Martins Budget Planner

hindsight_2

Where do I get Martin's budget planner and can anyone explain to me the best way to budget and stick to it! I am 25 and this is the first time in my life that I am budgetting and I want it to be successful. I have a easycash account with Halifax, which comes only with a cash point card. Believe me, thats a good thing as i get tempted alot!

ms_london

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1089226742,17582,

If that doesnt work, it should be at the top of the page - just follow the link.

Welcome to the boards!! Can you post a SOA? Or post your budget planner when completed? Are you in debt or just wanting to save/budget better? This is definately the right place to come to in terms of budgeting. I am 25 too and a reformed debtaholic :0) You can be saved :0)

xx

D&DD

Hi Hindsight welcome to the world of MSE
I found when I first started all this my budget was nothing like what I set out :eek: It took me 3 attempts to come up with a final one which we are comfortable with this month and we have actually stuck to it (mind you hubbies locked in a cupboard now :rotfl: )
Do try a spending diary this really helped me..just jot down everything you spend,what its for and where you've spent it and this really helps to see where the money is 'leaking out'

Broken_hearted

My budget never works I always find £10 to £20 just seems to disappear.

D&DD

Broken_hearted wrote:

My budget never works I always find £10 to £20 just seems to disappear.

BH have you tried the spending diary? I had the same problem til I did this and found OH was taking extra coffee money..

hindsight_2

As I am a Virgin on this site, what does SOA mean?

Thank you Ms_London for your email, I have to say I am rather impressed by the way yoyr orginal debt of £19k is no longer and to top that you have savings of £3500! WOW!

I just turned 25 last week and I think that has given me the push I really needed. Also the fact that I can not drive yet, never travelled and I have a mortgage. Even though I have 2 jobs, I am really baffled by the state I am in. I was once luxury high end shopper, and now I shop at primark.

climbgirl

writing a budget is the easy part, sticking to it is the tough part!

The key to a successful budget is to account for EVERYTHING. And I mean everything - birthday presents, christmas presents, any annual bills like car insurance, travel insurance. And even then, to have something budgeted for total surprises that you just can't plan for.

A budget has to work for you and it has to be realistic. There's no use budgeting £10 for entertainment when you know you will spend £50. And it can take a few months of tweaking to get it exactly right.

Work your budget around your pay, if you get paid monthly, have a monthly budget. It's a good idea to keep a spending diary for a month where you write down EVERYTHING you spend. So you know exactly what you spend your money on. That makes setting a budget figure a lot easier than just plucking a random number out of hte air. Makes it easier to make cut-backs too.

The best way to make a budget work is to be honest with yourself and to set a realistic budget, include EVERYTHING you will have to pay for.

ms_london

hindsight wrote:

As I am a Virgin on this site, what does SOA mean?

Thank you Ms_London for your email, I have to say I am rather impressed by the way yoyr orginal debt of £19k is no longer and to top that you have savings of £3500! WOW!

I just turned 25 last week and I think that has given me the push I really needed. Also the fact that I can not drive yet, never travelled and I have a mortgage. Even though I have 2 jobs, I am really baffled by the state I am in. I was once luxury high end shopper, and now I shop at primark.

Statement of Affairs = SOA - where you list your incomings, outgoings, debts.

As climbgirl mentioned, the key to budgeting is knowing exactly what comes out of your account & when. You need to be organised, and put money aside for those bills we tend to forget about & hope they will go away (Car tax/MOT/insurance etc etc).

There's nothing wrong with primark :0)

I was 25 in Sep - and my loan was meant to expire in Dec 2009 (would have been 29!), but I wanted to be debt free long before that - and have savings in my 30's. Thanks for the kind words - the money I do have saved doesnt feel like mine, so its a bit strange!! And I dont touch it, not even if to borrow it until next month (think I've gone too far the other way - i.e. tight!!).

Best of luck - you can do it!! xx

vyvyan_2

An SOA is a Statement Of Affairs.

A comprehensive list of all your financial stuff.

All income: salary,benefits etc. = Total

All fixed out goings: rent/mortgage, utilites, car costs
All spending: food & all other odds and sods

Total again.

Dif between the figures shows how much !!!!!! you're in.

Then details of your debts; outstanding amounts,APR, min payment per month.

Any other info you think relevant such as dependants or anything else.