Jump to content

How do you manage your budget???

  • Please log in to reply
52 replies to this topic

#26 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

#27 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.

#28 ~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?

#29 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.

#30 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.

#31 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.

#32 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.

#33 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

#34 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.

#35 *~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.

#36 james5

Posted 18 October 2012 - 03:27 PM

USe internet banking.it is more useful for it.

#37 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)

#38 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.

#39 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.

#40 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.

#41 But seriously

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.

#42 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)

#43 Moneypenny2014

Posted 26 February 2017 - 10:20 PM

I have the most old fashioned method ever!!!! I use envelopes!!!!
I get paid monthly.
I know roughly how much my electricity, gas, phone, water and council rates cost per quarter or month so I calculate these back to per month and I have an envelope per expense that I put cash into. The envelopes are kept in a small safe. I also have envelopes for car registration, car maintenance, general savings etc
Antiquated I know but I save on bank fees and it works

#44 sweetBabyC

Posted 01 July 2017 - 01:04 AM

I create a budget list for all expenses and only buy what are really needed and ensure they last until the next pay day. This way I don't have to do grocery every day. Proudly, I've been good at spending money. :) It seldom happens that I go beyond my budget.

#45 CoffeeGuy

Posted 30 August 2019 - 06:40 PM


Since 2016 I've been using excel to do my annual budgets.

On a bunch of pages I have income, rent, food, gas, elect, internet/phone, transport costs.  On the main page I have every day of the year with columns for expenses and income and a running total of savings.

When I have all most expenses clear to me I can work on each expense from biggest to smallest and decrease it if possible.  Get a cheaper vehicle, change my diet, chose cheaper accommodation  and ensure my rainy day fund is building.

I think I might do a monthly plan so I'll work on that.

Edited by CoffeeGuy, 30 August 2019 - 06:41 PM.

#46 jayskette

Posted 30 August 2019 - 07:30 PM

I have an app called Money Manager

#47 emma_jean

Posted 01 September 2019 - 03:15 PM

I used to use envelopes but I now use YNAB. It’s not free but worth it to me.

#48 Dianalynch

Posted 01 September 2019 - 03:32 PM

this is an old old thread - jayskette you posted on it in 2012 and on Friday -  I just found that kinda cool

#49 Etta

Posted 01 September 2019 - 04:11 PM

I noticed this was a ghost thread and wondered what reflections the people who were doing serious budget work back than could offer to us now.

Have you kept it up? Any surprises good or bad?

This thread was started the year the iPhone was released!

#50 Kallie88

Posted 01 September 2019 - 04:26 PM

Such an old thread, but I do similar to a few of the original posters. Dh's wage pays for all our expenses, 420 is transferred to me a week, 150 for groceries and 270 for bills (was 250 most of this year, I just upped it to account for kinder fees next year). I do the groceries online so it's easy to keep in the budget, leftover either stays in my account as play money or gets transferred as extra in the bills. My wage coz I'm casual goes to extra on the mortgage or a couple of savings accounts for different things

10 user(s) are reading this topic

0 members, 10 guests, 0 anonymous users


Top 5 Viewed Articles

Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.