How closely do you watch your finances? Do you know the amount of earned money you have coming into your house each month and where the money is going out of your house each month? For me, I know it’s time to take control of my finances.
Ten years ago, my husband and I were separated (yes, Christians have marriage problems. Someday I’ll blog about that… maybe…). During that time, I had my own set of bills each month. And financially, I was on top of things. Living alone, I knew how much money I was earning and also precisely how much money I had to spend on bills. When hubby and I reunited, I stayed in control of the finances. Together, following the Dave Ramsey method, we created a budget and I was responsible for paying the bills and figuring out how much money to save. Each month I carefully logged everything onto a spreadsheet including the amount of debt that we had paid off. For me, a spreadsheet lover, it was a great way to stay on top of our finances.
Fast forward 5 or 6 years.. my blog had gotten very busy and I was working 10 hour days. Hubby took over the bills. For me, the control freak, it actually was good thing for me to relinquish control in this area. However, as the years went by, hubby handled the bills differently and he created his own spreadsheets and his own steps for paying the bills. And now, here I am today and I have NO IDEA what is going on with our finances. I know the bills are getting paid. But I don’t know if there is money left over each month. I don’t know if hubby is putting money towards savings. I don’t know if we are spending too much money on mid-afternoon Dunkin’ Donuts coffees. I don’t know if there are ways we can cut expenses like cell phone bills. etc etc.
So I’m reigning it in again. And I wanted to share this with you because I have a feeling that I am not the only person in this situation. For years, I preached to women that you HAVE to know what is going on with your finances. You HAVE to know how to access your accounts and know how much money is in your accounts and where the money is going each month. You MUST be aware of what is going on with your finances. But then my life got busy. And I got distracted. And I worked too much and I became a mom and I just got lazy.
But that ends today. I’m starting a spreadsheet (I really do love spreadsheets) and listing each and every bill that we have. Hubby will help me put together the list and we will also add a column on the spreadsheet with the login and password for each and every bill that we have. And I’m going to start looking closely and seeing what bills we can cut and also if there are ways we can pay off debt more. I’m also going to blog about our journey. In a sense, we are starting from square one. We are going to start our budget all over and we’re going to figure out ways to save more, spend less and pay down debt. So please follow me on my journey! Hopefully I’ll find some ways to help all of you as I help myself! 🙂
If you read my Why I’m Canceling Cable blog post yesterday, you probably saw that I’m serious about cutting our expenses and decreasing our debt. And I’m realizing that I really cannot truly create a realistic budget for our household if I don’t know what is going on. So I’m removing my blinders effective immediately.
Tell me, who handles the budget and bills in your household? Do you do it alone? If you are in a relationship, does your spouse do it? Do you do it jointly? Please share your tips on what works best for your family!
Thanks for coming to Addicted to Saving! Here’s a little bit about me so you can know who’s behind all these posts!
My name is Liza and I began my money-saving journey in the Spring of 2009 as a way to stretch a limited household income. I had lost my job and my hubby was self-employed. I launched Addicted to Saving in November of 2009 and it has grown by leaps and bounds. Since then, my hubby and I have struggled with the ups and downs of two failed adoptions and are now LOVING being parents to our little man Asher who we brought home from Ethiopia in August of 2013. I feel incredibly blessed to be able to help you save money. My goal is that you will have FUN and become empowered to save more and more money each week..
Hi! I’m excited to follow you, I was wondering what spreadsheet you use. Or if you have any you have used that you recomend? Thanks! Love your blog
I took control of my finances eight years into my marriage. I found it very empowering to know what was going on. It all started with Dave Ramsey like you. I love his plan. I had difficulty with a paper budget and wasn’t successful with a spreadsheet. I finally found software through YNAB.com and it changed my budget completely. Probably the biggest mind-blowing thing for me with this software was that he teaches you how to live on last month’s income. At the first of each month, you have a KNOWN FINITE amount to budget. It eliminates the challenge of fluctuating income, which we have. And you can pay every bill without waiting for the next paycheck. It has brought so much peace of mind to my budget life. The other plus with YNAB is the phone app. I can put expenses in and it syncs with my computer through dropbox. On our recent vacation, I was able to put our expenses in as we went and see our running total. This really kept our spending in check! Good stuff.
As for my husband’s role, we talk about upcoming expenses each month and discuss what to do with money left over. We’ll go over an overview of how much we are spending and saving and discuss any changes we need to make. It has worked great for us and it’s nice to be on the same page about finances.
Some of my tips:Canceled pool service and do my own for fraction of cost, Wal-Mart sells good pool chemicals, Clorox.
$1.99 boneless skinless chicken breast Wal-Mart. Love cvs Ecbs and never waste them. Didn’t renew Sam’s club membership because not getting money’s worth. Turn a.c. warmer during the day and when I’m away. Started compost bin outside for better plant fertilizer and free. Follow Lisa’s Publix match ups for cvs, Publix and Winn Dixie. Never buy cat litter or pet food full price. Always but and stock pile.
Keep spreadsheet of incoming and outgoing $$$.
I had a few typos because I was on my phone but wanted to add that all of the little things you do to save really are important and add up.
I also shop at non profit thrift stores regularly for fun and get good buys.