Budgeting

Discussion in 'General Discussion' started by Delkancott, Feb 7, 2019.

  1. Delkancott

    Delkancott Member

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    Apparently my google-fu is weak because I thought there was already a budget thread.

    As someone who has been a victim of their own unawareness and negligence for years, I am finally starting to become more aware of my budget and true expenses. And while I am a long way from balanced, I think what has helped me is YNAB, specifically the podcasts. Anyone else use YNAB as a budget method?
     
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  2. Bcamos

    Bcamos Member

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    YNAB = You're not a baller?
     
  3. HelRaiser

    HelRaiser Member

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    That sounds too much like acting like an adult. I try to stay away from that sort of stuff. No good down that road. Next thing you know I'll start talking about 3" folders, and asking for advice on how not to print in dress slacks.
     
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  4. Kevo

    Kevo Member

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    Welcome to my world. It's not much, but at least the neighbors are cordial.
     
  5. Hammer

    Hammer Member

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    Lately I've been ascribing to "YNABR" - You Need a Black Rifle.

    It hasn't helped my budget at all.
     
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  6. Hammer

    Hammer Member

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    In all seriousness though, the Better Half and I hired a financial planner last year to help us get a lot of things in place and on track, including consolidating investments, automatic deductions to our retirement funds every month so we don't even have to think about it, identifying timelines for our retirement goals etc. It was a big help and a valuable process for us to go through. I sleep a little better at night now.
     
  7. ManOfSteel

    ManOfSteel Member

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    I have no idea what a budget is or what that word means.
     
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  8. Andy the Aussie

    Andy the Aussie Moderator of the Century Staff Member

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    The Princess of Darkness (or The Minister of War, Fun and Finance as she is also known) manages such things. I am often reminded how much $s we would save if I took lunch to work but, as I point out, that would be a waste as you can be I will not be at my base when lunch rolls around and I need to eat...so it would be a bought lunch and one wasted.

    We have automatic deduction from our pay to our superannuation account and my car and all running costs are part of my salary package (I pay the private use component as a % and in pre-tax $s). After that we manage the balance between mortgage and investments. No1 is to pay off the primary home in the next two years (we have been making triple payments for a couple of years now and that made a huge difference, as the extra all comes of the principal balance). Interest on the primary home allows for no tax deduction so I want to get that debt gone, interest on the other properties is tax deductible so that goes to balancing my tax bill a bit each year, those properties are modestly positive geared at the moment once all is said and done.

    The most important thing is to know where your $s are going, then you can control (or in my case, not) what and how you spend your $s.
     
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  9. OutdoorsFamilyMan

    OutdoorsFamilyMan Member

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    If your too poor to afford anything you don't have to budget ;)
     
  10. Knifehunt

    Knifehunt Member

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    When we were young, we had a budget. Now that everything is paid off, other than a CC, we don't bother anymore.
     
  11. Bushman5

    Bushman5 Member

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    With 50% of my income going to provincial and federal taxes and taxes on taxes , I have no budget . Gets pretty depressing seeing over $800 disapear off my paycheque every week (payday is every week)

    Never mind the most expensive auto insurance and fuel costs and food costs in Canada

    There is s reason a lot of people do cash jobs here........

    Still trying to figure out how some of my friends get such massive income tax returns every year (like $5000 to 10000) . Most I got back was $37
     
  12. Wisdom

    Wisdom Member

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    Been living the Dave Ramsey plan for many years. It’s painful at first, but once you get all debt gone life is much easier. It’s the same logic my granddad taught, but with more detail. If you can’t pay cash, you can’t afford it. I know that’s an awkward thought in today’s consumerism world. It is however one of the greatest feelings you can have. The borrower will always be slave to the lender. Once you get a budget going you will quickly realize how much money is wasted on wants instead of needs. Off subject a bit, but read a millions mind by Stanley. It will change your thoughts on what millionaires actually do. Spoiler alert... they ain’t cruising around in 300k cars and “raining” cash on hookers.
     
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  13. Hammer

    Hammer Member

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    Precisely why I always have to chuckle when I hear naive Americans talk about the "free" healthcare in Canada.
     
  14. Strigidae

    Strigidae Moderator Staff Member

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    Careful here. Lets not let politics get involved.
     
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  15. Bushman5

    Bushman5 Member

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    I started skimming off $50 a week every Friday into a tax free savings account. I don’t even notice it. Come summer I’ll jack it up to $150 a week during the busy season.

    Zero debt , zero credit cards (well,, a prepaid one for loading PayPal) , pay cash for everything.

    Could save insurance and gas by getting rid of a couple of the trucks, but they have sentimental value and are dirt cheap to repair.

    Could save a lot of money by not buying beer, but I loooove beer. Having over 200 craft breweries in the region doesn’t help either.

    Don’t go to movies or eat out, make most of my meals at home.....

    If I ever came into lottery cash I would get rid of all my trucks and build up a all rounder 4x4 / utility truck
     
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  16. JV3

    JV3 Member

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    you're missing out on not having a credit card - specifically, cash back. i have an amazon visa card and i get 5% back on purchases made there (and whole foods) and 1% back on gas, restaurants, and others.

    that adds up eventually...it paid for my 2 newest surefires :)
     
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  17. IW17

    IW17 Member

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    I try to stay right in the middle of don't squander your money and can't take it with you when you're gone. I always pay my bills, have a plan for retirement, and keep enough in my checking account to cover at least 6 months of bills. As long as that's all accounted for, if I want something, I buy it. Life's short. Enjoy it.
     
  18. Bushman5

    Bushman5 Member

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    Nope will never use credit .

    As for savings. $360.
     
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  19. TuffPossumGear

    TuffPossumGear Member

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    I grew up, in my early years, dirt poor. My dad made really bad decisions and had depression on top of that. Sometime around the age of 10, we did the Dave Ramsey thing and dug our way out of debt and into financial freedom about the time my dad found healing from his depression. My parents started using YNAB (You Need A Budget) software 3 years ago, since it was just a ton easier to use than my dad's complex spreadsheets he had created. I started a year later at age 18 and am a huge fan of YNAB.


    Didn't know they had a podcast. Binge listening time. :)
     
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  20. Delkancott

    Delkancott Member

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    Still catching up on the binge. Still like 2 years to go @TuffPossumGear
     
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