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mamaj180

Please Help me re do my budget

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mamaj180

Hey Everyone

Im after some tips and any helpful input on our family budget I've never really been good at it ..sorry in advance this post maybe long..

 

My partner take home pay is usually around 2900 a fortnight..this is usually how I budget

Food is usually 850 a (fortnight for 2 adults and 6children I know that seems quite high this is with me meal planning it also includes all meat fruit and veg nappies wipes formula ect) some children are gluten and dairy free..this is probably where I am going wrong I admit.

 

720 is mortgage

50 credit card

50 fuel

400 for savings which I have only just stared doing its for the end of year

leaves 830...but one pay I might have 600 electric bill or a water or gas ect bill to pay. Or if the kids need new clothes or shoes ect

 

My other expenses are mine and my partners phone bill which is 245 a month. House and internet 150 a month, pay tv 25 a month. Health insurance 310 quarterly. Rego 330 quarterly.

 

Any advice would be great :)

 

opps forget to mention the reason I'm saving 400 as I need close too 4grand by the end of the year to take our family on our first family holiday

Edited by mamaj180

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Overtherainbow

Car insurance, home and car maintenance, rates, school fees, sports, medical, Internet.

 

I like using ynab to plan and track our spending. The Aust gov has a free site for budgeting that includes most expenses.

 

If you've used cc a lot, flick through the last three months of statements and see where your money went.

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mamaj180

Oh yes I totally forgot about that. Our rates are 2200 a year Car is 55 a month house 70 a month and personal insurance 30 a month. Usually when we get our tax return thats what we use for any car expenses school fees or I take money out from the savings account.

Edited by mamaj180

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mamaj180

Now that I look at my budget down it does look pretty crappy. Needs a serious shake up. Partner would rather leave it up to me as he works long hours.

 

Im thinking maybe it would be better to start putting money aside on bills each pay so then when I get its not so big. Anyone else do this?

Edited by mamaj180

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glassslipper

Your phone + internet expenses seem quite high, it may be worth looking at bundling these. Not sure who you are with but I've found both Optus and Telstra to be willing to offer discounts when you have multiple services with them.

 

You may wish to pay your utilities bills (water, gas, electricity) fortnightly. This will stop the shock when the big ones come.

 

I like to have a number of online savings accounts (these are usually free) to save for my big annual bills. So I have an account for rates, one for car rego & insurance, one for all other annual insurances. I divide my annual bills by 26 (fortnights) and then transfer that amount on direct debit after each pay into the accounts. That way the money is always there when the bills come.

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hills mum bec

I would start by paying your bigger quarterly bills in smaller amounts fortnightly with your pay cycle. For things like electricty, gas, council rates etc work out how much you pay on average over the year and divide it by 26.

 

Do you get fortnightly payments from Centrelink to put in your budget?

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mamaj180

Some great ideas here thank you very much! I'm going to have a look on netbank now at all our previous utility bills and work it all out.

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BBC

Food does not seem unreasonable for six children.

 

Phone bills seem high though. Can you get a cheaper plan or go prepaid?

 

 

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timtam92

Have a look at Aldi mobile. I pay 25 a month and hubby pays 30. It's on the Telstra network

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IamtheMumma

Are you locked in contracts with home phone and internet? There are a lot of providers who do both for $70 a month.

 

Your partner's phone - is he on a contract? If not, consider prepaid. Boost is Telstra's prepaid arm and they've just rejigged their plans.

 

http://boost.com.au/plans/

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Buff Daddy
I like using ynab to plan and track our spending. The Aust gov has a free site for budgeting that includes most expenses.

 

I use YNAB as well. It's moved me from having a credit card debt and not enough funds to pay for it to having a money set aside in an offset savings account (saving me mortgage interest) that covers all my know expenses plus saving for other unknown as well.

 

I had to go through a process of seeing where my money was going (using internet banking to get my spending history was helpful) and then putting aside money in YNAB categories to cover every thing. We then had to work out what was necessary and what was luxury.

 

We bundled phone, internet & mobiles and got a better deal. I contacted my bank and asked for a better rate and got one.

 

Buff :yes:

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got my tinsel on

$400/month on phones, internet and pay tv.

 

There is the problem, right there.

 

All those sound terribly high - check whether you can get cheaper.

 

When DH and I first moved in together, we worked out averages of all our bills over a year (rounding up the figure to the nearest 50 or 100) and like PP then divided it by 26. That amount was then transferred into our cheque account for bill paying as they came in. At the end of the year there was several hundreds of dollars 'left over'. We also looked back at our bills and adjusted the amount needed to be put away each fortnight to reflect increases in average bills.

 

We kept on until we had saved a year's worth of bills money which we placed in a term deposit.

 

Good luck, OP.

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mamaj180

Food does not seem unreasonable for six children.

 

Phone bills seem high though. Can you get a cheaper plan or go prepaid?

 

I'll definitely look into that..the house phone internet is in my mothers name which is bundled to her mobile. But she does not live with us anymore so I have just been pay our part of the bill.

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BornToLove

Im thinking maybe it would be better to start putting money aside on bills each pay so then when I get its not so big. Anyone else do this?

 

We do this for all of our bills. They are due monthly or quarterly but we are paid fortnightly. We set aside money each pay into an account specially for the various bills we have. By the time the bill comes in, we have enough to pay it straight away.

 

Some of our bills are set up with direct debit and they come out of this account. We leave a $500 buffer just in case there is some sort of DD error.

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kaishra

We put aside $ each fortnight for phone, electricity, credit card, rego and pretty much everything else that way the money is already there when the bill comes in. Our shopping budget for 2 adults and 5 kids is $250 a fortnight though that does blow out regularly but 95% of what we get is homebrand, 99% of the meat is marked down and fruit and veg is bought from the fruit shop as it is cheaper than the supermarket. If we had an aldi then I'd be able to save more but that's still a few years away

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FeralZombieMum

$400/month on phones, internet and pay tv.

 

There is the problem, right there.

 

That is part of the problem.

 

Other problem is you seem to be paying minimum off a credit card - but are putting aside $400 a fortnight for savings for a holiday - you should be pouring as much money as possible into paying off this debt. Once it's cleared (and card is cut up), then you can afford to save towards a holiday.

 

Im thinking maybe it would be better to start putting money aside on bills each pay so then when I get its not so big. Anyone else do this?

 

We put all our money into the mortgage and redraw (free internet redraws) for those big bills. This way it makes our money work smarter - as it reduces the interest we pay on the mortgage. If we put it into a savings account - it doesn't work as smart because it earns very little interest.

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new*to*this

I would echo what others are saying about cutting phone/internet/pay tv. There has got to be a better deal out there for you. I would also look into cutting supermarket expenses to 600-700 a fortnight if possible. Look to bulk buy anything that is on special or marked down and freeze it, then meal plan with what you have at home not what you need to buy IYKWIM. Also is there anyway you can buy supermarket gift cards at a reduced price. For example our insurance company offers Coles & Woolies gift cards at 5% off. It doesn't seem like much but over the year the savings add up. I would also put the savings money into the mortgage and redraw it at the end of the year (as long as you are not penalised for this) when you need it as you will get taxed on savings anyway.

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Lauren59

Our income is similar (husband $2500 my ftb is about $750) although our mortgage is about $930 and we have five kids.

 

I recently cut back our groceries from about $750 f/n to about $500 with a lot of tips from Large Family Finance on Facebook.

 

With all your insurances you're usually much better off paying them annually than monthly. We put aside $1000 a f/n for all big bills ( not monthly phone, Internet, pay tv) as well as at least $50 towards Xmas, both into seperate online bank accounts so I can clearly see what I've got where. My husband leaves all budgeting and bill paying to me also, mainly because I'm home ft and run all household stuff.

 

Definitely get quotes every time an insurance is due because often you'll find cheaper. I've used a couple of budgeting apps but still find pen and paper suits me better : )

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Bearynice

I think you need to track all your expenses. Pull out previous bills and statements. Set up regular weekly amounts to bills to avoid receiving big bills

 

Go on MoneySmart.gov.au and fill in the sections. Be honest. (See if there is the spare $200 percent for the holiday)

 

Shop around for home ph and Internet bundle (we pay $70 pm)

 

Look at Aldi mobiles (we have two mobiles for $50 pm)

 

Food. I'd be looking if I could secure any bulk discounts for formula. Shopping at local fruit n veg. Bulk meat.

 

 

 

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Holidayromp

Your food bill is very high.

 

For two adults and four kids (one a teenager) our grocery bills are $150 a week for EVERYTHING, nappies, meat, fruit and veg I make my own cleaning and laundry products, all bread etc and lunches are bento style. We eat very well.

 

Yes you are a family of 8 BUT I think you could halve that very easily.

 

If you would like me to assist you can either pm me or comment on here. I'm interested in the type of meals you have, lunch items and snacks. Also the type of items you buy.

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amandaatnumber7

Now that I look at my budget down it does look pretty crappy. Needs a serious shake up. Partner would rather leave it up to me as he works long hours.

 

Im thinking maybe it would be better to start putting money aside on bills each pay so then when I get its not so big. Anyone else do this?

 

We took 3 months statements of all our bills (not including the mortgage) and worked out an average for a month then divided by 4 - we have weekly pays.

Hubby transfers that amount every week (we opened a separate account for bill money) so when bills come in there is always $$ in the account

 

I have 3 boys so granted my food bill is less but the best way I got it down by $100/pw to was meal planning & cooking from scratch and we have gluten and dairy intolerance to include

 

I also use Aldi mobile, I was paying $70/mth with telstra for $500 talk/text and 1.5gb switched to Aldi and pay $35 for unlimited talk/text and 5gb

Edited by amandaatnumber7

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Rilee's~Mama

I also use Aldi mobile, I was paying $70/mth with telstra for $500 talk/text and 1.5gb switched to Aldi and pay $35 for unlimited talk/text and 5gb

 

For those who have switched to Aldi, do you get to keep your existing number or do you need a new one? I've heard great things about their plans, but I want to keep my number!!!

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Chicken Pie

Your food bill is very high.

 

For two adults and four kids (one a teenager) our grocery bills are $150 a week for EVERYTHING, nappies, meat, fruit and veg I make my own cleaning and laundry products, all bread etc and lunches are bento style. We eat very well.

 

Yes you are a family of 8 BUT I think you could halve that very easily.

 

If you would like me to assist you can either pm me or comment on here. I'm interested in the type of meals you have, lunch items and snacks. Also the type of items you buy.

 

i would love your "recipes" for your cleaning and laundry products as i have been doing research on the topic.... :)

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Holidayromp
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Moo point

Definitely some options for lowering your spending.

 

We are with iiNet for home phone/internet, only $60 per month, fast download and 200GB, all national landline calls included. DH and I have a Vaya mobile SIM, $18 per month for unlimited talk/text and 1.5GB per month for data. Uses the Optus network so good coverage and we kept our old numbers. We don't even use our home phone anymore as we have unlimited calls on the mobile.

 

We have Netflix, so no need for pay TV. You can use Chromecast (~$50) or we bought an Apple TV. With iiNet anything you watch on Netflix doesn't count toward your download, same with ABC iView and ABC Kids - it's great! Netflix is only around $12 per month.

 

You can organise with your utilities companies to direct debit a set amount each month, or just put it aside for when a bill comes in. Definitely shop around for deals on utilities and insurance.

 

And I'm with PPs - if you are only paying the barest minimum on the credit card you will NEVER pay it off. No point having money in savings at ~3% or with your mortgage at ~5% if your CC interest rate is 18%. You need to put every spare dollar you can onto your credit card and pay it off - maybe consider transferring the balance to an interest free card for 6 months and really focus on paying it down? I'm not against credit cards, we use ours for everything, but always pay off the total balance every month.

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