Budgeting Advice Please

Ilona

I have just the one account, my pensions go into that. I get a statement every month, I know at any time what is in that account. I can quote that figure almost exactly without looking.

I have the minimum direct debits, broadband and phone, and house insurance monthly. Two memberships annually. Utilities I pay quarterly into the bank with a cheque, I don't do internet banking. Car insurance paid annually on the phone. Everything else I withdraw cash for. I know more or less how much my outgoings are going to be.

I spend money on what I need, I spend a small amount on wants and treats, and I mean small, the rest stays in the bank as an emergency fund. This will cover the cost of changing my car, pay for cats and vets, and for holidays.

I also have one credit card which is cleared every month. I prefer my simple method and would get confused with juggling and multiple accounts.

Ilona

MrsGJM

Hello....and thanks for your comments.

I have managed perfectly well up to now with one bank account, but also I've never really had a budget plan... Spend less than I earn is about it! A good budget plan, for sure, but not really very structured.
Now I want to make a conscious effort to keep track of my spending and be able to see results, and moving all non DD money to another account seems the easiest way to do it.

I'm doing it your way, LabRatty! I have today opened a tesco current account which should be up and running by payday... I can then really get to grips with where I can make savings, and begin to fill up my 'dream' account!!

Hopefully, in 5 years time, you will all be wishing me Bon Voyage, as I set sail for my 60th birthday cruise! haha xx

Thank you!

nkkingston

Is everyone feeling okay? Have I accidentally wandered into a different forum? Where have all the YNAB evangelists gone?

Seriously, though, do check out YNAB, especially if you're budgeting across multiple current accounts. It doesn't sync with as many UK bank accounts, which is annoying, but use the free trial to have a play with it.

enjoyyourshoes

Why would people pay for a system that you can do for free with pen and paper or a simple excel doc ?

MrsGJM

I'm definitely a pen n paper person...but that's mainly because I don't have excel on my iPad, and it's so long since I opened the laptop, I've probably forgotten how to use it anyway!

My first money saving exercise is a fail... Tesco's own brand coffee is Horrid!!

Haljordan2814

I'm very much like many others above, I get paid 4 weekly and the money goes into my account and is then distributed to my many other accounts (savings, pets, present funds, etc). My 13th pay cheque is used for whatever is needed, whether that be for a rainy day fund or clearing a large portion of my debt. I track everything using an excel spreadsheet (I bet you could get a free app for the iPad) and it has worked really well. I was never one for budgeting myself but since I've had my first child it has become an absolute necessity. I've actually come to really enjoy it and love to challenge myself, but more importantly, we're in such a better situation financially!

Good luck!

MrsGJM

Hi Hal...

When my girls were young and my marriage broke up I had debts I had no chance of keeping up with... Oh I remember the stress clearly! I entered a (paid for) DMP, upped my part time hours and worked my socks off to pay it all back. In that time I also did a free local word processing and excel course. Every penny was accounted for, and I lived by that spreadsheet. Then the girls grew, my hours and salary went up, life got easier and I got lax!

I am fortunate (or unfortunate) that I had an inheritance, but I benefitted in ways other than the money so I don't class that money as mine...it will go to my daughters one day.

So I found myself reading through hundreds of these threads and realised just how wasteful I must be as I cannot possibly account for my wages... I mean, after the bills are paid, I have no idea where the rest goes (except, perhaps on decent coffee )

As I now have a goal... a dream...I am determined to budget, save, and realise that dream! There are so many people on here that have done just that. I have found excel for iPad... I will Percy Veer (good ol' Percy!) and see if I can get to grips with it...

On a lighter note, my daughter gave me a terramundi pot for my birthday...the new home for my £2 coins... Happy Me!

datlex

I have 7 accounts. 1 into which my weekly pay comes. Currently 3 pay direct debits and I get rewards from them. 2 are high interest for I have money saved in them. The final one currently mirrors my Freedom rewards Barclaycard so that I always pay it "IN FULL" One of the dds on one of my reward account pays another reward Card which again I pay "IN FULL" that pays my rent ( I appreciate I am fortunate I can use this payment method). I pay a certain amount into a easy access savings account from my weekly pay. I then transfer another amount to add to my savings. The amount left is available to spend. Should I have any left at the end of the week, that gets added to savings too. I always end the week with a clean slate. The money on my holding account gets sent to which ever account is due to have bills come out that week. All payments are checked to see if they are as expected when planned or more or less and if so whether that was expected.

Learning2Budget

I have 5 accounts. I for wages in. Then i transfer a set amount into a bills account. I have a mini saving account that i put food budget, kids sports activities and fuel into. Another saver for Christmas and birthdays. Then a big saving account which is emergency fund. Helps me to separate and organise. L2B.x

MrsGJM

Hey datlex... I am totally overwhelmed by your 7 account budgeting!!

How do you get rewards by paying DD's?

I understood the mirroring your Barclaycard....and then...

"One of the DD's on one of my reward account pays another reward card which again I pay IN FULL that pays my rent."

You totally lost me there!!!