Whats budgeting got to do with Bank Accounts?

Freebird53

I was just wondering, as these 2 disparate entities seem to me to make stange bedfellows with regards to navigating this forum to find what you're looking for.

Further, the Main site says 'Banking & Saving'. That makes perfect sense. They go together. Then, I would expect to see a sub-heading for each. 'Bank Accounts' 'Savings & Investments'.

I post this today, as attemping to find something on the forums, I found it a challenge.

Perhaps I was led astray by the Black Sheep.

Jami74

Freebird53 said:

I post this today, as attempting to find something on the forums, I found it a challenge.

What were you trying to find? Maybe ask the question and someone will either answer or point you to the right threads.

Actually I do remember wondering the same thing when I first started budgeting, and wondered why budgeting wasn't linked to the debt free wannabe board instead. Now that I budget with multiple bank accounts and am not in debt I spend more time here than on the debt free wannabe board. 

eskbanker

I'd agree that budgeting and bank accounts don't generally make obvious bedfellows, but they do overlap in the numerous threads on this board about budgeting apps that link directly to bank accounts!

anoukis

@Freebird53: I was wondering about that as well.

I believe "Budgeting" or "Budget planning" should be a separate board under "Reduce Debt & Boost Income", and the current board should only deal with bank accounts. 

Middle_of_the_Road

anoukis said:

@Freebird53: I was wondering about that as well.

I believe "Budgeting" or "Budget planning" should be a separate board under "Reduce Debt & Boost Income", and the current board should only deal with bank accounts. 

Agreed, very few posts on here regarding budgeting.

friolento

I am surprised that so many seem to associate budgeting with being in debt. I have been budgeting for years to stay out of debt, and successfully so. To me, it is logical to do most of my budgeting against my main current account, as that's where money is coming into and going out of. Though I also spend a lot on credit cards, so these are also included in my budgeting.

Jami74

friolento said:

I am surprised that so many seem to associate budgeting with being in debt. 

Lots of people have no idea about budgeting until they're in debt and need to learn about it to get out of the debt and avoid it in future. 

Not everyone naturally knows how to budget or was taught how, even though it seems so obvious and logical once you start.

theoretica

I guess they go together as management of daily money - but of course there are many budgets already shared in DFW without saying they aren't welcome there, so perhaps no need to have it in the name. 

subjecttocontract

I wonder if one of the reasons people get into debt is the cashless lifestyle that many lead.
Today I took a taxi, paid by credit card in the cab.....wasn't given a receipt then....
I bought a train ticket from my local station ticket office....wasn't given a receipt.....I
How the hell do people track their expenditure ?

RG2015

subjecttocontract said:

I wonder if one of the reasons people get into debt is the cashless lifestyle that many lead.
Today I took a taxi, paid by credit card in the cab.....wasn't given a receipt then....
I bought a train ticket from my local station ticket office....wasn't given a receipt.....I
How the hell do people track their expenditure ?

I usually ask for a receipt. But I also get an alert on my phone. If that was not enough I can see the date, payee and amount on my credit card statement.

The same would be true if I had paid by debit card direct from by bank account. I find it quite easy to track my expenditure. I did though have a problem a few years back when I paid cash. I was forever at a loss as to where all the cash went.

As I see it the cashless lifestyle makes budgetary control much easier.

The big problem though is spending more money than you can afford.

friolento

subjecttocontract said:

I wonder if one of the reasons people get into debt is the cashless lifestyle that many lead.
Today I took a taxi, paid by credit card in the cab.....wasn't given a receipt then....
I bought a train ticket from my local station ticket office....wasn't given a receipt.....I
How the hell do people track their expenditure ?

All my credit card transactions are in my credit card app, the instant I have made the purchase. No need for me to use paper receipts.

It does take some discipline though to record the purchases in my budget. It's the same discipline I'd have to have if I was using paper receipts - just I can be sure that I won't mislay or lose a receipt. Some of the more modern personal finance managers also let you import your CC transactions automatically, which helps with staying on top of the spending. My Barclaycard also lets me set a monthly limit and warns me if I go over that limit.