We finished our review of our budget to see how to create our 2009 financial goals: the good, the bad, and the ugly. The good news is we’re spending less than what we earn. We’re not sliding into more debt and stressing out over bills. The bad news is that we weren’t as frugal as we had hoped. Being frugal to me is gaining the most value for what you spend; not just being cheap. The ‘ugly’ part was seeing how much money we were spending eating out dinner with friends. We were off budget for some months and realized if we had cut our eating out expense in half, we could’ve paid off the car loan by December. 
I’m not too crazy about that discovery, but I’m glad we set the time to look at the budget together. Talking it helps with accountability and, for us at least, gives motivation to improve. We didn’t argue or blame each other for the mistakes. If you’re about to talk over your family budget, you may want to review our post on handling money topics as a couple. It had some tips, such as:
- Introduce your concern with politeness and respect. Money can be a delicate subject, as most of us building on what little foundation we learned from our parents.
- Try framing it as a ‘we’ issue. It is easier to handle a situation when you’re both on the same page. I really think this tip is a huge help. You’re a team and the team wins or loses, not the players.
- Decide on your long & short term financial goals. Don’t just assume that both of you want the same things. Talk about it and prioritize what is important.
- Write down your priorities after you’ve made an agreement. This is a great way to keep track of how you’re doing and it”ll help keep you two on the same page.
If you just finished your personal or family budget review, please leave a comment with any tips that you have.
Photo Credit: net_efekt
Special Announcement:
New Baby Alert! Congrats to the Caveman Family with their new beautiful Baby Girl!
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- My S.M.A.R.T. Goals for 2009
- Out with the old and in with the new
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- 2008: A Look Back at Being Frugal.net
- Reflecting On Goals For 2008 and Moving On To 2009
- Do You Switch “Frugal Mode” On When You Come Back from Vacation?
Have a great weekend. I hope to hear from you guys!
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Thanks! She’s now 1 week old and doing great. She’s a healthy, happy, and (best of all) quiet baby.
Big sister is starting to get adjusted, so it’s good that the family is coming together.
Sometimes little things just slip through. I’m confident that if you keep your discipline up, you’ll have no problem overcoming your financial problems.
@Caveman: I’m happy the family is doing well. Make sure you take lots of pictures!
@Trevor: I appreciate the vote of confidence Trevor!
I wouldn’t get down on yourself. Like you mentioned, you didn’t go more into debt which was probably your biggest goal. Now you can visually see what you need to work on to improve for this upcoming year. Cook in more and make going out to dinner more of a reward and you will hit your goal even more so.
@Craig: Thanks for the support! I just wished we had a bit more self-discipline. What are your plans this year?
@green panda you guys will be fine. I would like to get my Simple IRA going again, I have not started a roll over account from my previous job, need to look into that. I am working on saving up for some big vacation at some point this year if I can get the time off. Other than that I am stable right now, have no debt. Living a more paycheck to paycheck lifestyle but am lucky I have a lot saved up from living at home from a year. Unless I get a raise (doubtful) I don’t think I can really add to my savings.
@ Craig: I hope you get to take your vacation. Congrats on being debt-free!