Budgeting - Different Ways?

Pepperoni · 12 December 2016 at 1:45PM

Hi,

At the moment I *try* to follow a budget whereby I've allocated XX monthly to everything that comes up.

Just wondered if anyone does it any other way and how it works for them?

I think I might try a budget for all bills etc, and then have a monthly lump sum to spend that's not necessarily allocated to anything until that month actually arrives? As current method just doesn't seem to be working that well for me.

Thanks.

getmore4less · 12 December 2016 at 1:49PM

far better to budget over a year and have all income allocated to something.

then do the cashflow analysis to make sure the bills can be paid when they actually happen.

if things are not working unless you find out why that won't change, start tracking EVERYTHING to find out where your overspends are, either allocate more money to them and cut back somewhere else or keep a closer eye on them so they don't go over.

getmore4less · 12 December 2016 at 1:51PM

or looking at it another way

Pepperoni wrote: »

Hi,

At the moment I *try* to follow a budget whereby I've allocated XX monthly to everything that comes up.

Just wondered if anyone does it any other way and how it works for them?

I think I might try a budget for all bills etc, and then have a monthly lump sum to spend that's not necessarily allocated to anything until that month actually arrives? As current method just doesn't seem to be working that well for me.

Thanks.

obviously not everything if it is not working, keep adding the missing thing in till you do have everything

Dobbibill · 12 December 2016 at 7:12PM

Pepperoni wrote: »

Hi,

At the moment I *try* to follow a budget whereby I've allocated XX monthly to everything that comes up.

Just wondered if anyone does it any other way and how it works for them?

I think I might try a budget for all bills etc, and then have a monthly lump sum to spend that's not necessarily allocated to anything until that month actually arrives? As current method just doesn't seem to be working that well for me.

Thanks.

Couple of options.

Allocate every penny a 'job'. This could be savings, Christmas, Car repairs, coffees & snacks but whatever it is, it needs a job.

Use multiple accounts if you need to.

You will need self discipline too.

enthusiasticsaver · 12 December 2016 at 7:32PM

I use an excel spreadsheet and track everything and put into categories. Large annual bills like insurances, boiler and fire services, holiday, tv licence, car services and mots, Christmas etc are input in whatever month they are due and divided into 12 and monthly amounts set aside in separate account from usual monthly spend. I have a buffer in there too just in case we get presented with large home maintenance or car repair bill or to cover shortfall on holiday. I keep all this in our e savings account so easy to move across. Our main accounts are just the joint bills and everyday expenditure account, e savings account for annual bills and (emergency funds) and we each have a personal monthly spends account.