Why hello lovelies. I’ve started our Family Budget Binder this year January and was super excited.I love how putting together a binder to organize our finances makes us feel more accountable of where our money is going.
Here’s the story…
At first I started using a regular binder with regular filler paper and just wrote everything in. What a pain in the butt and time consuming, so it made me tired and not want to work on our budget:( Then I moved it to a really cute notebook that I thought would make it more interesting for me to always use(that didn’t work.) I still needed dividers and discovered the Envelope System and couldn’t get that incorporated in the notebook. So jumping from a binder to a notebook really was just moving things around was not really a good thing to do for our first month’s budget, it was just scattered and confusing.
Here’s what I really needed in our budget binder to keep us on track:
- Monthly Calendars
- A Tracker (monthly)
- Baby Steps Guide
- Envelop System
- Important notes especially for certain bills
What’s here is 1 month on 2 pages. I don’t remember where I got this printable, CLICK HERE for some other great monthly calendars. This section will be where we would indicate what bill is due and where our paydays land so we can make sure to get the bills paid on time. The only thing I hand write is our budget breakdown for each payday. Our budget breakdown will have the list of bills due that payday and then the amount we will pay (either in full or half payments). The rest will be listed as expenses which will be managed with the Envelop System. Our budget list is super simple but can take up our whole paycheck and is honestly sad 😦 I’m planning on designing my own Paycheck Breakdown soon so there will not be so much writing 🙂 let me know if your interested or any suggestions.
In this section has all our listed bills (power, water, insurances, mobile phones, etc.) with a monthly tracker. We will fill that month’s box when it’s fully paid for that month. If we have only paid half of that bill for that month only half of the box is filled in (makes sense?) We are honestly stuck with the half payment plans to match our bi-weekly paychecks. Which isn’t a bad thing but kind of frustrating to know there’s bills to pay every payday, but of course when there’s more than enough of our paycheck we try to get as much bills out of the way so we know we can treat the kiddos good the next payday:) Here is also for our Sinking Funds, Emergency/Saving Funds and small debts so we know how we are doing. Super simple & still productive.
♡BABY STEPS GUIDE
This section is like our Financial Goals. I listed our smallest debts/goals and working our way up. Which is our payments for Daycare (OMG, didn’t even realized we were backed up!) Then starting a Sinking Fund for our oldest son’s first year at elementary school and then starting our Savings/Emergency Fund. So the baby steps idea came from the Dave Ramsey strategy.
So honestly this will be our first to try this method of cash. We don’t always carry cash unless needed. Since I’ve been doing research on budgeting, this Envelop System has always been in most of the articles/blogs/videos I’ve read and watched on and it’s worked for all that I’ve seen do it. So, what the heck let’s give it a try.
What it is, is honestly self explanatory. Each envelop will be designated to each of your expense or what ever category you think needs to be in your budget. You will then assign a budget to that category and put the amount of cash in the envelop which then will act like a specific on hand account for that. I honestly see it really smart because there’s sometimes I go over board with some of our expenses. So this is a great,way of knowing how much we have to spend for that category and how much we have left each time we use the money. & when there is left over it’s a nice feeling rolling over that money to the next paydays budget and knowing that we are managing our expenses and actually be accountable for it.
I’ve noticed a whole lot of people are doing these systems and it seems to be working for them. But truthfully, you would want to do what’s more for you. If you like our little simple binder system go for it, but always remember not everything people are doing will work for you. You’re going to have to adjust a few things here and there to actually get you on track with your budget system.
This little budget system needs to be discussed and understood for yourself and partner. Just so that everyone is on the ae page. Also to understand why you should manage a budget. It honestly doesn’t mean to stop shopping, it’s more of containing yourself from over doing it (IF YOU KNOW WHAT I MEAN) Understand your needs and your wants.
I hope our little budget binder helped you get more tips on how to start umyours. If you have any suggestions for us to use in our budget system, please feel free to leave comments below