Posted by: Midsummernight | February 19, 2006

Bugeting 101 (or Finances Part II)

Budget, budget, budget. We have budgeting paperwork up to our eyeballs. Can you get the hint that budgets were this weeks theme? Budgeting forms galore, as in 12 different budget forms. Twelve! The only blessing is that they are all simple forms. So this week we are doing budgeting. Yes, darling husband and I are going to be spending our romantic candlelight mornings working on twelve separate budgeting sheets. Yes, mornings since he works evenings. But it will still be our romantic budgeting hours. Ahh, can’t you just smell the romance brewing.



  1. What are you budgeting for? Why twelve sheets? J and I usually just do a self-prepared spreadsheet of income and expenses. What am I missing?!?

  2. It turns out it was 12 forms, not sheets so although all the forms don’t apply to us I think we filled out more than 12 sheets! I shall give you a basic rundown of them. Oh and there are 13 listed because we got another one today! We are budgeting to learn how to be debt free. We don’t want to have to get loans for a car anymore. And we want to have a savings account that has 3-6 months of income in it just for emergencys.

    1. Percentages Sheet – To figure out if we are way over on any one catagory compared to what we should be. For example the recomended amount of a budget to spend on transportaion is 10-15%. This includes the loan payment, insurance, yearly tabs, gas, oil changes and maintenance. All of it should be figured out into a monthly amoun and not exceed the limit. We are at 38% for our transportaion! We need to fix that.

    2. Irregular Income Planning sheet – For those who don’t have irregular incomes

    3. One sheet for a breakdown of what the money in the savings account is for. So we can keep track of how much money in savings is for emergencys, clothing, car repairs. Etc….

    4. Debt snowball sheet- Listing debts in order to see what needs to be paid off first. Also, we need to redo this one each time a debt is paid off so we can see our progress.

    5. Monthly retirement planning sheet – Helps us see how much we need to have for retirement.

    6. Pro-Rata Plan- If we can not pay all creditors each month this sheet helps figure out which ones you should pay. Thankfully we don’t need this one!

    7. A financial snapshot form for the class instructors to get an idea of where we are at. No real figures, just answers to questions.

    8. Basic Quickie Buget Form.

    9. One sheet for income sources.

    10. One sheet to figure out our equity.

    11. Lump sum payment planning to help figure out which bills are not paid monthly and to break them down into the monthly budget.

    12. Monthly cash flow plan – basic buget for the month and a list of what bill we need to pay and how much we did pay.

    13. Allocated Spending Plan – We are supposed to budget out or “spend” each check before we get it. So we know where all the money from each check is going. Even if we want to spend it all on junk, we have to at least write it down!

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