Part of the reason I stopped blogging last year is that I was getting frustrated in how to budget. We all know that a budget is a living document, meaning that it won't be the same everymonth. Some months you will spend more on food than others, etc
For me another part of the challenge for me is that my paycheques can also vary. I get paid hourly and I don't get paid if I take a day off (other than a sick day) or if there's a stat holiday. I find it hard to budget based on a fixed income because I don't really have a fixed income. I know Gail suggests to have an A,B,C budget (if you don't know what I mean on this, I'll see if I can find a link). But my income doesn't vary that much from month to month so I know my basics are always covered. So I just vary my payments or variable expenses accordingly. This makes sure my bases are covered but makes it a pain in the *ss to budget.
Another issue, one that I'm hoping my fellow pf bloggers can help me with. What do you do if you have a run over? When I was looking at my last 2 week time period, before I got paid on the 3rd of Jan I had about $200 left over from my last paycheque (shocking, I know). If I was using the jar system, I could just allow the money to accumulate until I might need to do a bigger shop, but what do you do if you're not on the jar system? For me the jar system wouldn't work as the hubby and I don't share finances and there's too much sharing or taking turns of spending money. For example, maybe I'll buy dinner tonight and he'll pay for lunch tomorrow, etc
For me, as long as I'm not spending more than I make, I'm making regular debt repayment (with the goal to be debt-free by the end of the year), I'm making regular savings payments (to RSP, Emergency Fund, and spending plan) shouldn't the rest be mine to do with whatever I want? Does it really matter how much I spend on groceries or entertainment as long as the bottom line balances?
So, I'm going to be posting my budgets monthly rather than bi-weekly like I used to. I will still post my weekly spending for accountability purposes.
How about you? How do you budget? What do you do with overflow?
Have a great weekend! TTFN,