Budget Gruel!

What a grueling, grueling task it is to create a budget. I understand better now why I have resisted doing so in the past. For the past three days I've sat down and stared at spreadsheet after spreadsheet, website after website, bill after bill, researching saving plans and debt reduction strategies, combing through our finances with a level of detail that tested the edges of my concentration and my emotional strength. Does that sound dramatic? After all, it's just a list of numbers, right? But those pesky little numbers represent our quality of life, my self-control, my ability to take care of my family, our old age, and the education of our children.

A place for everything, and everything in its place.
I want to give a purpose to every dollar that comes into our lives. The budget I've tailored is a "zero-based budget", where the goal is to have nothing left over. Household Budget Geek writes more about how to set up this kind of budget.

How does my budget compare?
Household Budget Geek has another very helpful post about the recommended budget percentages for the average American family. One of the experts he quotes, Gail Vaz-Oxlade, recommends the following budget break-down:

Housing 35%
Life 25%
Transportation 15%
Debt Repayment 15%
Savings 10%

This is how my budget looks:

Housing 31%
Life 15%
Transportation 5%
Debt Repayment 45%
Savings 4%

This is really helpful and hope-inspiring information for me to have, when I think about my new debt repayment strategy and six-year-plan for repayment. I'm looking forward to a day when those numbers are in a different order!