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 ///

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!




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

The popular baby name from the Rio Olympics

"With a pair of athletes who are not only successful, but seen as great role models – combined with a softer sound – it is like hitting the jackpot."

Toy stuck in baby's throat for two weeks

When Jude Atiga's baby son Laith was struggling to breathe the worried mum called an ambulance.

Mum awarded $20 million over birth power struggle with nurses

As a mother of three, Caroline Malatesta thought she knew what she was letting herself in for when it came to the birth of her fourth baby.

Win a Baby Jogger City Premier for Father's Day

To celebrate Father's Day, one lucky EB fan will win one of their own! Enter Now!

'There's a giant picture of BOOBS but I can not feed my child'

A mum was ushered out of an US department store's underwear section after discreetly breastfeeding her baby.

Why fatherhood scares many dads-to-be

Travis Bull vividly remembers discovering his partner was pregnant for the first time.

Free ticket offer

Pinky Mckay joins us again at the Essential Baby & Toddler Show presented by Blackmores with her expert baby settling advice. Register now for your free ticket.

Warning for pregnant women as flu-related deaths triple

A more than three-fold increase in flu-related deaths has sparked a plea for those with the flu to stay away from vulnerable people.

I'm trying to keep my child-free friends in my life, but it's tough

I tried to prove to my single friends that I was the same I'd always been. But marriage did change me - and motherhood has, too

For the festival lover in all of us

Pre-book & Save 50%. Get your tickets now for Kidtopia Festival. 7-9 October 2016 Parramatta Park, Sydney.

Too many parents still putting babies in unsafe bedding: study

A study found that a whopping 91 per cent of four-week-old babies had been placed in cots with unsafe bedding.

Mum's shock as toddler fat-shamed by internet trolls

When a mother uploaded a cute photograph of her 14-month old child online, she did not expect a swarm of internet trolls to write that her toddler was fat.

How an Aldi staff member made one exhausted mum's day

It was a simple act of kindness, but one that made an exhausted mother's day.

The most awww-worthy celeb baby pics of the week

It's been a pretty cute week on Instagram in terms of celebs relishing their babies.

When 'Just Do It' just doesn't cut it

When even Michelle Bridges admits to struggling with her exercise regime, it's time to accept that having small children can be a legitimate reason for exercise not happening.

What life is really like when you have five kids

Life is cute with one, manageable with three, but at times completely impossible with five.

When no one can pronounce your baby's name

In Wales it's a common name, but over here, it's cause for some confusion.

Dad shares horror tale after Roomba's run-in with dog poop

It's the poop story that's been shared hundreds of thousands of times around the world.

How a homemade wheelchair is giving baby Evelyn freedom

Like all one-year-olds, Evelyn Moore is keen to get moving and explore the world around her. But a battle with aggressive cancer left the little girl paralysed from the waist down.

Single to double pram that folds with seat attached

A pram is a large purchase, and you only want to buy once.

Mum-to-be surprises husband with big news in joy-filled photoshoot

When Bri Dow learnt that she was expecting, she immediately knew she wanted to break the news to her husband Brandon in a special way.

Blake Lively: 'Post-pregnancy slim down pressure is so unfair'

Blake Lively has urged women not to feel pressured to lose weight after pregnancy.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

What's hot on EB

For the festival lover in all of us

Pre-book & Save 50%. Get your tickets now for Kidtopia Festival. 7-9 October 2016 Parramatta Park, Sydney.

Why drinking water can be deadly for babies

H2O is one of the necessities of life, but for babies a seemingly harmless amount of water can be fatal.

5 ways having a baby is different when you have older children

So much parenting advice is geared towards having your first baby, but what's it like having a baby when you already have children?

You can now make your own plush Falkor

Fans of The NeverEnding Story – of which there are certainly plenty – went crazy for these plush Falkors when they first went on sale last year.

Baby steps

10 things that will actually happen after having a baby

I thought I had prepared myself for motherhood. Then my baby girl arrived and knocked everything flat.

Having a baby: expectations vs reality

People love to warn you about what to expect when having a baby, but they can be way off when it comes to the reality.

Are we having fun yet? Thinking positively as a parent

Motherhood is wonderful ... except when it sucks.

The adorable smile of a baby seeing his mum clearly for the first time

There is no doubt seeing their child smile for the first time is an unforgettable moment for parents everywhere.

When breastfeeding doesn't go with the flow

Breast is best, except when it's not. And in our case, it most definitely wasn't.

'If you don't vaccinate your kids you're a bloody idiot'

The photos are heartbreaking and almost too difficult to look at, but Kayley Burke is begging other parents to take notice.

Why pregnant women should eat chocolate

In news that will make expectant mums jump for joy - and reach for a block of Cadbury - scientists have revealed chocolate could provide health benefits during pregnancy.

The baby born with an incredible head of hair

If you're in any way challenged in the follicle department, prepare to feel a jolt of envy - at a two-month-old baby.

The push for Medicare to fund lactation consultants

While meeting with a lactation consultant can make an enormous difference to a new mother, it's not a service that is available through the public health system.

Parents, this is how to cut grapes to avoid choking

One mum has learnt a harrowing lesson about the best way to cut grapes to make it safe for toddlers and little kids to eat.

Three truths about C-section mums

Lately I've been thinking about the caesarean stories and the brave women who birth their children with strength and beauty.

Help! My baby will only sleep in my arms

It's stressful to be the one who is holding your baby most of the day, but it's even more stressful to wonder, 'am I doing something wrong? Or am I creating bad habits?'

 

ENTER NOW

Win one of two Father's Day Gift Packs

Sign up to receive our new Essential Kids announcements emails for a chance to win.

 
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.