I was wondering if you all follow a budget during the week? We do here. I have a certain amount for the week. We really try not to go over that and we seem to do pretty good for the most part. So do you follow a budget and if so does it seem to work for you?

Yes, and sometimes.

I tend to want to save, my wife tends to want to spend. It's at odd times when I want to spend too where we get in trouble. Basically though, we set an allowance for each other after our major purchases are taken care of. It works out so that if you have cash on hand you can spend, if you don't, then you can't.

That's funny because my husband is the spender in our family. I really have to watch him at times because he will go through these periods where he just constantly wants to spend.

We need to have a better budget than we do. Well, any budget would be better than what we have. We know what bills need to be paid when, and try our darnedest to get them paid on time. It doesn't always work that way, though.

A budget doesn't have to be strict but should be used more as a guide. Just like going on a diet. Diets don't work but balance does. So if you see you are spending past your estimates, then you know you should slow down. Yes, I have a guided budget.
IRene

I meant to add that one needs to enjoy their life also. So be realistic on your estimates but not to the point that you stifle your life's enjoyment.
Irene

You are right that when you have a budget you still want to be able to do things. But it is finding that fine line on what you really want to do versus something you think you want to do. I hope that makes sense.

I totally agree with you. However, that goes beyone just having a budget. One should apply a balance of discipline and pleasure in everything they do.

currently 25% of our income goes to rent
20% goes towards debt (sometimes more if we use the credit card)
30% goes towards living expenses and gas
10% goes towards church
3% goes towards us as disposable income
12% gets funneled back into our checking for some added cushion, or into savings.

Ideally we could take that debt money and pay ourselves with it.

The most financially successful clients I have ALL have budgets. It may not be strict, but it's there and they know exactly where money is flowing in and out.

Mark A has the right idea... knowing what % of your budget goes towards a particular expense. This can help put things in perspective. Mine is pretty similar:
20% Housing
30% Living Expenses
10% Church/Donations
20% Savings/Investments
10% Revolving Debt
10% Business Reinvestment

Another good pointer is to keep a past history of your budget. I have my personal budget on printout going back 7 years. I can go back to 2000 and see what I was paying towards gasoline (you don't want to know!) and compare it to today. It gives me an idea of my Personal Inflation Rate, which is more realistic than CPI.