Managing Budget

Nickynoo1

Hi,

I was wondering how you all actually manage your budget as I don't seem to do very well at all.

I don't mean for bills etc but for food/petrol/everyday spends etc.

Do you take all the cash out at the beginning of the month and put into separate jars, or have lots of current accounts, log everything on a spreadsheet, or as I seem to do, wish for the best?

Would really be interested on simple ways of keeping track. Also do you borrow from one budget to supplement another?

Anyadvice?
Nickynoo1

ChasingButterflies

Hi there,

On the Old style board there is a sticky at the top for the Grocery Challenge... that might help give you some ideas for your food budget.

A spending diary so that you can see where the everyday spending goes might help to see where you can save/cut back. Or it will at least let you see where it does go!

We have just moved over to having 1 joint current a/c and 1 saving a/c. I lump everything left over into the savings a/c but have a speadsheet for how much is allocated where. i.e. £x for unexpected bills, £x for car tax/servicing etc, £x for birthdays/Christmas. Then when a bill is due to be paid I put the exact amount into our current account.

There will probably be others along with more ideas soon...

Just what works here!

unhappybuuny79

I find that between me and my partner i manage all the money, it sounds daft but i know what we have where it is and when its going to be spent (bills etc) and he's quite happy to just let me do that.

Quietgirl

I use Microsoft Money 2005 for my finances it gives me a cash flow forcast for the whole month, well I am four weekly paid not monthly. I also have a separate spreadsheet which lists my total income and then what I need for each month to spend on bills. Its very similar to to the SOA calculator which is used on debt free forum. In it I've listed my rent, council tax, every bill I can think of then like for my car which for instance for mot, service,tax and if I get any problems I am putting away £61 per month. I have also set £50 into my emergency fund which I have just started. I have the money for the car going into A & L Esaver as I won't need it til March 09. Then my emergency fund is the A & L Isa Issue 4. Also for my weekly food budget I have standing orders set out weekly from one current account to another at the same bank. This is what I have set up so far, everything goes out on payday to these accounts. I am hoping it will work for me. My next stage is to set up another account for christmas/birthdays, I may use my YBS Internet saver for this. I am treating my ISA as long term emergency fund. I also use Eagerlearners savings pot spreadsheet to keep track of whats what even though it is in seperate accounts.

lilac_lady

I use direct debits for monthly bills such as gas and council tax etc. I take a fixed amount of cash out of the ATM each week to cover food and petrol and day to day expenses. I save a bit for long term emergencies, other bills such as house insurance, car tax etc and spend the rest on grandchildren, travelling, clothes and meals out. The best thing I do is to take the weekly sum out of the bank because it makes the other income easy to budget. A budget is essential if you want to avoid debt.