Budgeting Advice

Xiao

Hi Everyone,

I'm looking for some help with budgeting if possible?

I have a job which has quite a low salary (500 per month as a Martial Arts Instructor) which is LITERALLY enough to just pay rent and bills (not including food). I earn extra money teaching private lessons. I get 30 pounds per hour and if I'm lucky get 4 per week.

I live a few miles away from the academy where i work/teach and my fitness is good so i walk or jog the 2.5 miles there and back every day to save the 3.50 bus fare. I'm trying to eat at home a lot more and just cooking extra and taking food with me. Ive discovered tinned mackerel (which i love) and boiling some eggs as cheap and fast snacks.

I'm looking for a guide on budgeting the money that i get and pay out so that i can make sure any unforeseen bills can be paid and so that i don't get charged on my overdraft (i have been charged before and its a nightmare) and HOPEFULLY start some savings.

I would like to be able to write everything down, as its something my ex did and she is very good with money. However, i don't know if i should be totalling money and putting whats come in or out or doing break downs or what?!? Should i just have days down the side and then "money in" and "money out" columns?

Any help would be greatly appreciated.

Thanks
Xiao

Brighid

Hi

I started by doing a statement of affairs - i.e. listing everything you have to pay out. I just got my last two bank statements and went through it item by item. Lovely people on here can then help you make the money go round.

The soa is here: (https://www.) makesenseofcards.com/soacalc.html

I'm a new member so can't add links - add the www to address!!

B

CH27

Xiao wrote: »

Hi Everyone,

I'm looking for some help with budgeting if possible?

I have a job which has quite a low salary (500 per month as a Martial Arts Instructor) which is LITERALLY enough to just pay rent and bills (not including food). I earn extra money teaching private lessons. I get 30 pounds per hour and if I'm lucky get 4 per week.

I live a few miles away from the academy where i work/teach and my fitness is good so i walk or jog the 2.5 miles there and back every day to save the 3.50 bus fare. I'm trying to eat at home a lot more and just cooking extra and taking food with me. Ive discovered tinned mackerel (which i love) and boiling some eggs as cheap and fast snacks.

I'm looking for a guide on budgeting the money that i get and pay out so that i can make sure any unforeseen bills can be paid and so that i don't get charged on my overdraft (i have been charged before and its a nightmare) and HOPEFULLY start some savings.

I would like to be able to write everything down, as its something my ex did and she is very good with money. However, i don't know if i should be totalling money and putting whats come in or out or doing break downs or what?!? Should i just have days down the side and then "money in" and "money out" columns?

Any help would be greatly appreciated.

Thanks
Xiao

Do you claim rent & council tax benefit?

jonjamie1970

Morning
You can keep a notebook and simply keep a running total of expenditure and money in, this is a very basic method of bookkeeping, however, if you use cheques or debit cards then you need to make sure you put these in the book straight away as thats when you can overspend. Another method might be to open another bank account and transfer the money you have left each month after the rent and bills, this account then you know is the money you have to live on until you get paid again.

Nicky321

Good morning, the link to the SOA is HERE

Xiao

CH27 wrote: »

Do you claim rent & council tax benefit?

I don't claim any benefits. I have a flat mate so can't claim single persons council tax discount anyway.

I like the idea of just keeping a book. Thanks

tbourner

If you post the SOA we'll be able to give some hints on where to save some money and how much you should be saving for certain bills.

Maybe if you could open another account and transfer enough into it each month to pay all your bills, as long as you cover everything important then whatever is left in your account, and whatever you earn is yours to spend. If you're feeling lucky you could get a 3rd account and transfer a small amount into that each month as well, so it'll be savings as well as emergency fund.
I'd suggest the account you use for your day to day spending by a basic account, with no overdraft and just a debit card, keep the overdraft account for important bills so you've got a backup if you get the figures wrong.

jonjamie1970

Post removed as I changed my mind :-)