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  1. #11
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    Separate accounts for everything: bills, gifts/Xmas, kids trusts, spending money and 3 different savings accounts. Plus we have our own accounts which our spending $ gets transferred into fort nightly (DH does what we wants with his as I do mine). All accounts are linked to our offset. All transfers occur automatically after pay day. We only have cards for our accounts so if we need money for something, we have to transfer so we can use our cars. Neither of us ever really carry cash and it's not usually a problem.

  2. #12
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    Everything is paid by credit card to get rewards points. Every 2 weeks credit card is cleared so no debt.

    'Everyday' account is kept at $200 (but 99% of spending is on cc so barely need cash).

    All money is in an offset account with Multiple mini accounts - billls, holiday, study...etc. we save for every big item so cash is always ready. E.g. Just paid $670 in car rego today with no worries as money was already put aside.

    Without sounding corny, we get a lot of satisfaction out of seeing our money grow/save for things and it means not worrying about money. Left over money is used for shopping/dining out etc

  3. #13
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    Default Budgeting and managing money

    Like pp we worked out what our fixed expenses are (mortgage, PHI, mobiles, rates etc...), tracked more variable expenses like groceries and fuel for a few months then created an annual figure. This was then divided by 26 as DH gets paid fortnightly. We also then include discretionary spending, savings, emergency fund (6 months of all expenses in the event of illness, injury or unexpected redundancy) each fortnight. All money is allocated. The 'excess' not needed to cover the bills as above is put directly in the mortgage. Everything else sits in the offset account.

    What we are doing and what pp are doing is their own version of the envelope system of budgeting. If you google it there's a lot of info. It is one of the most basic budgeting methods but it works because it's simple to set up and follow. There's never any stress because the money for big expenses is always there slowly building up - so when both our cars are due for rego ($2800) the money will be sitting there in the offset.

    Edit I always add 5% to each 'bill' to account for increased costs. Once then I'll is paid any excess goes to the mortgage but in the meantime has been in the offset anyway. I reassess each year and adjust accordingly - I track all expenses in an excel spreadsheet. Takes me about 15-20 minutes a week to enter the data.
    Last edited by binnielici; 20-02-2017 at 08:01.

  4. The Following User Says Thank You to binnielici For This Useful Post:

    Yogis Mumma  (20-02-2017)

  5. #14
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    We don't have a lot of extra money after mortgage, bills etc. are paid now I am a sahm however the way we do things is:
    - A joint acct where my husband wage comes in and where all direct debits come out (we have mortgage, insurances, power, rates and kids savings all debited out the day after my husband gets paid). So the only big bills we receive are water and rego and then we need to put aside $$ for car and house maintenance. My husband withdraws a set amount for his play money from this account.
    We receive some family tax fortnightly since having child #2 so I set up a different acct for that in my name only with a debit card and that is our grocery/petrol money and my/kids treat money. This works well as I am the money manager in the house yet had a tendency to just spend whatever so this way I have a set amount and the freedom to use it however I see fit as long as we all get fed 😁.
    Our savings is done in 2 ways - we have an acct off our joint acct that has an emergency fund ($1-2k) this is accessible instantly if we need it for an emergency (insurance excess, car/major appliance breakdown etc.). We also pay extra off our mortgage every fortnight and that is available if we ever need it as redraw and in the past we have paid for house Reno's and a new car using this.
    I like Dave Ramsey or the barefoot investor as guides however currently because we are on 1 income our buckets/percentages are out so I just use the basic principles of having an Emergency fund and paying off debt asap at the moment. My aim in the next 5yrs is to have saved a 6 month all expenses fund

  6. #15
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    Thanks for all your responses!

    You all have some great systems in place and it's given me more to think about. We used to have everything come and go from one account, however have found in recent times the incomings and in particular the outgoings have been harder to keep a tabs on. I guess it will be a trial and error thing til we find something that works for us.

  7. #16
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  8. #17
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    All income is transferred into the 1 account then , savings transferred into sub account. Very really carry cash every thing is paid for by Cc and Cc paid off completely monthly.

    We track our budget using an app called Moneywiz.


 

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