Monday, October 15, 2018

Budgeting 101: Nowlin Edition

I don't know about you, but I have a love-hate relationship with budgeting. My type A personality does a great job at it but let's be honest, budgeting is not fun and it's a taxing adulting must. It can be draining and not to mention very humbling. For our family, I'm the one that handles the budget. It's definitely my strength and my dad gave me the best advice before we got married. He told me not to ask my spouse to do something that wasn't their strength, it was like asking them to fail and could lead to a lot of potential arguments. I heeded his advice and have been in charge of it since we've been married. Some days I wish I could pass the baton BUT in the end, I'm thankful that the Lord gifted one of us with the ability to somewhat "crunch numbers" and be super organized in this area.

All that to say, let me dive in with how we handle our money and how we decided to do our budget. We use the Every Dollar app from Dave Ramsey. I absolutely love it and it's such an easy way to account for what we spend right after it happens. We live solely off of Zach's income and any income I make is "extra." We use it for any unplanned expenses, fun money for Zach and me, holidays, birthdays, etc. I personally love it that we do it this way because we know for a fact we can live and survive regardless of whether I work.

All that to say, everyone does it differently, this is just what works for us. So if you wanting to create a budget and need some help, here are the steps that I suggest for getting started.

1. Download the Every Dollar App
This is what it will look like once you download it.

2. Start with accounting for your income, it can flux obviously depending on your job but input what is guaranteed. Let the fluctuating income be a bonus and create another row for it. 
3. Next, customize the boxes for what you need. Our boxes are Tithe (10% of every check goes to our church), Savings, Rent, Mobile Phone, Auto Gas & Oil, Groceries, Auto Insurance, Zach Car Payment, Abi Car Payment, Internet, NetflixSpotify, Zach Haircut. For us personally, these are the areas that money has to go to or we have a bill for. 
4. After that, pick categories of things you want to spend the remainder of your money on. Here is what ours are Restaurants, Abi Hair/Nails, Entertainment, Pet Care.
These are the areas we could live without if need be. 
5. Implement and stick to it! It takes self-control but is worth it in the long haul. If you can manage your money well, those habits can create a lot of other healthy and positive habits in your life. 

What's your best kept secret for budgeting? Share with me below! 

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