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  1. #31
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    rainbow road is offline look at the stars, look how they shine for you
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    I'm doing the same MrsTW! We have a few late bills that will be paid before I put it in place properly though.

  2. #32
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    Default Re: Tell me your budgeting strategy...

    Quote Originally Posted by MrsTiggyWinkle View Post
    Ok I really have to thank everyone for their input, you have all given me such good tips and strategies. I've spent the last couple of days coming up with a plan on where to go and here it is for anyone who is thinking of doing the same
    1. Print out all the bank and credit card statements to get an idea of where the money is going (75% of our spending is on the card and we clear it monthly)
    2. Go thru the last 12m of bills to get a monthly figure and a projection of what bills are coming up in the next 12 months
    3. Track our cash spend to the penny. We don't do this at all atm and I was amazed looking at the accounts, how much is actually unaccounted for.
    4. Get a spreadsheet up and running like others have mentioned. I can use the account printouts, bills and tracking of cash to get a good idea of the categories.
    5. Work out a 'monthly spend' figure for bills and ongoing expenses.
    6. Rejig our accounts. Salary goes into Account A, where I will keep a monthly spend figure, transfer the bills spend to Account B and transfer the rest to the offset. The mortgage payments will come out out of the offset so there will always be enough there to meet it.
    7. Take a couple of weeks to get it all up and running. I tried this a couple of years ago but I jumped in without proper planning and failed miserably cos I didn't have it straight in my head and got swamped by figures and spreadsheet formulas
    8. Once its all in place i can then look at where we can cut costs, like reducing grocery spend, limiting clothes budget etc.
    Watch this space, I'm really keen to get on top of this now - I'm sure the enthusiasm will wear off lol but hopefully when I see the savings that will make the effort worthwhile
    While number 6 makes a lot of sense to keep track of what goes where, I wouldn't do this as any money you have in your offset account, offsets the interests you pay at the end of the month. That would save you a lot of money in the long term.

  3. #33
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    Gothel is offline Skip the drama, stay with Mama!
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    Yay for you RR . Its a good feeling taking control of all this. How is your partner involved, are you doing it together? I'm a bit nervous cos Dh has always taken care of the finances but his strategy is 'just don't spend' lol. That just doesn't work for me obviously lol, hence we are going backwards.

  4. #34
    rainbow road's Avatar
    rainbow road is offline look at the stars, look how they shine for you
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    How is she involved? I tell her what to transfer me when she gets paid

    She's useless with money, so I do it all. I did go through it with her though and she's happy with it.

    I've always taken care of finances though - most things actually. If I didn't call and cancel DPs phone contract, she'd still be paying two phone bills

  5. #35
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    Default Re: Tell me your budgeting strategy...

    Lol sounds like a good strategy, gimme all your money

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    Best thing I did was set up a savings account where money gets direct debited from my every day account. At the moment it's just $50 a month because I am on sh!tty Centerlink payments, but once I get a job I will change it. I am lucky, I am back with my dad and I just have to pay for my own food and petrol, mobile etc, but so I can save a bit more if need be. As long as you can save something, even just a small amount each month or each pay day then you'll be ok.

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    OP if you can afford it there is a really good company called 'my budget' that does it ALL for you for a fee of around $30 a week.
    They helped us get bak on our feet and now i do it on my own.

    Also getting rid of credit cards is the best idea, its no good spending money you don't have.
    I have one that was going to be used for emergency's $1000 later it was all used on bits of this and that, I have $200 to go to pay it off and i am goinf to chop it up into a million little peices and never get another one EVER !!

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    What we do is sort of a variation of a few other posters, but slightly different.
    We get our salaries paid into a joint account. Mortgage payment is debited automatically from this each fortnight, and car loan is repaid monthly when I get paid. We pay a third of our quarterly bills as soon as I get paid (using past bills as a guide), and then leave the remaining money in there for groceries, petrol and spending.

    We also opened a U bank account (free, online, high interest savings backed by NAB). We then set up a few sub accounts, like gifts (birthdays, Christmas, mothers & fathers day), car rego, baby savings, Uni fees (trying to avoid a HECS debt), etc. I've set up direct debits from our joint account into the relevant ubank accounts on 15th of each month when I get paid. "Out of sight = out of mind" really does work for us.

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    Just to add, ING or the like accts are good in the sense that to spend you need to transfer money back to your normal acct, which takes 24-48 hours - enough time to rethink 'do I REALLY need this!'

    i have several set up, incl a savings account for my son, an Xmas fund, and a rates/big bills account

    Mel x

  10. #40
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    I have an excel spreadsheet so I can see exactly where I have to put my money every week. I have two accounts - a main and an 'emergency/noncontrollables' account. The second one is obviously for bills and savings and things that come up that I can't control. The first is for groceries, stuff for bub (nappies/wipes/etc when she's here, atm that is going to savings to buy carseat and pram) and my entertainment (take away, treats etc).
    It's really handy to have it written down and in front of me all the time.. makes it solid/set in stone.

    EDIT: Oh hey this is an old thread lol.


 

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