Budgeting advice?

[winjas]

Ok its embarrassing to admit but at nearly 40yo i cant budget, tried several times, always fail. Sadly i usually fail by being hooked on spending i make a plan, get paid and then pop to the shops............................................. and come back with £300 worth of something i hadn't planned, its a disease! Its never useful items either, i might grab a new top or range headphones and then remember i need new clothes after the fact!

Seriously though, any links to idiots guides to budgeting please? I like many confess i am in a mess as i just cant seem to budget, i get to week two of the month and surprise surprise "oh crap. only got £110 left and bares fridge etc, oops" Hence i recently ended up in PDL spiral..

Anyone fancy being a budgeting mentor... haha
Thanks

[mrs bucket]

Re: Budgeting advice?

Hi Winjas

This is the current topic of my Open Uni tutor group forum lol.

So my first question is do you draw cash out or do you spend on your debit card?

[winjas]

Re: Budgeting advice?

Hmmm to be honest both!
Still not improving, payday was a week ago and i down to not a lot left! 2013 resolution is to be the "spending" addiction ;-(

[SXGuy]

Re: Budgeting advice?

Which is why i love paying myself on a weekly basis, that way i account for everything week by week and dont find myself short for the rest of the month.

Not sure of a guide, but spliting your wages in to weekly spends might help?

Monthly bills can be either subtracted from the monthly split, or split into weekly amounts you set aside, whichever is easier for you.

But simply what you do is work out how much you need to put aside each week for priority debts, bills etc, then what ever is left, split into weekly amounts and make sure you dont go over.

[winjas]

Re: Budgeting advice?

Do you know SXGuy, i had a google the other day for any kind of "budgeting account" where they would do exactly that for me (i.e.: withhold my balance week to week etc) but clearly no such thing exists! and at 39 i probably should be able to cope :-/

PS: Audio tech? (i spent 20yrs in LX)

[Numpty Monkey]

Re: Budgeting advice?

I find doing my own spreadsheet(s) helped alot
I came her from an MSE/DFW background

Speadsheet 1 - is my bank account, all the money that goes all, in the bills that go out and when,
I do it for the year(updateing when needed)
Spreadsheet 2
I used to keep a spending diary, everything I bought I used to right down
after a while you see where a lot of extra money goes.

and stop taking your cards out with you

I did use the MSE Budget Planner at the start
(If that link works just click the speadsheet version) you don't have to signup.

I also found doing an SOA helped me ( I did it for myself) and didn't post it

It does take time to get your budget sorted, and a bit longer to realise you are starting to take control.

[SXGuy]

Re: Budgeting advice?

My wife is the spreadsheet queen lol she uses it for all her budgeting needs.

We have one for house redecoration, baby fund, bills, money in and out the bank, everytime we need to save for something she says, ive done a spreadsheet for that LOL

[mrs bucket]

Re: Budgeting advice?

OK so complete your SOA as per Numpty and then come back to us and tell us where you are overspending.

It's valuable that everyone has a budget overhaul now and again so you aren't alone.

mrs b xx

[mrs bucket]

Re: Budgeting advice?

I didn't have much time to post this morning but winjas might benefit from having budget buddies?

I'd be up for that if anyone else is if that's OK with winjas?

mrs b xx

[BBoo]

Re: Budgeting advice?

The best thing I ever did was open a separate billing account. As soon as my money goes into my main account each month, a chunk goes out to cover all my bills; another chunk goes into another account for which the card is locked in a safe which is such a pain to get to, I never go near it if I can avoid doing so - this is my saving / rainy day account. What is left is mine to spend.

The other best thing I did (I know you can't really have two best things lol) was to have an account with no overdraft facility, cut up all credit cards and not buy anything unless I have the cash to buy it.

[Spent2much]

Re: Budgeting advice?

We have been on a low income for past 5-6 years now and as self employed the money sometimes just isn't there .

For most of last year we lived on £10-15 a week, i do all my own baking and cook from scratch, lucky for us hubby gets all our meat really cheap from the market as we are market traders and including fruit and vegetables so we live a pretty healthy lifestyle on next to nothing .

The business started picking up in November and has been really steady but is doing well compared to last year, i haven't changed the way i budget and still only spend the same on food weekly, i started putting the extra money the business made away weekly and it is quite surprising how much is in that pot .

Not sure if this helps but i don't take my debit card out with me either as it's too tempting to just use it .

How about opening another account and have a certain amount transferred to it weekly /monthly and see if that helps you .

[Spud]

Re: Budgeting advice?

This sounds all too familiar

The biggest thing I find is that I can never get ahead of myself to cover any unexpected (Read expected but unplanned !!!) - That is to say that If I could get a £200 - £300 buffer saved somewhere - Even in a tin! When something breakes, and is urgent - It does'nt throw the monthly budget out the window!

I draw the cash out the bank - Put it into seperate marked envelopes ect and go from there but recently - Every month without fail - I've had to raid one envelope to cover something else.

I'm really looking forward to February - Council tax is paid monthly and no payment needed in Feb/March.... Hey presto....Got my £200 buffer......Or thats the plan !!

I must confess, I really need to tighten down on the budget and sticking to it though

I will look at the seperate bank account idea

[winjas]

Re: Budgeting advice?

Well i still haven't improved!
Think its a bad addiction, does spenders anonymous exist?

I mean this week, £200 left for 16days until payday, no grocers at home at all....... See a new set of tools for work (genuine need but could waited til payday) spent £110 of that £200 telling myself in the shop "agh she'll be right, i sort something out"..

Low and behold i am now like "crap, no food in house and about £60 left...." oops

:-( Its an addiction i tell ya (and stupidity). I need a woman....lol

[BBoo]

Re: Budgeting advice?

Well i still haven't improved!
Think its a bad addiction, does spenders anonymous exist?

I mean this week, £200 left for 16days until payday, no grocers at home at all....... See a new set of tools for work (genuine need but could waited til payday) spent £110 of that £200 telling myself in the shop "agh she'll be right, i sort something out"..

Low and behold i am now like "crap, no food in house and about £60 left...." oops

:-( Its an addiction i tell ya (and stupidity). I need a woman....lol

Take them back and get a refund now you see it was a mistake!

[winjas]

Re: Budgeting advice?

Take them back and get a refund now you see it was a mistake!

Sadly before i came to my senses i used them! But yea thanks normally a good suggestion.. I cant help myself