How to really plan out your daily budget on a very limited fixed income??

S

sprinkle85

New Member
My husband and I have been recently trying to figure out our daily budget allowance. We have never been good at budgeting anything so we really want to try our hardest this time.

We have recently downsized our savings due to a loss in my job and were now trying to make do off of my husbands military pension.

We've eliminated trips out to eat, and shopping excursions to the mall, but I'm wondering if there are any real rules to live by when trying to plan for a budget that you would recommend to us?

Any advice is good advice when you don't know the first thing about budgeting!
 

I would definitely not buy anything I couldn't pay for now, like avoid putting stuff on credit cards...wait until you have the cash on hand. First priority is the monthly and annual bills, make sure you know exactly what you have to pay out. Marking things and making notes on a wall calendar or notebook helps. Eating out is really an unnecessary expense, don't even feel bad about it, you can buy better and helathier foods, and prepare/eat them in the comfort of your own home. After watching some TV specials about restaurants, and the show 'Kitchen Nightmares', I have little desire to eat out anymore like I used to. You just have to write down a set dollar amount of your funds/assets, then figure all your bills and expenses, subtract them and you'll know what's left over to play with. If it's not much, than a change of spending habits is needed to make it work.
 
I have a habit of going for the cheapest, even if something costs a penny or two less, it all adds up.
Also look around on the internet a little, there are loads of programs for free that allow you to plan your budget
 

I agree with both of them fully, it's a combination of saving and not spending more then you currently have. I tried to avoid debt as much as possible in my life, and I think it's important to look at how much money is coming in and going out, before any extra costs.
 
Don't be afraid to spend a little extra if it means you get more of something you can save. Any food items that don't go off, take advantage of offers that are on. I find it helps if I don't carry money on me, stops me from spending it on unnecessary things if I have to go find a cashpoint to get money for a coffee or something. :)
 
I always plan everything out beforehand! It is important to give yourself a little bit of frivolous money to spend as you wish, and to allocate everything else. I like to shop for groceries online because it means I don't buy on impulse. I make my own sandwiches if I'm going out some place during the day and don't buy food "on the go".

As they say, take care of the pennies, and the pounds look after themselves. Good luck to you.
 
Sometimes the best thing to do is hire a financial planner. I know it seems wrong to "spend" money when you're trying to spend less, but if you get a professional to help you come up with a good plan it can save you money in the long run. I hope things work out for you, good luck!
 

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