Our bank account is joint, we have a bills and savings account linked to our everyday, I find it much easier tracking money when it is coming in and going out one account, it also makes us more conscience on what we are spending out money on as we can both see where it goes.
Before anything else is paid 10% of earnings is put straight into our savings account. Then rent is paid. I have a budget app on my phone and have bills/expenses sorted into weekly, monthly, quarterly, yearly columns and an allocated amount for each expense gets put in it.
What is left in our bank account is "play money" some weeks there is more left then others. DF works alot of shift work and is on call quite a fair bit so it varies, we can't work off the same weekly/monthly budget.
It was hard in the beginning, we both had bad money issues and alot of money was being wasted, and losing money in fees, overdrawns etc. I actually relied on my parents help for the first couple of months, giving my money over to my parents for them to hold and when we had a decent amount saved transferred it to our saving account. Once that number was decent it was easy to keep adding, now we hate having to dig into it!
I should also add, before all of this, DF consolidating his previous debts, I paid off a credit card and got rid of it, we were stuck in a bit of a rut before doing this because DF's debts alone were taking most of his wage, by the time he paid the minimum, interest would get slapped on and practically put the balance back where it was. We had no sense of money or budgeting, sometimes it can be hard starting good money habits, especially if you are behind in the first place, so don't hesitate asking for help for a budget planner/consolidator etc. If you think that's the boost you need
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14-08-2012 10:01 #21-
- Join Date
- Mar 2008
14-08-2012 10:10 #22
I just pay everything monthly when hubby gets paid, mine is as simple as money in xyz, money out abc, leftover goes to savings with an allowance for spending.
14-08-2012 10:11 #23
Hi Tiggywinkle, I answered in the other thread....
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14-08-2012 10:22 #24
We have all joint accounts. 4 accounts. I control the money, bills etc as dh works away.
Our pays go into the main spending account (1) and are distributed from there. Dh gets paid monthly so his pay is distributed as soon as it comes in and it's usually mine thats's left for everyday expenses.
Our mortgage is debited from one account (2), our direct debits such as life insurance, private health and car insurances etc are debited from another account (3). We also transfer a certain amount from DH's monthly pay to a high earning savings account (4)
So then the remaining money stays in the spending account (1), we know everything else is taken care off and nothing is debited from the main account, we know what money we have to budget from for food etc.
You can also opt to have an ongoing payment plan for phone and electricity bills so paying fortnightly payments rather than be hit with a big bill once a month etc.
Last edited by Blessedwith3boys; 14-08-2012 at 10:26.
14-08-2012 10:54 #25Senior Member
- Join Date
- May 2012
I do my banking online, I have 3 accounts
Main account, wage goes into
Bills account (including regos, swimm lessons etc)
I added up how much perweek i needed to put away for each bill and mortgage payment
As soon as the wages go in I put my bill money into the bill account and just pay the bills as they come from that money.
I leave shopping money in the main account for the weekly grocery shop and petrol and i give DP his petrol money.
Any extras go into saving account.
14-08-2012 11:34 #26Senior Member
- Join Date
- Jun 2010
- Sunshine North
Tell me your budgeting strategy...
All of our money in goes into the joint account and we each get an allowance for lunches, personal savings, clothes etc.
I pay all bills on my credit card and zero balance the card every month.
We've budgeted for pretty much everything and we keep it pretty close to the figures, although I need to redo the budget since we moved as our bills are all different here.
We are pretty bad with justifying things as groceries though. For example a dinner out gets paid for from the groceries as it's food. Or alcohol because it contains calories. or once (a long time ago) a motorcycle because we'd use it to go to the supermarket to buy groceries LOL.
the best thing we did was the allowance though. It meant that we both had the same amount of money each month to do whatever we wanted and we hardly ever dip into the joint account for personal stuff.
14-08-2012 12:12 #27Member
- Join Date
- Jul 2012
My mother has always taught me, the first thing to do, is have a look at your income whatever it to be, and priority is to minus your rent or mortgage payments, then its food, and then split between utilities, and go down list as much.
As she said, roof over your head is priority, food is essential, but utilities are required, power, hot water etc.
Doubling up on rent or other bills is never a good thing as it puts you back a few weeks or longer.
So basically pay essentials and what is left, then continue down a priority list you create and go from there.
15-08-2012 08:57 #28
Tell me your budgeting strategy...
I need help lol subbing
15-08-2012 10:37 #29
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
- 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)
- 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
- 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.
- 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.
- Work out a 'monthly spend' figure for bills and ongoing expenses.
- 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.
- 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
- Once its all in place i can then look at where we can cut costs, like reducing grocery spend, limiting clothes budget etc.
Last edited by Gothel; 15-08-2012 at 10:40.
15-08-2012 11:11 #30
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