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Tell me everything I need to know about budgets!


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#16 Monica

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Posted 19 October 2011 - 01:39 PM

Thanks ladies, I will sit down and have a good read tonight.
I just rang and negotaited monthly rent which I think is going to be a lot easier.
All bills and rent will come out of my pay each month with very little leftover.
That leaves basically ALL DH's wage to buy weekly groceries, entertainment and hopefully saving
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#17 mango

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Posted 19 October 2011 - 01:47 PM

QUOTE(kisma @ Oct 19 2011, 11:19 AM) View Post

Sit down with a pen and paper and list everything you possibly can that you need to pay over a year. I would probably then split all the costs fortnightly with the way you are paid. Include everything, haircuts, wax, swimming lessons, birthdays, etc and see where the money needs to be going.



QUOTE(Rosita @ Oct 19 2011, 11:25 AM) View Post

Monthly pays are hard, as every three months is a five week month. Can you put your pay in an account and draw on it weekly?


I don't think being paid monthly is particularly harder if you are sensible about it. If you have a full list of all your bills for a year work out how much they cost you for the year then devided by 52, 26 or 12 (what ever your pay frequency) and make sure you put that money away untouched except for those bills then everything should be covered and the rest is play/spending money. This way you avoid there being bigger months then others and easier to get use to. because its the same every month, unless slight tweeking needs doing.
You can also see easier if you can afford to take on more commitments long term.

I prefer to pay bills as they come in rather then smaller amounts regularly to avoid account fees, which can add up easily on a tight budget. Plus also more chance to earn more interest on what money you do have.




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