Budget help please?

Shelldean

I need some advice please and what better place to ask?

My OH job pays him each mth on a differing date. Can be anywhere between 15 & 20 of each mth. Coupled into this our CTC is paid 4 wkly as is the CB so the dates for these move also each mth. For some reason WFTC ( tiny amount) paid weekly.

I'm finding it really hard to budget and more importantly to stay in any budget. Usually towards the time OH is due to be paid we've pence leaft of our OD and I'm watching the account like a hawk to avoid going over OD limit and getting charged. TBH we are managing ( by permantly using the OD) but I'd like to be able to relax a bit.

I've tried doing an SOA but tbh it really confuses me and i end up frustrated by it.
What the best way to budget with these facts? preferably w/o SOA is there a spreadsheet i could use to put when money is due in and when money is due out of our account?

trina2010

it would really help if you could do an SOA, no one can help you if they dont know where all your money is going. dates dont matter, it isnt about surviving to the dates its about how you spend across the month as a whole.

SOA simply wants the info of how much you earn and how much you spend each month, if you know how much your rent/mortgage and bills are it shouldnt be too hard.

Give it a fresh look, be calm, look at it logically and start again. That will set you on the road to help, because at the minute theres absolutely nothing anyone can say to help you.

Shelldean

thanks Trina

I knew someone was gonna say that LOL one problem is that i don't know how much I spend on shopping cos i just get what i need when i need it (if that makes sense?) How much should i be spending on shopping ? 2 adults and 4 kids (16, 13,13 & 10) and the oldest 3 eat like adults
Wil try SOA tonight once kids are out of the way

Naarwich

Another tip that I've found useful is to keep bills & spending money seperate. If you have DD's they are normally on a set date so you know how much you need in your account on any given day. Your other account is where you place all spare cash for groceries etc. This has really helped us get to grips with how much cash we have available at any given time in a month.

The first step though to understanding how much you need in your bills account though is to complete your SOA. Take your time over it and have everything to hand and hopefully it shouldn't be too daunting. Good luck!

Shelldean

must add that this mth I actually did manage to have 100 left in the OD, So while we was still OD it was by 100 less this mth, so I know I'm on the right road

trina2010

have a look over your past couple of months bank statements and try to pinpoint where your spending is if you can, take a highlighter to it and make it as colourful as you can. shopping 1 colour, bills another etc. That should help total things up a bit and give a rough idea where your money is going, thats the real first step.

Shelldean

A quick question, prob obvious answer but.......... when working out my SOA, and putting in my CB & CTC benefits, they are paid 4 wkly so do i x13 then divide by 12? or just put in what i get 4wkly as the mthly amount?

trina2010

i would just put in the 4 weekly, work with the smallest amount you would be getting as some months are 4 weekly, so you arent left short in these months

Shelldean

Thanks Trina

TurnaroundSue

Hi and welcome to the boards. I agree that we really need to see your SOA first so that we can help you best way we can. It would also help if you kept a spending diary where you where you right everything down, and I mean everything, from that bar of chocolate, to the new pair of shoes. This helps you see where all the money goes each month and if you are spending say £30 on chocolate you know what you need to do!!

Also is it possible to look at your statements for the last couple of months and work out roughly how much you are spending on food. Pop over to the Old style moneysaving board and there challenges on there to help you keep within budget as well as a wealth of information on how to make a meal out of peanuts.

Well done, you are in the right place and with all the support and great advice you will receive you will be a pro at budgeting in no time - good luck!

Shelldean

Thanks TurnaroundSue,

Will have another go at SOA later, gotta to stop kids fighting now:mad: can't think straight with that going on.