How do YOU budget?

[ladybird11]

We have separate bank accounts.

We both lease a motor vehicle each which I like as the cost incorporates new tyres, servicing as per log book requirements, insurance, petrol, the vehicle itself, rego etc - so when time comes for those to be paid out there is no need to dip into savings or anything as all the money is in the kitty.

I am the 'saver' so I put money into our holiday and kids schooling accounts, and I pay the rent.

DH pays the utilities and usually for most of the groceries too unless I happen to do a little food shop here or there (we do a few shops each week instead of one big shop. And we buy a lot in bulk when things are on special too).

This works really well for us, we've never had any $$$ issues, but we do both make good $$$.

[Gigi]

i had never had, or felt the need for Contents Insurance, until last year, when i became a single mum. I felt very conscious, that, if the house burnt down, and i had to start again, even though my things individually aren't worth much, if i had to replace everything (especially the white goods), it sure would be difficult, to come up with that amount of money, all at once. I now feel, i can't take the risk, of NOT having it. (a personal choice). I know i don't have relatives who would help me out in a crisis like that, i know i don't have the savings to cover a crisis like that, so paying $30 a month, for Contents Ins, is what i've chosen to do. I'm still learning all the time, how to budget, what to spend it on (wants vs needs), maybe my priorities will change, as i learn more. But i'm going with Contents Ins for now, not sure what else to do. I don't have Life Insurance, and that worries me (what would happen to bilby if i died). Each time i ask about Life Insurance, it all seems too overwhelming, so i don't go ahead with it.