Comments on: Budgeting http://www.msmoneysavvy.com/2009/08/14/budgeting-2/ Leading the Way to Financial Independence Sun, 05 Feb 2012 01:43:35 -0500 http://wordpress.org/?v=2.9.1 hourly 1 By: Sarah http://www.msmoneysavvy.com/2009/08/14/budgeting-2/comment-page-1/#comment-5255 Sarah Fri, 21 Aug 2009 01:59:20 +0000 http://www.msmoneysavvy.com/?p=350#comment-5255 We dont update our budget yearly. We do it when something big changes. We have just refinanced to a 15 Year Mortgage (We were on a 7 year balloon ending next August). I got nervous that one of two things might happen. Interest rates would go up dramatically or one of us would loose our job - which would then make refinancing tough. Anyway so I have had to re-do our budget. This time I have also worked out which bills we need to pay at the beginning of the month and which can wait to the second half. We have a simple goal at the moment - spend less than we are earning. That has proved a little difficult recently. I was only working part time (32 hours) and we were paying two sets of child care fees. My daughter has started Kindergarten - so now we only have to pay after school care - and I now work full time again. However we will soon move my younger daughter into a pre-school. So her day care costs will go up. Our travel budget is also large. I am from the UK - so I like to get back home at least once year. This was our last time paying a reduced fare for my younger daughter - so next year it will be four full fares. Once we are there - it is quite cheap. We dont update our budget yearly. We do it when something big changes.
We have just refinanced to a 15 Year Mortgage (We were on a 7 year balloon ending next August). I got nervous that one of two things might happen. Interest rates would go up dramatically or one of us would loose our job – which would then make refinancing tough. Anyway so I have had to re-do our budget. This time I have also worked out which bills we need to pay at the beginning of the month and which can wait to the second half.

We have a simple goal at the moment – spend less than we are earning. That has proved a little difficult recently. I was only working part time (32 hours) and we were paying two sets of child care fees. My daughter has started Kindergarten – so now we only have to pay after school care – and I now work full time again. However we will soon move my younger daughter into a pre-school. So her day care costs will go up.

Our travel budget is also large. I am from the UK – so I like to get back home at least once year. This was our last time paying a reduced fare for my younger daughter – so next year it will be four full fares. Once we are there – it is quite cheap.

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