Help - Budget Tangle

grace

Oh I have got myself into a right tangle!!!

Im trying to put together a budget to keep track of our spend...the problem Im having it two fold.

My Partner is paid monthly which is the lion share of our income and I am paid weekly, so do I add my weekly wages up and put down a monthly figure? which is not accurate because I dont leave my weekly wages in the bank for the whole month.

The majority of our out goings are taken out on the 1st of every month but a couple of things like the Council tax and Cable Bill and weekly food bill come out both weekly and monthly but not on the 1st...so I use my weekly wage to pay these...

Does anyone have a template for Monthly and weekly Incomes.....or would someone be willing to have a look at the mess I have made of mine???


Grace

moongarden

are you using excel? i can have a look at some formulae for you if you like?
Message me if you want a hand
good luck

grace

Yes Im in Excel....Im trying to find out if we are living within our means....as I want to save up for a new vaccume cleaner, but Im struggling to see a clear figure....its not helped by the fact as a temp my weekly wage can change from week to week....especially now in the bank Holiday Season!!!

mattp_3

When you have many fluctuating weekly and monthly figures it is hard to draw up an accurate I&E, but the best method is to convert everything to monthly (remember not just to multiply weekly figures by 4 as this only gives 28 days - you should multiply by 52 and divide by 12 - this is more accurate)

You should base your calculations on the worst basic pay you would get ideally - as this keeps your budget realistic and any extra money is a bonus then.

So to use some simple figures, if you work out you have £1000 per month coming in and £800 per month coming out to pay your housing, utilities, car, insurances etc - transfer £200 each month to a seperate account (probably best just after the biggest monthly wage hits the account)

that way you can't spend money that needs to stay in the account to pay essential bills?

there isnt a perfect way to calculate all this especially when your direct debits come out at different times through the month, but its a very good start!

Good Luck
Matt

grace

Im glad its not just me that finds it tricky to keep tabs on....