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03-24-2008, 02:41 PM
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#24
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Newbie
Last Online: 03-26-2008 03:45 PM
Join Date: Feb 2008
Posts: 4
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In our household, I do the finances. We do sit down together & review everything, so we're on the same page.
Since I am a SAHM, we are on a tight budget. We have a mortgage, no car payments, no cable & we pay our credit card balance each month. We try to only put gas purchases on our credit card. We have a gas credit card, which earns 5% rebate on gas purchases.
To prevent overspending, we do the following:
My DH gets paid every other week. I pull out my "cheat sheet" each payday to begin our payments. Each payday, I electronically pay ahead half the monthly mortgage, half the electric bill, half the phone bill, half the life insurance premium, half the credit card bill. My husband gets a cash allowance for those two weeks & I get a certain amount allowance for those two weeks (groceries, diapers, household.) Then the next payday, I pay the last half of the above listed bills. This way all the monthly bills are certain to be paid in full on time (and several days earlier than due date!). We had our property tax and house insurance escrowed into our mortage payment for budgeting purposes. We are set up on a budget-plan electric bill, so we pay the same amount each month. They average out our previous year's usage.
Since there are 2 months he receives 3 paychecks instead of 2, we put those amounts straight into savings (except for our allowances) for annual bills, such as auto insurance and auto registration and to increase our savings.
If our credit card bill is slightly more budgeted (with gas price increases!!), I take that amount out of my grocery allowance.
Occasionally if I need DH to pick up a gallon of milk or diapers on his way home from work, he will put it on our debit card so it comes out of my grocery allowance, so he doesn't need to use the credit card or his allowance.
Ideally, each month would go exactly like that. Of course there are unexpected expenses, but if we stay as close as possible to that it goes much smoother!!
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