We’ve been on a spending plan for about 4 months, which is going pretty well, for the first time ever we are in the black/well at least even. My questions is with gas going up like it is, how do you account for that in your budget, and to get by do you dip into the emergency fund? I really won’t know an amount until the dust settles, if that makes sense. Thanks
We have always padded our gas/oil envelope anyway so we are doing ok even with the higher gas prices. The reason we have always padded this category/envelope is because we know that we will need more when we go on our winter (snowbird) trip. But now we won’t have as much left at the end of the month to put on our debt snowball or use for our winter trip. We may not be able to travel this coming winter.
For me personally the way to budget is by hand. I printed off my sheets from some website and just filled in the blanks. I use 2 checking accounts. Hubby gets paid twice a month so I total the bills and divide by 2 and keep that amount in the bank and transfer the rest to the second account to use for everything else. When it is empty no more spending until the next payday.
I also work and take my earning and divide by 3 – I deposit one third into the bill account for emergencies, one third into the spending account and one third into the savings account.
Finally every quarter I balance the bill account and take the excess and transfer to savings.
I am very glad we are sharing budget tips, tools and resources that we have for starting and keeping a budget.