Hello I’m new here. I see there is a budgeting forum. I am wondering how budgeting could help me.
I use Gnucash to track all my expenses. My goal each month is to spend $0 per month of discretionary spending. So far I’ve done that this month. I have a year long goal of no fast food, convenience food, dining.
I save about 50-60% of my Social Security Disability check each month.
Since I track all my expenses in Gnucash, and only buy the necesseties (and am perfectly content with the necessities) I know my mandatory monthly expenses are approximately $1500.
So I put the other $1500-1800 into emergency fund, I-Bonds, Mortgage Fast Pay and Index Funds / Stocks.
Do I need a budget? The only discretionary things I buy are investments I wrote up an Investment Policy / Plan for myself so I have the asset prioritization and allocation worked out.
Very rarely I might buy a discretionary item but I try and buy it used at below fair market value to save as much money as possible If I need to pull cash from the emergency fund for this I will, then replenish that fund the following month. Occasionally we might take a short trip to another state for a weekend vacay… maybe once every couple years. Going to Omaha, NE next year – love Warren Buffet
Here is a screenshot of my Profit & Loss statement for the current month in Gnucash. I’ll spend about $200 more in groceries and phone bill will be around $12. And that’s about it for the expenses this month.
My only debt is my mortgage and I owe like $40k on it.