How much do you put away/pay.
We have $500 left over after mortgage/car loan.
I've never done budget but now we have a mortgage I'm trying to budget strictly.
We have gas, elec & water. The rates have been paid for a year in advance. But things like car and insurance is $2000 a year so how do I budget that in. I'm so clueless.
We also don't have 'accounts' just offset so I have to set up direct debit. Help please!!!
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03-11-2013 09:24 #1
03-11-2013 09:29 #2
I have set up rates, electricity and water on fortnightly direct debits so that when the bills come I am in credit or only owe a small amount. All around $50/fn.
All insurances (cars, health, house) are direct debited monthly and these vary in cost of course.
03-11-2013 10:25 #3
I just bpay electicity, phone and net each week-usually $20 and they are both covered.
For insurance and any bigger expences I may end up with, I put away thing like my tax return and ftb supps in an online, higher interest account.
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03-11-2013 10:27 #4
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03-11-2013 10:35 #5
I work out our annual bills (estimate for elec, gas etc), divide by 52 & that amount gets direct debit out of our spending account every week.
03-11-2013 10:41 #6
I worked out a fortnightly amount and transfer that amount every pay into a high interest savings account. I then use those funds to pay all the bills, and earn interest on it as well.
03-11-2013 12:24 #7
I've never had to pay an elec bill or anything so should I just wait until our first bill and go from there?
We get phi direct debit fortnightly I might change it weekly as mortgage comes weekly just to make our pay make sense maybe.
03-11-2013 12:28 #8Senior Member
- Join Date
- Aug 2009
I'd probably just call up and ask for a number to start paying it now. It's a lot easier to get ahead on bills than it is to catch up then get ahead.
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03-11-2013 15:40 #9Senior Member
- Join Date
- May 2012
I added up the approx yearly amount amount for each bill and divide it by 52 weeks.
If you have old bills you can look over them to get a rough idea of how much elec/gas/water etc is costing you each year.
I have a seperate account for bill and mortgage payments and each pay day i put my bill money in there.
There are some online budget help sites that you could use to calculate it all.
03-11-2013 15:45 #10Senior Member
- Join Date
- May 2012
Our elec is approx 500-600 per quarter, you could use that as a guide to start with and put $30 - $40 a week away from now on until the bill comes.
With your PHI you can still have it direct debited monthly and also be putting away a weekly amount so that at the end of the month the amount will be sitting there ready to pay.
I have a few accounts with my bank
Main account - wage goes into, grocery shopping money comes out of.
Bills account - I put my weekly amount away for bills
Savings - for any extra
I set up my direct debits from the bills account and use online banking and pay bills using Bpay.
I only have a card for my main account.
With online banking you can transfer money between your accounts really easily and even set up an amount to automatically go from my main account to my bills account each week.
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