Monthly Budgeting

Hi, Kathy (Mrs. Maker) here- Today we are kicking off our blog with a very helpful first post. Our plan is to help you live your best HomeSpun life. What do we mean by HomeSpun? Well, we mean making it yourself, finding new and creative ways of being environmentally friendly, and just becoming the best HomeSpun version of you. We are going to show you how to save money, eat better, spend more time with family, and have fun while doing it.

Before we get to the fun stuff, we need to look at the budget. Not just look at the budget, but actually put one together. Do you have a budget? Does your budget include everything? That coffee? The $1 bin at Target? A last minute happy hour? If it doesn’t that’s where you need to begin.

What I share is that before you even begin to look at your savings on groceries and budget you need a gut check. You need to know what you are currently spending and what you are currently eating. You need to save every receipt for an entire month. This will give you a base to start your budget. What I like to do is set our families budgets by pay days. I pay certain things out of each pay. Mr Maker is self employed and since his income isn’t set by certain days his money goes to savings, entertainment, vacation, repairs, and extras. We attempt to live off one income and that way if a major disaster or job loss comes we can manage without losing everything. The same could apply for single income families.

Here, I included the excel template that I fell in love with last year. Its super easy to use and you can add as many line items as you want.

My suggestion is once you list out your expenses for the month-highlight those expenses that aren’t necessity. Can you cover the necessary expenses with one income? This is where we start. When Mr. Maker and I started this overhaul process we were spending most of our incomes and putting very little towards savings. (download link: Get Template)

The point is not to shame you for a $4 latte each morning, but to show you other options that get you the same thing, and show you that the $28 you spend on lattes can be put to better use.

So let’s get this party started. Grab an energy ball, take a seat, and crunch those numbers.

Please share examples of what you have highlighted or what you think are areas of your budget that you can’t get lower. We would love to help.