[Freckles]

Hi guys,

I think this is a really useful thread. Lots of people have questions about managing their budget so I am going to pin this thread. Keep the great ideas coming.

Emma (Mod)

ETA: Whoops, accidentally closed this when I pinned it! It's reopened now.

[shadon]

We also use separate bank accounts for budgeting. I like it, it keeps all the money separate, keeps fees down as the money is spread over accounts with several different banks (5 in all) taking advantage of their fee free thresholds (where applicable) or their high interest rates. Plus if there is ever a run on a bank (like on Northern Rock in England last year) we won't lose all our savings :wink:

We are both paid fortnightly into a joint bank account and this is how our money is distributed every payday:

$1000 to Mortgage,

$450 to a "Bills" account: covers childcare fees, home phone, 2 x mobiles, land rates, electricity, water, home/contents ins, Foxtel, internet, DH's work Social Club fees, DH's gym membership fee. This is an everyday account with an EFTPOS card attached but we don't use the card and all bills are either direct debited or I use internet banking to pay them so this is basically a fee free account.

$250 to a "Transport" account: covers petrol, services, tyres, comprehensive insurances, rego, CTP, E-Way Tags, etc for 2 cars. This is an everyday account with an EFTPOS card attached. We get unlimited free EFTPOS transactions a month, unlimited free ATM withdrawals from the Bank's ATM, 5 free ATM withdrawals a month from Other ATMs and no other account keeping fees if we keep within the Other ATM limits.

$50 to an "Emergency Fund" account. This is to cover sudden expenses like big appliance replacement or car insurance excess in the event of an at fault accident. This is a high interest bearing online savings account.

$50+ to "Specialty Savings" account. Currently we are saving for a new computer. This is a high interest bearing online savings account.

$50+ to a "Holiday" account. This is a high interest bearing online savings account.

$400 to "Grocery" account. This is everyday account in my name only. It has an EFTPOS card attached.

The remainder of our pay stays in our joint account to pay for entertainment, presents, DH's lunches, incidentals, etc.

Additionally, $690 a month goes into a "School/Xmas" account. This is child support I receive for 2 children and covers their school expenses at a Catholic High School (fees, books, uniforms, camps, etc) and whatever is left in the account end of November goes towards Xmas. This is an online high interest savings account.

I am pretty hopeless at tracking expenses so the keeping all money in one account and separating/recording on a spreadsheet doesn't work for me (and yes I have tried it) This is what works best for us.

This post has been edited by shadon: 03/01/2008, 09:36 AM

[Carrie B]

I'm glad I read this thread tonight!!

You've all just given me the motivation to get my 2008 budget set up!!

I am going to do as a PP and bpay fortnightly amounts off my bills including water and land rates. The amounts I've worked out off average monthly amounts divided by 2 (paid fornightly). I haven't included 4 monthly bills as they are already direct debited and there'll be enough left over out of either fortnight to cover that.

Now to just get it into action later this month!! (next cycle).

[mellyelliechloan...]

I have started reading in here again as i REALLY need to get my budgeting sorted as we are building a house this year and i NEED to be strong with my budget as the mortage we currently have is alot less then what it will be very soon..

What i find hard is its all good to be doing an excel spreadhseet like i had been doing but its so easy to go off track with it

it all works out fine on the paperwork but never in reality. I so struggle with getting it right. And i guess we have the sort of home loan where all our money staying in the account the better.

DH said i am no way having a credit card when we do have the other mortage. i am thinking i will be handing it over very soon. i dont wanna blow it anymore i wanna be able to get it right and know i am safe.

i am liking the idea though of just putting that money budgeted for over to the bills straight away that way we cant 'accidently' use it thus making it worse when the bill comes in...

i think i need to do a lot of reading in managing money to get myself straightened out.

This post has been edited by mellyelliechloandzac: 03/01/2008, 09:44 PM

[Supermum3]

Hi All

Well with our budget..We have 3 different accounts one is my living account, one is more my pay and other one is for dh pay and bills.

I have internet banking and have everything come out evry Thursay and also pay a little more. I also transfer money to my living account and try and stick to it, when things are coming up I try and save money in my living account so I don't have to tounch any other account..My pay doesn't get tounch atm as I'm saving as I'm going o/s this year and dh account is where all the bills come out of, plus we save a little from there too.
We also have a ing direct account with money in to get a higher interst..

But I love the other ideas so I might be changing my way a little soon..
Anna

[bridgy16]

hi there everyone.

i did the whole budget thing, but its gone out the window. my partner is hopeless with money, and wont let me take control of the money. he spends about $60 a week on smoko, and then complains we have no money. ive tried to get him to take his lunch from home, but he wont.

i have worked out a budget, and at the end of the week when everything is paid, we still have money spare.
i have shown this to him, but he wont change.

help!

[*Foggy*]

I use Quicken (software) to do our budget. I it!

In less than a year, we have totally changed our financial position from dire to... desireable! The last few months we have been practising living on only 40% of our income to prepare for the event that we get a BFP (and begin living on one income).

x

[Delayfish]

Bridgy16 - did you allow some 'pocket money' for your dh in your budget? My dh and I get a certain amount of 'pocket money' which we can spend on whatever we like each fortnight and we don't have to account for it.
So if dh wants to buy his lunch every day he can, but it's out of his money, and when it's gone, it's gone! But if he wants to take food from home to work, he can keep his spending money for other stuff.
Maybe you could try something like this with your dh?

If that doesn't work, maybe the money is not the problem? Sometimes when couples argue about money issues it can really be about other things, so make sure the money is the real issue before you waste too much energy fighting about it!
Good luck, hth

This post has been edited by delayfish: 04/03/2008, 12:43 PM

[staceyleigh]

I'm not sure if you know how to use an excel spreadsheet, but that's how I do my budget. I make columns for all my expenses for the week, and there are tools on the spreadsheet that can help you add up and delete from your paycheck that your family recieves on the weekly basis, so then you can estimate how much you might have over at the end of the week. I keep all my reciepts, and check of against our bank statments, then I know I am not get the dodgy from the bank. I have been called bottom (aka) retentive in the past, but hey it works for us!

[Snoozie]

Hello!

We use quicken also and it's great. I put in "dummy" bills (eg estimated rates) and set them up bi yearly so that I can see at a glance how our cash flow is going.

We've hit a major pot hole recently with lots of unexpected expenses but hopefully we will be slowly coming out of that now as I get us back on budget. It's still not ideal and there are expenses coming out that we will have to save for but I think in the long run it will be much better and we will no longer have those crunch times when there is a huge cash flow issue and money's being taken from everywhere possible to cover things!

We use the budget features of the program and I put in absolutely everything I can think of before dividing it into a fortnightly figure which is then set aside in our bill account. We have a savings account, daily account and a bill account. I am in the process of ditching our reliance on the credit card because it is simply evil!!!! Our savings account is where treats and emergencies come from. Eventually I'm hoping to be able to eke a bit more money out but things are tight and our interest rates keep going up

Whenever I receive a bill I go to online banking and set up for the money to be paid on the day it's due (usually by bpay). I have scheduled d/d for everything I possibly can and all this is recorded faithfully in my quicken software so I know the money's there to cover it. I reconcile my accounts each month and it really helps see where the budget leaks are (eg OMG we spent a fortune on take out!).

Susan

This post has been edited by Snoozie: 19/04/2008, 02:15 PM