Budgeting help please!!

snuffilin

Hi everyone,

I have been lurking for about a year now trying to use all the hint and tips off these boards but there is one area where I fail miserably month after month: BUDGETING.

I always try at the beginning of the month but loose track and by the end of the month it is caos again.

Does anybody have a good excel spread sheet for tracking your money on a monthly basis that can be updated everyday? Then I promise I'll do it If you do is there any chance you could post it here? I would be eternally grateful!

Oh, by the way I am no genius with computers (to say the least) so it needs to be really simple to manage. And as you have probably already guessed there is no point suggesting I make my own, I'm no good:(

Anyway, I am looking forward to your replies they are always brilliant and if anyone has any other ideas on how to stay on track with budgeting please feel free to come with suggestions.


Lots of hugs

Snuffi

Rafter

Snuffi,

It isn't easy - particulary if use use credit cards and your current account for spending.

The easiest way is to separate your regular outgoings from your irregular ones and make sure you know how much you can spend each week on food, clothes and other stuff, holding some buy to cover unexpected bills etc.

So if you earn £1000 a month and have £600 a month bills for rent/mortgage, utlities, council tax, insurance etc. You basically have £100 a week for everything else.

Say you want to put aside £100 a month to cover unexpected bills or just to save that leaves you £75 a week for all your food, entertainment clothing and other expenses.

Much easier to budget this way than have everything all mixed up in your current account.

R.

dave76

I have been able to keep track of things a bit better since I moved most of my standing orders and direct debits to the day after I get paid* - there are still a couple I could do with moving (some places dont seem be willing to let you move the date though), but once most have gone out you know whats left in your bank is pretty much yours to spend rather than money going out throughout the month you have no control over.

Checking online banking on a regular basis is a good habit to get into too - I probably log on most days to see when stuff has gone out.


* Not sure how good an idea this is - if the pay is delayed for some reason I guess I have to cope with the consequences of going overdrawn of rejected payments? Perhaps it should be at least a few days after I get payed, but the important thing for me is they all go out pretty much together.

Tondella

dave76 wrote:

I have been able to keep track of things a bit better since I moved most of my standing orders and direct debits to the day after I get paid* - there are still a couple I could do with moving (some places dont seem be willing to let you move the date though), but once most have gone out you know whats left in your bank is pretty much yours to spend rather than money going out throughout the month you have no control over.

dave76 wrote:

Hi dave76, to get over having direct debits coming out throughout the month I have set up a second bank account with my bank, which I pay into at the start of the month, this account has all the direct debits set up to it and so even if the DD is taken in the middle of the month it all just sits there waiting to go. The money left in my first account is mine to spend in the month. I also make lots of use of online banking, it really helps to see what payments have been made and which are outstanding

skintchick

My DDs and SOs all go out at different times, I just what's suggested above - take off everything thathas to go out, then in my diary I have a bit of paper that says October available cash,a nd the figure I have to spend on food, fuel, me.

Then every time I spend something, I write it down, deduct from the total and always know where I am. Plus it's very portable!

If you ask over on Debt-free wannabe they might have an excel sheet though - it's a better board to ask this type of question on.

YorkshireBoy

snuffilin wrote:

Does anybody have a good excel spread sheet for tracking your money on a monthly basis that can be updated everyday?

Why make your own (or use someone elses) when you can use Microsoft Money.

You can pick up a copy (no pun intended!) at your local computer fair for next to nothing.

10 minutes a day is all it takes to keep everything updated, and you can budget/forecast 12 months ahead.

System

Is this the sort of thing you want?

Darryl

Suffilin

Judi beat me too it, but I too suggest you try Martin's Budget Planner spreadsheet (that Judi's message links to). You might also want to read Martin's Budgeting guide
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1089226742,17582,

Bear in mind that a spreadsheet isn't the whole answer. Keeping track of irregular spending (as Rafter suggests) is key.

HTH

Darryl.

snuffilin

Hi Guys!

Thank you all for your replies, all very helpfull!

I have had a look at a few of the ideas suggested and I have found one that I think will work:) as long as I do my bit.

I have tried Martins Budget sheet but need something I can update daily, have also tried Microsoft Money but what can I say, too complicated

Have decided to start using a second bank account for household and spending money ( have an account already that I rarely use) then leave the rest for all DD's and SO's to be paid. I also have a DD into my savings account every week that will be deducted from my current account.

I hope this in combination with the brilliant spreadsheet I found ( loadsabob, you are a star!! ) means I can finally become organized with my money.

Anyway, wish me luck and again thank you all so much for taking the time to help me out.


Lots of hugs,

Snuffi

Darryl

Good luck. Let us know how you get on.