Is Budgeting Effective?


budget.jpgI’m embarrassed to admit this, but I don’t have a budget. I’ve seen the forms, I’ve read about other peoples’ budgets, but I just can’t bring myself to make one for our family. It just seems too overwhelming for me. I think probably my biggest obstacle with the budget is the revolving parts of the budget, such as the electric bill. Do you allow more money in the budget than you think it will take?

We are currently trying to live off of one income, sort of as a trial run to see if it’s possible for me to be a stay at home mom when we have children. I’ve got my paycheck directly deposited into my “secret account” at our bank, so that if we need access to it, it’s not hard to get to, unlike our ING savings account. We want that to be hard to access!

I would love to get a budget going, but I don’t know where to start. What are your favorite budget forms? Any tips?

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5 thoughts on “Is Budgeting Effective?

  1. Lisa Brooks says:


    I admire your forethought of trying to live on one income now. I highly recommend that you continue. I have worked constantly before and since having kids because we couldn’t seem to make it if I didn’t. Only now are we figuring the money thing out and my kids are 20 and 13. We are currently paying down debt, and I hope to be able to start working part-time soon–I really want to be more involved in my 13 year old daughter’s teenage years. We have been following Dave Ramsey’s Total Money Makeover plan. I really like the forms included in his book. He has a great radio show that keeps us motivated. Good Luck and make your dream happen!



  2. Mrs Money says:

    Lisa- Thank you for your kind words! Thanks for the tip on the Dave Ramsey book forms. I’ll have to look into that! I really appreciate your comment- it is truly inspiring!


  3. Sue says:

    I made up my own budget sheet on Microsoft Excel. It’s a good guide for us to see where our money goes and I can easily tell my husband if we need to tighten our belts for a while when big bills are coming in.

    It sure isn’t perfect and each year I increase the amounts I allow as prices always go up. Sometimes things have happened unexpectedly and we’ve had too much debt on the credit card for a while, so we go ‘totally frugal’ till it’s paid, then get back on track again.

    You’re very sensible to live on one income, just so you know that you can actually do it. We had two incomes until 3 years ago. I got sick and haven’t been able to work since.

    While we had two incomes, we paid off our car, renovated our house and put in a pool.

    Fortunately we haven’t wasted our money over the years and have been able to live on one income without any difficulty.

    Keep up the good work Mrs Money!


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