We are planning on buying a house in Grantsville this summer which is super exciting, but also it means that we will be paying a lot more for our mortgage than we are paying in rent right now. Wanting to make sure we don't become "house poor" we have decided to kick our budgeting up a notch so we can practice living as if we were paying a mortgage.
We came up with this clever little chart where we have allotted ourselves a carefully calculated budget and then we just deduct what we spend. That way we are both aware of what we have spent that month and what we still have. Then whatever money is left over for that month we save, so that when we run into trouble (say a car needs expensive repairs) we have the money. Or if one month we need extra gas money (say we drive down to Cedar to visit Cody's families for a holiday) we already have the money saved up and we don't need to stress! So far it has worked out wonderfully!
We came up with this clever little chart where we have allotted ourselves a carefully calculated budget and then we just deduct what we spend. That way we are both aware of what we have spent that month and what we still have. Then whatever money is left over for that month we save, so that when we run into trouble (say a car needs expensive repairs) we have the money. Or if one month we need extra gas money (say we drive down to Cedar to visit Cody's families for a holiday) we already have the money saved up and we don't need to stress! So far it has worked out wonderfully!
