Managing budget

hypno06

I really really struggle with budgets - every time I create a new one, and I seem to do so for EVERYTHING, I never seem to manage to stick to it. Something always goes wrong, and it is not because the budgets are unreasonable - just that my life is not that simple!

Cheery_Daff

Sometimes I don't manage very well at all...

But... I budget for the beginning of the month. I have a little book that I carry round, with each budget on each page, and a daily spend bit at the end. Whenever I spend anything I write it in there, so at least I know when I'm spending over budget...

I also have a pot for £2 coins, and all coins 20p and under, which I count at the end of every week, and tot up in another little book. £2 coins is for holiday treats, and 20p and under for presents

Some good suggestions on here!

(oh, and Nickynoo - do I know you from somewhere else.... Sorry if not! Or if you feel stalked! )

Cheery_Daff

Ooops, that was a very old signature!

ltm07

hypno06 wrote: »

I really really struggle with budgets - every time I create a new one, and I seem to do so for EVERYTHING, I never seem to manage to stick to it. Something always goes wrong, and it is not because the budgets are unreasonable - just that my life is not that simple!

I know where you're coming from Hypno & I think most of us struggle with budgets to be honest. I hope the new way of doing our budget will help us stay focused & not overspend. However as you say things will crop up from time to time that will mean we will have to go over budget. The way we look at it is by taking all the good advice from you good people & Martin & knowing where every penny is going,it does cushion the blow a little when we end up getting that big car repairs bill or anything else unexpected.

Deep_In_Debt

I struggle with the budgets too. Have changed where I shop now. Do my main shopping in Lidl. I was always tempted by the DVD's, CD's, clothes and other bits when I shopped in Tesco and Sainsburys. At least by shopping in Lidl I just by the essentials and my weekly shop has more than halved. At least I'm budgeting on my essentials now so I save the difference on what I used to spend in Tesco or Sainsburys, in a savings account or chuck it towards my debts. It might only work out at about 10-20 quid a month...but as the Tesco advert says...every little helps.

Nickynoo1

Wow, thanks for all the replies.

Glad i'm not the only one to struggle. My budget on paper works, but it just falls apart in practice. To make it really work I'd need about 10 bank accounts I think!

I get paid monthly from work, 4 weekly from tax credits and weekly from child benefit. I can be confusing, but it's nice to know I have at least just under £20 going in each week just in case.

I already have a few accounts going as it is. 1 for bills where i transfer a lump some usually twice a month, after getting tax credits then after getting wages. So bills budget is sorted.

I have an ING account which is supposed to be for car expenses and gifts, but hasn't seen nearly enough money put into it of late, cos I just didn't have the money. I also have an ISA to pay the CC off once the 0% has finished.

So after transferring the bills money and car money, my everyday account is supposed to cover everything else - food, clothes, nights out, days out, petrol, everyday spends.

So the essentials are organised at least. But like this week, running a bit short of cash till next week. So I can take my son out-nothing extravagant, just ice creams etc- but him a sun hat and sun cream, I'm gonna have to do by spending as little as poss on food. I would like to try and organise it better so that we don't have to go short somewhere else, or use dreaded overdraft.

Am thinking the weekly withdrawl method, but I am a nightmare when I have cash on me.
Any more tips?
Nickynoo1

Nickynoo1

Cheery_Daff wrote: »

(oh, and Nickynoo - do I know you from somewhere else.... Sorry if not! Or if you feel stalked! )

Dont think so, but you never know.
Nickynoo1

moo2moo

I'm going to sound like a fruit cake but I don't worry about what i spend because I never have any money on me or any cards. nothing nada zilch. i keep £1 in my car in case I need to go to the hospital who charge £1 for parking. Otherwise its just my keys and my phone (pay as you go for emergencies only).

I can't make impulsive purchases becuase I don't have any money on me to pay for them. Equally i hate shopping so only go if I really have to. I pay for my food shop on plastic but mentally allow myself £60 per week and work out what I've spent as i shop. I also fillup my car at the same time so I always have enough fuel to do whatever crops up.

All the bills are paid by DD or SO direct from the mortgage account, OH and I get £70 per month each into a pocket money account to be frivalous with. In my case £60 of this goes on the DDs riding lessons, its something they love. Everything left at the end of the month pays of more of the mortgage or covers unforseen expenses.

I'm not organised enough to keep track of 5 or more separate accounts. I do know that without fail our minimum income is xxxx and our automatic DD and SO expenditure is yyyy. The difference (minus a safety net for emergencies) is our monthly food, pocket money and everything else fund.

Numpty_Monkey

Hi nicky been trying to put into words and spreadsheets how i have restarted budgeting and my head is about to explode :eek: :rotfl:

The way I am trying to do it now is i get paid 4 weekly, workout my pay all my bills and get them down to a weekly amount, with a bit of a buffer for "the unexpected " :eek: it will take a few months for the "buffer fund " to have anything in it

i think i should bring my old avitar back that somes me up :rotfl: