TOTAL budget, not just household???

calleyw

Don't forget that somethings are paid over 10 months.

In my old place Council Tax and water rates where over 10 months so we had two free months which allowed us to pay for extras like having gas boiler serviced or towards holiday etc.

As I said I am tight according to my husband he is surprised that I don't squeak when I move :snow_laug

I allow approx £5 per person for birthday/Christmas. Does not sound a lot and sometimes I do go over by a pound or two. But like this year I am using £10 in boots vouchers earned from points as part of two presents so I can over spend if a little bit on the others if needed. And I always try and buy through out the year. And always look around for deep discounts on items as it means you can buy a little more and make it look like you have spent an arm and leg.

Me and my Husband have a rule that for christmas for each other we spend no more than £10. We have valentines day/Wedding anniversary and his birthday all with in 35 days. So that is a £5 spend on each occasion.

But the way I get around this is if I buy on-line I don't included the cost of postage in the present as if went and bought it in the shop it takes time and money to pay for parking and wear and tear on the car.

Also agree about the positive deficit. Example you have £360 food budget but you know that you can do it £330 then you have a spare £30 with out really trying. Which can then be used for things such as birthdays or the odd treat.

Yours


Calley

MrsB_2

kiwichick wrote:

YIKES- NO I HADN'T.

Are you trying to put me into an early grave??? I'm only 26 you know.

Edit - Now it £86.25!

Sorry love, but I always find it's occaisions like that which catch me out - best to be prepared!! Says she who has never done an annual budget!!! :rudolf:

Spendless

kiwichick wrote:

.

There are also preschool fees for the under 3's, playgroup etc for the younger 2.

IT NEVER ENDS!!!

When are the 2 year olds 3? There is non means tested funding available in pre-schools in term-time term after their 3rd birthday.

System

Dont forget, most banks do online savings accounts that you can use to transfer your little bits and peices into. I have 6.

I work mine like this :

1. Savings account

2. Family Allowance and Tax Credit (That pays for the kids stuff)

3. Credit Card (Pay for stuff on my cashback credit card and decant it into there when i get home so i can pay the lot off)

4. Building/Contents Insurance

5. Car (Car tax and insurance)

6. DJ (Thats my grandson. I put in a small amount in each week towards my grandsons trust fund)

All you need to do is work out how much you need to put in these accounts weekly. It seems a bit of a faff, but at least i dont get any huge bills at the end of the year but it also means i have very little money in my current account.

kiwichick

Spendless wrote:

When are the 2 year olds 3? There is non means tested funding available in pre-schools in term-time term after their 3rd birthday.

DS isnt 3 until July, he wont be at preschool till the new year but I need to factor the cost in now. DD1 is 3 so we get funded for her.

black-saturn

The best thing I ever did to help with my finances was get rid of the car. I got rid of it to help me pay the debt off. I paid it all off in about a year and then realised I didnt really need or miss a car. So I never got another one. Before that I was forever forking out for petrol, MOT's, Tax and repairs. That takes a serious chunk out of your money.

System

black-saturn wrote:

The best thing I ever did to help with my finances was get rid of the car. I got rid of it to help me pay the debt off. I paid it all off in about a year and then realised I didnt really need or miss a car. So I never got another one. Before that I was forever forking out for petrol, MOT's, Tax and repairs. That takes a serious chunk out of your money.

Too right, up until recently we were running two motors when only one of us drives. A serious chunk out of MrJudis earnings were used to keep the two cars on the road.

Sweet_Pea_2

I've always budgeted my money, I got into the habit as soon as I started to work, and I can't get out of it!
The way we do it is this,
We have a joint current account that our salaries, child benefit and tax credit gets paid in to. We have another current account that is just for direct debits. OH gets paid on 20th, on 22nd a transfer goes between the two accounts and covers all the dd's. I have everything I can on dd, ie gas and elec etc. Another transfer goes out on 22nd to our building society account. This is for;- car tax, insurance, servicing costs (just divide the annual bill by 12 adding a little extra) and also savings per month to replace both the cars. By using this method we have avoided ever having a car loan/finance. This account also has savings for Xmas (presents/food/xmas outing and panto trip) and holidays.
A third transfer goes into my own personal current account and covers kids swimming/dancing and brownies.
After these transfers have gone out I look at what is left in the first current account and from this I work out how much I need for petrol/food/visa bills (I pay them off every month) clothing/haircuts, pocket money and a bit for a "kitty" to cover everything else I might not have budgeted for! Any left over after that gets saved into my ISA.
I use microsoft money to work it all out, I have the building society account set up in money with little "sub" accounts so I can see at a glance how much I have saved up for my cars servicing costs for example it if breaks down.

From the above you might come to the conclusion I am really organized. I think its a bit obsessive really, I have always managed our money like this, pre computer I had it all down on paper! BUT I cant save if I haven't got a specific thing to save for so we have no debts (apart from the mortgage) but not a lot to speak of in the way of rainy day savings. Which is where MSE comes in as I really want to change all that!

Spendless

kiwichick wrote:

DS isnt 3 until July, he wont be at preschool till the new year but I need to factor the cost in now. DD1 is 3 so we get funded for her.

Does your OH employer offer childcare vouchers and if so would the pre-school accept them? You can salary sacrifice upto £50 a week in return for vouchers and the money sacrificed is tax and NI exempt. Word of warning though, you need to make sure doing this won't affect you tax credit entitlement. martin has an article on it (which explains things far better than I can).

Yorkielass

Our financial stuff is a bit funny at the moment as having only moved a few months ago we're not entirely sure how our electricity will work out per month (was included in rent at last place) and we've got a water meter for the first time too. At the moment OH and I have seperate accounts and whoever pays a bill out of their account the other transfers half of the amount into it to cover it - luckily both with same bank so instantaneous - not very efficient I know but when we get married next summer we'll sort it all out then.

Anyway not doing too badly but next year would really like to put aside so much each month for birthdays and Christmas presents.

So how does this ING account work? Do I open 1 account and then have these 'pots' in it or do I set up different accounts with different account numbers etc for each?