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  1. #1
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    Default Q's for those who follow a strict budget!!

    Due to a change in our circumstances my hubby and I are wanting to tighten our budget. We have always had a rough budget for shopping, petrol and bills but tings like gifts and clothes we just buy as we need.

    I'm now wanting to include this in our weekly budget but am struggling with amounts.

    So to those who follow a strict budget, what catagories does your budget include and if you don't mind sharing how much do you budget for family clothes and gifts etc.

    Thanks

  2. #2
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    We put every possible expense into our budget but how much you budget for things depends on how much you earn and what your expenses are like

  3. #3
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    clothes and gifts come out of our 'spending' amount. we usually have left over each week, so 'save' it up

  4. #4
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    We make or grow alot of our gifts. ;-)
    Also have alot of kids clothes swap party with friends - kids grow too quickly and most (including myself) have clothes still brand new with tags!!
    Also Op shops are great for kids clothes - hubby us great at finding brand names!
    For more ideas check out Simple Savings on FB and web - www.simplesavings.com.au

  5. #5
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    first i pay bills and make sure there's going to be enough left for the next week's automatic direct debit bills. i hate being paid fortnightly. then:

    shopping (groceries!)
    petrol
    any special expenses that week- this includes rare bills such as yearly memberships or if i need to buy another work uniform or buy phone credit or whatever
    anything i'm saving up for- entry into an event,for instance
    spending

    couple of tips i've found useful, may not work for you but worth telling. use excel. you can make columns and tables and have categories of spending and use it to calculate totals. and then put in how much you got paid and figure out how much will be left after certain things have been taken out. i LOVE excel.
    use envelopes if you're like me and go crazy if it's all on a piece of plastic. go withdraw your pay and put it in envelopes. $100 for shopping, $50 for petrol, etc, with the amounts you've chosen of course. label them all including how much is in there. seal them if you're still tempted, and only open them when you get to the checkout.

  6. #6
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    I include every conceivable expense in our budget and set an amount for things like gifts, entertainment, fuel, etc. So for example, if a gift is more than that amount it's tough luck, find a cheaper gift. At the moment we are on a very tight budget due to my lack of work so even meals are planned and budgeted for. We keep the money in our offset account to ensure our mortgage gets the benefit of the money sitting there but I track it how much has been "saved up" or "spent" for each expense in a separate linked spreadsheet to my budget spreadsheet. It is working really well at the moment.

  7. #7
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    First I put in our incomes, so:

    DH monthly salary
    Shoopuf monthly salary

    ----

    Then I put in all of our 'fixed costs' from our everyday account:

    Rent
    Groceries
    Fuel
    Eating out
    Coffees
    Gifts
    Clothing/shoes/entertainment etc

    This amount stays in our everyday account (the only one we have card access to).

    ----

    Then I put in all of our expenses that are paid from our 'bill paying' account:

    Electricity
    Phones
    Internet
    Annual credit card fee
    Car loan
    Moving fund (we move house regularly lol)
    Rego & car services
    Insurances

    The total of these expenses (I use a monthly average for things like rego) is transferred into our 'bill paying' account to accumulate until the bills arrive.

    ----

    Finally, whatever is left over from our salaries after deducting our everyday and bill paying expenses is transferred into our high interest savings account.

    So yep, I budget for EVERYTHING: We still go out and do stuff spontaneously (and dip into our savings), but I feel more comfortable knowing that I have our finances under control at all times. I'm a freak

    I hope that helps!

    P.S. We don't have any credit card debt, either. We buy everything on our everyday expenses list using the credit card to accumulate frequent flyers, then we pay the credit card off in full each week. At the end of the year ... Woohoo! Free holiday!

  8. #8
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    I'm on my phone so please excuse me.

    My paid mat leave runs out soon and due to finishing work early for pregnancy complications and lge Drs bills we're alittle low on savings.

    Ladies- so if you look at your 'spreadsheet' do you know that your under budget for a bill do therefore you can reallocate that extra to something else? Do you write everything down, or keep receipts?

    I have a mortgage and offset account. In the mortgage I'm not sure how much of the extra in there is for the things we're saving for ie new patio, and how much is the extra mortgage.

    I like to have the money in the offset for obvious reasons, but have no idea how much I've saved on bills to spend on hobbies. I'm constantly transferring money back and forth.

    Maybe a bills account is a good idea.
    Last edited by speckled; 06-03-2012 at 22:48.


 

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