Budgeting 101

By Rich Lenz, The News On 6

TULSA, OK -- Unlike the federal government, most of us don't have the luxury of running huge deficits. We have to have a budget and stick to it, especially in this economy.

So where do you start?

Noah and Sarah Jurkiewicz are mapping out their future together. 

Someday, it might include a tour of Europe, but for now the young couple is concentrating on mortgages, groceries and student loans. 

"We usually cut corners wherever we can, we don't spend money on things we don't need," Noah Jurkiewicz said. 

"We knew exactly what each other wanted in the marriage as it relates to financing, so I mean, it's been really, really easy," said Sarah Jurkiewicz. 

Money issues and disagreements can cause big problems in a marriage. 

"Money issues are the number one cause of divorce," said Margo Mitchell. 

Though Credit counselor Margo Mitchell is quick to add, it doesn't have to be that way. 

"First thing to do, sit down and talk to each other, turn off the TV," Margo Mitchell said. 

Noah and Sarah do that, they've got a budget, but Margo says there is a good chance they are forgetting some things. 

"Such as car insurance, haircuts, many people forget their pets when they're putting together that budget," said Margo Mitchell. 

And that would not sit well with Petri, the beagle, which brings us to having fun. 

"Everyone needs a little entertainment," said Margo Mitchell. 

It's the old; "all work and no play" is no good, as long as you know when to say no. 

"He's really good at saying no, which is good, that's what I need," said Sarah Jurkiewicz. 

Margo Mitchell says it is best if couples say "yes" to do the bills together.  Save 10 percent of their income for savings and include that as an expense in your budget and then be consistent and patient. 

"Take a deep breath, and realize this is not the end of the world, you can make adjustments and really, after you've done it for one or two months, you get to pat yourself on the back," said Margo Mitchell. 

Sarah graduates in May and hopes to find work as a physical therapist, Noah wants to teach history, in fact, he hand-painted that map of Europe in the study. 

Neither is economist, so having a budget is very important to them.