Help with budgeting

Katerose_2

Is there anyone who can help me with my budgeting? I am trying so hard to work out dates of when would be best for bills and things to go out, based on what I've got coming in, but I can't get my head around all the numbers. Can someone help please?

The problem is, I get paid bi-weekly, my husband gets paid 4-weekly, and the bills all go out on a set date. This is what makes it difficult to figure out what day is best to set the bills to go out, to correspond with when the money comes into our account.

I have problems with concentration and figures. I seem to always have bills going out days before money comes in even though I thought I'd sorted the right dates to correspond with money coming in, I know it sounds absolutely ridiculous but I'm really struggling.

Could someone have a look please? I'd like to attatch a word document with my income and outgoings but don't know how to.

Katerose_2

23rd March -

In = £204

Out =
£25
£10
GE - £105
Petrol - £10
Food - £15
=£165.00

24th March -

In = £70
Out =
Maintenance - £55
Car insurance - £50 - 25th March
=£105.00

27th March -

In =
£700
Out =
British Gas - £57
British Gas - £75

Pet Insurance - £17
Rent - £410
Petrol - £20
Owed - £15
Sky - £20
Food - £40
Phone and Broadband - £37
Debts - £7
= £707.00

30th March -
Out =
Owed - £10
Water - £9

2nd April -
Out =
Home Insurance - £8
T.V. Lisence - £20

3rd April -
In =
£204
£50
Out =
Council Tax - £50

It's just that the dates the money is coming IN aren't always the same dates as it's 4 weekly and bi-weekly that it's paid, whilst the bills are set monthly dates.

[Deleted User]

It really all depends on what you earn and what your husband earns. Are these set amounts? You need to work out what these are and then write a list of all the bills you've got coming out. Write another list of other spends, food, entertainment, petrol etc and then start taking one off the other.

So you start off with husbands X value, take away 2 weeks food, petrol etc until you get paid and you're left with Y. Now look at the bills you've got and pick ones which you can afford to pay and change these dates.

Logically if the the husband gets paid monthly then I'd suggest shifting around half the bills to come out 1-2 days after this date. For me I get paid on the 27th of every month (I can see your husband did as well this month) so how about 29th onwards? You could then possibly shift the other half of the bills 1-2 days after you're paid.

CLAPTON

You need to establish some savings so that the money is always there when you need it... just like monthly paid workers who don't have any money until the end of the month.
No amount of fiddling with DD will help much.

Katerose_2

CLAPTON wrote: »

You need to establish some savings so that the money is always there when you need it... just like monthly paid workers who don't have any money until the end of the month.
No amount of fiddling with DD will help much.

I had feared this. Thanks for your help.

cally6008

If it help you Kate, this is how I've done my planner ...

12 pieces of A4 lined paper with Months across the top and then numbers 1 - 31 as applicable down the side

Then I've made a general list of all the bills and when they go out and how much.

Then I went through every month marking down what day the bill goes out and for how much

Also made a note of when things need renewing (eg, tv license, water rates, when new council tax bill due, mobile phones, car insurance etc)

Then I got a different coloured pen and wrote "Trish Paid" through every month on the day I get paid and "Alan Paid" through the months on Alan's (my OH) payday

It may seem really simple or daft but it does work. I use online banking to check the bills went out for the correct amount and to work forwards to see if we would be ending up short before either of our paydays were due.

Last year I was having to pay Reserve fees to Barclays.
This year, no fees to pay for Jan or Feb as I kept ahead of myself and kept track and it looks like March could be a success as well as no fees to pay so far

Hope this helps

tyllwyd

Why not buy a money management software programme, like Microsoft money or Accountz.

I've got Accountz , and once you've set it up with your payment dates and the dates when money comes in, it will automatically work forward and show you when you are going to go overdrawn. I keep mine up to date with the balances on online banking every day.

Alternatively, why not set up your bills to go out on a separate account, and put the cash in to cover the bills. Once it is up and running, it should be relatively easy to look at the bills account to see if you've got enough money there to cover what is due to go out that month.

getmore4less

Katerose wrote: »

It's just that the dates the money is coming IN aren't always the same dates as it's 4 weekly and bi-weekly that it's paid, whilst the bills are set monthly dates.

I would start with a full years plan, all incoming and all outgoings, make sure that ballances.

Build up a buffer fund and the outgoings will always be behind the income.

Try to decouple the income from the spends it makes life a lot easier, with the longer term budget and a cash flow buffer you can cope with things like getting paid late.