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  1. #1
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    Cool Weekly budgeting

    Hi amazing bub hubbers.

    First I want to say, how amazing the ladies on here are. I am finding myself posting more and more in here as everyone's real life experiences are helping me so much.. So thank you everyone who contributes

    Now, want im wanting to find out from people, those who have a strict weekly budget what does yours look like?

    We are going to be applying for our first home mortgage this year, along with the fact that we want to have babies soon too, so I am curious how everyone works their finances. Particularly the SAHM's but also working mummies as well.

    My list of weekly expenses I have broken down into categories that I will set aside money for each week - from this we need $2,300 each week.

    Does this sound like alot, or not enough....

    - Mortgage
    - Tax (as fiance is self employed)
    - GST (as fiance is self employed)
    - Car loan
    - Private health insurance
    - Home & contents insurance
    - Car insurance x 2
    - Internet
    - Home phone
    - Gas
    - Electricity
    - Rates
    - Car rego x 2
    - Car servicing x 2
    - Mobile phone
    - Water
    - Food shopping
    - Takeaway
    - Income protection
    - Petrol
    - Entertainment
    - Holiday
    - Clothes etc
    - Xmas & birthdays

    Thanks everyone

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    Hello there

    Quick reply as I'm still at work.
    I would exclude GST and tax of your home budget.

    This should be part of your fiancé business accounts/budget/forecast.

    Then look at your income ****** on a net basis (so after tax and GST).

    This is the one major mistake that self employed people make. It's important to have separate accounts for personal and business use.

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    I'm a SAHM at the moment, and we are on a strict budget. On a smaller scale to you as we only have 1 car and a lower income. The categories you have come up with are very similar to ours, we also have future funds for the kids as we already have a 3 year old and a 20 month old, and one almost here. Another one we have is an emergency fund so we have money if something breaks that requires $1000-1500 so not dipping into savings or making things tight. It can be a struggle, but with your income you should be ok. Is that with you as a SAHM or at work? One thing that eases the pressure substantially is not having a car loan but that is personal choice. Good on you getting organised now!

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    im a little confused, $2300 a week to live on?? just looking through your list, there are a few things that can be paid monthly, Insurances, car loans, phone, power, if these things are paid in smaller instalments, it makes the budget a little easier. take some time and make sure you have the best value for your services, insurances and phone /internet/ power. and I also suggest you make separate accounts for business and private. that is most important. marie.

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    Hi Marie

    Yes that would be $2,300 per week to live on.

    As DF is self employed we have allocated certain amounts to take out for tax and GST which make up $350 of this total amount. So excluding his tax and GST we need $1950 every week to cover all bills, holiday savings (absolutely everything)

    We have broken each item into a weekly amount, even if it comes out monthly is that makes sense?

    Quote Originally Posted by SuperGranny View Post
    im a little confused, $2300 a week to live on?? just looking through your list, there are a few things that can be paid monthly, Insurances, car loans, phone, power, if these things are paid in smaller instalments, it makes the budget a little easier. take some time and make sure you have the best value for your services, insurances and phone /internet/ power. and I also suggest you make separate accounts for business and private. that is most important. marie.

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    Ours is similar, but I think one thing it depends on is your mortgage (ours is high). We work on a different way. I take out $500 a week for all incidental expenses including food, entertainment and medications etc. This stops us overspending as some other things are fairly standard. I would set up a separate account for holidays, birthdays, christmas etc.

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    Hi @Rhilu

    Thank you for your advice. We are aiming to have the car loan paid off by the time we get out mortgage so that slashes our weekly amount by another $127. This amount is with me working but I am basing it on when we do have our mortgage

    Quote Originally Posted by Rhilu View Post
    I'm a SAHM at the moment, and we are on a strict budget. On a smaller scale to you as we only have 1 car and a lower income. The categories you have come up with are very similar to ours, we also have future funds for the kids as we already have a 3 year old and a 20 month old, and one almost here. Another one we have is an emergency fund so we have money if something breaks that requires $1000-1500 so not dipping into savings or making things tight. It can be a struggle, but with your income you should be ok. Is that with you as a SAHM or at work? One thing that eases the pressure substantially is not having a car loan but that is personal choice. Good on you getting organised now!

  10. #9
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    hi tinkbug, you seem to have covered everything. some things are variable, like entertainment, and gifts, they would probably change monthly. if that is the amount you need to live on, then I would make sure you don't cross over between business and private expenses. your house mortgage will be private expense. I would consider setting up a household budget, and a business budget and make sure you keep the accounts separate. marie.

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    Thanks @SuperGranny
    What are peoples opinions on our weekly expenses?


 

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