Budgeting.....Does anyone really do it consistently?

BadBudgeter

Hey all

Just a quick question really. I can never stick to budgeting. I always start out with the best of intentions but it never happens.

Does anyone really budget? How many ppl here do it??

Any tips for a useless budgeter???

Thanks in advance

BB

mooomin

I budget like a fiend!

I kept having issues remembering what was due out and when, being a bit useless. Then I found this website! :rotfl:

I now have a spreadsheet for all my incomings and outgoings, and mark them off as they debit my account. The following things have really helped me:

• Posting my information on the Debt Free Wannabee board. If you're not aiming to clear debt it might not be the best place, but they are lovely on that board and will help you cut down on unnecessary spending
• Spreadsheets! I now track my outgoings vs salary on a basic spreadsheet. Some people use MS Money or other software. I just have a basic formula on my spreadsheet that adds up my income and subtracts my bills. That way I know how much I have left at the end of the month
• Separate accounts for things. I have an account for direct debits (Household stuff like mortgage etc) one for groceries and one for "entertainment" which could be going out on the p*ss with my pals, or to the theatre, whatever I spend the money on really. I also have a savings account for any excess. It might seem complex, but if all my money is in one account I get confused and spend too much...

Hopefully this MASSIVE answer has helped with your query!

Welcome to the forums

Natti_A

I started to budget August last year.... it does take some honing! I think it took me to December to stick to it! And it all went pear shaped when i went to stay with a friend for a week, but you have to keep going even after some *issues.

I found the best way to be strict with myself was to do cash envelopes, each dedicated to something, once i'd cracked that i trusted myself with my debit cards again!

For me i also found having seperate current accounts for different things really helps, I have a DD/SO account so i know that my bills will get paid each month. I also have a petrol account, that way i can immediately put my petrol expenses from work into that account so i never find myself massively out of pocket for petrol.

Its all about finding the best way to do it for you though.

savingforoz

I budget like a fiend too, and it makes a huge difference. I use software to help me and use a computerised version of the envelope system of budgetting. Since doing this I've had so much more money available than before, money that was obviously dribbling away unaccounted for before.

BadBudgeter

Thanks for the tips. It seems like separate accounts would be a great help.

I wonder why the banks don't include some budgeting software with online banking. Now that would be useful!

SimbaSimon

Kinda...

I keep track of bills and spending to the penny in a big spreadsheet and start a new tab every month. I list all the necessary bills i.e. anything thats regular like utilitys, house bills, general shopping but I don't count any unneccessary spenditure e.g. entertainment/holidays. I can go back to 2006 and compare my bills then to my bills now if I really wanted.

While I'm great at keeping track of bills and bank accounts (I've got the next 12 months planned out) I'm not so great at keeping unneccessary spending down and get tempted far too often. I also tend to forget the odd things like haircuts, prescriptions etc but we can't be perfect!

johncolescarr

I think that the most important aspect is being realistic. When I'm advising some members of my family, what they think they spend, and what they actually spend is often way different. It is especially important to budget for things like birthday presents, clothes, ebay spending (my addiction that I have to control), car maintenance etc etc. Also, you must be realistic with these costs. What I do is look at my annual spending as well as monthly (I have set up a simple spreadsheet with my outgoings on, then copy them onto a big spreadsheet so I can see what I've spent in the year).
The best thing about budgeting is you fnally understand where all your money goes! This helps you to cut down on spending too much, you understand that by clothes shopping actually does send you into the red each month!

BTW, an excellent idea about banks offering budgeting software on their accounts! It would be great as long as you could copy in your credit cards and other accounts.

johncolescarr

Oh yeah, the budget planner on this site is a great place to start, but you may want to develop your own spreadsheet (or use software, or maybe even pen and paper!) as although its a great tool, its not that good for putting your spending in each month, a bit cumbersome. However its great for working out your initial budget as it prompts you to think about spending you wouldn't otherwise.

Lokolo

SimbaK2K wrote: »

Kinda...

I keep track of bills and spending to the penny in a big spreadsheet and start a new tab every month. I list all the necessary bills i.e. anything thats regular like utilitys, house bills, general shopping but I don't count any unneccessary spenditure e.g. entertainment/holidays. I can go back to 2006 and compare my bills then to my bills now if I really wanted.

While I'm great at keeping track of bills and bank accounts (I've got the next 12 months planned out) I'm not so great at keeping unneccessary spending down and get tempted far too often. I also tend to forget the odd things like haircuts, prescriptions etc but we can't be perfect!

^^ exactly the same as me. Although its quite hard to keep to a budget when things are so inconsistant. When I've graduated, got a job etc. I suspect I will find it a lot easier.