Can you give a good outline of how you budget everything weekly/monthly? My hobbies and interests are similar to you and Han and I would love to have a babe in the near future and be able to get by as a stay at home mama but right now that seems impossible. Any tips on budgeting or strategies for saving and what to do when you go over would be really helpful :)
This feels a little weird publicizing because we’re no where near experts. But any way we can help people out with finances and/or budget stuff, we will. we know how hard it is, especially for young married couples with interests similar to ours. Here is the percentage of our monthly cash flow.
Hanna and I spend:
10-15% on charity
7% into savings
(savings account/simple IRA for retirement)
(this is “need” based)
(pay dental out of pocket)
In addition to this, we have a zero-based-budget. Which means we take our monthly income and put every single dollar in a category (no miscellaneous spending) although Hanna and I each give ourselves $100/month of what we title ‘fun money’. A successful zero-based-budget matches your income, every dollar is accounted for in a category. You can try the cash envelope system- label envelopes with the category and put in the amount of cash you budgeted- when your envelope is empty you’re done, if there is leftovers it rolls over to the next month. We don’t use physical envelopes, but if we get off track, we might start. We use an app called Mint to set up our budget and it monitors all our transactions and gives us nice reminders when we’re approaching our budget limit in a certain category.
I highly recommend setting up a zero-based-budget and using the Mint app.