother [ Blonde ] wrote:

I also think you have to decide your priorities.. $400 food sounds like a reasonable monthly food budget for me for a family of 3 (location makes a day difference, I'm I'm Brooklyn). I spend less because my priority is saving.
For me the priority would be to save extra money and spend less