The time has come for me to take over...

[heidirk]

take over the budget and the bill paying. I have to face the fact that for whatever reason DH just CANNOT do it.

I don't want to, and I feel quite handicapped in this area. I AM mathematically challenged, and I really have no idea how to start. DH has been 'working on' a budget for the last five years.

I know the bare basics, money in needs to be equal to or more than money paid out. We SHOULD be able to pay our way. But somehow, at the end of the month, the money is not there. I just found out that we are 2 payments behind on our sewer, one behind on our trash, 574$ behind on heating fuel, and we owe 175$ for our furnace repair.

Can someone help?

[Mommabean]

Don't worry momma!
I didn't know what a register was when it came to balancing my accounts, and heck never ever heard of doing that! That was 6 years ago...now I am the SOLE money person in the house and take care of everything. In the last 3 years I have pulled us out of the hole (close to 10,000 down there) and set us on a budget and haven't looked back.

I would start with a simple calculator and I absolutely LOVE this one. http://www.gailvazoxlade.com/resourc...worksheet.html


I didn't know how to pay bills, where to pay bills at, or heck what was even in our accounts day to day. But like I said now I am the only one that has any idea what we have coming in, going out, and saving up! It can happen momma just take your time and if you need anything let me know!

[elbow]

You can do it! I like printing a spreadsheet of the bills for the month. Check them off as you pay them. You can do it, there will be a learning curve so don't get discouraged...your DH tried for 5 years! I'm sure you'll be fine.

[heidirk]

mommabean- thank you for that calculator! and for the encouragement.

elbow- a spreadsheet of bills is a good idea. maybe seeing it all on one page will help. I need to see things generally, and I want a consistent payment date for everything.



I finally have all of the figures on paper. We are seriously going to have to watch every penny. DH and I discussed things, and I think we are going to look into a debt consolidation loan. There is nowhere to pare anything down, groceries are already on a budget, etc.

thanks, and keep the suggestions comeing, I need all the elp I can get.

[Purple*Lotus]

I hope it works out

[elbow]

I keep the spreadsheet on the fridge so that DH can see it if he wants.

I have a consistent payment date for all things. I pay everything on the 1st. Many things aren't due until the 20th. But I want it out of my checking account....I don't want to be tempted to spend it.

It did take awhile to get used to paying it earlier in the month. Sometimes I have to guess the amounts on my water bill. I just pay a little more than the average. All the other utilities are set up on the equal budget plan. If you don't have that set up I recommend setting up equal pay. It makes budgeting so much easier!

Have you set up bill pay at your credit union? I love bill pay.
You can do it.

[orangecanoe]

One thing that helped me visualize what needs paying when was to use a monthly calendar printout and right in due dates as bills came in or for recurring bills (quarterly water/sewer) I have two folders that bills go in---one for what gets paid with the first paycheck and what gets paid with the second paycheck of the month. On the front of the folder I also write the names of the accounts ---for example the second folder says (mortgage, at&t bill, cable, etc.) I also have a third folder for things like hospital/medical bills.

[Amys1st]

Originally Posted by orangecanoe

One thing that helped me visualize what needs paying when was to use a monthly calendar printout and right in due dates as bills came in or for recurring bills (quarterly water/sewer) I have two folders that bills go in---one for what gets paid with the first paycheck and what gets paid with the second paycheck of the month. On the front of the folder I also write the names of the accounts ---for example the second folder says (mortgage, at&t bill, cable, etc.) I also have a third folder for things like hospital/medical bills.

I did this for almost a decade, it works very well! Then DH's work changed to 26 payrolls instead of 24. It still works out to about 2 paydays a month with exception, but it works.

Now, I have a book that is a calendar for each month. I keep the bills in there and list off to the side each that is due within that cycle.

such as

first 2 weeks of month:

DH credit card
mortgage
car insurance (we pay monthly)
preschool tuition

2nd two weeks:

utilities,
etc

I also list how much each are and do a check off as we pay them. I also write out the list on next months calendar (the next page) to give me an idea. Such as in Feb, we pay for our side of beef, so its on that list of what to pay. In Nov, we pay for our hog we buy. In Dec, our life insurance is due etc

Good luck and it gets easier. The hardest part is doing what you already did.
Within a few months, you should have an idea where everything is going, what you need to pay etc. Then once you get into a habit, you will see exactly where you cash is going.

[sunnysandiegan]

I recently found my first budgeting tools due to a project I am working on.

I started with 3x5 index cards, then quickly went to 4x6 index cards. I carried them and my checkbook and bills in my purse and would pay bills, etc at work on my lunch break.

When I was in college, I switched to a spiral notebook (full-size) and kept it in my backpack. The kind with one pocket in front was my favorite, but even a separate folder worked to hold my bills and checkbook, etc. I'd deal with that stuff on breaks between classes or between classes and work. (I worked on campus several evenings a week.)

I didn't get into spreadsheets until after college, once I was working in my career when I had a computer on my desk and could use it during lunch or before/after work. That was really fun for me! I love math and money! I worked in securities/banking and have a degree in finance.

Now, I use the computer exclusively for all financial tasks. We don't even write checks anymore. My, how times have changed!

Anyway, my point is be flexible with your system. Start with what works now and recognize your needs may change as you become more comfortable in your new role. Take it one step at a time and be kind to yourself and your spouse. Share the information with your spouse regularly and see if the two of you can learn together. Best wishes!

[RunningMomTegan]

I have a spreadsheet I made at work, and I LITERALLY check my account every morning and insert payments into it as they get pulled out. I also do web billpay for everything, so once I've sent it, I mark that it's gone, then deduct when it clears. I know exactly where my money is at all times.

We put vehicle gas on a credit card, so I check that mid-month for errors, then review before I pay it.

The system I came up with was a few months in the making. I tweaked and tweaked and finally decided what works for us. There are still a few things I don't like, but for most months it's great.

[cappuccinosmom]

I didn't want this job either. Dh is much, much better at keeping accounts than I am, but he simply doesn't have the time.

As much as I hate it, I'm glad I took this on. I've learned some useful skills, been forced to get organized and pay better attention.

This is what works for me...

I have one place where all reciepts, bills, and budget sheets go. Right now that's a basket in my room. I have a budget folder with seperate pocket folder for each month, and a sheet of paper to write down expenses and income. I get a reciept every time I purchase something, no matter how small it is. Every reciept gets immediately dropped in there. Bills get their envelopes dated (when it's due), and stuck in there according to date due. Every week I go through reciepts, list what we spent on my budget sheet, and put the reciepts in the back of the folder. I check the bills every week too, and if there's one coming due within the week, I write the check and send it out. At the end of the month, I staple all the month's recipets together, and file them, as well as filing any bank statements, utility bills, or random stuff that came up through the month.

I have a filing crate that has saved my life. Everything has a place now, and I can easily go back and look at what we spent in previous months, or check to see if there's been a mistake made. I have folders for each bank account, our IRA, our insurance, our monthly bills (one main folder, then manila folders inside for each utility we pay), our credit card account, dh's paychecks, and reciepts. Since we also have rental properties I have seperate file box for reciepts and statements related to them.

A big part of this is just developing the right habits and plugging away at it even when it's overwhelming and confusing. You will still make mistakes at times, but it will gradually get easier to understand and to make it work. You can do it!

ETA: Many of the big mistakes I made (late bills, forgotten bills, etc) were because I was avoiding working consistently on the financial stuff. I felt totally overwhelmed, and just tried not to think about it. Problem was, I was always *worrying* about it, even while I was actively avoiding doing it. Once I got it organized, I was able to relax a lot. I go through things once a week, and the rest of the week I know everything's taken care of and planned for, and it doesn't need to cross my mind until next week.

[sewingmommy]

We use Quicken...makes spreadsheets ..reports etc ....dh is an accountant but believes both of us should know what is going on and I take care of the bills ...this has really helped me