When to start with budgeting

MP14 · 25 February 2010 at 1:35PM

Hi

I know that I should be budgeting and putting money aside every month for things that are due quarterly/six monthly/annually.

However, there is just never a good time to start as there always seems to be a big expense due or something that means I cannot put the money aside for when these expenses arise.

Every month I say that I am going to budget but never do. How do I start?

(Whilst typing this post my OH has just called to say the car is knackered)

Any help/advice greatly appreciated.

immoral_angeluk · 25 February 2010 at 1:37PM

There's never a 'good' time to start budgeting as it takes a while to adapt and get used to it. Sooner you start doing it the sooner you get used to it though...

MP14 · 25 February 2010 at 1:40PM

Well I get paid tomorrow so will try to sort it all out tonight.

I am just not sure how I can pay for the large expenses as well as put cash away for future expenses.

Thanks for your quick reply immoral_angeluk.

immoral_angeluk · 25 February 2010 at 1:43PM

MP14 wrote: »

Well I get paid tomorrow so will try to sort it all out tonight.

I am just not sure how I can pay for the large expenses as well as put cash away for future expenses.

Thanks for your quick reply immoral_angeluk.

I'd say budget for the next big expense now, then once you've had it (car tax paid etc) then readjust your budget to work it out yearly.

Tixy · 25 February 2010 at 1:53PM

A Payday is as good as a day as any to start. Could you have a month of cutting back to the bare essentials to help kick start your new budgeting plan?
For example could you have a look at what groceries you have in now and work out meal plan for this month to be as low a spend as possible.

How about trying to kick start the plan with a carboot sale or ebay selling.

You won't get your budget perfect to start with and maybe when you reach your next big expense you won't have all the money saved up, but if you've got some of it, it will still ease things that month.

boultdj · 25 February 2010 at 2:47PM

What i do 4 annual bills is divide total by 12,when i get paid i put 1/12 of total in a diffrent bank account, some times i forget but if i remember 80% of the time its less for me to find.