For the first time in our married lives, we have done our family budget. And after only 23 years of marriage and 5 children. Whilst this may not be exactly Speedy Gonzales’ style, at least it will give us a chance to find out if the old adage “Better late than never” is indeed true.
I must admit, I was pushed into this by some great posts that I read in the blogs on preparing for self employment.
Then we sort of stress tested our budget. I thought we had it pretty much pared to the bone, when along came Clever Dude’s three parter on “What could you give up if you were in financial trouble”.
The Dude classified the expenses as luxuries, semi luxuries and essentials. We can guess which would go, if push came to shove. The surgical, practical and unemotional cuts suggested by Clever Dude made me wonder if I could cut more.
I also like Moolanomy’s useful idea to apply the Pareto Principle to rank our expenses and direct our focus on the bigger hitters.
So it is back to the drawing board.
Another 2008 financial goal is going to be cutting down our monthly budget. How, by how much and by when will have to be agreed upon after discussions with my better half.
After all, we now have some great “how to” guides.
Ribuan terima kasih, guys. (This is how we offer a thousand thanks in my country).