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#16 dele

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Posted 27 January 2005 - 03:14 PM

Manda

I think it is worth creating a budget for yourselves. If nothing else, you will see where all your money is going ohmy.gif I am currently in the process of (trying) to set one up for H2B and I. We are attempting to live off one wage (paying mortgage, utilities etc) and save the other to put towards the wedding so we don't have to borrow. This is sort of working but still in the early days.

It is scary putting a budget on paper because you really see where your hard earned dollars are going but it also helps you work out where you can be saving a bit.

Good Luck with it all


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#17 Profile Removed

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Posted 27 January 2005 - 03:17 PM

If anyone is interested, I have set a budget up in Excel that took me a few months to set up. It's brilliant!
I have one sheet where you enter in all the ingoing/outgoing $$ for each week, then there's another sheet where you enter in each bill and it tally's up for the whole financial year as to how much money is being spent on each utility. It can also make up a graph to show you where the most $$ is going.

I'd be more than happy to email this to people so they can use it, just PM me if you're interested. smile.gif

#18 lexwithbub

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Posted 27 January 2005 - 08:29 PM

QUOTE (Louie @ Jan 26 2005, 08:41 PM)
I was talking about this last night, as I feel feel we have to be sooooo careful with our money and Hubby likes to know where every cent is.

(I think its just a feeling I get, when money is tight...but we have luxuries, and get a lot of what we WANT, but at the same time we go without some stuff too)

WE have a BUDGET. Very strict, but it includes everything.

Bills, groceries, clothes, hair, holidays and pocket money etc etc.

WE don't have anything spare at the end of the month, but have had pocket money to buy what we like during the month OR save for next month for something bigger.

We don't go out that much - but love our house and garden and car etc.
We will go without things so we can buy other luxuries. We have recently begun a Weekly shop, and stick to a certain amount each week. That helps so much, rather than popping in for bread and milk and buying those extra $20 every time. Set an amount and stick to it.

We decide on what we should buy/get or save for each month. Eg. We need lighting upstairs, but we make do with little lamps, because we WANT a video camrecorder. Strange choice, but I think I would prefer to make do with the lighting for a while longer (its been 2 years now) and have a camcorder for when baby is born.

I think a budget is a great idea, but it is tough to stick to and you need EVERYTHING on it. Otherwise for Chrissy time, or birthdays...where does the money come from?

As long as your both talking about it, and you both find the answer /agreement FAIR.

We are veyr much the same... we have our luxury things... DVDs etc, but we are very dareful with our money generally

I do meal plans for the week working from what is on special in the supermarket catalogues, and write the week's shopping list based on what we need, when I can U buy stuff in bulk.

we don't buy takeaway more than once a months now, as I cook every night, i know exactly what i am cooking, and that i have everything i need to cook it... no emergency trips to the shops

I have cut our grocery bills down to under $150 per fortnight for the three of us (including nappies for morgan, and all cleaning products)

we dont' have a credit card... VERY important to try a get your credit card paid off ASAP... money is THE most expensive thing to borrow for! get laybys instead... if you REALLY need the item, it will be worth the wait.

We do have a line of credit (AGC), but ONLY ever buy interest free, and always plan to have it paid off before that ends... we won't be putting anythin on it this year because we want to get a jump start on buying the house

I seldom buy full price... either 'as new' second hand... eBay, garage sales, markets, opshops... OR on sale.

We budget for everything, including ALL Xmas and Birthday presents... between the lot that counts for $44 per fortnight!

also little things like trying to reduce your bank transaction fees... take advantage of free internet banking... i pay all our bills by Bpay, or direct bank deposit.

For paying the quarterly/annual bills, it could be worth opening an extra savings account to deposit money into each pay day... we each have an ING account (more free internet banking!) the bonus with that is YOU are earning the interest rather than the big businesses!

also things like putting any tax refunds straingt onto the account with the highest interest... credit cards the highest (15-30%), then mortgage (5-8%), then your savings/term deposits (2-5%), THEN into your everyday account (0.1-1%).

the last few things i have mentioned don't require any lifestyle changes at all, just doing the smartest things with the money you have.

One thing I do know is that a lot of the credit lending places (those that cash cheques on the spot... etc) they have people who can show you how to budget, Brett went to one the other week, although they advocated the "keep your money as cash in an envelope" idea... hmmm...

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#19 rockdoves

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Posted 27 January 2005 - 08:41 PM

I'm terrible with budgets. Cannot stick to them at all.
I have spent hours making them with the Money program, and H2B on Excell, but it really is a waste of time for me.

That said, I have a decent amount of disposable income.
I also grew up never having much money, so I'm pretty good overall.

I split my income into two accounts, one is chiefly for savings or extra expensive bills, eg car insurance.
The other (working account) is all other bills and rent and play money.
From my savings account I have deductions taken out automatically and invested in shares.
I keep a tight reign on credit too.
H2B and I are going to start a restricted access joint wedding account when we get around to it.

Now I'm saving for something I really want (a good wedding), there'll be less champagne and dinners out!

October 1st 2005

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#20 Disnep

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Posted 27 January 2005 - 08:56 PM

QUOTE (dele @ Jan 27 2005, 04:14 PM)
It is scary putting a budget on paper because you really see where your hard earned dollars are going but it also helps you work out where you can be saving a bit.


We're almost through the first month on our new budget plan (like Megan B..I've just designed a supercool one in Excel with formulas that shows Budget VS Actual Expenditure)....

Its actually really liberating....rather then restrictive, and is giving me a feeling of being in control. It really highlights where our money is going.... especially all those "I"m just getting bread and milk" from Coles trips that end up costing $40 here and there on top of our regular 'grocery' shop.

Seeing where the money goes, has made me "THINK" about spending...and start doing some tangible things to cut costs.

I really thought I'd hate this new "budget" but I'm actually enjoying it and am viewing it as a challenge.

Our mortgage is $3000 a month....so I have a REAL incentive to keep expenses down, and put as much as possible into the mortgage.


In terms of how we manage our finances....

Both Pays go into the mortgage account - and offset the interest we pay
All Expenses, Bills, shopping, everything possible goes on the Credit Card...then we do a monthly sweep and pay it off in full.

We have access to cash for the ad hoc stuff not suitable for Credit Card...but we keep this to a minimum....as having $50 in your purse is temptation to just spend it.

Using some of the financial calculators on Home Loan websites, is a good motivator to show you how much you save on interest payments by paying off your loan as quickly as possible.

#21 manda22

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Posted 28 January 2005 - 03:44 PM

Thanks again for the advice girls. smile.gif

OK, I've managed to come up with a budget of sorts which I created in MS Excel.

It works out that we have approx $200 a week of disposable income but this is after paying all monthly bills and only saving $400 a month towards our deposit. I know we're not going to spend $200 a week but still, it scares the cr@p outta me that that is all that's left over after all bills are paid.

I haven't catered for registration or fuel either and with two large cars (both Toyota Landcruisers), we spend a bit on fuel (it costs $100 to fuel up each car BUT we only fuel them up about once every 3 weeks).

I don't know what to do... Hubby thinks I have everything under control but I don't know. He's not one to think before he spends. He'll come home on the weekends and say 'Oh I got $200 out last night' and I'll be like 'Geez! Do you think we're plugged into the bank?' wacko.gif It'll be easy for me to stick to the budget but I don't know about him... sad.gif

EDITED TO ADD: Oh, I've also decided that we are going to be paying the bills monthly so I've opened another account which we will deposit a certain amount each pay which is only for bills including direct debit, etc...

Edited by manda_powell22, 28 January 2005 - 03:50 PM.

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#22 Duckette

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Posted 28 January 2005 - 04:07 PM

QUOTE (manda_powell22 @ Jan 28 2005, 12:44 PM)

I don't know what to do... Hubby thinks I have everything under control but I don't know. He's not one to think before he spends. He'll come home on the weekends and say 'Oh I got $200 out last night' and I'll be like 'Geez! Do you think we're plugged into the bank?' wacko.gif It'll be easy for me to stick to the budget but I don't know about him... sad.gif

Manda I could have written this bout 6 months ago.

Justin and I combined accounts about 18 months ago and till we got the morgage had a pretty much disposable income. No this is mine or this is his it was all ours.

Needless to say when we did get the morgage and with the wedding the $$ slowly decreased, scaring the cr@p out of hubby.

I have an excel budget spreadsheet that we stick too, although December was a shit of a month with DR's bills and me being in an F it mood (I will not be doing that again). It works for us and Justin is now used to it!

To be honest he doeesn't spend all that much money and makes sure that he takes cash out with him so he isn't tempted to "withdraw $200"! It is working at the moment, sometimes when he listens (but doesn't really) he will call me and say can I get out some $$, but it is never that bad that we go without.

I've started to adjust the spreadsheet, after our trip to Melbourne at the end of the month so that we are living more off the one income. Justin earns enough for this to be the case and it will make it easier for when we are blessed with a Bub.

Hope that this ramble helps Manda

Krys

#23 manda22

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Posted 28 January 2005 - 04:13 PM

Yeah, it does thanks Krystie. I just spoke to hubby on the phone and tried to explain to him my new 'plan'. He said he will try to stick to it but I more or less said that its compulsary that he does because I've got it all worked out almost to the $. Let's hope he sticks to it, I know I will. smile.gif
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#24 AngrySnail

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Posted 28 January 2005 - 11:17 PM

Ok, I am probably way to late with this response, but I'll post it anyway

For the last 3 years, steve and I have been living on a strict income. I get $175 pw and steve around $220pw when he doesn't work. He only works casually, so that doesn't change much.

We both have seperate money and we live fine.. I have a minimum $$ I dont do under in my bank account, same with Steve. Mine is $600 (which I have managed to save over the last 2 years) and steves is $1000. We both never go without anything, if we need something, the money is there (last year be bought a new fridge, tv, washing machine and vacuum).

Our shopping is about $50 a week, and we always have waaaay too much food. We buy a lot of our stuff in bulk, and share the costs with family or just keep it safe.

Our computer came with Microsoft money 2000, and that is fantastic. I can turn on my computer and i know where all my money has gone, how much is in my account. You can set limits in there on what you spend, so that is good. Also has a fucntion where you can work out credit card payments and saving for house depositis etc. Its great and if you can get your hands of a copy of it anywhere, I would recommend it.

Anyways, its easy to live cheap, its a matter or sorting what you WANT from what you NEED.

Belinda.

#25 lexwithbub

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Posted 29 January 2005 - 10:10 AM

QUOTE (AngrySnail @ Jan 29 2005, 12:17 AM)
Anyways, its easy to live cheap, its a matter or sorting what you WANT from what you NEED.

...add to that the fact that there is NOTHING better than getting your hands on a good bargain!

Like on Tuesday I picked up a "real working" toy vaccuum cleaner, and kettle, and iron for only $10... I had been looking for a vaccuum for morgan for months and was looking at spending $30 on the cleaner alone.

The only reason it was cheap was because it had been taken out of it's packet, but everything else (all the electronic parts) was still properly packaged, i simply picked up the box and put the cleaner back in there!

So that's most of morgan's Birthday present already done and paid for!

Alex
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#26 JodieG

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Posted 30 January 2005 - 09:25 AM

Hiya,

I have probably missed the boat a bit with this one - but here is my two cents!

We have a joint account for paying all our direct debits monthly for our bills and that works well - plus it means we can both have our own money, but still contribute equally for all our bills. We both contribute the same amount from our own current accounts by direct transfer into our joint account each week. Plus, I get paid on Fridays so I transfer money every Friday (before I have a chance to spend it!) to my own savings account.

We got the Microsoft Money program free on our computer too and I agree it is really good - even if just as a wake up call to see how much you REALLY spend on things - like a few other people have said, those little trips for bread and milk can really add up! You will see the same thing with your Excel budget, and it may be a useful thing to make your Hubby think twice when he sees exactly what he spends on what things!!

In regards to refinancing your loan, I would be more inclined to pay it off fast and be done with it. Once that is done, arrange a monthly payment into your savings account for the same amount - you have lived without that money so far, so you should be able to continue to do so. I find a lot of security in knowing I have some savings "just in case".

My only other thought too is do you both need Landcruisers? I know some people do, so am not trying to judge, but if you can get by with one 4WD and have another cheaper to buy and cheaper to run car, you may find some savings there. That way you will still have a 4WD for when you need it (if it is not all the time) but also some extra $$ too. Just a thought!

Good Luck with everything - especially reigning in the spending of Hubby!!! smile.gif

Cheers,

Jodie
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#27 pennycakes

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Posted 30 January 2005 - 10:27 AM

I just wanted to add a few of my ideas smile.gif

I would definitely agree with Alex about having meal plans. I found this saved me so much money because I could just go through my cook books and find some good meals (and since I lived alone I could make it and have left overs for lunch or dinner the next day).
It helped me resist the temptation to just go get takeaway.

And when you have run out of money it's surprising how creative you can be when you're faced with a mostly empty pantry! laugh.gif

As for what you were saying with car rego and things, what I do is I've worked out how much my rego + CTP + insurance costs for the year and just divided it by 26. i then put that money aside each fortnight in a jar so i'm not stuck at the end of the year.

I also wanted to say that you should always try to save SOMETHING each pay. Even $10 a week adds up, but I think a good guide is 10% of your income.
I put aside a set amount of savings, and I also give myself "pocket money" each fortnight - what I don't spend of that pocket money I put in my piggy bank and it accumulates incase there is something bigger I want one day.

Oh! One more! smile.gif
I also haven't declared my tax free threshold (not viable for everyone, of course) which means I get taxed at a higher rate, but I will also get that money back at the end of financial year - and that tax cheque goes straight intomy ING savings.

*phew*

#28 Channy

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Posted 01 February 2005 - 08:12 PM

Just thought I would add mine too..

Karl and I combine our incomes - but I am the money person. I pay the bills, work out our budgets, savings, etc.

I just have a simple exel spreadsheet that projects the incoming and outgoings over the next few weeks, so I'm always ready for what bills are coming up and also people's birthdays, Valentine's Day, other special occasions.

We don't live week to week - I did that when I was single and in my early 20's - but I would freak out now. I like to have my savings in the bank.

We currently rent $255 per week, have Foxtel, Broadband internet, both have mobile phones and we spend approx $150-200 per week on groceries. But we own only one car (it's paid off) and although we would love a new car, we won't do that for awhile.

We are buying a property in June (when our lease is up) and we have our house deposit in an ING high interest account. We save approx $1200 per month.

I think when you are feeling the pinch, it is best to lay all the cards on the table. Look at all you bills and work out what are luxuries (internet, foxtel, new car) and what are necessities. Also work out where that loose change disappears to everyweek - that $30 that just evaporates (mine is magazines!). Buying lunch is a huge expense. so are cigarettes.

My parents in law use the Simply Budgets software and they swear by it! You enter all you incomes and expense in. Then - say for example you wish to go on a $5000 holiday in 1 year - you enter that in and it will show you if it is a feasible goal or not. It is a strict regime - too strict for me - but they are now alot better of financially.

Hope this helps
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#29 manda22

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Posted 01 February 2005 - 08:24 PM

Wow! Thanks for the advice guys! smile.gif

Ok, this is the decision we've come to. Tomorrow I am going to open a new day-to-day bank account SOLELY for the payment of bills. Each week we will both deposit a certain amount into that account and it won't be used for anything other than bills. Especially not if we're going to be hit with a $35 fee each time the money isn't in the account! :S

Hope this works out...... unsure.gif

Thanks again girls. You've all been great. biggrin.gif
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#30 Ellie

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Posted 03 February 2005 - 10:48 AM

We have a budget for things like groceries, rent, bills, car etc. We take the money out of the bank and put in in envelopes- old fashioned I know, but it works for us. Actually we put the groceries money in a cloth purse that we keep by the door, and everytime we pop down to the shops we just take it with us. I like having the budget cos it means I don't have to stress about every little thing- e.g. when I go to the supermarket, I know I have to stick to our weekly grocery budget, but say we have heaps of bills due at the same time, I'm not stressing and trying to cut back on food, cos I've already budgeted for that.
Do you both earn a fixed wage every week? Up until recently, I've been studying and working casually, so had different earnings every week, whilst DP has always had a fixed wage. So we tried to budget the most important, fixed stuff like rent out of her pay, and the 'flexible' things like going out etc out of my pay.




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