Setting a Budget

I found this on the BYU cooking website. It has some great info about money and budgeting!

Cents & Sensibility: Successful Ways to Spend & Save

September 25, 2009 Workshops for Women

BYU Women’s Services & Resource Center


Church Authorities and Finance

— “Peace, contentment, love, and security in the home are not possible when financial anxieties and bickerings prevail. Whether we are anticipating marriage or are well into it, today is the time for all of us to review and repent as necessary to improve our money” – Marvin J. Ashton

— “We encourage you wherever you may live in the world to prepare for adversity by looking to the condition of your finances. … If you have paid your debts and have a financial reserve … , you and your family will feel more secure and enjoy greater peace in your hearts.” - The First Presidency

— "Avoid the philosophy and excuse that yesterday's luxuries have become today's necessities. They aren't necessities unless we ourselves make them such. . . . It is essential for us to live within our means.”- President Thomas S. Monson

— "We do live in turbulent times. Often the future is unknown;
therefore, it behooves us to prepare for uncertainties. Statistics reveal
that at some time, for a variety of reasons, you may find yourself in the
role of financial provider. I urge you to pursue your education and learn
marketable skills so that, should such a situation arise, you are prepared
to provide.”- President Thomas S. Monson

— "Too many of our youth get into financial difficulty because they never learned proper principles of financial common sense at home. Teach your children while they are young. Teach them that they cannot have something merely because they want it. Teach them the principles of hard work, frugality, and saving.
“If you don't consider yourself informed well enough to teach them, all the more reason for you to begin learning. Abundant resources are available--from classes, to books, to other resources.”- Joseph B. Wirthlin

Scripture References

— INVESTING

— Proverbs 28:20 - A faithful man shall abound with blessings: but he that maketh haste to be rich shall not be innocent.

— DEBT & BORROWING MONEY

— Proverbs 22:7 - The rich ruleth over the poor, and the borrower is servant to the lender.

— Romans 13:8- Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.

— Mosiah 4:28- And I would that ye should remember, that whosoever among you borroweth of his neighbor should return the thing that he borroweth, according as he doth agree, or else thou shalt commit sin; and perhaps thou shalt cause thy neighbor to commit sin also.

— D&C 64:27-Behold, it is said in my laws, or forbidden, to get in debt to thine enemies;

— D&C 104:78-And again, verily I say unto you, concerning your debts—behold it is my will that you shall pay all your debts.

— D&C 136:25-If thou borrowest of thy neighbor, thou shalt restore that which thou hast borrowed; and if thou canst not repay then go straightway and tell thy neighbor, lest he condemn thee.

Provident Living

— “Being provident providers, we must keep that most basic commandment, “Thou shalt not covet” (Exodus 20:17). Our world is fraught with feelings of entitlement. Some of us feel embarrassed, ashamed, less worthwhile if our family does not have everything the neighbors have. As a result, we go into debt to buy things we can’t afford—and things we do not really need. Whenever we do this, we become poor temporally and spiritually. We give away some of our precious, priceless agency and put ourselves in self-imposed servitude. Money we could have used to care for ourselves and others must now be used to pay our debts. What remains is often only enough to meet our most basic physical needs. Living at the subsistence level, we become depressed, our self-worth is affected, and our relationships with family, friends, neighbors, and the Lord are weakened. We do not have the time, energy, or interest to seek spiritual things.”

-Elder Robert D. Hales

Research Regarding Money & Relationships

— #1 predictor of divorce

— The American Bar Association has indicated that 89% of all divorces can be traced to quarrels and accusations over money

— Others have estimated that 75% of all divorces result from clashes over finances

— Some professional counselors indicate that four out of five families are strapped with serious money problems.

— How to be successful financially

— Live on a budget as a single individual. Learn discipline.

— Discuss your budget with your partner (Accept money from in-laws? Savings? Children? Vacations? Etc)

— Talk, agree, and go over budgeting items together regularly

Budgeting

— Income vs. Expense

— Make an income/expense sheet

— Use average to low numbers for income

— Use average to high numbers for expenses

— Necessary Items

— Tithing, Rent, Utilities, Groceries, School

— Wanted Items

— Cable, Internet, Cell Phone

Budgeting: Cash

— Benefits of using cash

— You can save the change

— You won’t overspend

— You can set limits for yourself

— Immediate Clearance

— Always accepted

— Generally, more than 22% decrease in what you’re spending

— Jar or Envelope Cash

— Get cash and live out of jars or envelopes

— Borrow from other areas when needed

Budgeting: Percentages

— Gazelle (DaveRamsey.com)

— Charity 10%

— Saving 5%

— Housing 25%

— Utilities 5%

— Food 5%

— Cars/Transportation 10%

— Clothing 2%

— Medical/Health 5%

— Personal 5%

— Recreation 5%

— Debts

— Adjust the budget to what works for you

— Tracking a Budget

— Excel

— Make a spreadsheet with your projected and actual income

— Tracking a Budget

— Mint.com

— Free

— Visual representations, cost of living, set budget, warnings, link with bank account

— Tracking a Budget

— Quicken and other software

— Costs Money, visual representations, cost of living, set budget, warnings, link with bank account over long period of time, debt trackers, savings trackers

Budgeting: Credit

— You can still gain a good credit score even without having cards (car payments, house payments, BYU accounts, utility bills, steady employment etc)

— Try to stay away from credit cards if they’ll tempt you too much to buy things you can’t afford

— Credit cards often have rewards which can be nice

— If you have credit cards always make sure that you pay your bills on time and in full

— Try to keep your credit card balances at 25% or less of your limits

Budgeting: Avoid Debt

— “Do not, I solemnly urge you, tie yourselves to payment of carrying charges that are often exorbitant. Save now and buy later, and you will be much further ahead. You will spare yourselves high interest and other payments, and the money you save may provide opportunity for you to buy later at substantial cash discounts.

If you must incur debt to meet the reasonable necessities of life—such as buying an automobile, a house, or furniture—then I implore you, as you value your solvency and happiness, buy within your means and use credit wisely. Resist the temptation to plunge into property far more pretentious or spacious than you really need.”

–President Ezra Taft Benson

Budgeting: Saving

— Don’t save just to save- have something in mind

— Start small with an Emergency Fund then 3-6 months of expenses

— What are you saving for?

— School, Car, Wedding, Baby, House, Vacation etc.

— Do smart planning and research for what you should have saved

— Don’t touch the emergency money

— Have two savings accounts if you need to

Budgeting: Savings Accounts

— Find a free savings account

— Often banks or credit unions will have free savings accounts when linked to an active checking account

— Use an online savings account (ING Direct, HSBC Direct etc.)

— Set up an automatic savings plan

— Pay yourself first each paycheck

— Research fees, min balance, current interest rates etc. (bankrate.com, money-rates.com)

— Current interest rates are around 1- 1.3%

Financial Aid for School

— Do your FAFSA

— Fafsa.ed.gov

— Learn something about taxes

— VITA lab at BYU will do your taxes if you make $30,000 or less each year

— Get your credits and deductions

— Become familiar with financial aid and scholarship deadlines

Groceries: What do you eat?

— Keep track of meals that you generally eat

— Start listing out ingredients of what you use for those meals

— Assess the quality of the meals you’re eating and adjust as needed

— Enough fruits and veggies etc?

— Assess your eating out/eating in tendencies and adjust as needed

— You’ll likely eat much healthier if you’re eating home cooked meals

Groceries: What do you have to spend?

— Groceries are an interesting area of the budget because food is a staple, but how much a person is spending can be adjusted

— If you find that you are going out of your budget often, you may need to readjust what you’re eating

— E.g. frozen meals often cost a lot more than homemade, bulk foods can sometimes be cheaper

— Do you keep eating out separated in your budget or use leftover grocery money?

Groceries: How do I know if it’s a good price?

— Start keeping a log by saving receipts

— Look at per unit pricing

— Consult with others (friends, parents etc)

— Be aware of when specific produce items are in season

Meal Planning

— Keep a list of meals you eat regularly and go from that

— Check your fridge and cupboard for items you already have then make your grocery list

— Coordinate with roommates/partner/spouse

— Rotation Menu

Groceries: Coupons and Deals

— All Grocery Deals (Utah County)

— http://www.grocerysmarts.com/utah/lists/indexg84cso.php?a84ll2

— This has a star system. More stars or a red star means it’s a better price.

— You can search by grocery store.

— It also has links to printable coupons for items that are already on sale.

— It shows the before/after price using coupons

— Group Coupons

— A:http://print.coupons.com/couponweb/Offers.aspx?pid=12812&zid=dl89&nid=10

— B:http://coupons2.smartsource.com/smartsource/index.jsp?Link=235ZMFJDIS36M

— C: http://coupons.redplum.com/GrocerySmarts/

— Various coupons by many companies from grocery items to health care to photography

— Printable Coupons

— http://www.printable-coupons.blogspot.com/

— You can search for brand names, product type etc and it will show you if any printable coupons are available.

— Grocery Guru

— http://www.utahcityguide.com/new/guru/index.asp

— This plans out weekly meal plans using newspaper coupons. You need to get the Sunday paper in order to get most of the deals, but sometimes it uses other coupons or no coupons at all.

— Betty Crocker Coupons

— http://www.bettycrocker.com/coupons-promotions/coupons/default.aspx?WT.ac=homepage_05-01-2008

— Box Tops for Education Coupons

— http://www.boxtops4education.com/Coupons/

— Pillsbury Coupons

— http://www.pillsbury.com/coupons-promotions/couponspromotionslanding.htm

Food Storage

— It’s food you eat and toiletries you use

— Buy 2 instead of 1

— Buy in bulk

— Get things when they’re on sale

— Find creative ways to store your food storage

— Use somebody else’s list

— E.g. 50 weeks to full food storage, food storage for college students, 52 weeks to emergency preparedness etc

LDS Resources

— Talks

— Becoming Provident Providers Temporally and Spiritually - Elder Hales 2009 (Print)

— Becoming Provident Providers Temporally and Spiritually - Elder Hales 2009 (Video)

— Earthly Debts, Heavenly Debts - Elder Joseph B. Wirthlin 2004 (Print)

— Opening the Windows of Heaven - President James E. Faust 1998 (Print)

— Making Money Your Ally - Brother Albrecht 1988 (Print)

— Pay Thy Debt, and Live President Ezra Taft Benson 1987 (Print)

— The Responsibility for Welfare Rests with Me and My Family - Elder James Faust 1986 (P)

— Providing for Our Needs - Elder Ballard 1981 (Print)

— Pamphlets & Handouts

— All Is Safely Gathered In: Family Finances

— One For The Money

—

Haha, great little questionaire note our answers are polar opposites.

Victoria's:

♥ What are your middle names? Gogarty and Evans

♥ How long have you been together? We met in April 2007

♥ How long did you know each other before you started dating? Ummmm, like 3 days or so

♥ Who asked who out? I think we just started hanging out a lot. Our first "date" was driving back to Denver to see our families for my birthday.

♥ How old are each of you? I'm 23 and he is 25

♥ Whose family do you see the most? It is a pretty even split, they live 15 minutes apart.

♥ Do you have any children together? Not yet

♥ What about pets? We had a dog named Marley that we fostered.... that lasted about a week. We also had a fish named Gunnison who passed away last year :(

♥ Which situation is the hardest on you as a couple? Deciding what's for dinner.

♥ Did you go to the same school? No, he went to Arapahoe high school I went to Chaparral, I went to the University of Denver and then Utah Valley University. He was at BYU the entire time.

♥ Were you born in the same home town? No, I was born in American Fork Utah, he was born in Colorado.

♥ Who is the most sensitive? Me, definitely me.

♥ Where do you eat out most as a couple? Mamma Chus in Orem. AMAZING. Best Mexican I have ever had!

♥ Who has the craziest exes? He has had some crazies, but I would probably say me in terms of number of crazy exes mine is much higher.

♥ Who has the worst temper? On a regular basis probably me, but he has had his moments.....

♥ Who does the cooking? Me, he does help out a lot though :)

♥ Who is more social? Me? Jordan, hands down Jordan.

♥ Who is the neat-freak? Well its not Jordan. (haha jk babe) He does his part but to him running the vaccum around on a sat every other week is clean. Me the house has to be dusted top to botton, vaccumed every week, and lots of harsh chemicals taken to the bathroom and counters (oh and everything off the floor, including his piles....)

♥ Who is more stubborn? Me, me, me.

♥ Who hogs the bed? And once again that is me.

♥ Who wakes up earlier? Jordan, I have serious issues with morning time that I am trying to overcome.

♥ Where was your first date? In the car to Denver?! Haha I am not sure.

♥ Who has the bigger family? Jordan has the bigger immediate family, I have the bigger extended family.

♥ Do you get flowers often? I think twice since we got married.

♥ How do you spend the holidays? We trade off every year, although my parents just decided to have thanksgiving on wednesday so we get two thanksgivings.

♥ Who is more jealous? Most definately me.

♥ How long did it take to get serious? A week after we met???

♥ Who eats more? Oh I can eat a lot..... it depends on the dinner and who is more hungry.

♥ Who does/did the laundry? Me.

♥ Who’s better with the computer? Well it depends on what we are doing, Jordan is definatley better all around. If it is photography or graphic design related I can hold my own (he still knows more about photoshop then I do though!)

♥ Who drives when you are together? Jordan, I absolutely HATE driving.

Jordan's:

♥ What are your middle names? Victoria doesnt have a middle name and I have three.

♥ How long have you been together? too long

♥ How long did you know each other before you started dating? 5 hours.

♥ Who asked who out? tyler monteath

♥ How old are each of you? 12 and 12

♥ Whose family do you see the most? zach davis

♥ Do you have any children together? not that I know of

♥ What about pets? Names? We had a fish

♥ Which situation is the hardest on you as a couple? Going to the store

♥ Did you go to the same school? no

♥ Were you born in the same home town? No she is a utahn

♥ Who is the smartest? pretty much me but also her

♥ Who is the most sensitive? me, I have soft skin

♥ Where do you eat out most as a couple? Mamma chus

♥ Who has the craziest exes? by sheer volume, Victoria.

♥ Who has the worst temper? victoria

♥ Who does the cooking? me

♥ Who is more social? me

♥ Who is the neat-freak? me

♥ Who is more stubborn? victoria

♥ Who hogs the bed? victoria

♥ Who wakes up earlier? me

♥ Where was your first date? to tyler monteaths

♥ Who has the bigger family? me

♥ Do you get flowers often? I get them sometimes until victoria killed the plants in our living room, now I never get flowers.

♥ How do you spend the holidays? driving back and forth between our houses.

♥ Who is more jealous? victoria

♥ How long did it take to get serious? Just until we got Tyler Monteath out of the picture.

♥ Who eats more? victoria

♥ Who does/did the laundry? me

♥ Who’s better with the computer? me

♥ Who drives when you are together? me