Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

How do you budget?

5 replies

scotslass · 09/09/2006 16:03

I have recently taken over looking after the family finances, basically because my dh was really terrible at it. But the thing is it seems that I'm not much better!!

We have an account that the mortgage and all the household bills come out of each month and then another account for food, clothes entertainment etc. It is this second account that we have trouble with and I don't know why. We don't drink or smoke and we have only had 3 nights out since ds was born( nearly 4 years ago).

How do you arrange your budgets and then how do you stick to them? How much do you spend at the supermarket each week? There are 4 of us and I probably spend about £100 at tescos every week (including toiletries and nappies etc)

Any body got any tips for economising or budgeting? We have bought an old rundown house and need every spare penny to get it ship shape.

Thanks xx

OP posts:
sanchpanch · 09/09/2006 16:10

have a look on moneysavingexpert.com, they have budget planners to print out, this might give you good starting ground, i am not the best person to advise as my finances are in a sad state of affairs,. best of luck

mancmum · 09/09/2006 16:29

go to moneysavingexpert.com and fill out the budget planner -- makes you see how much you have actually got to spend.. work out what you need each week and take it out in cash.... I find cash makes me spend a lot less than cards which are not real money!!

scotchick · 09/09/2006 16:38

agree re moneysavingexpert.com.

Also, try to work out a meal plan for each week, what you will need to buy to make those meals and stick to it. If it comes to the last week and you don't have as much as you'd like, make meals that are easy and cheap like tuna pasta, baked potatoes etc to see you through the week, then re-assess for the next month.

It's food that kills us every month. We probably spend about £400 a month like you, but looking to bring it down to nearer £300.

Also, give you and your husband some 'pocket money' every month - like £100 a month and that is all you are allowed to spend for your own needs (my husband has to buy his beer out of that!). If that seems too much, fine, set your own target.

portonovo · 09/09/2006 18:22

Meal planning is vital, both to keep a rein on spending and also to get an overall balanced diet.

I use Quicken software (or try Money) to keep a track of spending - it automatically enters direct debits and standing orders, then a few times a week I sit with any receipts and type them in. You assign spending to different categories so you can quickly see where your money is going.

For irregular spending, like holidays, Christmas, car costs, children's music lessons etc, I work out the yearly spending roughly. Then I divide it by 12 and put that much money into a high-interest instant-access savings account. All the money is in the same account, but I keep a notebook allocating the money to different 'pots'. Then when I spend anything on those categories, perhaps to buy a Christmas present in September, I either don't put that month's money in the savings account, or if it's a larger amount, I move money back to the current account. So for example, our holiday was last month so the holiday 'pot' is empty and I start saving my monthly amounts for that this month. My Christmas 'pot' is very healthy, but will start to dwindle in the coming couple of months as I buy more presents. This helps us budget for the sorts of things that happen regularly but aren't every month.

For personal spending, we have a set amount every week which is 'free', although that includes clothes, miscellaneous expenses etc. What we do is have a notepad next to the computer, and every time my husband or myself buys anything, we write down the amount. So if by Wed or Thurs we can see we're nearing our limit, we rein in for the week. For bigger purchases, we make sure we spend well under budget one week to allow us to overspend the next. The notepad works for us because it's so easy to spend a few pounds at the newsagents, perhaps £10 on Ebay, £5-10 on a present and so on, and before you know it you've overspent. This way, we both can see instantly how we're doing. For bigger purchases, we consult and take turns if necessary if we each want to buy something more expensive.

charliecat · 10/09/2006 11:17

Whatever left in that second account divide into 4 and thats your food/entertainment/whatever budget for the week ahead.

New posts on this thread. Refresh page
Swipe left for the next trending thread