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How do you manage your budget???

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#26 rennas

Posted 08 June 2008 - 12:55 PM

This is a great thread! Theres a few ideas that I have read here that I might put into practice!

Now I would like to add my two cents worth...hehe

My partner and I have a joint bank account. Its a Police Credit union and the nearest bank is half hour away so we have to minimise the number of withdrawals from the ATM and also the number of times we use EFTPOS. We recently went from two full time incomes to me studying part time and working part time, so money is a bit tight with paying of TAFE fees but we manage.

The good thing is that we don't smoke and very rarely drink or go out for dinner/have takeaway so we save a lot of money in this area. The hardest thing has been sticking to the budget and going without our luxuries for a while.

Each fortnight, I take out the required amount in cash and distribute it between jars: My petrol, DP petrol, Food, Childcare fees, and Ancillary, for anything else that can be paid by cash to reduce EFTPOS transactions, such as things like clothes, haircuts, etc.

I use an Excel spreadsheet which I have put in formulas to add certain amounts together so I can play around with figures.

It adds mine and DP's income, as this changes from pay to pay, It adds all the bills in the list - petrol, food, child care, utilities etc. Then it takes away the amount for bills from the amount of income for the fortnight, leaving a "left over" amount.

The bank account is set up like this:

Morgtage and Personal loan gets paid on pay day, we don't even see the money come into the account.

Each Friday after Pay day, a bunch of preset debits are taken from the account - Gas, phone, water, radio rentals, rates, electric and school fees.

Like some of the other PP's mentioned, this results in credits on our bills.

Other debits that the companies debit from our account - mobiles, foxtel, broadband and unions are broken up into fortnightly instalments to cover the monthly amount and it sits in the bank until they decide to take it.

We have an "offset" account, if thats what I call it, its a secondary account off the original where I transfer money for upcoming large bills such as rego, insurances, and other large bills. (We pay these yearly and with the "left over" money each fortnight work towards having the money ready in time to pay the bill) I keep a list of the dates of bills due so I can prepare for them. I can transfer money back and forth between these accounts if something unexpected pops up, and just change the details on my spread sheet.

We also have a credit card for emergencies but have never used it.

I'm proud of my budget as in the past, I was absolutely hopeless with money. I would use my bank card to pay for everything and rack up 10 transactions in the one day! We have had to give up our luxuries for now, but in the long run when I finish studying, we will be much better off.

#27 WiseEyes

Posted 08 June 2008 - 12:59 PM

I have an excel spreadsheet with pre-allocated amounts to the bills, food savings etc

I do everything with internet banking. I worked out my fortnightly costs for each bill, added a bit extra and pay that every fortnight. I never get bills where I actually owe money, they are all in credit.

Almost always in credit for me blush.gif

#28 buttercupsndaisys

Posted 29 June 2008 - 03:18 PM

Bridgy16 - My DH had the same reaction to a budget as what it sounds like yours did - don't call it a budget call it a cash flow plan or a bill payment plan  laughing2.gif  Worked for me.....

I actually found that a budget of such didn't help me at all with getting on top of things but a cash flow spread sheet did. They are however very similar.

My spread sheet shows the income that is expected each week and what bills/saving will need to come out of that money. That way if I can see what bills are due to come in for the next couple of months I could juggle when I was going to pay what bill.

For example if we had rego due next week together with the normal house payment I could pay extra on the house payment the week before to help cover next weeks payment so that the rego could be paid on time without missing or compromising the house payments (we use salary sacrifice so I transfer the money direct to our home loan). For bigger bills I just plan to pay them over 2>3 weeks. It also helps to show when we could have debits paid off which is more of an incentive to stick to it!

If you would like an example of the spread sheet just PM your e-mail address or if someone could advise how to put a screen dump (print screen) onto EB I could do that too.

Edited by jemsaf, 29 June 2008 - 03:20 PM.

#29 ~Tulip~

Posted 03 January 2009 - 02:46 PM

One of my new year aims is to manage our money better.  I have numerous times worked out what we pay for what each month (all the bills, rates, etc), but struggle with restricting money on things like groceries, etc.
I am just wondeirng for those of you that use a money program or spreadsheet, do you seriously write in every dollar that you spend?  How much time does this take you/do you spend per day/week?

#30 sydneysurfer

Posted 27 March 2009 - 11:56 PM

I've been using a Home Budget software for over 10 yrs. Here's the link. It functions on the envelope system and can be as simple or complicated as you want.

I have managed multiple mortgages, rent, bank accounts including credit cards on it. I even put annual leave and long service leave on it. It works very well. I always know what's happening in advance and how much money we need in each account before bills come in. I don't like paying bills in advance. Why pay them before they are due? Just set up automatic direct credit with them and leave the money in the mortgage offset for as long as possible.

Whenever we wonder about something financial, it's all in the history of Home Budget, each transaction over the years. It does require you to regularly enter in each transaction which may not suit everyone, but I think the effort is well worth it.

Edited by sydneysurfer, 27 March 2009 - 11:56 PM.

#31 shinichikudo

Posted 14 May 2009 - 06:25 PM

simulation credit auto
ddance.gif  tthumbs.gif
Many thanks to your posts. They're so useful.

Edited by shinichikudo, 15 May 2009 - 06:13 PM.

#32 dove85

Posted 26 May 2009 - 04:26 PM

all these posts are so useful. maybe one day i will have enough money to budget- right now i have a very low income 240 a week) and what i do is:
work out my monthly expenses (rent, bills, public transport, food) and then look at my income. whatever is left over, i divide by 4. that is how much i take out of the bank each week, as it is ok to spend it (on presents, coffee, extra things i need at home and so on) and when it runs out that is it for the week. At the moment i have gotten good at this and now take $20 less than what is left to have savings for a rainy day.
at the moment i have $60 a week extra and just get creative about making it stretch. Another good idea is to think green, as reducing, reusing and recycling save a lot of money as well as keeping bills low. there is a lot of great op shops and second hand stuff you can get online or even through friends- give and take original.gif it's also good to drive as little as possible and eat less meat (although DP would disagree with me on this point he's a real carnivore). As he and i keep our finances seperate and split bills 50/50, and i earn far less than him, i keep his living expenses low and he saves heaps of money this way.
So my main advice is, only take out of the ATM what you can spend and pay bills direct debit (once it's in the wallet there is a false feeling it can be spent)and my second piece of advice- live below your means. Just because you can afford it doesn't mean you should have it! Hopefully living below our means will mean we are more financially secure in the future.

#33 Veryclucky

Posted 09 March 2010 - 04:15 PM

I use a few accounts that have no banking fees.

Mortgage offset- DH and my pay goes in this each week. I then transfer money to a baby account (we are TTC atm) and a bills account.

Once the baby account hits $500 it is dumped back in the offset to save interest and I just keep a record of how much is put aside like this.

We do the same with the bills account. We put weekly amounts away for each bill which adds up quickly for the annual and quarterly bills. When we have $500 saved it goes back to offset until it is needed.

I also keep detailed spreadsheets of the budget breakdown, what I spend and how much is saved for each bill.

While this takes a bit of effort to set up, it only takes 15 minutes each pay day to transfer (internet banking) and updating spreadsheet.

We also put money for each of us into a separate account that is pocket money. That can be spent however we wish- eating out, buying dvds although we often save it up for weekends away or things for the house as we are building at the moment and it allows us to buy luxuries that we wouldnt otherwise get in the budget.

#34 jakplus1

Posted 09 March 2010 - 04:20 PM

I have everything set up on internet banking.  On the 2nd and 16th (DH gets paid 1st and 15th), a set amount is transferred out of our joint account and into a seperate account called "Bills".

I have most things set up as an automatic Bpay on that day, so those get processed automatically... but a couple of things like Health Insurance etc come out Monthly, so the money just sits in that account ready for the payment.

I also have money for food going into there and for petrol... It works sooo well. The great thing about it is that any money left stays in the joint account and if I need to buy something, I can spend that money, knowing that ALL of our expenses are already covered.

Good luck

#35 Charmzy

Posted 09 March 2010 - 06:35 PM

QUOTE (Freckles @ 18/12/2007, 02:45 PM) <{POST_SNAPBACK}>
I do everything with internet banking. I worked out my fortnightly costs for each bill, added a bit extra and pay that every fortnight. I never get bills where I actually owe money, they are all in credit.

For example, my monthly phone bill was around $75 to $85 when I worked it out (less than that now). I added a bit ($100) and halved it ($50) and now pay $50 every fortnight. At last count my phone bill was around $200 in credit.

Very occasionally I get an electricity bill where I owe money, but usually less than $100.

Also, with internet banking (certainly with my bank anyway) you can organise the payments to come out on a regular basis, so all you have to do it record the payment reciept numbers when they come through via email.

HTH. original.gif

This is exactly what I do, my gas bill right now is nearly $500 in credit because over summer it just accumulates, come winter that will go straight away but at least I know I won't be left searching for $600-700 when the bill does come in as its already paid.  My water bill is just getting more and more in credit so I'll be lowering what I pay shortly.  

Petrol I fill up on pay day and then don't have to worry about it, food I do one big fortnightly shop and then get fruit and vege delivered weekly, I always spend less than I budget for.

Clothes I have been doing one big layby at the very start of each season and then pay it off, works well so far as it means its paid of right in time for the weather to start cooling down or heating up and stores like pumpkin patch seem to start there new season lines with having a decent VIP sale so I can get the clothes at decent prices.

#36 *~dee~*

Posted 13 October 2012 - 02:44 PM

I have suncorp accounts with no fees, as well as sub accounts on one of them. I use Internet banking to set up all my transfers. So, I have an account for - groceries, petrol and spending that my income gets put into. Sub accounts are- bills (PHI, phone, mobile, Internet, life insurance), car (payments, rego, insurance, services, tyres), dd activities (swimming and dancing lessons), clothes, Xmas, holidays, savings. All bills are worked out yearly and divided by 26 fortnights, same as car expenses. Everything just gets b-payed or direct debited. The day after pay day i have automatically set up those certain amounts to go into sub accounts. My CCR goes into holidays for each year. What is left over is for day to day living.

#37 james5

Posted 18 October 2012 - 03:27 PM

USe internet banking.it is more useful for it.

#38 jayskette

Posted 19 November 2012 - 07:37 PM

I wouldn't be bothered to have so many accounts - so far there is our personal accounts, joint for food etc, a no-touch account for where the rent/bills sit so they can be direct debited, our personal credit cards that have the ongoing credit deductions (eg my card has my gym, car insurance etc and DHs card have the internet, his car insurance)

#39 FortunateFall

Posted 04 December 2016 - 12:34 PM

I use an app called goodbudget I worked out our budget using a spreadsheet and keep track of the budget using this app. Because it's recorded on a website you can have it on more than one phone. The free version let's you create up to 10 categories so I combined some bills into joint categories e.g. all the bills that stay the same every month (rent, Internet, insurance etc.) got combined into a category called fixed expenses.
Having it in app form means I can track my budget at any time and I don't often forget to record expenses as they come up.

#40 Furfeathersfleece

Posted 04 December 2016 - 12:53 PM

I am with cba and they have netbank saver accounts. They're free to open and earn reasonable interest. Money cannot be withdrawn directly from them, it must first be transferred to your regular account attached to the card and withdrawn from there.

I have several of these nbs accounts and label them for various expenses eg pet expenses, car expenses, utilities, gifts etc. I then have automatic transfers set up so that each pay $X gets transferred into each of these nbs accounts. These $ values are based on previous years expenses or best guess estimates.

For example, when a utilities bill comes in, I transfer the bill value from the relevant nbs account into my withdrawal account and pay the bill via eft. This way I never have to worry about having enough money to pay for essentials.

Other expenses such as our grocery bill and phone bills are budgeted for eg $Y pw allocated for groceries, but the money stays in our regular withdrawal account. I know how much I can spend on those expenses and spend accordingly.  

Fun money/discretionary spending money is withdrawn so I have cash for those expenses.  This system has worked well for us for a long time.

#41 pandorasaric

Posted 01 February 2017 - 02:46 PM

I can't believe how much money women lose from motherhood. If men had to have babies there would be all sorts of contingency plans to ensure they didn't lose precious wages or super. We populate the world and get shafted for it - the superannuation gap is massive because we give up so much on maternity leave. Partners should be obligated to supplement what we lose but they are not. My partner desperately wanted a child so I agreed. I can't get over the inequality of it all. People say I won't worry about that once i have a baby, but I've worked hard to always have my own income and pay for everything I want. How can I possibly ignore the fact I have to rely on someone else's money? It's embarrassing.

#42 sandgropergirl

Posted 01 February 2017 - 02:53 PM

View Postpandorasaric, on 01 February 2017 - 02:46 PM, said:

I can't believe how much money women lose from motherhood. If men had to have babies there would be all sorts of contingency plans to ensure they didn't lose precious wages or super. We populate the world and get shafted for it - the superannuation gap is massive because we give up so much on maternity leave. Partners should be obligated to supplement what we lose but they are not. My partner desperately wanted a child so I agreed. I can't get over the inequality of it all. People say I won't worry about that once i have a baby, but I've worked hard to always have my own income and pay for everything I want. How can I possibly ignore the fact I have to rely on someone else's money? It's embarrassing.

Its not someone else's money, you are a team, a partnership. At this stage, you are looking after the child and he is working. This does not have to be permanent, go back to work when you want. Having a baby doesn't have to make you dependent - that's up to you. And you should think about it after a baby as situations can change. People who tell you not to worry are being naïve - but there are lot of those about.

#43 Little_Dove

Posted 02 February 2017 - 08:22 AM

I have separate accounts.
1. My spending - so my fuel and fun money
2. DH Spending - his fuel and fun money
3. Groceries - weekly shopping money
4. Bills - both our wages go into this account then sent to various accounts
5. Leave - we are both casual so I have worked out how much to put aside each week so we can still be "paid" if we go on holidays like a permanent employee gets annual leave.
6. Car Expenses - all rego insurance repairs services sent to this account so when its time it all gets paid from this account.
7. Savings - all other savings goes here. I also transfer the weekly amounts that I have worked out for regular bills to go here rather than paying the company and being in credit I keep the money aside so the we are earning the interest not some other ***tard

It works for us. DH doesnt look at the separate savings account but can see everything else. It looks complicated but it keeps us in front and we always have money available for bills. (I also put away a weekly amount for house improvements and new furniture)

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