Anyone not have a Budget?

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masonstone
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Anyone not have a Budget?

Post by masonstone » Sun Jul 15, 2018 5:56 pm

I don't have a budget for monthly expenses and I tend to maximize savings and only buy essentials (Which include dining out). Part of this does lead me to not spend on anything I don't find essential. Anyone else in the same boat?

SlowMovingInvestor
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Re: Anyone not have a Budget?

Post by SlowMovingInvestor » Sun Jul 15, 2018 6:08 pm

masonstone wrote:
Sun Jul 15, 2018 5:56 pm
I don't have a budget for monthly expenses and I tend to maximize savings and only buy essentials (Which include dining out). Part of this does lead me to not spend on anything I don't find essential. Anyone else in the same boat?
I do exactly the same, never have a budget. I do look at rough expected cash flows in the next week on occasion to see how much I need to move into my checking account.

I theorize that generally frugal types who live beneath their means don't need budgets. That's why many personal finance gurus lose me when they keep saying it's important to have a budget -- their message does not seem that relevant to me.
Last edited by SlowMovingInvestor on Sun Jul 15, 2018 6:47 pm, edited 1 time in total.

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TomatoTomahto
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Re: Anyone not have a Budget?

Post by TomatoTomahto » Sun Jul 15, 2018 6:12 pm

I don’t think we have had a budget for the past quarter century, from when money wasn’t as plentiful to now, when we have enough.
I have a rough idea when bills are coming due, and move funds accordingly.

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Doom&Gloom
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Re: Anyone not have a Budget?

Post by Doom&Gloom » Sun Jul 15, 2018 6:24 pm

I have never had a budget. No regrets.

Doctor Rhythm
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Re: Anyone not Budget?

Post by Doctor Rhythm » Sun Jul 15, 2018 6:28 pm

The spousal unit and I have never made a personal or household budget in the 25 years that we've had some kind of income. We're innately frugal though, and our income has grown far in excess of our expenses. The most that I do is keep an eye on our bank account balance and make sure that it's grossly stable, month-by-month. If the balance grows substantially, I increase our (automatic) monthly post-tax contributions, having already max'd out all tax-deferred saving options. If the balance were to decline substantially (hasn't happened yet), I would reduce the post-tax contributions.

AlwaysWannaLearn
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Re: Anyone not have a Budget?

Post by AlwaysWannaLearn » Sun Jul 15, 2018 7:15 pm

.....
Last edited by AlwaysWannaLearn on Wed Jul 18, 2018 10:00 pm, edited 2 times in total.

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Sandtrap
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Re: Anyone not have a Budget?

Post by Sandtrap » Sun Jul 15, 2018 7:19 pm

masonstone wrote:
Sun Jul 15, 2018 5:56 pm
I don't have a budget for monthly expenses and I tend to maximize savings and only buy essentials (Which include dining out). Part of this does lead me to not spend on anything I don't find essential. Anyone else in the same boat?
While not on a spreadsheet per se, isn't that sort of a ongoing subconscious "mental math" budget?

DW and I do the same thing but at any point in time we're fully conscious of whether we're spending too much or should cut back a bit month to month to stay below the "speed limit".

It's like driving a car on the highway for many decades. After awhile you kinda "know when you're going too fast. :shock:

j :D
Last edited by Sandtrap on Sun Jul 15, 2018 7:21 pm, edited 2 times in total.

JoeRetire
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Re: Anyone not have a Budget?

Post by JoeRetire » Sun Jul 15, 2018 7:20 pm

masonstone wrote:
Sun Jul 15, 2018 5:56 pm
I don't have a budget for monthly expenses and I tend to maximize savings and only buy essentials (Which include dining out). Part of this does lead me to not spend on anything I don't find essential. Anyone else in the same boat?
I followed a budget when my wife and I were saving for our first home.
And I followed a budget when my wife and I were planning to start a family and she stayed home with the kids.

And I wrote out a budget plan to compare our current expenses to our estimated expenses in retirement.

Other than that, no. We have basically always been "savers" and seldom used a budget. I don't expect that to change.

jeffh19
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Re: Anyone not have a Budget?

Post by jeffh19 » Sun Jul 15, 2018 7:23 pm

Never had one. Never felt like I needed one. I've always been pretty frugal, I never buy stuff to just buy it, always think and rethink and research all decisions and purchases, and I always know even when I was pretty poor about how much I could spend etc.

Sure, If I only allowed myself a small exact amount on specific things, Im sure I'd spend less but I don't have/don't want to take the time for that.

To me, budgets are more for either people who aren't great with spending/saving, or for people with lower incomes/more debt, etc.

Jack FFR1846
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Re: Anyone not have a Budget?

Post by Jack FFR1846 » Sun Jul 15, 2018 7:25 pm

No budget ever.

My wife and I both paid our own way through college and once out and working, continued to live like students for years. We lived so far below our means, we didn't really need to budget. It was more of a matter of "what do we do with all this extra money?".
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47Percent
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Re: Anyone not have a Budget?

Post by 47Percent » Sun Jul 15, 2018 7:30 pm

jeffh19 wrote:
Sun Jul 15, 2018 7:23 pm
Never had one. Never felt like I needed one. I've always been pretty frugal, I never buy stuff to just buy it, always think and rethink and research all decisions and purchases, and I always know even when I was pretty poor about how much I could spend etc.

Sure, If I only allowed myself a small exact amount on specific things, Im sure I'd spend less but I don't have/don't want to take the time for that.

To me, budgets are more for either people who aren't great with spending/saving, or for people with lower incomes/more debt, etc.
+1;

btw: I always found the common refrain "How much payment can you afford?" at a car dealership pretty funny and insulting at the same time. I have always driven cars that are worth a very, very small fraction of what I could "afford" at any time.
Last edited by 47Percent on Sun Jul 15, 2018 7:31 pm, edited 1 time in total.

bhsince87
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Re: Anyone not have a Budget?

Post by bhsince87 » Sun Jul 15, 2018 7:31 pm

I had a strict one for about 20 years. Now it's more of a bucket or allowance thing.

I have a certain amount budgeted for fun stuff. Vacation, hobbies, entertainment, etc.

It's a way I've found that helps me feel less guilty about spending on things that bring me pleasure.
Retirement: When you reach a point where you have enough. Or when you've had enough.

sport
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Re: Anyone not have a Budget?

Post by sport » Sun Jul 15, 2018 7:34 pm

When we were younger, I used the following system:
I was paid twice monthly. Out of the first paycheck, I made a contribution to a MM fund that covered all the large irregular bills such as insurance premiums and real estate taxes. Out of the second paycheck, I made a contribution to a MM fund for a "car fund". Everything else in the checking account was available for spending. My rule was "do not spend more than whatever is in the checking account". Of course, there was an emergency fund for unexpected events. This system worked for us and did not require the details of an actual budget and keeping track of the various categories. DW was on board with the system and we never had any budget problems. Retirement savings were taken care of by the 401k plan.

bubbadog
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Re: Anyone not have a Budget?

Post by bubbadog » Sun Jul 15, 2018 7:41 pm

No budget, never really had one.

mortfree
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Re: Anyone not have a Budget?

Post by mortfree » Sun Jul 15, 2018 7:49 pm

I don’t adhere to a budget. I list out my expenses by month in excel- Actual versus estimated.

I mainly track my savings and ensure I have enough to cover the “big” expenses like auto insurance, Home Insurance, and school/property taxes. Now even propane for home heating, etc.


I charge everything I can to a credit card and know when I am splurging but it doesn’t make me lose sleep.

HIinvestor
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Re: Anyone not have a Budget?

Post by HIinvestor » Sun Jul 15, 2018 7:57 pm

What’s this thing called a budget you speak of? Other than spending less than we have coming in, we have never had a budget yet. It’s worked for H and me for many decades and for a long time when each of us was single.

I do have to create budgets for my nonprofit when I apply for grants, but that’s about it.

scrabbler1
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Re: Anyone not have a Budget?

Post by scrabbler1 » Sun Jul 15, 2018 8:08 pm

I've never had a budget if the term "budget" implies a limitation on spending because I have always earned more in the aggregate than I have spent. Sometimes, in the short-term, when I have had large, lumpy expenses I might have a minor cash flow issue. But I can figure this out a month or two ahead of time so I can carry forward previous surpluses to cover the upcoming shortfall.

Gill
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Re: Anyone not have a Budget?

Post by Gill » Sun Jul 15, 2018 8:13 pm

Maybe it’s my nature, but I find it hard to comprehend how anyone could not at least estimate what they can safely spend and compare that to what they in fact spend. It seems that regardless of one’s income or wealth there are still limits to what one can safely spend. I wouldn’t sleep nights if I didn’t feel was living within my means, regardless of the extent of those means.
Gill

masonstone
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Re: Anyone not have a Budget?

Post by masonstone » Sun Jul 15, 2018 8:14 pm

HIinvestor wrote:
Sun Jul 15, 2018 7:57 pm
What’s this thing called a budget you speak of? Other than spending less than we have coming in, we have never had a budget yet. It’s worked for H and me for many decades and for a long time when each of us was single.

I do have to create budgets for my nonprofit when I apply for grants, but that’s about it.
The budget that I speak of is essentially to help not overthink when I splurge. If it's part of a "splurge" budget then I'll think about it less when I spend money on it, even if I don't really need it.

Yooper16
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Re: Anyone not have a Budget?

Post by Yooper16 » Sun Jul 15, 2018 8:15 pm

The only budget we have is a remodel budget. We knew the 2nd floor bath would be 8-12k. Came in near 11K, but the wiring mess discovered outside the bathroom wasn't part of the budget. :oops:

Part of the trials and tribulations of doing a reno on a 3 story 120 year old house. We are in our desired retirement area, walkable to most anything, just making the place function better for us in our dotage.

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Re: Anyone not have a Budget?

Post by Grt2bOutdoors » Sun Jul 15, 2018 8:15 pm

No budget, paid ourselves first, we allocated what was necessary to pay known expenses, anything left over was mostly saved.
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Will do good
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Re: Anyone not have a Budget?

Post by Will do good » Sun Jul 15, 2018 8:16 pm

Never had a budget, we always spend much less than we earn. We were lucky.

masonstone
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Re: Anyone not have a Budget?

Post by masonstone » Sun Jul 15, 2018 8:17 pm

AlwaysWannaLearn wrote:
Sun Jul 15, 2018 7:15 pm
masonstone wrote:
Sun Jul 15, 2018 5:56 pm
I don't have a budget for monthly expenses and I tend to maximize savings and only buy essentials (Which include dining out). Part of this does lead me to not spend on anything I don't find essential. Anyone else in the same boat?
Hi masonstone,

We've crossed paths before on this forum, and I invite anyone here to search the forum for your past posts re. your financial situation - and mine, for that matter. :happy

To answer your question, when I was young and "professional income rich but student loan poor" , I had a very strict budget. I stuck to it religiously. Once the loans were paid off and like you, I was enjoying a high salary in a well-paid profession, I simply tracked expenses. No "budget", per se. My LBYM goal at the time was to sock away at minimum 50% of my take-home after maxing out all available employer-provided tax-advantaged space. And oh btw, like you, I'm an overachiever, and yes I crushed it... ; )

That said, during those years: (1) I NEVER said no to a close friend or family member in need (and it happened a few times in that interim period, and I simply wrote the checks - no questions asked, pay me back when you can), nor (2) did I EVER deprive myself of anything I really really wanted (although I admitted engaged in a lot of overthinking re. want vs. need, nor (3) did I EVER give a second thought to tipping 20% or more after-tax on a restaurant bill, having waited tables myself to put myself through college and knowing how the restaurant business works.

These are the things that allowed me to sleep well at night, look myself in the mirror every morning, and be comfortable that when the day comes that I meet my maker, I can make the case that I honestly did what I could. YMMV.

It might help you in your current situation to peruse the recent thread re. the difference between being "frugal" and being a "cheapskate". I sympathize with your situation. It's not an easy line to draw in your enviable position, esp. since you can't really talk to many people about it. Have you considered seeking professional guidance? With your recent threads, I "get" that might you be struggling a bit with where to draw the lines between selfishness and selflessness. It's not easy, so I empathize. Moreover, as a physician you know that survival instinct is hard-wired into the DNA.

Bottom line: You need to balance out your own want/needs/ability to look yourself in the mirror every morning. That's a very personal decision.

I wish you and your family nothing but the best.

Cheers,
AWL :sharebeer

**Standard issue for me is 15-20% of the after-tax bill. (Period. Full stop.) Please see my responses in your prior "tipping" threads.
The main reason I look to budget is to not overthink on items on discretionary expenses. On things like tips and independent contractor pay, I pay the market rate.
Last edited by masonstone on Sun Jul 15, 2018 8:18 pm, edited 1 time in total.

MathIsMyWayr
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Re: Anyone not have a Budget?

Post by MathIsMyWayr » Sun Jul 15, 2018 8:17 pm

We never had a budget. Since we try not to spend unless necessary or decided to spend (e.g., vacation or car purchase), budgeting is not going to change anything. I consider budgeting is a form of restraint on spending. Everyone has to exercise restraint on spending including government. However, I estimate checking account balance for the next few months with regular income and bills such as salary, dividends, mortgage, car payment, phone/internet, and others. If excess is expected, I move the excess to investment. In rare occasions, I moved fund from MMF in the investment back to the checking account.

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Re: Anyone not have a Budget?

Post by MikeG62 » Sun Jul 15, 2018 8:19 pm

I never prepared a budget while working (we lived well below our means so it seemed unnecessary).

Now in retirement (2018 is our third full year) I prepare a budget and track spending against that budget. Not only to ensure discipline in our financial lives, but to try and ensure we spend up to the level of our means (i.e., live our lives to the fullest).
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zrail
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Re: Anyone not have a Budget?

Post by zrail » Sun Jul 15, 2018 8:21 pm

My wife and I have a budget, but it's descriptive, not proscriptive. Meaning, we look back and see what we actually spent to determine what the budget should be. We then use the budget to estimate future spending, determine our emergency fund level, etc. We don't ever try to control spending based on the budget. I could see that happening in a job loss situation, but thankfully we haven't had that happen yet.

Gill
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Re: Anyone not have a Budget?

Post by Gill » Sun Jul 15, 2018 8:25 pm

MikeG62 wrote:
Sun Jul 15, 2018 8:19 pm


Now in retirement (2018 is our third full year) I prepare a budget and track spending against that budget. Not only to ensure discipline in our financial lives, but to try and ensure we spend up to the level of our means (i.e., live our lives to the fullest).
My position, exactly, Mike. By budgeting I can feel confident spending more and not worrying about gifts to family and charity, country clubs, flying first class and buying luxury cars.
Gill

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FIREchief
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Re: Anyone not have a Budget?

Post by FIREchief » Sun Jul 15, 2018 8:30 pm

I only ever had a savings budget. Max out the 401K and IRA's every year. After that, just a dynamic waltz among myself and my dear family. :sharebeer
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

smitcat
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Re: Anyone not have a Budget?

Post by smitcat » Sun Jul 15, 2018 8:31 pm

Gill wrote:
Sun Jul 15, 2018 8:25 pm
MikeG62 wrote:
Sun Jul 15, 2018 8:19 pm


Now in retirement (2018 is our third full year) I prepare a budget and track spending against that budget. Not only to ensure discipline in our financial lives, but to try and ensure we spend up to the level of our means (i.e., live our lives to the fullest).
My position, exactly, Mike. By budgeting I can feel confident spending more and not worrying about gifts to family and charity, country clubs, flying first class and buying luxury cars.
Gill
Always had a budget for many years now - it have helped to frame both the spending for today vs tomorrow and the value of items we have spent on over time.

totallystudly
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Re: Anyone not have a Budget?

Post by totallystudly » Sun Jul 15, 2018 8:45 pm

I have a savings budget mostly. I take care if the essentials and focus on the important spending/saving points. Beyond that, I don't need to count the pennies, but I have my spending under control and don't have issues with money being spent and me not knowing where.

That said, I do have a pretty strict and must stay focused on a calorie budget to meet my physical goals. We all have our own challenges and ways of dealing with them.

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catdude
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Re: Anyone not have a Budget?

Post by catdude » Sun Jul 15, 2018 8:47 pm

I'm yet another generally frugal guy who's never felt the need to have a budget...
catdude | | All generalizations are false, including this one.

averagedude
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Re: Anyone not have a Budget?

Post by averagedude » Sun Jul 15, 2018 8:48 pm

I started budgeting (spending plan) when i was 20 years old and i did it yearly instead of monthly. I do it old school with pen and paper. Takes probably 30 minutes of time per month. Amazingly, i got so good at it that i could estimate alot of categories of expenses to within 50 dollars. I contribute this process to my success today. I must admit the last 5 years ive slacked off and the only thing i really budget is discretionary (entertainment) expenses. I dont think budgeting is an absolute necessity to build wealth, but following this rule is:
Spend money after saving instead of saving money after spending.

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cfs
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Re: Anyone not have a Budget?

Post by cfs » Sun Jul 15, 2018 8:53 pm

NO

Just like the 7-UP commercial --- "Never had it, never will"

Good luck, y gracias por leer ~cfs~
~ Member of the Active Retired Force since 2014 ~

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Re: Anyone not have a Budget?

Post by daveydoo » Sun Jul 15, 2018 9:00 pm

Sandtrap wrote:
Sun Jul 15, 2018 7:19 pm

While not on a spreadsheet per se, isn't that sort of a ongoing subconscious "mental math" budget?
+1

Note that you have restricted this "survey" to a subset of people who generally do not need a budget -- decent earners who are well-informed about or at least interested in their finances (i.e., BH). Now, if you asked folks down at the DMV...
"I mean, it's one banana, Michael...what could it cost? Ten dollars?"

MikeG62
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Re: Anyone not have a Budget?

Post by MikeG62 » Sun Jul 15, 2018 9:23 pm

Gill wrote:
Sun Jul 15, 2018 8:25 pm
MikeG62 wrote:
Sun Jul 15, 2018 8:19 pm


Now in retirement (2018 is our third full year) I prepare a budget and track spending against that budget. Not only to ensure discipline in our financial lives, but to try and ensure we spend up to the level of our means (i.e., live our lives to the fullest).
My position, exactly, Mike. By budgeting I can feel confident spending more and not worrying about gifts to family and charity, country clubs, flying first class and buying luxury cars.
Gill
Could not agree more Gill :sharebeer
Real Knowledge Comes Only From Experience

blueman457
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Re: Anyone not have a Budget?

Post by blueman457 » Sun Jul 15, 2018 9:42 pm

I guess I'm in the minority because I track my budget. It allows me to plan major expenses and come up for what we want to do. I don't go through the motion of: "over spent on gas, therefore we have to spend less on eating out" as my monthly expense are less than post-tax income. If I didn't track our budget, I wouldn't know that we could afford XXXX house and save XXXX for my kid's college education, etc....

Blue Man

HIinvestor
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Re: Anyone not have a Budget?

Post by HIinvestor » Sun Jul 15, 2018 10:01 pm

H and I get petty cash of $150-200/month apiece. When times were lean, that was it for discretionary spending. Now that we have more discretionary income, we are fine with charging discretionary expenses as well, so we limit our spending by how much we want or need the item.

We do roughly eyeball our cash flow to be sure we have more income than expenses, including lumpy items like insurance, plane tickets, significant gifts, etc.

runner3081
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Re: Anyone not have a Budget?

Post by runner3081 » Sun Jul 15, 2018 10:19 pm

Not really a budget, but yearly targets and tracking of all spending. This allows us to put as much as we can into investment accounts.

hifive
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Re: Anyone not have a Budget?

Post by hifive » Sun Jul 15, 2018 10:43 pm

.....
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hifive
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Re: Anyone not have a Budget?

Post by hifive » Sun Jul 15, 2018 10:44 pm

.....
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hifive
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Re: Anyone not have a Budget?

Post by hifive » Sun Jul 15, 2018 10:44 pm

AlwaysWannaLearn wrote:
Sun Jul 15, 2018 7:15 pm
To answer your question, when I was young and "professional income rich but student loan poor" , I had a very strict budget. I stuck to it religiously. Once the loans were paid off and like you, I was enjoying a high salary in a well-paid profession, I simply tracked expenses. No "budget", per se. My LBYM goal at the time was to sock away at minimum 50% of my take-home after maxing out all available employer-provided tax-advantaged space.
This is pretty much the same trajectory I followed: crush student debt when starting out, make sure to save enough based on my desired retirement timeline, then put things on autopilot and don't worry too much about setting limits. I do still track income, expenses, and investments each month.

A budget's a great tool to help meet financial goals, but not everyone needs the exact same tool or uses it the same way. I know folks who stick to a strict budget and swear they couldn't save/spend as desired without one, others who give themselves allowances, people who just track what goes in/out like me, and a few with high incomes who live below their means but still budget for the SWAN (sleep well at night) factor. I think we've seen examples of each just in this thread.

At the end of the day, everyone's doing it right if it helps them get and/or stay on track :sharebeer

NYnative
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Re: Anyone not have a Budget?

Post by NYnative » Sun Jul 15, 2018 11:08 pm

No budget here. Had one for many years when money was tight and kids at home needing savings for college. Now I know what comes in and what goes out. Being exact is too OCD for me. I guess that's a sort of budget in my head, but nothing on paper. I haven't balanced a checkbook in many years - ever since I was able to check every expense online.

Momus
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Re: Anyone not have a Budget?

Post by Momus » Sun Jul 15, 2018 11:15 pm

Budgeting sucks. I never budget I just buy what I need (not want) with emphasis of value.

As long as income >>>> expenses. Who needs to budget? Keep expenses minimal. No budget.

ny_rn
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Re: Anyone not have a Budget?

Post by ny_rn » Sun Jul 15, 2018 11:20 pm

Never have and never will (hopefully). I don't sweat the small stuff...

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MN-Investor
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Re: Anyone not have a Budget?

Post by MN-Investor » Sun Jul 15, 2018 11:24 pm

I think the key question is: What do I expect to get out of a budget?

If you can find something meaningful - a concern answered, a problem addressed - then figure out how to set up the budget to answer the concern or address the problem. Some people just sleep better at night knowing where all the money is coming from and where it is going. If it helps you sleep at night, that's a fine reason for having a budget.

Personally, I always had an idea in the back of my mind of where the money was coming from and where it was going. We never spent more than we could afford and we maxed out all our savings plans plus extra money in the bank. I could never figure out a reason for creating a budget for us, so I never did one. It seemed like a lot of make work.

If your financial house is in order without a budget in place, you don't necessarily need one.

That said, I did track our expenses before retirement so I had an idea of what we would have to cover once there was no salary coming in. But I wouldn't call that a budget.
The key to success - Save early, save often, invest well.

JBTX
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Re: Anyone not have a Budget?

Post by JBTX » Sun Jul 15, 2018 11:25 pm

Historically not really. On occasion I'll take prior year spending categories and set goals/ targets for current year but I rarely follow up. It is really about meeting:

1. Long term savings goals
2. Short term liquidity goals.

Cruise
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Re: Anyone not have a Budget?

Post by Cruise » Sun Jul 15, 2018 11:33 pm

We are like many of the respondents here, never having a formal budget because we lived in relative frugality.

Now that we may both be retired within a year, I've done two things: (A) Draw up a budget and (B) Examine sources of retirement income and compare to pre-retirement income.

We are fortunate that an analysis of B reveals that our lifelong frugality will enable us to have an equal or greater income in retirement, so that A is really not a concern. :)

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Re: Anyone not Budget?

Post by toofache32 » Sun Jul 15, 2018 11:41 pm

Doctor Rhythm wrote:
Sun Jul 15, 2018 6:28 pm
The spousal unit and I have never made a personal or household budget in the 25 years that we've had some kind of income. We're innately frugal though, and our income has grown far in excess of our expenses. The most that I do is keep an eye on our bank account balance and make sure that it's grossly stable, month-by-month. If the balance grows substantially, I increase our (automatic) monthly post-tax contributions, having already max'd out all tax-deferred saving options. If the balance were to decline substantially (hasn't happened yet), I would reduce the post-tax contributions.
Same here. My House Boss and I made a habit of living off a relatively low income when I started working and we made a point to not "grow into" our increased income.

MikeG62
Posts: 1220
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: Anyone not have a Budget?

Post by MikeG62 » Mon Jul 16, 2018 5:47 am

My former boss (CEO) told me a few times that he prepared a budget and reviewed spending against the budget with his wife annually. I was surprised as he was earning around $7 million a year at the time. Was kind of shocked to be honest as he was not a spendthrift (although he had very nice things - large home and very nice cars). I think it was because he grew up dirt poor as a child and could not shake that experience.

He is retired now with a very high 8-figure net worth. Owns several homes, a huge boat and enjoys the nice things in life. I assume he still budgets, but have not asked.

So different strokes for different folks I guess.
Real Knowledge Comes Only From Experience

mancich
Posts: 431
Joined: Fri Sep 05, 2014 2:05 pm

Re: Anyone not have a Budget?

Post by mancich » Mon Jul 16, 2018 6:30 am

blueman457 wrote:
Sun Jul 15, 2018 9:42 pm
I guess I'm in the minority because I track my budget. It allows me to plan major expenses and come up for what we want to do. I don't go through the motion of: "over spent on gas, therefore we have to spend less on eating out" as my monthly expense are less than post-tax income. If I didn't track our budget, I wouldn't know that we could afford XXXX house and save XXXX for my kid's college education, etc....

Blue Man
+1 We call our spreadsheet our "cash flow plan". Not very strict, but the way I have it set up, it gives us an idea of how spending or savings decisions now impact future time periods. But I agree with most posters that if you have a healthy savings rate, it probably isn't necessary :beer

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