Join Early Retirement Today
View Poll Results: How do you budget?
Strict itemized budget 52 18.37%
Loosely defined budget 85 30.04%
Pay myself first 17 6.01%
No budget 112 39.58%
Other (please explain) 17 6.01%
Voters: 283. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
Old 11-01-2019, 07:40 PM   #21
Moderator Emeritus
Ronstar's Avatar
 
Join Date: Aug 2007
Location: A little ways southwest of Chicago
Posts: 11,623
No budget, but I keep track of expenses and generally try to keep expenses in line with previous year. Always LBYM during working years while maxing out 401k. Didnt really “pay myself first” during working years, but paid off house mortgage, bought a condo, and invested proceeds from $ I had left over after expenses.
__________________

__________________
The wilderness is calling and I must go.
Ronstar is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-01-2019, 07:44 PM   #22
Thinks s/he gets paid by the post
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 4,819
Budgets?

We don't need no stinkin' budgets -
__________________

__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is offline   Reply With Quote
Old 11-01-2019, 09:36 PM   #23
Recycles dryer sheets
 
Join Date: Oct 2018
Posts: 275
No budget, not now, not ever. I voted pay myself first since the 401k and extra $$ towards the house always came first. I say I have an internal clock that knows what I can spend and what I can’t. No CC debt since my 20’s.

I came from half frugal half big spender parents. Interestingly enough dad the big spender also was a saver. Mom literally drys paper towels to use them again.

I can honestly say I have never felt poor in my life but I definitely make,save,and spend more now than I did in my youth. Lifestyle creep but frugal roots so still LBYM on autopilot.
Vacation4us is offline   Reply With Quote
Old 11-01-2019, 11:15 PM   #24
Full time employment: Posting here.
rk911's Avatar
 
Join Date: Dec 2018
Location: DuPage County IL
Posts: 586
budget more or less based on previous 3-yrs spending. we have a positive cash flow each month because we live well beneath our means so no real need for a hard and fast budget.
__________________
Rich
Ham Radio, Sport Pilot
RE in 2005 at 55 as an administrator for a regional 9-1-1 call center
rk911 is offline   Reply With Quote
Old 11-02-2019, 01:22 AM   #25
Recycles dryer sheets
 
Join Date: Jul 2008
Location: Chicago
Posts: 211
I generally check monthly to make sure I am in the overall ballpark with spending. We LBYM so we need to spend a little more. I just have to watch that we don't get too crazy with the spending.
__________________
____________________________________________
Retired 4/30/16 at age 59
"If things go wrong, don't go with them" -Roger Babson
Doribe is offline   Reply With Quote
Old 11-02-2019, 05:11 AM   #26
Thinks s/he gets paid by the post
DrRoy's Avatar
 
Join Date: Dec 2015
Location: Michigan
Posts: 2,878
Quote:
When I was working and accumulating, I did what you did. I didn't spend what was left, but I made sure to pay myself first. Maxed out 401K's, took out 15 year mortgage and paid it off sooner, paid off any debt quickly and then saved and spent the rest without any formal budget. I was making good money and I knew we were living far below our means so I didn't really worry about a budget.

Now, as a retired person we set up a budget at the beginning of the year and we are paying attention to whether or not we're hitting our numbers.
+1. We are actually expanding our spending these first few years of RE to remodel the house and travel more.
__________________
"The mountains are calling, and I must go." John Muir
DrRoy is offline   Reply With Quote
Old 11-02-2019, 05:54 AM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 9,587
Never budgeted. When working we kept adjusting our savings up and lived off the remainder. In planning for ER we evaluated spending and didn't pull the plug until we felt confident we could continue to live the same as when working within our pensions/SS/SWR. During 15 years of ER we continued to do what we always did and have stayed well within expectations. If there is some sort of massive downturn coupled with inflation, or if tax rates are increased astronomically, requiring us to scale back I would consider budgeting to figure out what we can safely do.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 11-02-2019, 06:19 AM   #28
Thinks s/he gets paid by the post
 
Join Date: Jan 2011
Location: Fair Lawn
Posts: 1,760
Given the choices I selected "strict budget" but that's not 100% accurate. I have been a diligent budgeter for years, and habits die hard. I like to plan for known expenses (and that includes fun things). However, just because I have a budget does not mean we won't spend outside that be it for a fun or needed item.
mystang52 is offline   Reply With Quote
Old 11-02-2019, 07:02 AM   #29
Full time employment: Posting here.
Markola's Avatar
 
Join Date: Nov 2013
Posts: 896
YNAB
Markola is offline   Reply With Quote
Old 11-02-2019, 07:15 AM   #30
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 2,075
No budget as long as the cash coming in is greater than the outlay. Like most here, decades of LBYM ensure success.
__________________
Just plodding along on Dividends/Interest, SS and a very small pension.
foxfirev5 is offline   Reply With Quote
Old 11-02-2019, 07:24 AM   #31
Recycles dryer sheets
 
Join Date: May 2019
Posts: 236
I'll say loosely, but my spending doesn't follow my budget, my budget follows my spending, and I only include necessary expenses in my budget. It doesn't include discretionary or savings, but rather shows what is left over for discretionary and savings.

In other words, I'm already a frugal spender, and my budget is a minimum required spending on average to pay the necessary bills (including sinking funds for long term expenses), and whatever is left, can be saved or spent on discretionary. I saved over 80% last year with minimal discretionary, so I'm not the type of person that needs a budget to keep my spending in check.

My budget for required expenses in the last year has been running around $1250/mo, and that's including sinking funds but excludes any charity/insurance which is taken out of my paycheck before I receive it, or that figure jumps up to about $1300/mo.
GenXguy is offline   Reply With Quote
Old 11-02-2019, 07:47 AM   #32
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 3,901
The closest we get to budgeting is tracking "Roughly" what we spend on whatever in Quicken, then doing absolutely nothing with the data. Not sure what this is called other than habit.
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is offline   Reply With Quote
Old 11-02-2019, 08:30 AM   #33
Thinks s/he gets paid by the post
 
Join Date: Apr 2010
Posts: 3,088
Don't have a budget. We have a target annual spend but this is only for determining how much cash to bring down. If we spend more, we bring more cash down.

We only care about the totals. We do keep track of what we spend on food, clothing etc. No spreadsheet. Just a tape on on checking account once a month. Our monthly spend can vary considerably because we sometimes pay larger travel expenses in advance.

We track our investments in a very different fashion!
brett is offline   Reply With Quote
Old 11-02-2019, 09:08 AM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 14,633
We use Excel to budget and track spending in detail, have for decades. We update monthly, but usually only review in detail annually. Monthly review takes a minute or less.

Like others we’re naturally frugal and our spending habits are ingrained. The spreadsheet is just a check to see if we’ve gone off track, and adjust, but it’s rare.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 45% equity funds / 30% bond funds / 25% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 11-02-2019, 09:15 AM   #35
Thinks s/he gets paid by the post
 
Join Date: Dec 2015
Posts: 2,071
I answered "loosely defined"...When I was working and saving for retirement I guess I'd be accurately described as "pay myself first", because I funded my retirement vehicles first, and my lifestyle after that.
Over many years I tracked what I spent, and had a pretty good handle on it when I retired. So I have a good idea that unless I start to go overboard on some discretionary spending, I'll be OK...at the end of the year I review my spending, and I look at what I have left to get me to the end of the highway.

So far so good, but it's pretty loose at this point.
HadEnuff is offline   Reply With Quote
Old 11-02-2019, 09:24 AM   #36
Thinks s/he gets paid by the post
euro's Avatar
 
Join Date: Oct 2015
Posts: 1,297
Quote:
Originally Posted by RobbieB View Post
Budgets?

We don't need no stinkin' budgets -


This +1
euro is offline   Reply With Quote
Old 11-02-2019, 09:51 AM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Nemo2's Avatar
 
Join Date: May 2011
Location: Belleville, ONT
Posts: 6,549
We know how much we can afford to spend, and we spend less than that.
__________________
"Exit, pursued by a bear."

The Winter's Tale, William Shakespeare
Nemo2 is offline   Reply With Quote
Old 11-02-2019, 10:46 AM   #38
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 43,003
I don't have a budget, but I keep a very close eye on every penny that I spend. On the last day of the month I add it all up and compare the monthly total (and year-so-far total) with previous months and years. If I am not happy with what I am seeing, then I delay discretionary purchases until things smooth out.

Works for me, but then I have few desires so I am not spending anywhere near what FIRECalc says I could.
__________________
I have drunken deep of joy,
And I will taste no other wine tonight.

― Percy Bysshe Shelley
W2R is offline   Reply With Quote
Old 11-02-2019, 10:53 AM   #39
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Location: Milford
Posts: 12,745
I have a spreadsheet of my own devising. At the beginning of every year, I insert my estimate as to the annual spend for every category, which is based largely on the prior year plus or minus anything I know will change. Then I track every penny as it is spent. My estimates are usually accurate to within a few percent.

That said, we don't actually "budget". We spend whatever we want on whatever we want. I just happen to know fairly closely what that likely will end up being. If we go over, I don't really care, since it is always less than we have available to spend.
__________________
Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote
Old 11-02-2019, 10:57 AM   #40
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 13,880
Quote:
Originally Posted by Gumby View Post
I have a spreadsheet of my own devising. At the beginning of every year, I insert my estimate as to the annual spend for every category, which is based largely on the prior year plus or minus anything I know will change. Then I track every penny as it is spent. My estimates are usually accurate to within a few percent.

That said, we don't actually "budget". We spend whatever we want on whatever we want. I just happen to know fairly closely what that likely will end up being. If we go over, I don't really care, since it is always less than we have available to spend.
This is what I do.
It's kind of fun seeing how close my estimates for each spending category are to the actual expenditures, but I'm happy to adjust them during the year as needed.
__________________

__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Retirement budget: Do you budget clothes, gifts, etc? Shabby FIRE and Money 70 07-31-2017 11:58 AM
Anyone envelope budget / bucket budget? Seeking a way to replace YNAB Sunny FIRE and Money 20 09-08-2016 02:16 PM
Poll: Do you use Quicken (or commercial equiv) to track spending/budget? Midpack FIRE and Money 83 04-18-2012 07:05 AM

» Quick Links

 
All times are GMT -6. The time now is 05:09 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
×