Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Household Management -> Finances
Help with budgeting



Post new topic   Reply to topic View latest: 24h 48h 72h

amother


 

Post Fri, Nov 23 2012, 11:42 am
Yes, I have searched for other posts, but nothing is general enough to help me.

We are coming into a lump sum of money. We live very poorly now (meaning not too smartly) and this large sum will help us with cleaning out our debt plus some extra. I don't want to blow through it quickly and want to set us up financially on a smart budget so that we can keep afloat on our own from here on. (We do make enough money to keep us together and live month to month, but due to previous debt we are struggling so I figure, cleaning out the debt will help, however I want to set us up for the future smartly) I really dont want to be living paycheck to paycheck, how we are living now.
I'm just a bit stuck on what to do. I started an excel sheet to put together all our debt and then all our monthly expenses (for future) I also have a lot of things that need to get done, that we couldn't afford until this $, so I'm making a 'for now expenses' list too.
What would you do with setting yourself up to have enough money each month? How do you round off your monthly expenses when it isn't always the exact same (bills are diff amounts, plus household items and unforeseen expenses)?
Do you have enough money in your account to pay for the month ahead? We dont have savings, no extra penny to our name (until now). So I really want to do this wisely.

Please help! TIA
Back to top

amother


 

Post Sat, Nov 24 2012, 8:38 pm
Bump
Back to top

TranquilityAndPeace




 
 
    
 

Post Sat, Nov 24 2012, 8:44 pm
These books look like they can help you. Congrats on the lump sum!

http://www.amazon.com/Money-An.....amsey

http://www.amazon.com/Budget-K.....eting

http://www.amazon.com/Total-Mo.....amsey

(and use the link in my sig to shop on Amazon!)
Back to top

Sherri




 
 
    
 

Post Sat, Nov 24 2012, 9:19 pm
I second Dave Ramsey.

And TAP, I try to use your link whenever I remember. Smile
Back to top

amother


 

Post Sat, Nov 24 2012, 10:46 pm
Contact messilah a d explain your situation. They offer free counseling for setting up budget and planning for the future so you don't fall in again.

I speak from experience. We are similar to you in that our past debt was affecting our day to day managing. A family member gave us a lump sum to bail us out and politely mentioned that they wanted us to go to messilah to get on track. Well, we didn't go right away and by the time we did, we had accumulated more debt. Now we ate working with them and Hoping to see results. I only wish that the family member would have made us sign to go to messilah and follow their advice.
Back to top

amother


 

Post Sun, Nov 25 2012, 2:40 am
What's messilah? I tried googling, got weird results -nothing for s/t you described. Thx!
Back to top

amother


 

Post Sun, Nov 25 2012, 3:50 am
Previous poster here: pm the poster Tova on here. She works for them in Baltimore. Different cities have branches. 732-393-7192 is the number for the Lakewood branch.

It is an organization to guide those. Seeking to achieve financial stability.
Back to top

Tova




 
 
    
 

Post Sun, Nov 25 2012, 7:54 am
amother wrote:
Previous poster here: pm the poster Tova on here. She works for them in Baltimore. Different cities have branches. 732-393-7192 is the number for the Lakewood branch.

It is an organization to guide those. Seeking to achieve financial stability.


What city are you in?
I can let you know if there is a branch here. I'm just a volunteer counselor. Mesila feels that budgeting is the basis of financial health and they will work with you on that.

You may want to consider a budget that will allow you to pay down the debt (what's interest rate? Is it secured or unsecured?) along with building up an emergency fund.
Back to top

amother


 

Post Sun, Nov 25 2012, 11:29 am
Op here, I'm in brooklyn.
I would love if someone could help us to just set us up for future budgeting & how to use our lump sum properly now.
Back to top

amother


 

Post Sun, Nov 25 2012, 1:56 pm
Tova wrote:
amother wrote:
Previous poster here: pm the poster Tova on here. She works for them in Baltimore. Different cities have branches. 732-393-7192 is the number for the Lakewood branch.

It is an organization to guide those. Seeking to achieve financial stability.


What city are you in?
I can let you know if there is a branch here. I'm just a volunteer counselor. Mesila feels that budgeting is the basis of financial health and they will work with you on that.

You may want to consider a budget that will allow you to pay down the debt (what's interest rate? Is it secured or unsecured?) along with building up an emergency fund.

I'm in NY, is there a branch and if so could you post the number? Would they meet with us as a couple and give us a good mussar shmooze? I think I'm not too bad at budgeting but I need help getting DH on board, he's a little clueless...
Back to top

Tova




 
 
    
 

Post Sun, Nov 25 2012, 3:36 pm
amother wrote:
I'm in NY, is there a branch and if so could you post the number? Would they meet with us as a couple and give us a good mussar shmooze? I think I'm not too bad at budgeting but I need help getting DH on board, he's a little clueless...


Off the top of my head I don't think Mesila has a Brooklyn branch but I will check and confirm later today. They - at least our branch - would ONLY meet with you as a couple. We don't meet with only one half of a couple as you both have to be on board. No, we would not give you any mussar shmoozen. In fact, we are specifically trained NOT to make any judgements on your financial decisions nor tell you what to do. We only help YOU come up with the solution and of course answer financial questions. YOU own your budget so YOU create it (with our help. templates, etc.) and we just ask questions and help you come to the point of seeing where you need to make changes and what they should be.
Back to top

Tova




 
 
    
 

Post Sun, Nov 25 2012, 3:40 pm
Mesila International does have a Brooklyn base. I would start there:

1215 40th St., Brooklyn, NY 11218, USA
Tel: 718.207.5295 • Fax: 718.504.5296
Email: info@mesilainternational.org
www.mesilainternational.org
Back to top

Mrs Bissli




 
 
    
 

Post Sun, Nov 25 2012, 8:16 pm
OP, I think there are two separate issues you need to address.

Firstly, lump sum money to clear the debt. Is the amount you're going to receive enough or do you still have debt afterwards? In any case, it is a wise decision to get you clean financially.

Secondly, this is also similarly important part going forward. You did say living month to month. The question is how to avoid accumulating debt GOING FORWARD. That's where basic budgeting skill comes. Basic concept is how much your monthly income is, and how much your expenditure is. In terms of expenditure, you start with non-negotiatble, fixed costs, such as mortgage/rent, tuition, insurance, utilities. Then you budget the basics--foods, transportation/gas then finally extras like clothing, gifts/entertainment. Don't forget to make room for maaser/tzedaka. To do that, you do need to have a sense of how much you're spending roughly on each category. Make sure to make room for extra costs, eg you may have higher food bills during Nissan and Tishrei, or higher childcare costs during summer, or some out-of-town simcha transportation/accomodation.

Also how much of your current income goes toward servicing debt? If the lump-sum $ can clear your debt, that's theoretically the amount you can apply toward savings. I think it is very important to have some savings for rainy days. Until you build up enough safety cushions, I'd keep in something readily available (ie no early withdrawal penalty).

Hatzlacha,
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
Need help with budgeting 1 Mon, Mar 18 2024, 12:05 pm View last post
Budgeting tips for newlyweds
by amother
16 Sun, Feb 25 2024, 3:34 am View last post
Help me make budgeting an adventure
by amother
4 Mon, Nov 20 2023, 3:28 pm View last post
by zaq
Wedding plus expenses budgeting
by amother
30 Mon, Nov 13 2023, 12:01 am View last post
Need help budgeting
by amother
31 Sun, Nov 12 2023, 11:49 pm View last post