Financial Freedom

Money. Most often I wish that word didn't exist. I have seen troubled finances confine people's dreams, end marriages and even lead people to take their own lives. When I was single, I didn't have a real problem with cash flow. I was self-sustaining and with only myself to monitor, it was pretty maintainable. Now that I'm married, mo'  $$$ mo' problems, as my thug passioned husband likes to say.

Before we said "I do", my husband and I enrolled in a finance management class that his parent's highly recommended http://www.daveramsey.com/fpu/home/  This class helped us tremendously. The class started from the very basics on how to budget and set boundaries for your family to mortgages and retirement. Not only did we walk out of the 12 week class informed, but on the SAME page as well. We learned that in most marriages one spouse, usually the woman, handles the budgeting and bill paying, while the other spouse just follows suite. We didn't want to fall into that habit, so we took charge together of our finances.

Every beginning of the month, Kit and I sit at our excel spreadsheet on the computer and cuss and discuss. First, we calculate what we will make total that month, since we both have part time jobs, ours varies monthly. On our spreadsheet we have two columns, one is for what we project our budget will be, the other column is what it actually amounts to. For instance, you may estimate the gas bill will be $35 but then you open the envelope and it's $55. Secondly, subtract the bare necessities like rent, utilities, insurances, any car/student loan payments, and subtract 10% of your total monthly income to put into a savings account. After those are done, we budget for our expenses like fuel, Netflix, and Wal-mart trips. This was one area we struggled in, so we took a page from Dave Ramsey and tried his advice. We were over spending greatly on trips to Wal-Mart and fuel so we bought two re loadable gift cards to Wal-Mart. At the beginning of each month we put $300 on one for fuel and $400 on the other for household/grocery/pet food. So each week we only spend 1/4 of the cards and if we happen to run out at the end of the month, then we tough it out till next month. This forces us to really monitor our driving around and take a calculator with us shopping so we don't overspend.

After all that is done, take a look at what you have left and that is the money that goes to eating out and entertainment. This usually only leaves us with about $50 a week to play and dine out on. As college students, we aren't saving for things like a down payment for a home or retirement yet, not until we both get full time jobs, so that maybe something you'd like to add to your budget. I really hope this helps! Sitting down every month together and setting boundaries has put an end to most of our squabbles, and allows us to control our money instead of our money controlling us.