I do want to address a few additional questions I have received.
Q: How often do you check up on your budget?
A: I check in at the middle of the month and at the beginning of the next month. At the mid-month check in, I run a spending report in Quicken. I am mainly wanting to touch base and see how we are doing with our "trouble" categories. (trouble = easy to go over budget). At the beginning of the next month, I run the spending reports for the month and update the Budget Spreadsheet.
Q: What do you do to help cut back spending on the "trouble" areas?
A: In the last six months we have implemented a new system that I am a BIG FAN of. We each opened a separate checking account. At the beginning of each month, we auto-transfer in XX amount. The separate accounts are ONLY to be used for eating out and clothes (our two biggest easy-to-go-over areas). We each have text/email alerts to let us know our balance. My favorite part - we turned off the draft protection so if you don't have the funds, you can't use it. Talk about a wake-up call!
This may seem drastic to some, but (a) the extra checking accounts were free (we heart our local bank) (b) we needed some extra attention in these categories (c) it's working really well for us so (d) we are sticking to it!
Q: How do you keep track of your receipts?
A: I have an ADORABLE little monthly organizer - found in the $1 bin at Target! Score!
I keep it in my kitchen-catch-all drawer so it is readily accessible. I put all receipts in it.
Once I run the spending report (at the beginning of the next month), I flip through the receipts and "split" charges from Target, Sams. These types of places really throw my grocery budget over the top! Then I decide to keep the receipts that I might potentially need for a return or future reference.
A: I typically communicate the mid-month check-up via email. I just address the "trouble" categories and how we are doing. At the beginning of the next month, I update the reports and send the excel spreadsheet to him. I print out the report for my budget binder (sigh...just thinking of the bright and beautiful cover) and then we discuss. Some months it's a long conversation, other months it's a really simple "great" and we move on with our lives.
Q: Are there other options besides Quicken?
A: Yes!! I have heard wonderful things about Mint - it's an online platform so you can access your budget anywhere. The Quicken I have can only be accessed on my computer.
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