Thursday, April 16, 2009

Budget 101

budget (buj′it)
1. plan or schedule adjusting expenses during a certain period to the estimated or fixed income for that period
2. the cost or estimated cost of living, operating, etc.
3. the amount of money needed or allotted for a specific purpose
I can honestly say that the word "budget" has never been in my vocabulary. Jeremy and I both work and have never struggled financially so we have never felt the need to form one. Lately, I've put alot of thought in the importance of having a budget. With all the stories of the misfortunes that families are facing today due to losing their "secure" jobs, I feel that it is never a bad idea to be prepared for the worst.
So its time to do the deed; plan our spending. Wow, that sounds like not so much fun! It could go either of two ways; really successfully or really unsuccessfully. I guess it depends on how much willpower we have to think twice about unnecessary purchases. I'm looking forward to the challenge.
When Jeremy and I got married, we decided that one way to play fair in how much spending we did individually was to have an allowance. Remind you of when you were a kid? Hey, I never got an allowance as a kid so I got introduced to it as an adult. So, for the past seven years every other week we each get the same set amount of money to spend whatever we want for ourselves that wouldn't be classified as a necessity. Tim Hortons gets 90% of mine!
I always end up broke by the end of two weeks and have to raid the pop can bin to turn the cans in for some cash. How else would I be able to buy those last few coffees before the next paycheck. Hey, remember that I'm the one that often has two extra passengers to buy hot chocolates and timbits for so of course I'm going be the first one broke.

Off I go to draft up that budget. Have a great evening!

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