Household Budgeting Part 2
Does the thought of household budgeting depress you? Really it shouldn’t. If you are like me then you are tired of a big chunk of your budget going to bills. Instead of worrying about how to make extra money why not hold onto what money you have by reducing expenses and getting rid of debt.
Household budgeting used to be very low on our list of priorities, in fact my husband and I were once deeply into credit card debt. It wasn’t until we finally decided no more impulse buying did we get them under control and finally paid off. Now instead of paying on credit cards each month we put a little money away out of each weekly paycheck. We set up online account through Ing direct and have different savings accounts such as “car repairs”, “emergency fund” and “household repairs”.
We set the accounts up as direct deposit to make sure something goes in each week (even $5.00 a week per account adds up). On weeks when my husband works extra overtime we put in extra. Ing Direct also allows you to postpone direct deposit if you need to but it is best to make saving a habit, something that has to be done even if it means giving up on a luxury such as eating out that week.
One of the most important things that you can do for household budgeting is carry a small notepad around with you wherever you go and write down all your purchases for a week (have your spouse do this also). At the end of the week you will be surprised at how much money is wasted on little things like a soda at the convenience store, a pack of gum etc. If you find yourself buying these things daily then these should definitely be on your grocery list to buy in bulk.
Household budgeting may seem like deprivation but it is actually exciting to watch your savings grow while you reduce your household debt. It really is a great feeling to be caught up on your bills and have extra money for the things that matter. Household budgeting doesn’t mean giving up everything that you love. What it means is getting rid of unnecessary expenses and spending wisely so that you can easily afford the things that are important to you and your family.
