What's your reaction to going over-budget?

[midjd]

If I go a little over, I don't really worry about it - more of an "Oh well, guess I'll try harder next month." Though if I do notice myself getting close, I try to put the reins on near the end of the month. I don't usually roll over the extra balance into the next month (except for SLs, since I have 1 due monthly and 1 due quarterly).

This would probably change if we were closer to the edge... in that situation I think I'd be more strict in rolling over the extra balance and trying to decrease the next month's expenditures.

How about you guys?

[busymom]

I HATE going over budget! Not that you can always anticipate problems, like the car breaking down, or whatever...

[Gardening Grandma]

I don't worry about it too much, unless I start seeing a pattern. If we are consistently going over in one category, then perhaps I need to adjust the budgeted amount to be more realistic. If I can point to a specific reason, and it's not likely to recur, I don't worry about it.

In Nov and Dec, I always go over budget on food, but since I'm usually under budget the rest of the year, I don't worry about it.

I'm more concerned if it starts becoming a pattern. This month, it's clear that we will spend more on gas than is budgeted. Unless gas prices start coming down, I'm going to have to adjust the budget to reflect that reality, since we aren't going to drive less.

[Deleted]

We haven't had that happen in quite some time.
But, if it did, I think we have enough in savings and/or emergency fund to cover it.

[swamp]

Budget? What's that?

I dont' have a real strict budget. I pay all the bills, fully fund my retirement, DH's is automatically deducted, save a little, and the rest I do whatever I want with. I guess if we were living a little closer to the edge, I might pay more attention.

[Cookies Galore]

I pimp slap anyone who messes with my budget.

[Miss Tequila]

Dare I admit that I don't have a budget?

[Plain Old Petunia]

I have only had a budget since December of 2010. I am 44 and been in charge of my own finances my entire adult life. It always seemed like too much work, until Mint.com came into my life.

I am still fine-tuning. I'm trying to allow myself a little wiggle room, but not too much so that I can make progress on my financial goals.

ETA: In the past, during hard times, on payday I would pay what I had to pay, add a few dollars to savings, then try to figure out how to manage on what was left. During good times, on payday, I would pay what I had to pay, add a nice chunk to savings, then have fun spending the rest. I have always been loathe to pull any money out of savings for any reason, so spending what I have managed to save has never been an issue for me.

But still, an actual written budget is a new thing for me.

[SVT]

I have enough control that I don't really have a "budget". I know how much is needed to pay all the bills/necessities and whatever is left over is used for savings. I realize that the more I spend on wants the less I will have for savings. If I want something, I decide whether it's worth it to have that amount less for savings/investing. Simple enough for me.

My COL currently is $1100/month and that is leaving a little cushion so my checking account will build up a little bit over time, in case something ends up being a little more than usual, such as a utility bill. I get paid twice a month. My pay gets direct deposited into my checking account. Any amount over $550 each pay period I know is money I can do whatever with, whether that's saving/investing it, or spending it on something I want.

Once something (such as gas) increase by a lot consistently, I increase the amount to leave in my checking.

[schildi]

Mar 20, 2011 17:34:33 GMT -5 swamp said:

Budget? What's that?

I dont' have a real strict budget. I pay all the bills, fully fund my retirement, DH's is automatically deducted, save a little, and the rest I do whatever I want with. I guess if we were living a little closer to the edge, I might pay more attention.

Very similar here. We don't have a budget, but rather a savings plan. All "savings" incl. 401(k) (maxed), two Roth IRA's (maxed), extra mortgage payment, and after tax savings and investments are automatic transfers / come directly out of the paycheck. I don't care how we spend the rest. Most of the time, there is then still some money left over in the checking account. That "leftover" in checking is our buffer if something unexpected comes up the next month(s), and it's completely separate from our EF. If that buffer in checking becomes too large, I do a one time transfer of some of it to savings / investments. That trigger amount has been between $3-$6K in the past. If I know something really pricey comes up in the near future, I may wait a little longer.
At the end of the year, we usually have saved / invested a total of around 50% of gross income, give or take a little (incl. retirement accounts). This way, we have never really gone "over budget". Different things work for different people. Our spending is soooo different month after month, it would be a real pain to have a strict budget imo.

[Gardening Grandma]

I don't have a budget because I lack control. I have a budget because it gives me a ready response to the question DH asks from time to time, "Where did all the money go"

Patstab, you are doing better than I am on groceries. I budget $600 /mo for the two of us. We also eat a lot of fresh/organic produce and I'm not going to change that. If I had to I'm sure I could cut that down by a third, but I'll cut somewhere else first.

[schildi]

Mar 20, 2011 20:54:26 GMT -5 Gardening Grandma said:

I don't have a budget because I lack control. I have a budget because it gives me a ready response to the question DH asks from time to time, "Where did all the money go"

Patstab, you are doing better than I am on groceries. I budget $600 /mo for the two of us. We also eat a lot of fresh/organic produce and I'm not going to change that. If I had to I'm sure I could cut that down by a third, but I'll cut somewhere else first.

Ok. Now I feel a little better. We spend probably $800 - $1,000 a month on groceries for the fours of us (two adults, two younger kids). As you and patriot, we eat only fresh food, nothing processed whenever possible. We are not planning on cutting back on that either.

[azphx1972]

I don't really keep a budget per se, but I know what I typically spend each month on expenses because I track my spending. I'm currently spending approximately 1/3 of my gross income, paying 1/3 toward income taxes, and saving the remaining 1/3 (including 401k and ROTH IRA contributions). I'm not the impulsive type, so if my expenses are a little higher than normal because I bought something that I've wanted for a while, I don't beat myself up over it.

BTW, my monthly food budget is $650, which includes dining out.

[Deleted]

3-2 years ago living off one income and no savings... I would have freaked out majorly. Now I just say "oh well" and move on.

But it's also depends by how much. My car costs me $1,800 at the beginning of the year and that freaked me out just a bit, but since I had money in savings it was ok. But if I did not, yep, I would have been freaked out MAJORLY!

Now I increased the amount I put in savings for car repairs purposes.

[Deleted]

It completely depends on what I am over budget on and why. If I am not getting value for my money and it is going on junk I put the brakes on. If it is for things I need to get eventually and it just happens to be this month I don't mind. That isn't really over budget, just a timeline pushed forward. I tend to watch what I am spending on groceries and gas. They can get out of hand for no good reason.

[Deleted]

Double post.

[Pants]

It's somewhere between "oh well" and "d@mmit!" depending on the category. I don't mind being overbudget in certain categories: medical, gas, charity, etc. I hate being overbudget in others, especially our big 2: groceries and entertainment. It's very rare that we are going to be over the actual entire budget, because other areas vary month to month, but I hate that we are overbudget in those 2 areas every single month!

[jkapp]

I don't sweat too much about going over budget once in awhile...I do try to make it up over time, though, if I can.

Sometimes deals come up at some places and you just have to break the budget to take advantage of them

[Plain Old Petunia]

Mar 20, 2011 20:05:24 GMT -5 SVT said:

I have enough control that I don't really have a "budget". I know how much is needed to pay all the bills/necessities and whatever is left over is used for savings. I realize that the more I spend on wants the less I will have for savings. If I want something, I decide whether it's worth it to have that amount less for savings/investing. Simple enough for me.

My COL currently is $1100/month and that is leaving a little cushion so my checking account will build up a little bit over time, in case something ends up being a little more than usual, such as a utility bill. I get paid twice a month. My pay gets direct deposited into my checking account. Any amount over $550 each pay period I know is money I can do whatever with, whether that's saving/investing it, or spending it on something I want.

Once something (such as gas) increase by a lot consistently, I increase the amount to leave in my checking.

Wow SVT, you really have a low COL! I would love to know how you manage it. Any pointers you want to share?