Finance

[Canada]

Hello,

 

I have really been struggling with finances since we had our first child. The wife is a stay at home mom so we only have one income. I can barley make ends meet. I have been running up the old Visa way too high.

 

I need to get a grip on what we spend our money on and start a budget. Does anyone have any ideas what the best way is to track how much money is coming in and how much is going out. Also, I was thinking of picking up a financial application like Quicken or Microsoft Money. Has anyone used any of these types of software?

 

Thanks in advance.

[Canada]

I may have put this in the wrong catagory. Im not sure how to create it in the personal finance section.

[annie24]

You should read some books by Suze Orman. She has some really great tips for balancing your budget. I will move your thread.

[southerngirl]

Have you tried using a dayplanner? Something you can write in, usually a calendar section, notes section etc.

 

Try tracking everything you spend money on even if you only spend 50 cents and think its not important. When you go shopping make a list of expected meals for that week and only buy what you need, this can cut down on what is spent.

 

Congratulations on your new baby! You can get through this, just is going to take a little attention to detail... and stop running up that credit card!

[kittysaysmeow]

I watched this show on tv in which this financial planner comes into a home and shows them how to properly budget. It's pretty neat. Anyway, she looks at the amount of income they have coming in and determines how much goes to rent, food, bills, etc. Then she puts the money in separate jars and they can only spend what's allotted for each thing. They also have to write down what they spend. She also cuts out the extra spending that they don't need.

 

For instance, if you have 2 cars...do you really need 2 cars right now? Can you carpool to work? Or maybe downgrade a car. Another example is cutting out extra food expenses (i.e. don't go out to the restaurant or bring your own coffee in the morning).

 

The other thing she does is asks them to bring in more money. Can your wife work from home? Can she maybe babysit one or two kids during the day. That'll bring in some extra cash. Or are you willing to work a Saturday shift somewhere?