The Family Budget

Let me start this post on budgeting by saying I am no finance expert. The point of this blog is to share things we do in our home that keep us on track in life and point us to the Lord. A budget is one of these things, and it is a foundation for so much! So many couples we know do not have a budget or fight about money, or do not even share their money like a family, they keep it separate. So here are my thoughts and tips on the Family Budget.

Why Would I Need a Budget?

If you have no plans in life and do not want to have any plans or goals in life, then you probably do not need a budget. However, if you would like to one day retire (or your spouse), pay for your children’s college, go on a vacation, give money to those in need, own your house, eat food, etc. A budget is a good idea. In general people spend what they make, so unless you are the actual creator of money, there is a limit to your ability to spend. So yes, to have any goals or plan in life, a budget is extremely helpful.

Where Does Your Money Go? Continue reading

Guest Post: Real Cost of Money

Part of household management is financial management. We work together on our finances in our house and work to be in agreement on our budget and plan, but my husband handles the bulk of the financial management since finances are his passion. He was kind enough to share some of his passion with us in the following post.

Real Cost of Money

The vast majority of Americans save the minimum percentage recommended for retirement or less of their income for retirement.  The rest is spent on “stuff”.  Stuff may refer to: a house (or two), a $30,000 car, electronic gadgets (+expensive contract in the case of Verizon/AT&T), a boat, or other things to fill a basement.  

It is easy to justify spending the vast majority of our income, because, we already saved for retirement (up to 15%).  This is based on the premise that we are going to work until we are 65 years old.  Rather than asking, do I have the money for this, a better question is: how much more do I have to work if I purchase this item.  I like to think of money in terms of time commitment rather.

Living the High Life.png Continue reading