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  1. #1
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    Question Best way to budget?

    Hi all.
    I'm wanting to help my partner with budgeting in the coming year. Wit bills coming in more often here now, he is really stressing out.
    I'm looking for what is the best way to pay per month on bills.

    Would it be best to take the last 12 months of bills, add it all up then divide by 12 and use that as a monthly savings target?
    Or is it best to go with the average usage by month? So the average between last January (2012) and this year's January(2013), then February - February?
    Just looking at how much he will need to put aside each week so he isn't stressing each time a bill comes in.

    TIA

  2. #2
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    Use the first option but add in extra $$ each month as a contingency.
    I plotted all expenses on a cheap calendar then would add up jow much we'd need from each pay to pay bills etc

    Sent from my GT-I9305 using The Bub Hub mobile app

  3. The Following User Says Thank You to PinkPopsicle For This Useful Post:

    Cherry18Bloss  (18-12-2013)

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    Ok thanks I will go do it now before I forget

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    Quote Originally Posted by PinkPopsicle View Post
    Use the first option but add in extra $$ each month as a contingency.
    I plotted all expenses on a cheap calendar then would add up jow much we'd need from each pay to pay bills etc

    Sent from my GT-I9305 using The Bub Hub mobile app
    You can also print off monthly calenders from google..very easy, Its what we have started doing. We work out how much to set aside at each pay and plot when our bills are due

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    AngelicHobgoblin  (17-12-2013)

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    wow so after a VERY rough estimate because there is so many bills missing. I came up with $100 a week rounded. So that would include: electric, gas, net, land rates and water rates Does that sound normal?

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    in the new year im planning on trying to save in electric and gas plus water usage

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    I don't set money aside for bills, I pay them off the bill directly each pay period.

    I also contacted my energy provider and set up 'bill smoothing'. This is when they work out a fortnightly amount and deduct it from your nominated account. I never have to worry about a big energy bill.

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    Quote Originally Posted by AngelicHobgoblin View Post
    wow so after a VERY rough estimate because there is so many bills missing. I came up with $100 a week rounded. So that would include: electric, gas, net, land rates and water rates Does that sound normal?
    That doesn't sound like much to me! But of course we are all different.

    I bpay electricity & gas every fortnight as soon as we get paid (you can get the company to do an estimate over the phone, or use an old quarterly bill x4 /52 if he gets paid weekly)
    You can do the same for rates & water.

    Then work out direct debits (i am guessing internet) and other bills - rego, maintenance, insurance, phone... Work out the weekly amount needed to cover these expenses and transfer this amount into a seperate account where all the bills come out of.

    Whatever is left is food / petrol / play money.


    *Happiness is not a destination, it's a way of life*

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    We added up all our expenses (rent, electricity, insurances etc) and broke them down into weekly payments. DF gets paid weekly so each week x amount goes into our "bills" account and we don't touch it. We've set up direct debts for everything and the money just sits there until each bill comes out. It's the only thing we have stuck to and it works for us as we are both terrible squanderers. Have been speaking to DF about starting to put some $$ away into savings for emergencies as well so we will just do the same thing, take a certain amount each week and put it straight into the savings account before we can touch it then leave whatever is left for us to spend on whatever.

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    I would work out your weekly budget like you are doing but pump it up slightly to allow for anything you may have missed. Even if you set up an account to have all bills paid from & deposit your $100 into there so you can track exact payments without personal purchases etc getting in the way.

    We are now going through all our providers to try and get better deals or cut down where we can etc.


 

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