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Starting your budget
6 replies to this topic
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
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.
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!
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
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.
Posted 15 April 2012 - 10:47 PM
There's a good budget spreadsheet provided by ASIC/government. Here's a link
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
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.
Posted 19 April 2012 - 07:44 AM
Does anyone use or can recommend a good budgeting Ipad app?
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.
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