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  1. #11
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    We set up online banking and have a few different accounts. Got all our bills and divided them by 12 and added a little extra to cover any increases.

    1st account - Where our pay goes into, groceries, fuel, phone credit

    2nd account - Direct Debits and bills to be saved for (Rent, power, phi, car insurance/rego, kindy etc)

    3rd account - Emergency fund/savings

    4th account - X-mas, birthday savings

  2. #12
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    GAWD That is a lot of money to put aside Will definitely need to start saving in areas
    Thank you for the responses!

  3. #13
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    Check out this website! https://www.moneysmart.gov.au/tools-...budget-planner

    This is the best budget planner I have seen. You can sign up (easy and free) so you can save your budget and you can save multiple ones as well. You can enter bill amounts either weekly/fortnight/monthly/annually, which makes it so much easier, you don't have to convert fortnightly bills to monthly/yearly amounts etc

    It shows you where you are financially, it really is good, and SO easy to use!

  4. #14
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    Following

  5. #15
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    I use the first method but make sure I include ALL regular expenses including haircuts, beauty treatments (like waxing), pets, vet bills, all car expenses etc etc... It's easy to overlook some expenses that aren't typical bills

  6. #16
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    Quote Originally Posted by Purple Lily View Post
    You can also print off monthly calendars 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
    I do this but with my own calendar i made up on publisher. I have every bill for the entire year listed on the calendar, with months to pay them in brackets. I highlight the paydays for 6 months by colouring in the cell (a different colour for each month), so there are usually 4 or 5 of the same colour showing the paydays for that month. I then calculate how much i have left each pay after paying all the bills on the calendar for that pay period, and list the leftover amount in the box. I am then able to look across 6 months and see if there are any 'tight' weeks coming up so i can be prepared for them in advance. I try to keep an $1000 buffer in the account i pay the bills from so that there is enough in there on a week with an above average amount to pay in bills.

    I used to just even it out per pay, but i found that when i did that, i would have weeks where i had almost no money, and weeks where there was heaps of surplus, so better to put in slightly above what you need on average.

  7. #17
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    Quote Originally Posted by Vonnie89 View Post
    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.
    This is what we do.So our bill account always has the money there.Easiest way to do it.If you find it hard to save the money,put it in an untouchable account so you cant get it out easily!!! Like we are with Westpac but have an ING savings account.If we transfer money out of ING into normal acc it takes a day or 2 to transfer

  8. #18
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    I've just set up a direct debit for all our bills fortnightly so by the time the bill comes in its almost paid.
    Our rates and insurance alone are $80 a week!

  9. #19
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    We have a "bills" account too - it's actually an online savings account so we can't get to it via ATM or eftpos. I bpay bills when they come in from there. I prefer that over direct debit because then I can decide whether it's fine to pay straight away, or leave it closer to the due date if we've had an unexpected expense come up.

    We also have another online saver account which is genuine savings. I try to put a set amount in there each fortnight, but sometimes it's more or less.

    DH & I both have separate everyday spending accounts. Mine I use for things like fuel, work lunches and I have a personal loan payment come out of there too. DH has his with a different bank, so he just gets his work to put a certain amount in that account, then the rest goes into our joint account. That's where the mortgage comes out of. It's an offset account so the more money we keep in there, the better it is for the interest repayments.

    I also make a payment on the credit card when we get paid every fortnight, rather than wait for the statement. We're aiming to have it back to a zero balance by the end of the year.

    Sent from my HTC One X using The Bub Hub mobile app

  10. #20
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    Quote Originally Posted by Arlais View Post
    We have a "bills" account too - it's actually an online savings account so we can't get to it via ATM or eftpos. I bpay bills when they come in from there. I prefer that over direct debit because then I can decide whether it's fine to pay straight away, or leave it closer to the due date if we've had an unexpected expense come up.

    We also have another online saver account which is genuine savings. I try to put a set amount in there each fortnight, but sometimes it's more or less.

    DH & I both have separate everyday spending accounts. Mine I use for things like fuel, work lunches and I have a personal loan payment come out of there too. DH has his with a different bank, so he just gets his work to put a certain amount in that account, then the rest goes into our joint account. That's where the mortgage comes out of. It's an offset account so the more money we keep in there, the better it is for the interest repayments.

    I also make a payment on the credit card when we get paid every fortnight, rather than wait for the statement. We're aiming to have it back to a zero balance by the end of the year.

    Sent from my HTC One X using The Bub Hub mobile app
    @Arlais you practically have the exact same set up as we do! finding this mildly amusing...

  11. The Following User Says Thank You to jussi For This Useful Post:

    Arlais  (03-01-2014)


 

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