Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Sunflowerpatch
    • By Sunflowerpatch 9th Mar 17, 6:11 PM
    • 3Posts
    • 0Thanks
    Sunflowerpatch
    How to make budgeting a reality
    • #1
    • 9th Mar 17, 6:11 PM
    How to make budgeting a reality 9th Mar 17 at 6:11 PM
    Hi, I have been keeping a very tight record of everything I spend for the last 3 years and I know I have over spent on eating out so this year I have cut that and am cooking everything at home. I want advice on how to budget properly and how to stick to it. Is there someone out there not necessarily an accountant, who can help with sorting out the budget from what the actual spend is and help me to go forward?
Page 1
    • copperclock
    • By copperclock 9th Mar 17, 6:39 PM
    • 144 Posts
    • 150 Thanks
    copperclock
    • #2
    • 9th Mar 17, 6:39 PM
    • #2
    • 9th Mar 17, 6:39 PM
    You might have more luck on the Old School Moneysaving boards. Or, if you're in debt try the Debt Free Wannabe board.
    • datlex
    • By datlex 9th Mar 17, 7:13 PM
    • 1,210 Posts
    • 1,040 Thanks
    datlex
    • #3
    • 9th Mar 17, 7:13 PM
    • #3
    • 9th Mar 17, 7:13 PM
    You might have more luck on the Old School Moneysaving boards. Or, if you're in debt try the Debt Free Wannabe board.
    Originally posted by copperclock
    Not sure if you have noticed the title of the board, however this is the "budgeting" board so the OP has posted in the correct place!. The fact that the vast majority of posts are around banking is irrelevant.

    I would say OP the best way to budget is to piggy bank. Put money aside into separate accounts or into jars (whatever works for you) at the start of your pay period. Then only allow yourself to spend the amount in that pot (physical or account) on the specific thing it is allocated towards. Having everything in one place leaves you open to temptation to over spend on your budget.
    • Sunflowerpatch
    • By Sunflowerpatch 10th Mar 17, 6:23 AM
    • 3 Posts
    • 0 Thanks
    Sunflowerpatch
    • #4
    • 10th Mar 17, 6:23 AM
    • #4
    • 10th Mar 17, 6:23 AM
    Thank you this is a good idea!
    • Sunflowerpatch
    • By Sunflowerpatch 10th Mar 17, 7:31 AM
    • 3 Posts
    • 0 Thanks
    Sunflowerpatch
    • #5
    • 10th Mar 17, 7:31 AM
    • #5
    • 10th Mar 17, 7:31 AM
    I have been thinking an issue I have is that money comes in over the month in bits. Any idea on how to do that?
    • Jo Blogs
    • By Jo Blogs 10th Mar 17, 7:44 AM
    • 647 Posts
    • 2,061 Thanks
    Jo Blogs
    • #6
    • 10th Mar 17, 7:44 AM
    • #6
    • 10th Mar 17, 7:44 AM
    I have been thinking an issue I have is that money comes in over the month in bits. Any idea on how to do that?
    Originally posted by Sunflowerpatch
    You could still put money aside into separate accounts / jars as and when it comes in - each pot could equate to a different type of expense
    Saved Nitty Gritty 3895.25 [77.91%] / 5000-[June] 1592.56 for the 'Save 12k in 2017' #157
    2017 Womble #35 3265.97 May NSDs 24/15CCCChl 21/52 weeks
    May PPChl#002 Pts 119
    • Anthorn
    • By Anthorn 10th Mar 17, 8:21 AM
    • 2,999 Posts
    • 775 Thanks
    Anthorn
    • #7
    • 10th Mar 17, 8:21 AM
    • #7
    • 10th Mar 17, 8:21 AM
    I have been thinking an issue I have is that money comes in over the month in bits. Any idea on how to do that?
    Originally posted by Sunflowerpatch
    Snap! I have my pension, part-time wages, rental income from caravans and income from savings accounts all paid on different dates during the month. The turning point for me was leapfrogging over a month so for example in month 3 I spend income from month 1. Or you could spend in month 2 the income from month 1 but there is not so much of a buffer. An idea I got from YNAB. Easy for me to do because I already had savings to smooth over the transition.
    • bobobski
    • By bobobski 11th Mar 17, 8:07 AM
    • 635 Posts
    • 1,422 Thanks
    bobobski
    • #8
    • 11th Mar 17, 8:07 AM
    • #8
    • 11th Mar 17, 8:07 AM
    I believe there is a specific YNAB tutorial on how to budget with irregular income - they're free and you don't need to be a YNAB customer to attend so you could look into that?
    #18: Save 12k in 2017: 4,586.84 / 12,000 (38.22%) | #86: Save 12k in 2016: 8,476.09 / 10,000 (84.76%)
    House deposit by 31/12/2020: 15,458.02 / 60,000 (25.76%) | Emergency fund by 31/12/2020: 871.24 / 5,000 (17.42%)
    • Dobbibill
    • By Dobbibill 11th Mar 17, 9:01 AM
    • 2,136 Posts
    • 3,253 Thanks
    Dobbibill
    • #9
    • 11th Mar 17, 9:01 AM
    • #9
    • 11th Mar 17, 9:01 AM
    I am a fan of the piggybanking method too.

    set out two lists to start with
    1 - all income throughout the month
    2 - all pots you want to fund

    Prioritise the pots eg - bills would be higher up the list than holiday savings simply because bills have a shorter due date but you will only contribute to holiday savings for a longer end goal.

    When the bulk of your money comes in allocate every penny a job - bills, spending money, car repairs, holidays, EF and then allocate it to the pot.
    This can be done manually, via standing orders or a mixture of both.

    There should be one particular income you regard as the main for day to day living and work to that date each month.

    Once you have set it up initially, it will become habit and you won't think about it on a month on month basis.
    • Ken68
    • By Ken68 11th Mar 17, 11:36 AM
    • 6,214 Posts
    • 3,929 Thanks
    Ken68
    Hi SP...you need also to identify and list the cheaper/cheapest alternatives for each spend.
    • datlex
    • By datlex 11th Mar 17, 11:42 AM
    • 1,210 Posts
    • 1,040 Thanks
    datlex
    I have been thinking an issue I have is that money comes in over the month in bits. Any idea on how to do that?
    Originally posted by Sunflowerpatch
    You could still put money aside into separate accounts / jars as and when it comes in - each pot could equate to a different type of expense
    Originally posted by Jo Blogs
    I get paid weekly too. To be honest I would not like to go back to monthly pay. I find my money goes further being paid weekly as I have to be organised to ensure bills are covered.

    I have a pay/spends allocation account, a bills holding account (where my money goes ready to be allocated to bills), various bill paying accounts (for rewards), savings accounts, card mirroring account (when I make a payment on my card I transfer in money into this account from my spends allocation or for larger saved for purchases a savings account so that when the card bill comes it can be paid IN FULL no direct debits come out of this nor do I withdraw cash or spend on this account).

    My pay/spends account is where my weekly pay comes in. On pay day, I transfer a set amount into my bills holding account and a different amount into the savings account (this is a set amount plus any unspent funds from end of the last week). I am then left with a set amount I can spend. (Note CAN not MUST)

    In order to work out how much I need to transfer each week into my bills holding account I have a spreadsheet. The amount does not vary each week and can be higher or lower than bills due this week. Over the month it is sufficient to cover all payments plus a built in extra.

    The spreadsheet also shows when each direct debit is due from each of my bill paying accounts. On the pay day before the first payment is due on any account, I make a payment from my bills holding account to that account which will cover all payments due from that account for the month. This is repeated for each account.

    I usual do it whilst having breakfast or on the way to work. (depending on what I am having for breakfast
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,140Posts Today

6,318Users online

Martin's Twitter
  • Just leaving Manchester after the funeral of my beloved grandma Gladys who passed away last night. https://t.co/nuC9ry5mP6

  • The strange thing with a 4yr old is having to play & smile while inside feeling sick for those in trauma in my birth town #Manchester

  • Just a quick ta-ta for now. I'm taking the week off for family time with mini and Mrs MSE. So I won't be here much. Back after the bank hol

  • Follow Martin