Wednesday, October 27, 2010

Thoughts on Budgeting

I have been doing some thinking (sound scary?) about this budgeting thing.  I have been doing the cash system for 6 or so months.  I have been doing coupons for a while too.  Even though I feel more in control of my money, it still seems a little muddlesome.  I look at others who coupon and use a budget and I still wonder if I have figured it out. 

Several years ago, we had run up some credit card debt for different reasons.  So my husband started paying for fuel with cash.  We decided it is easier to pay up front than to worry about the bill at the end of the month.  Now, he will use a debit card for smaller purchases and sometimes for fuel.  But it is still paid for immediately.

Now since that worked well, we are doing the cash envelope system.  I don't use it for normal, monthly bills.  Just ones I can control.  That seems to be working fine.  But the fuddlement about it all is when I look around at how others are doing. 

This cash way is a relief.  But am I doing it right?  Do I put too much in my "envelopes?"  Should I be saving more on my groceries?  Should I divide my money up differently?

A friend told my sister something.  And it was not that terribly profound.  But it was that you should be saving for something.  Have a goal.  So this got me to thinking (again!). 

Most every week I have extra money in my Grocery "envelope."  Now, my family has downsized, and I had thought I should drop my Grocery allotment around the 1st of the year.  But in my "thinking," I am changing my mind, (I think.) 

This is my goal.  Any money left over at the end of the month, I am going to put it on the principal of a personal loan that we have.  No matter how little it is.  And maybe if some of the other "envelopes" have a substantial amount that makes me think about changing the weekly allotment, I may put that on my loan also.

What do you think?  Is that a good enough goal and something worth working towards?  It feels right to me.

I would love to hear your goals.  No matter how big or small.  You might be an inspiration to someone else.(me?)

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