Pregnancy & Birth Clubs <
01/08/2014 at 12:24
How do you work yours? do you budget or do you just take each month as it comes? I have started to budget more this year but have found it has made me so much more money concious/worry! I save for the children and for us much more than I have done before which is a good thing but I think we are probably excessive on weekly shoppingn somtimes.
Anyway, do you budget and does it help?
01/08/2014 at 12:40
Im not quite sure what you mean? I have a spreadsheet with all in and outs on it. I always know exactly what is in our accounts. I know roughly what we spend weekly on shopping but it costs what it costs depending on what we need. I dont particularly restrict it.
01/08/2014 at 12:41
Ours seems complicated but it's not really!
We both get paid into our own accounts and we have a joint savings account and 2 joint 'bills' account. We leave money in our own separate accounts to cover any bills (my H's car insurance comes out his account and my contact lenses for example come from mine and we both leave money to fill our cars with fuel) and was also leave a set amount each as 'spending money' so completely for us, mine I would spend on my hair cut/hair products, meeting friends for lunch etc, my H is golfing, computer games etc
Then all of the money that's left gets transferred to a joint account and from there we transfer money to our bills account that covers all our dd (mortgage/council tax/gas/electric and a budget for food shopping etc), we also transfer a fixed amount to a savings account for O and a fixed amount to a savings account for us. Everything that's left in the other account is to cover any spending (like us going out for dinner together or buying a present for someone).
So we do budget but kind of in reverse. I know how much our outgoings are and how much we can comfortably spend and then we have a leftover pot! We don't always spend what's left over each month so it builds up but then is there to cover things without us having to dip into our regular savings.
I am an overspender on food shopping though and regularly have to transfer money from the leftover savings to our bills account when I over spend on the food budget!
01/08/2014 at 12:42
I have a budget set up on a spreadsheet and I honestly don't know how I'd cope without it. There's only me and H at the moment and we're fairly comfortable but I would panic if I didn't know how much I had "spare" each month. I was really bad in my early 20s, constantly going over my overdraft and then getting bank charges, I was made redundant in 2009 which made me sort myself out and have had my budget set up since then. I usually try to forecast for about 4-6 months ahead so I can plan for things like holidays, birthdays, Christmas etc.
01/08/2014 at 12:44
I work in finance and am obsessed with our savings, even more so since O arrived! If we have to buy something from our regular savings rather than the 'what's left' account I absolutely hate it! Once it's saved I want it saved! Although when that does happen my H always asks me what the savings are for then if not to cover unforeseen expenses! I know he's right, I just don't like having to spend it!
01/08/2014 at 12:48
I do a spreadsheet every month of what's we paid previous month (utilities etc) and the amount for bills has to stay in the account. Then I have everything else: pet food, groceries, clothes, petrol, haircuts, lunches, etc by line. Then, I used to take it out of the account and put in envelopes (advice from a thread here!) but we're trialling the GoodBudget app which has virtual envelopes, and allowances and 2 devices (his phone and mine) can access it.
I overspend all the time, which is fine if I've underspent elsewhere but that's not always the case so.
In my main budget I have annual things like car MOT, Xmas etc and the amounts for those are transferred each month to a savings pot that runs alongside our main bank account. And any money left before salaries go in (sometimes £100, sometimes £5) goes to savings too.
01/08/2014 at 12:54
I have a spreadsheet that lists all my DD are listed, and then i do a week to week 'how much is due out as well as having a standing amount for fuel and food (roughly £100, £50 for fuel and £50 for food) I also have a bit that if i put a sum of money into it, it updates my 'running total'. It's a very linked spread sheet. I'd be happy to send you a copy of it with all my formulas in it for you to look at!
01/08/2014 at 12:56
I'm like that missdeedee! Hate spending the pot! and I also have lots of different accounts with money for different things in.
My H gets paid weekly, which I thought I would hate but it works out quite well. My salary covers bill and childcare, and what's left goes straight into savings, then we H's money weekly for food, diesel, living, with up to 50% of that going in to savings depending on what he's earnt that week (commission based). I always put money in savings first though, if I waited to see 'what was left' there wouldnt be any!
01/08/2014 at 13:07
PC that's what we do, bills and savings come off first and then we have basically like an extra savings account or everyday savings where money accumulates until we have a bigger outgoings month with a wedding of whatever and then it depletes and we start again. If we just spent each month and saved what was left we would have nothing. As it is I will say to H, there's only £x left in the account which ignores our other savings but makes him think wow we've must have spent a lot this month :)
01/08/2014 at 13:18
I have a spreadsheet that tells me what goes in and out each month and on what day so I know to not overspend. I could be much more savvy with money too.
01/08/2014 at 13:38
I'll be honest and tell you I'm absolutely hopeless with money; I spend money like you wouldn't believe. My H manages all the joint stuff. I pay my 'share' into the joint account for our mortgage, household stuff etc. but it's H that ultimately makes sure there is enough in the account and that everything is paid...
Now, to be fair, the money I spend willy-nilly is my own to do what I like with and I do make sure I have enough to cover my own personal bills. (That's to make myself feel better about being crap with finances!)
01/08/2014 at 13:41
We keep track of all ins and outs in an excel schedule. We try to keep to approx budgets for different categories like weekly shop or baby stuff but we don't always stick to them all. I find that keeping track helps me feel more aware of spending money and so makes me spend less/think harder before buying something.
02/08/2014 at 07:54
Gosh everyone sounds very organised!
It has only been recently that H and I sat down and worked out our actual ins and outs should we be coping on his salary alone. Before S, we knew roughly how much went in, transferred a set amount in to savings and then our bills came out. We only have a joint account and everything goes in and out of there. We are not big spenders by any means and always have money left over so we have enough in our account to add more to savings ad-hoc if it builds up or if we have a bigger than normal outlay coming up so we've fortunately never really needed to budget carefully.
With me not going back to work, I've done some analysis on our outgoings and gone back over the last six months statements to see where we spend our money (everything goes on card so it was easy) and I was pretty shocked how much we spent on coffees out! Doing a little sense check every so often has been useful for us as it provides a little reality check and we can reign it in when we need to.
02/08/2014 at 12:21
02/08/2014 at 12:26
02/08/2014 at 12:36
we have four accounts between us, but none of them are joint, for the simple reason we both bank we different back and neither of us could be bothered to go through the hassle of opening new accounts etc. so although we both have our set things we pay for if either of us needs extra money it will just come out of the others account.
H puts a set amount of his wages into the bills accounts which covers all over rent, bills etc and theres normally spare every month which builds up to pay for any house applicances repairs etc
Out of my money I pay for all the food and kids clothes, and transfer some everyone month to a seperate account to pay for holiday and days out.
we both put aside £20 each a month to save for christmas so that come december we hardly notice the extra costs
02/08/2014 at 20:24
We don't budget as such, we just go with the flow really.
We have no set weekly budget for food, so one week it could be £40, the next it could be £140...
H pays all the bills, and buys all the food as I am a SAHM. He puts money in my account every pay day, which is mine to do with as I want.
We're lucky that my H earns a decent wage, but I do want to start keeping track of what we spend, and start getting some savings.
02/08/2014 at 21:06
I am absolutely terrible with money, so literally my h is in charge of everything. I can't even look at bank statements I'm totally awful!
We have a joint account and savings account. We both work full time, my h basically just tells me if I need to watch the spending.
If I'm buying something or planning to then il say to h.
Mostly everything is direct debits as I found that if I went to the bank and lifted £10 here and there then it soon mounts up.
All holidays, renovation stuff and baby stuff comes out the savings.
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