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Budgeting advice



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amother


 

Post Wed, Jan 14 2015, 9:25 pm
I currently do not live off of any kind of budget and my finances are a mess. How do I create a basic budget without getting totally overwhelmed? Ive tried tracking expenses a couple of times but always gave up cause I had no clue what I was doing. And it seemed like a crazy amount of work. And a totally different question, does anyone have any experience with Mesila- the financial consulting agency?
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mandr




 
 
    
 

Post Wed, Jan 14 2015, 10:59 pm
Have you looked into YNAB (You Need A Budget)? It's a free (then low-cost) software that really helps you keep track of your money. You can even use their phone app for convenience when out and about.
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RachelEve14




 
 
    
 

Post Thu, Jan 15 2015, 3:00 am
YNAB has totally turned our finances around!
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Mrs Bissli




 
 
    
 

Post Thu, Jan 15 2015, 9:22 am
I only use Excel spreadsheet no special software or apps. The most important bits are, 1) you need to break down expenditures into several different categories that fit you and 2) be meticulous about recording every expense items. Standard ones are housing/rent/mortgatge, insurance/credit card repayment, utilities (incl phones, internet, newspapers), tuition, tzedaka (incl shul membership or support to family), petrol, foods, clothes, non-food household items and entertainment (incl magazines).

See if you can keep a tab on expenses for several months so you get a hang of how much you're spending on particular categories. Obviously some are fixed (like mortgages, tuition, insurance) while other items can be more flexible (clothes, foods).

Then you can establish a pattern so you can anticipate how much outgoing you'll have--make sure you adjust some items for yomtov, and also see if you're spending too much in certain areas.
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boysrus




 
 
    
 

Post Thu, Jan 15 2015, 2:47 pm
amother wrote:
I currently do not live off of any kind of budget and my finances are a mess. How do I create a basic budget without getting totally overwhelmed? Ive tried tracking expenses a couple of times but always gave up cause I had no clue what I was doing. And it seemed like a crazy amount of work. And a totally different question, does anyone have any experience with Mesila- the financial consulting agency?


no personal expereince but I have two friends who have recieved great advice from mesila. my accountant speaks highly of mesila too. Why not contact them for personalized advice? You have to make sure that your husbnad is also on board with it though
Good luck
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amother


 

Post Thu, Jan 15 2015, 3:14 pm
boysrus wrote:
no personal expereince but I have two friends who have recieved great advice from mesila. my accountant speaks highly of mesila too. Why not contact them for personalized advice? You have to make sure that your husbnad is also on board with it though
Good luck

Ok thanks then maybe I'd start that route. My husband is sort of on board but I'm the one that pays the bills, when it comes to these things he's very passive so I think he'll go along with anything just won't take any initiative. Thanks for all the advice!
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