Applying the Ryan-Murray Budget Principles to My Home Budget
In my home we have a budget, my wife and I have spent hours looking at past spending habits, reviewing our bills, and deciding how we want to spend our money for the next year. Just like many other families we also have debt, more debt than we should and certainly more debt than we would like, so paying off that debt is often a major topic of discussion when we set our budget.
My wife, who is the more responsible person in this negotiation, always advocates for reducing our spending, putting off the purchase of a new car, and putting any extra money into paying down our debt. In her plan our family sacrifices some of our wants and even needs to reduce our debt which everyone agrees is a good thing. Everyone understands that debt can be a huge problem if hard times hit our family such as illness or a job loss.
There comes a time when as a family we must realize that the spending we've done in the past is going to negatively affect our future. If we don't stop spending money we don't have and start paying for those things we've bought with credit our kids future is in jeopardy. But even though I believe my wife is correct I don't really like doing without. I want a new truck, a new gun, a vacation this summer, and my list goes on and on. After all, I work hard and deserve some of these extras in life.
So sometimes our budget negotiations get a little heated because my wife wants to deny me the things I deserve. So this year we've decided to learn from our leaders in Congress and apply the Ryan-Murray Prinicples to our family budget.
- Step One: We acknowledge that we are a financially divided household and that both of us are going to take some hits. (I'm not sure what this accomplishes but it must be important because Paul Ryan said it)
- Step Two: I promise to reduce my planned increases in spending over the next 10 years, starting in 2 years
- Step Three: I agree that my employer will pay me more money (that negotiation is still pending)
- Step Four: We increase our household spending over the next 2 years. (because having a 2 year plan will make everyone feel better according to Mississippi Congressman Alan Nunnelee)
- Step Five: We apply for 3 additional credit cards to handle the increased spending over the next 2 years
I know that this is not a perfect budget but according to Paul Ryan it's a step in the right directions. As a country or as a family we can not be expected to simply make a large change in our spending habits because we might experience some pain. We have two kids leaving for college in the next two years and we really need their vote for parents of the year. If we make them suffer too much we would never get their vote.
I'll let you know how this works out for our family.