Budget

[Meercat]

Hi ladies

I have just taken over the financials for our family (long story but basically DP is a big boy that still hasn't learnt to share)

Does anyone have a program they use or can recommend? We have an investment property as well as a monthly income and I want to start putting money aside for future bills so we are prepared.

[Arimeh]

I don't have a program, mine was worked out for me by my brother, and he sent it to me in an email. I can send it you if you like? its pretty intense, it involves everything you could ever think of - including depreciation for our car and money for appliances etc etc.

[Loveinamist]

There is a UK website from a TV show here called Moneysavingexpert that has a quick budget tool. It tells you how much you may be overspending and has a part where you can enter desired amounts. A quick google should find it as I am not sure if I am allowed to link it.

[Teeki]

I just use excel. I've been doing it for a coupe of years so some things are certain - I put in our fortnightly income, rental income, bills (I put them in based on when they are usually paid and overestimate the cost a bit), fuel, shopping, and an extra amount each week for anything else that might crop up.

I like being able to look forward and see how much we're going to have to work with.

Sent from my GT-P7510

[Astrid]

I have used 2 methods, both using excel.

The first was a typical budget, income, expenses etc. I had worked out what was meant to go into the bill paying account and then would track against that. So there was a seperate tab with columns for money going in, and the out goings, then balanced to the bill account. Worked well when income was fortnightly, but fell over when I started to be paid monthly. It just did not work to put $x aside each pay, I would often find myself having to dip into the bill account for food.

Moved to a cashflow sheet. So it contains starting bank balances, the incomings and outgoings, closing balances (all reconciled to each other) week by week. All the bills and possible expenses (clothing, medical, birthdays) are plotted out for the whole year.
That way I can see when we will be having tough weeks and when we start to get ahead. Each week, I compare it to the bank statement, adjust where needed (groceries may be $200 budget, but actual was $205.15). Make sure last weeks balance plus the movement equals the current balance. It is great seeing the effect over the balances for the whole year.
Also as it is week by week, it is a reminder to me of what is to be paid, so I can chase up bills or just make sure I don't get a late fee.
Yes, complicated, but it is really working well for us.

[Teeki]

Mine's similar to your second one Astrid. But because I work in a bank, am on a computer all the time, love spreadsheets and am a bit ocd about it I keep it up to date daily lol. It's a 'live' document all on one tab, so if I hop on and update today's shopping from $200 to $250 I can see right away that our balance for Friday is less than I expected and I should wait til Monday to get fuel or something.

I find it very handy and don't think I'd get by very well just spending without knowing what was going on with the accounts.

Sent from my GT-P7510

[Astrid]

Mine's similar to your second one Astrid. But because I work in a bank, am on a computer all the time, love spreadsheets and am a bit ocd about it I keep it up to date daily lol. It's a 'live' document all on one tab, so if I hop on and update today's shopping from $200 to $250 I can see right away that our balance for Friday is less than I expected and I should wait til Monday to get fuel or something.

I find it very handy and don't think I'd get by very well just spending without knowing what was going on with the accounts.

Sent from my GT-P7510

Yep, that is how my second one works, (my first one was multitab). Quickly see how any change in expenditure will affect the future balance. Would love to have it sitting in Google doc, so I can access from anywhere, but DH is funny about it being on there. There is no real info on there other than ins, outs and balance, no actual account details etc. All it means if someone got hold if it, that they would know how much we spend on chook food Hell of a thing to set-up in the first place

[Meercat]

Astrid / Kaytee - if this isn't too cheeky would you mind pming me the template you use or an idea of where to start?

I like the idea of keeping track of everything and calculating the cash flow. DP has been doing everything on a "reaction" basis and it is starting to really affect our savings

[Teeki]

When I get on the laptop tonight I can send you an outline of what I use, I'll just put in generic figures. I don't know if I can attach an excel spreadsheet to a pm though?

Sent from my GT-P7510