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

 

Exclusive Black Friday Sale!

Get over 40% off selected products, including prams, baby carriers, cloth nappies, sleeping bags and much more! 24 hours only, on May 6 - register now for your special code.

Kelly Clarkson shares first photos of son

Kelly Clarkson has shown off the first photos of her son, Remington Alexander Blackstock.

5 childbirth myths that need to be busted

Birth is an unpredictable, mysterious process that intrigues us all, and there is a lot of misinformation out there.

Mum of three fatally shot by toddler while driving

A US mother has been shot by her toddler while driving on a highway in Wisconsin.

All you need is one minute to work out

The seven-minute-work out is old news. Research shows the effectiveness of going hell-for-leather for just one minute.

Pregnant women needed to join diabetes study

Pregnant woman in country Australia will help Adelaide researchers figure out why cases of type 1 diabetes have doubled over the past two decades.

Just announced: the Mountain Buggy Unirider

It's the perfect solution to combat those toddler meltdowns when they no longer want to be in a pram but can't walk long distances.

Authorities euthanise dog that fatally bit a newborn baby

A pit bull mix that fatally bit a 3-day-old infant last week has been euthanised, authorities said.

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.

Why it's perfectly natural to dislike other people's children

Members of a popular forum are fiercely debating whether it is acceptable to dislike a friend's child.

Woman gives birth on plane, names baby after airline

A pregnant woman who unexpectedly gave birth on a flight has named her new baby after the airline, Jetstar.

Heartwarming photos show the joy of adoption after foster care

Children living in foster care can feel like their future is less than clear. But that uncertainty disappears the day they are adopted by their "forever family" 

'Oh my god, it's a baby!' Mum shocked to give birth

When the cramps started to kick in, Klara Dollan just assumed a painful period was starting.

Mum's Facebook plea: 'Help me find my daughter's father'

Kerryn has a unusual present planned for daughter Imi's 13th birthday celebrations - she hopes to be able to be able to give the soon-to-be the teenager her first ever photo of her dad.

Is it possible for your house to be too clean?

Our houses are cleaner than ever before. But how clean is too clean? Could a sterile home be putting your family's health at risk?

Millions of Monkeys: puzzles that grow with your toddler

Here's a puzzle that grows with them; the Puzzle Grow Pack by Millions of Monkeys.

Baby names from Britpop

If you grew up in the 90s you might want to look to the genre of Britpop music for baby name inspiration.

What to eat and drink when you have gastro

When you catch a bug that causes acute infectious gastroenteritis (gastro), your stomach and intestinal tract become inflamed, causing diarrhoea, nausea, vomiting, abdominal cramping and pain. The last thing you probably feel like doing is eating.

'To this day, I owe her my life'

Would I have survived if I hadn't crossed that street?

Why baby Sonny needs you to vaccinate your children

Caitlin is a firm believer in the importance of immunisation to protect children from harmful and deadly diseases.

Five-year-old's photo captures beauty of motherhood

There is no make-up or special outfits and hairdos, but the five-year-old boy who took this picture captured the essence of motherhood as well as any professional photographer.

Babies know whether you are naughty or nice

Studies have shown that infants in the first months of life try to avoid dealing with social wrongdoers - for example, sharing less with them and helping them less - and they expect others to, too.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

What's hot on EB

The babies who are one in 70 million

Bethani Webb was excited to find out she was pregnant, but the first time mum did not realise she was carrying four babies not one.

Exclusive Black Friday Sale!

Get over 40% off selected products, including prams, baby carriers, cloth nappies, sleeping bags and much more! 24 hours only, on May 6 - register now for your special code.

Cafe offers breastfeeding mums a free cup of tea

A Sydney cafe is offering breastfeeding mums free cups of tea in a bid to show support for the right of women to nurse their babies wherever they choose.

To snip or not to snip? When the decision is not clear cut

Jamie Oliver, who considered a vasectomy, is to be a father again. A fellow dad reflects on his own decision 11 years ago

Doctors stunned by rare twins born almost six weeks apart

To everyone's surprise, Kristen Miller "kept doing better each day", keeping her second baby safe.

Baby book ideas for modern parents

Before my son was born I was given a lovely baby book full of blank pages waiting to be filled with weights and heights and first words.

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.

Mum tells how toddler 'nearly hung himself' in cot mishap

When Alison Johnson put her 18-month-old Caleb down for a nap, she had no reason to believe her son was in any danger.

Babies are still switched at birth? Yes, it can happen

All my panic and tears aside, my biggest question looking back is about the kind of security measures used in the maternity ward.

Doctors slammed for taking selfie with newborn

Everyone who visits a mum in hospital in the days following childbirth wants to get a photo with the new baby.

ergoPouch Twosie Sleepsuit for winter breastfeeding

Finally, there's a way to keep warm while breastfeeding through winter.

Health check: How long does sex 'normally' last?

What to do with this information? My advice would be to try not to think about it during the throes of passion.

When breastfeeding sucks: fixing common problems

From niplash to tight boobs, biting to milk supply issues, Pinky McKay looks at common breastfeeding issues and how to solve them.

10 things I've learnt in my first six months with twins

Six months on we're all still alive, and the more we get to know each other the easier the days become.

Mum's loving kiss leaves baby fighting for life

Kirsty Carrington thought nothing of giving her newborn son a kiss, little did she know it would leave the baby fighting for life.

When doing chores is your new 'me time'

After children, 'me time' looks a little different.

Get going: 14 travel strollers for families on the move

A stroller can make or break travelling with a baby or toddler. Here are 15 great single travel stroller options.

10 ways toddlers are terrific

It always pays to remind yourself of how terrific toddlers can be - they're little like this for such a short time

 

ENTER NOW

Do your kids love bananas?

This is the comp for you! We have $800 worth of Myer gift cards and boxes of Australian Bananas to be won. Entry is simple: just post a pic of your little one enjoying a banana in the comments of the FB post to enter.

 
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.