how do you budget your money?

[broodylocket]

well im such a idiot when it comes to budgeting. have u found a way how to do it or an easier way of doing it?

 

[LankyDoodle]

All I do is an Excel Spreadsheet with our income and outgoings.

I do one about every 2-3 months, updating it when we change our provider of certain products like utilities. I know exactly what we spend on some things each month and roughly what we spend on others, and they are things that are non-negotiable (utilities, internet/phone package, petrol, food), and then I allow a budget for general spending (clothes, going out etc) and that amount gets transferred from our current account to our savings account once a month.

I know my husband's exact take-home pay/petrol allowance, but he does occasional overtime and is given odd bonuses which we just guess as they are not regular. My own income varies a little and obviously with my maternity leave, I won't know exactly what I will be getting. I put those onto another side of the spreadsheet and always ensure we have about a £100 between what we have coming in and what is going out. To do this, I often have to completely cut things out.

 

[lesleyann]

i have an exel sheet.

All bills go on the first and thats all listed down one side.. In the middle we have all ingoings then deduct the bills off it to see how much we are left with.

Then i next to incoming money i have a budget worked out with the left over money and then deduct the part off the left over money.


Hope that made sence lol

 

[lauren-kate]

We worked out a budget beforehand, and then OH used online banking to divide the main account into several smaller ones (he has a card for each which are labelled). Then each card/account is used for something different. i.e. food shopping, days out, nappies and wipes, car money (petrol and maintenance), bills.. can't remember what the others are tbh lol.

When money goes into the account it is automatically (I think.. or OH does it which is pretty much the same thing to me!) split into so much per card.

 

[happynbubbly]

I do mine kinda different than all of those because I can't be bothered with Excel, and I like to uber-simplify. So here goes. I get all my bills and divide them between my paychecks. I get paid every other friday. So my rent is $500/month. Utilities, and everything else is like $250. I get paid roughly $800 per paycheck. So, for rent I set aside $250 per paycheck ahead of time, then it gets taken out in a money order, so I can't spend it. Then I divide up my bills from there and pay as I go. I guess it works out, because so far I haven't had my electricity turned off I also have mobile alerts on my phone for if it goes under $200. That's just so I don't end up with over-drafts. I can't afford giving over money to the bank.

 

[stephwiggy]

i owuld say for us being a cash family works - literally take out what you have left aftre direct debits - and the cash has to last the month - i have some envelopes i use - ie petrol - spends - emergancy money - spare

 

[Eelis]

All I do is an Excel Spreadsheet with our income and outgoings.

Aye I do this. On my pay day I sit down with my spread sheet, work out every bill needs to be paid out that month, move it all into a second account (just an easy access saver) and then whatever is left in my current account I divide by the weeks left and thats my money for misc stuff/birthday presents/going out etc.

Anything that isnt paid monthly, say like the Water Bill (quaterly) or Aeryns swimming club (paid each term) I have a set amount I save each month to cover it. I also try and "over save" a bit too so that there won't ever be any problems with falling short for the bill and I'm slowly building up a bit of a buffer zone in my second account (for that emergancy that will no doubt come up).

I got an online banking account so I can just sort things out quickly at home too. Makes life much easier.

 

[broodylocket]

thanks, as im moving into a place, i dont have to worry about water, electric or gas. i just need to top up my rent £9 per week and pay for a tv licence. and of course food and stuff.

but if i see money in my account i want to spend it but the ideas above are really good and will be doing it. thanks xx

 

[Kipani81]

i owuld say for us being a cash family works - literally take out what you have left aftre direct debits - and the cash has to last the month - i have some envelopes i use - ie petrol - spends - emergancy money - spare

I use the cash method also helps you not overspend when you see how much you have left if that makes sense lol Dave Ramsey has a great budget program you can look him up online and get some ideas, we now are debt free,
got rid of all our credit cards!! yay and have a nice amount in savings, because we found his system, never tried excel but i think as long as you do some kind of budget it should help sorry so long...