How do you manage your finances?

lisa110rry

With regard to budgeting, I find internet banking invaluable. From time to time I export my bank statement to a .csv file which is compatible with Excel so that I can look at how much I'm spending on various cost heads. I also know quickly and easily when and how much my Standing Orders and Direct Debits are and can see at a glance where I stand each day if I wish.

I move as much as I can each month from my current account to my savings account on the day after payday. Recently we have had essential groundworks on the drive and I tried to pay for this as much as possible from my current account (a friend was doing the works, I was paying for materials and at the end of the job I made him a present as a thank you for his labour, groundworks is not his proper job). True, I couldn't cover it all from my current account and that month no money was transferred to savings, but I was able to quickly move what I needed from savings.

I also have an ISA each year and have some other investments which constitute my pension savings.

I'm not a natural spender, when I can be a saver.

NewShadow

All of my direct debits go out on the first of the month. I have a credit union account set up that takes money every month via work - meaning i never see it so don't miss it.

Whatever's left in my account by about the 4th is mine to spend on food or whatever i want - clothes, meals out.

This works for me unless there are some accounts (like littlewoods) which insist on 4 weekly payments. These are my downfall and in the past (before I accepted that catalogue accounts just aren't for me) I often forget them.

moomoomama27

I always work out the orevious years utility bills and then to be safe add 15 and divide by 12. I put that away every month.

I budget for
Electric
food
water
Council tax
Rent
All insurances
Internet and mobile phone contracts
Put money away each month to cover half term and summer holidays expenses/treats
Holiday/daytrip fund
Christmas and birthdays fund
Christmas food fund
Childrens clubs
Clothing allowance
School uniform allowance
Currently paying a small loan off
Credit card repayments
Childrens pocket money
Sky Tv
Tv licence

The rest is spare, and it isn't allocated to anything, so is do as you please money

carefullycautious

Pepperoni wrote: »

Just curious really - I know standard advice on here is to put away each month for annual costs (TV licence etc). But is that what you do?

Or do you just work month by month - i.e. I know I have XX left each month after all of our bills, and I know I need to allocate XX of that to a one off annual cost this month, which leaves me with XX for anything else this month?

Read Frugal queens blog to see how she got rid of 45k of debt.