Budget
January is a great time
to focus on your budget for this year and evaluate how well you did last year. I was inspired by my super cheap sister Jessica
and she in serviced me on how she budgets on a drive home from the beach. So I
started researching and have decided to share some of what I have learned, my
challenge to you is that you prayerfully find something that works for your
circumstances. It is amazing how much you can save when you really look at
where your money goes.
Envelope Budgeting- This
is what my cheap sister does.
Step 1- look at where
your money typically goes and divide it into categories
Step 2- Decide how much
money you can reasonably spend in each category in a given time
Step 3- Go to the bank
and put the correct amount of money in each envelope
Step 4- Spend the money
in each category from those envelopes and when the money is gone from that
envelope you can’t spend anymore.
Simple concept, but for
those of you that are like me, we don’t do cash. EVERYTHING is online or on the
visa check card, but I found a free iphone app that is also a free web app and
android app that sets up the envelope budgeting for you, it is called
"Easy Envelope Budget Aide. It’s simple and easier for me than cash. Check
it out at https://www.eebacanhelp.com/envelope-budgeting.php
I am also using a
template that my mom and dad have used for years, with dad’s permission I am
going to try to link a blank copy of it here.
Budgeting is an
important thing to teach your children too. Share your family budget with them,
at least a few envelopes, teaching your children to budget is a great
investment. It will hopefully prevent you from having to financially support your
children when they are 50…and still living on your couch.
FHE idea teach budgeting
and why it is so important. more ideas here http://family-home-evenings.com/2010/01/fhe-mini-lesson/
Share an envelope for
school lunches. Let the kids go shopping with you, show them how much is in the
budget and let them help you make choices about what to buy. Make the budget
small enough that they can’t have everything they want. Sacrifice is what it is
all about.
For older kids; put them
in charge of a meal. Give them a budget, have them plan the menu, shop for it, and
then cook it. It is important that teenagers know how much the gallon of
milk they just drank costs.
Young Men- Budgeting
also meets requirements for the personal management merit badge
Young Women- Meets some
of the requirements for Good Works 2
I’m sure this meets
other requirements too.
Let us know how you teach this in your families
