Jump to content

Starting your budget


  • Please log in to reply
7 replies to this topic

#1 karablue

Posted 12 April 2012 - 03:04 PM

We really need to start living strictly by our budget especially DH.  I've done budgets in the past but DH just spends money whenever he wants. Granted he is not a big spender but it is starting to add up of late as he has become addicted to buying things off ebay and fishpond.  

I have done up a really detailed budget taking into account every little thing I can think of including putting money aside for schoolbooks next year, etc.  I've allocated a reasonable sum to DH, however, he will have to learn that once he has spent the money that is that.  Anyway that is my issue to sort out with him original.gif

My real question is how do you start?  For example, we have expenditure on the credit card from last month.  Do I just ignore that and use existing funds to pay for that (hopefully will have enough to cover) and then start from payday?  Although payday for both of us isn't until next week.  Also, I've done a fortnightly calculation on things such as car rego etc but won't have put enough aside when rego is due at the end of June?  I'm guessing in some cases in can take up to a year for your budget to level out if that makes sense.

Any thoughts/advice?

#2 SarahBubble

Posted 12 April 2012 - 03:30 PM

That's fantastic that you're looking at it properly. We have a pretty strict budget so that I can be a SAHM, and there's a few things we've learnt over the last few years. Forecast upcoming expenses like rego and if you know you'll need that money to be saved over time, then you need a separate account that is dedicated to some of the big things like that. Birthdays, Christmas etc are all budgeted in our house too, and our budget does tell us roughly how much we'd expect to be paying for bills so that there's no surprises. We also try and keep a tally of when we have a more expensive grocery shop (ie buying cleaning products) so that it becomes cyclical.

If you're allocating a set amount to him, might I suggest that until he's used to it it may be easier if its given as cash. That way he has to think about if he really wants something.

We pay off our credit card completely so that there's no interest. But then, we only tend to use it sporadically as we aim to live within our means.

Keeping receipts for 3-6 months will definitely tell you how your budget can be tightened a bit and what your spending habits are.

Good luck - you're on the right track!

Oh, forgot to mention, look around for budgeting software so that you can enter all these details and get your DH to help - its amazing how you become much more accountable for the spending when its on the screen in front of you!

#3 karablue

Posted 12 April 2012 - 04:01 PM

Thank you for your suggestions.  Yes cash might teach him how quickly (and easily) money can be spent!

And yes I've tried to be very detailed in budgeting for presents etc as well.  I've even included childcare costs now for DS3 even though I'm not back at work for 3 months. I've also tried to budget in increases to things such as electricity, rego and the likes. I've also budgeted using the paid parental leave salary rather than my normal salary (which is higher) so if I have missed anything I will have that difference to fall back on.  Bonus savings if I'm on track original.gif

We do pay our credit cards out each month but they are such a trap.  Of course the bank sell them to you that you can save interest on your home loan if you pay everything on credit card and then redraw to pay off.  I probably should work out how much I'm really saving doing it this way and if the truth be known I'd probably save more money paying cash as we wouldn't spend as much.

#4 Jane2012

Posted 15 April 2012 - 10:47 PM

There's a good budget spreadsheet provided by ASIC/government.  Here's a link
https://sites.google.com/site/munniesleetle...repare-a-budget

Personally, I found it useful tracking our expenses for the past 12 months (especially as some payments are annual, eg. insurance and others are quarterly) and then using that as the basis for budgeting the next 12 months. I did this by looking at all our statements (credit card, savings accounts) and bills

good luck!

#5 crayons

Posted 17 April 2012 - 10:29 PM

Use ANZ money manager it is fabulous for tracking expenses (it imports straight from your bank accounts) they don't have to be ANZ accounts. I find this great for sharing with DH really quickly spending reports and graphs and stuff, also has really easy cashflow things and budget reports. It has meant that while DH is really good with money seeing exactly how much has gone on booze for the last 3 months 6 months etc is quite scary. Also seeing how much I spent in the last 6 months online was VERY scary and I have now 100% stopped.

#6 millimum

Posted 19 April 2012 - 07:44 AM

Does anyone use  or can recommend a good budgeting Ipad app?


#7 Golden oldie

Posted 19 April 2012 - 12:16 PM

've recently downloaded an app called iExpendit (think it was recommended by someone here on EB) and have found it to be awesome. I get a reminder every evening at 6pm to enter the days expenditures and it truly has been a bit of a wakeup call to both DH and I how much the incidentals add up to.

It has made me so aware that I mentally high five myself on the days when I have nothing to enter (I used to spend money every day).

I think it was about 3.99 or so.

HTH

#8 JECJEC

Posted 19 April 2012 - 02:03 PM

QUOTE (sparklyredfish @ 17/04/2012, 10:29 PM) <{POST_SNAPBACK}>
Use ANZ money manager it is fabulous for tracking expenses (it imports straight from your bank accounts) they don't have to be ANZ accounts. I find this great for sharing with DH really quickly spending reports and graphs and stuff, also has really easy cashflow things and budget reports. It has meant that while DH is really good with money seeing exactly how much has gone on booze for the last 3 months 6 months etc is quite scary. Also seeing how much I spent in the last 6 months online was VERY scary and I have now 100% stopped.



OMG I just registered - I dont know whether I love it or hate it(cause I can see where our $$$ go). Could play for hours! Thanks!




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

Mum assists in own caesarean surgery

A mum who partly delivered her own twins during a caesarean has encouraged other women to take control of their birthing experience.

How to handle common childhood regressions

Regression can be a natural and common part of development prompted by a variety of factors, but that doesn't make it less frustrating.

Disgruntled dad's pram ad goes viral

When buying a second hand pram, there are lots of things to take into consideration. 

Man discovers he's a dad after finding 55-year-old letter

Discovering you are about to father a baby is startling enough - never mind finding out you have a 61-year-old son.

15 thoughts mums have during a tantrum

Ranging from mild to feral and triggered by events both minor and major, tantrums certainly keep life interesting.

Natural pain relief in the early stages of labour

While managing labour pains on your own can be daunting, there are a number of natural pain relief options to help you cope until you are admitted to hospital.

Forgotten Baby Syndrome claims the life of toddler

One baby dies every eight days in the back of a car in the US, victims of 'forgotten baby syndrome'.

For a brief time, I was touched by an angel

For a brief time, I was touched by an angel. You stole my heart, and changed me into the women I am today.

Chrissie Swan has reached her "sex quota"

Chrissie Swan says she and her partner have sex once a year due to her fear of falling pregnant.

Chinese woman gives birth to quintuplets

After six years of trying for a baby, a couple’s dreams have come true many times over after the mum gave birth to quintuplets this week.

Five-year-old shoots nine-month-old brother dead

A nine-month-old baby boy died on Monday after he was shot in the head by his five-year-old brother in their grandfather's home.

'Is that baby yours?'

She is my daughter. I gave birth to her. I nurse her. But she doesn't have any of my genes.

Episiotomy in childbirth: not just 'a little snip'

Episiotomies have a place in maternity care – and can occasionally save lives – but should not be performed routinely.

Toddler aggression not caused by language delays after all: study

The logic was that children who don’t have the language to fully express themselves will lash out when they’re misunderstood. Not anymore.

Why we chose to adopt a child with Down sydrome

Everyone in foster care (and really in life) has something that makes them more vulnerable. We just know what our son's is.

Object of desire

Curvy mums make clever babies

Scientists appear to have discovered why women have evolved to have more curves than men – shapely thighs and bottoms lead to healthier babies.

'We'll make sure they know how much she loved them'

A first-time mum will never get to hold her four newborns, dying shortly after giving birth to the quadruplets.

The baby names NZ knocked back in 2014

A New Zealander has tried to name their baby Senior Constable but didn't get away with it - and numbering children is also a no-no.

How can you go into labour without knowing you're pregnant?

For most of us, the idea that a woman could carry a child to full-term without knowing she is pregnant is mind-boggling.

Will you get to the hospital in time?

Worrying your baby will be delivered by the roadside is a common concern for many mothers-to-be. So how likely are you to be caught short?

Win an Octonauts prize pack

To celebrate the launch of Octonauts Live! Operation Reef Shield, a spectacular underwater adventure live on stage, we are giving away an amazing Octonauts prize pack to one lucky fan.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Stars help save choking babies

It's an important lesson to learn, but one that busy new mums and dads might overlook until it's too late.

New Girl star Zooey Deschanel pregnant

Actress Zooey Deschanel is expecting her first child with her producer boyfriend Jacob Pechenik.

16 times 'dad reflexes' saved the day

Of course, in some cases they may be the ones who actually got their child into a precarious position in the first place, but we'll ignore that for now.

Couple's 'non-traditional' pregnancy announcement goes viral

Knowing you are not the father of your pregnant wife's baby would usually indicate a rocky relationship ahead for traditional parents.

The trials and tribulations of identical triplet newborns

Pip Donnelly is still playing spot the difference with her newborn identical triplets, Isabelle, Georgina and Frankie.

Win an Octonauts prize pack

To celebrate the launch of Octonauts Live! Operation Reef Shield, a spectacular underwater adventure live on stage, we are giving away an amazing Octonauts prize pack to one lucky fan.

Earthquake baby thriving five years on

Jenny Alexis is lucky to be alive after spending four days buried in the rubble of the 2010 Haitian earthquake, but now she's a thriving five year old.

Please don't say I'm lucky because I was adopted

On the one hand I was having a regular life with friends and sports and sleepovers and school. But I was also always wondering: Did my mother love me? What was wrong with me?

An open letter to non-parents who offer advice on child-rearing

Kitty, when you’re the parent of my child you’re welcome to wade in with an opinion – but until then, I’d prefer you to have a supportive ear and a glass of wine ready.

Couple arrested over baby gun video

A US couple faces charges after investigators say they found mobile phone videos showing the woman's 12-month-old daughter putting a handgun in her mouth.

NSW Health dumps 10-year limit on frozen embryos

A 10-year time limit on storing frozen embryos that were created with donor sperm has been dropped by the NSW government.

How my happy-go-lucky husband became a monster

Sharan Nicholson-Rogers watched her husband change from a happy-go-lucky police officer into an unpredictable man prone to violent and emotional outbursts.

Dads-to-be experience hormonal changes, too

Dads-to-be experience hormonal changes in line with their pregnant partners, a new study shows.

'They were just doing their job': mum of toddler killed in police chase gone wrong

"They were just doing their job. I feel so sorry for them. It is all just too sad."

Miscarriages to be formally recognised by NSW government

Women who miscarry will be able to obtain an optional "recognition of loss" certificate as a formal recognition of their often heartbreaking loss.

Cafe cubby house 'too noisy' for neighbours

Teenage parties, domestic disputes, or raucous late night pubs are the things that usually come to mind when you think neighbourhood noise complaints.

Dad films baby playing with snake

Most parents would not consider a snake an appropriate playmate for their baby, but a US dad who filmed his daughter playing with a python has defended himself against criticism.

Clever breastfeeding products

Check out this range of products designed to help make your breastfeeding journey more enjoyable, manageable and convenient.

 

Back to School Offer

Findababysitter.com.au

We've got you covered for this school year. Use www.findababysitter.com.au to meet local nannies now.

 
Advertisement
 
 
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.