Comments on: Getting Real With Your Finances http://forthemommas.com/articles/getting-real-with-your-finances Save Money Using Coupons, Freebies, Deals Wed, 23 May 2012 00:20:06 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Thriving Thursday: Getting real with your Finances! http://forthemommas.com/articles/getting-real-with-your-finances#comment-4616 Thriving Thursday: Getting real with your Finances! Fri, 06 Nov 2009 06:06:07 +0000 http://www.forthemommas.com/?p=11488#comment-4616 [...] out For the Mommas post Here on “Getting Real with your Finances.” Shannon, an accountant, answered one of her reader’s [...] [...] out For the Mommas post Here on “Getting Real with your Finances.” Shannon, an accountant, answered one of her reader’s [...]

]]> By: Anonymous http://forthemommas.com/articles/getting-real-with-your-finances#comment-4615 Anonymous Wed, 14 Oct 2009 20:39:00 +0000 http://www.forthemommas.com/?p=11488#comment-4615 yes it does! :) The problem for us is he work is dependent on the weather. So some years he may work 9 months and some years only 4 to 5. Because it varies so much, it's hard to know how much to save when he is working, but I think with your idea of setting up a separate acct for savings, it might really help. I'm thinking of just saving like he's going to be off for 6 to 7 months a year (to be on the safe side)Thanks so much for the advice and for all you do! yes it does! :) The problem for us is he work is dependent on the weather. So some years he may work 9 months and some years only 4 to 5. Because it varies so much, it’s hard to know how much to save when he is working, but I think with your idea of setting up a separate acct for savings, it might really help. I’m thinking of just saving like he’s going to be off for 6 to 7 months a year (to be on the safe side)Thanks so much for the advice and for all you do!

]]> By: Shannon http://forthemommas.com/articles/getting-real-with-your-finances#comment-4614 Shannon Wed, 14 Oct 2009 19:36:51 +0000 http://www.forthemommas.com/?p=11488#comment-4614 Anon, Excellent question! I am in a similar situation. My husband gets paid a quarterly bonus, so 4 months of out the year our income is higher than the rest of the year. Here is what I suggest - Sit down and create a budget that you can live on. See where the numbers come out. If you can live on just his least amount during the year, you are golden! If not, each months shortage during the leans months should be saved during the higher paying months. For example: Your Monthly Expenses are $2,000.00 You Make $1600.00 in the off season $400.00 Deficit in off season Lets say your off season is 5 months so 400 x 5 = 2000.00 Your Monthly Expenses are $2000.00 YOu make $3000.00 in season So over the in season seven months, you need to add an additional $286.00 to cover your expenses in the down season. So you essentially have $2286.00 outgoing in the in season months. I would set up a separate bank account to accumulate these funds to pay your bills in the slower months. Does that make any sense? Anon,

Excellent question!

I am in a similar situation. My husband gets paid a quarterly bonus, so 4 months of out the year our income is higher than the rest of the year.
Here is what I suggest -

Sit down and create a budget that you can live on. See where the numbers come out. If you can live on just his least amount during the year, you are golden! If not, each months shortage during the leans months should be saved during the higher paying months.

For example:

Your Monthly Expenses are $2,000.00
You Make $1600.00 in the off season
$400.00 Deficit in off season
Lets say your off season is 5 months so 400 x 5 = 2000.00

Your Monthly Expenses are $2000.00
YOu make $3000.00 in season
So over the in season seven months, you need to add an additional $286.00 to cover your expenses in the down season.
So you essentially have $2286.00 outgoing in the in season months. I would set up a separate bank account to accumulate these funds to pay your bills in the slower months.

Does that make any sense?

]]> By: Anonymous http://forthemommas.com/articles/getting-real-with-your-finances#comment-4613 Anonymous Wed, 14 Oct 2009 18:28:03 +0000 http://www.forthemommas.com/?p=11488#comment-4613 Great post! I have been wanting to start and stick with a budget for a while now, but find it very difficult. My husband works a seasonal job, so our income varys greatly depending on the time of year. Because of this, I'm not sure how to begin a budget and saving plan. Do we go off the least amount he makes during the year, or do we change the budget to fit what the income is during different times of the year? Great post! I have been wanting to start and stick with a budget for a while now, but find it very difficult. My husband works a seasonal job, so our income varys greatly depending on the time of year. Because of this, I’m not sure how to begin a budget and saving plan. Do we go off the least amount he makes during the year, or do we change the budget to fit what the income is during different times of the year?

]]> By: Alicia http://forthemommas.com/articles/getting-real-with-your-finances#comment-4612 Alicia Tue, 13 Oct 2009 16:40:56 +0000 http://www.forthemommas.com/?p=11488#comment-4612 You are lucky that your bank reports to Mint- mine just starting reporting to a credit agency last year, so we had NO credit for the longest time.. Glad I could be of help! Your reader should also be reminded to start small and tackle individual tasks or she will get burnt out on the entire budgeting process before it's even fully implemented. You are lucky that your bank reports to Mint- mine just starting reporting to a credit agency last year, so we had NO credit for the longest time..

Glad I could be of help!

Your reader should also be reminded to start small and tackle individual tasks or she will get burnt out on the entire budgeting process before it’s even fully implemented.

]]> By: Shannon http://forthemommas.com/articles/getting-real-with-your-finances#comment-4611 Shannon Tue, 13 Oct 2009 15:40:02 +0000 http://www.forthemommas.com/?p=11488#comment-4611 Alicia, Welcome fellow number junkie. Thanks for the great tips. I updated my post. Good point about rural people! I live rural myself, but fortunately my bank is included. Great point about yearly comparisons. Alicia,

Welcome fellow number junkie.

Thanks for the great tips. I updated my post.

Good point about rural people! I live rural myself, but fortunately my bank is included.

Great point about yearly comparisons.

]]> By: Alicia http://forthemommas.com/articles/getting-real-with-your-finances#comment-4610 Alicia Tue, 13 Oct 2009 15:27:13 +0000 http://www.forthemommas.com/?p=11488#comment-4610 What a wonderful post. I, too, am an accountant by trade, but am taking a break and discovering the blogging world. I would like to point out that for many of us in rural areas, mint.com is not an option (oh, how I wish it were!). Many smaller banks are not yet available for automatic download with mint.com. A website I've found that offers a very simple way to track a budget is Budget Simple (www.budgetsimple.com). I do love excel (must be a number fanatic thing), but if you do not have excel, you can check into Google Docs and Open Office. Both are free to use and offer a toned down spreadsheet application that is great for basic spreadsheet needs. My best advice is to sit down and write out everything you spend. Then compute how much you spend on each particular item yearly. Comparing those figures to the cost something large that you deny yourself (such as a vacation!) will help motivate you to stick to your budget. What a wonderful post. I, too, am an accountant by trade, but am taking a break and discovering the blogging world.

I would like to point out that for many of us in rural areas, mint.com is not an option (oh, how I wish it were!). Many smaller banks are not yet available for automatic download with mint.com. A website I’ve found that offers a very simple way to track a budget is Budget Simple (www.budgetsimple.com).

I do love excel (must be a number fanatic thing), but if you do not have excel, you can check into Google Docs and Open Office. Both are free to use and offer a toned down spreadsheet application that is great for basic spreadsheet needs.

My best advice is to sit down and write out everything you spend. Then compute how much you spend on each particular item yearly. Comparing those figures to the cost something large that you deny yourself (such as a vacation!) will help motivate you to stick to your budget.

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