When Tom Snyder coaches people in his church about how to budget, he starts by encouraging them to track their spending.
“If we don’t track, we don’t know when to stop spending,” he says. The retired engineer and financial coach in Grand Rapids, Michigan, adds that it’s easy to be bumped off track by irregular costs, such as birthday gifts or vacations.
Bryan, who holds a doctorate in business administration, likes to track her spending with spreadsheets, but her college-age daughter prefers a more creative approach with visuals and graphs. They each use their preferred method, then communicate about spending when necessary. “It has to be a method you enjoy so you want to use it all the time,” she says.
In his case, he stopped criticizing his wife about her coffee-buying habit when he realized it didn’t add up to a significant expense.Cara Macksoud, chief executive officer of Money Habitudes, a money personality assessment company, says she, her husband and five children first decide what expenses are “nonnegotiable” together. In addition to food, that might include costs related to sports or private lessons, for example.
Voisin has found her children’s holiday and birthday gifts from giveaways shared on those community social media pages, including a large Hot Wheels garage set that retails for over $100. She has also found ideas for free activities from Facebook groups, such as taking your kids to a pet store to look at the animals.
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