The Credit and Household Budgeting Challenge!!

[Gryphon]

A new challenge for us to join in on. Making the most of your money/credit repair/household budgeting.

Who all wants to participate?

[baseball mama]

I do Gryphon.   

[Sunny]

I'd love to...but, don't think now's the time...unless someone has tips on how to efficiently manage 2 mortgages. 

[Gryphon]

We might have some tips Sunny!

[Sunny]

Please pass them along! And if I don't catch them before I go, I get them when I come back.

I think we have mutually agreed to lease/rent our FL house...we hate to let it go completely. So, we're meeting with our realtor on Thursday to discuss her fees to manage the property for us since we'll be so far away.

[~Daisy~]

I would participate, but everytime I think I have control over our finances, my husband gets ahold of our money. So much for having some money in savings. He just bought a bedroom set for us.

[Sandy Eggo]

I'll play

[Gryphon]

Thats three...and two who might benefit...anyone else??

[~Daisy~]

I will play. I will reign in his spending if it kills me!

[Gryphon]

Alright then. Lets get started. Feel free to jump in anytime!

The first challenge is to see where your money goes.

Make a chart, some good ones come with most spreadsheet programs or can be found online.

List out all your expenses.
Mortgage
Utilities
Car payments and insurance
Credit card or student loan bills

Get the bills first, the ones you have to pay every month.

Step two, where does the rest go? Go through your receipts/bank statements for the past month and put everything into categories:
gifts
household purchases
groceries
meals out
entertainment
etc.

You have to know where the money is going before you can decide if it can be better put to other uses!

As part of this challenge, maybe we could all make a goal.
Is the goal to pay off credit card debt? To pay the car off early? To start saving something? What is your goal?

[pariann]

I suggest using Quicken, and giving all your income and expenses a catagory.  Then you can get automatic charts of various catagories, or your complete in/out flow of income/expenses.  It's what I've used for years. Helps tremendously too.

[followsthewolf]

I second the use of Quicken.

Great for seeing instantly where the money goes.

[Gryphon]

Good idea! I have heard only good things about Quicken.

[Gryphon]

Anyone ready for the next one?

[Sandy Eggo]

I am.