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    Default what method do you use to track your finances

    Sorry to ask another question but with the announcement on Wednesday night of electricity prices going up I thought it would be a good idea to re look at our budget. I currently use a word document which I created on the computer, each bill has its own colour, the amount budgeted and the actual amount when it is due and when is it paid. So my question if you are the one who looks after the money in your house what method do you use to keep track of everything

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    BH-KatiesMum is offline Community Manager
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    I just use an excel spreadsheet - same basic thing. Income in, expenses out etc..

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    I get really confused with excel so that is why I use word

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    I use Excel.

    But in regards to your bills, I have a specific account for bills & make fortnight automatic transfers into it. So the only line on my budget is 'Bills'. By doing this, you never have to worry because money is always available for bills & it doesn't upset your weekly/fortnightly/monthly budget.

    I looked back at all bills plus car servicing etc for a year, then worked out how much I had to put aside each fortnight to cover costs.

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    Quote Originally Posted by YeahYeahYeah View Post
    I use Excel.

    But in regards to your bills, I have a specific account for bills & make fortnight automatic transfers into it. So the only line on my budget is 'Bills'. By doing this, you never have to worry because money is always available for bills & it doesn't upset your weekly/fortnightly/monthly budget.

    I looked back at all bills plus car servicing etc for a year, then worked out how much I had to put aside each fortnight to cover costs.
    We do this as well.

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    I use Excel sheets to manage all the financials they are best to keep track and optimize

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    Quote Originally Posted by YeahYeahYeah View Post
    I use Excel.

    But in regards to your bills, I have a specific account for bills & make fortnight automatic transfers into it. So the only line on my budget is 'Bills'. By doing this, you never have to worry because money is always available for bills & it doesn't upset your weekly/fortnightly/monthly budget.

    I looked back at all bills plus car servicing etc for a year, then worked out how much I had to put aside each fortnight to cover costs.
    I just started doing this as well. Also OP with respect to electricity prices going up, we just got a solar power system installed. It's awesome should cut our power bills down dramatically and the government has a great rebate scheme out at the moment. Our $9,000 system cost us $4,500. We are in Qld, not sure if it's a state or federal thing.

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    Thanks I will have a look into that, it is not as though we waste electricity we always turn non essential things off, turn lights off if leaving the room. But with the cost of living rising I am trying to realign everything.

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    Also I meant to ask does anyone use a app on there phone

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    Quote Originally Posted by RangerBaker View Post
    Also I meant to ask does anyone use a app on there phone
    I used Track My Spend from ASIC to track my discretionary spending. I found it useful to get a feel of how much I was spending each fortnight on non-essentials.

    For your bills, the best thing is to sit down with excel open and your bank statements for the past year and look for when you have paid a bil. Write down what the bill is, how often you pay it and how much its for. Then you can work how much you need to put aside per fortnight/week - whatever your pay cycle is to go towards that bil.


 

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