Budgeting Goals


Weston and I had a major conversation about budgeting. Again. Budgeting is fluid and you should always be rolling with the punches. Our conversation had to do with getting normal expenses plus a little bit under Weston’s income, and then other savings taken care of with mine.
Our major categories are:
Everyday Expenses
Health and Wellness
Rainy Day/Short Term Savings
In Savings Account (Long term)
Debt (student loans)
House, Food, Car, Pets, Fun, Everyday Expenses, Giving, Health and Wellness, one sub category in Long Term, one category in investments, and debt are to be taken care of by Weston’s income. The rest are to be done by mine.
We realized we need to start saving for kids, replacing a car, and better determine what our savings goals for emergencies and retirement.
We want to save $10,000 this year for kids, $10,000 in 5 years for a car, max out both IRAs each year, save one month of normal expenses by the end of the year, and making sure we’re breaking up yearly or almost year payments throughout the year.
I think we have some pretty good goals. Since we’re both on the same page, it helped when talking about cutting money from our personal fun money accounts and lowering our eating out and date night amounts.
The key is both people being on the same page for everything or else this won’t go too well. And, every quarter or so, look over your budget again and see how you’re doing on the goals, what needs to change, what can stay the same, etc.

You may also like

No comments:

Powered by Blogger.