Okay. I have had enough. I need a budgeting tool

[EmMcK]

Right. In theory we should be comfortable, but money seems to evaporate. Three young children, normal house in the suburbs, nothing excessive but somehow we are falling behind. I like to write things down. I like a plan. Can anyone please recommend a budgeting tool that I can use for this? Something that will make us realise that there are changes we can make that can help. I dont want to start next year with the same feeling that we are slipping backwards

You need to start with going through your bank statements and wiring down all direct debts then looking at where your wasting money. Ie. Coffees, take away? I don't use any fancy app just write down each month what's coming and the going out and what's left the night before pay day I move into savings.

You Need a Budget (YNAB) is a widely used tool, although not as many features available on the UK version as they have released in the US!

I just use an excel spreadsheet. A few simple formulas to add up columns but nothing fancy. Move any extra to savings on payday not what’s left at the end of the month (ie nothing)

There's a good budget planner on Martin Lewis's website (money saving expert). It's got day to day things but also makes you remember and budget for the one off payments.

I needed a budget so I got a Monzo card. I put my spending money for the week on it and leave the rest of my money in my current account.
At first I carried on spending in my usual pattern and ended up using my current account but I have sharpened up now.
There is 5.00 on it now until Thursday so tomorrow it will be sandwiches for work and evening meal for 3 of us out of that fiver. Its really changed the way I spend. For the better.

HeyBerna on Instagram is great, have a look at her site! I think she's got a proper one but I can only remember the Instagram which will hopefully have links on it.

Go through your bank statements for the last year and note down where the money went.

Start keeping track, everything you spend. I found Toshl useful as a forward planner. YNAB was s bit more than I needed.

It’ll take you an evening to do. But it saved me 1000s.

I use YNAB. It works really well. You start to see all the things money is spent on

Thank you all for the tips. What I really want is someone walking around with me at all times holding my cash and credit cards and making me query every purchase. That isnt practical, so I shall look at some of these sites and aps

Get to the money saving expert site and read upon the do you need it? Page and budgeting. Set a goal as well. Mine was to have s years take home pay saved.

I did it in 3 years.

Without being noticeably skint at any point.

So if it’s to pay off a credit card or have emergency sav8ngs just work out what it is.

As others have said, you need to look at your bank/credit card statements and work out what you are spending where.

Do you buy a lot of food and drink out of the house - that can cost loads - a coffee on the way to work and a bought lunch can end up costing hundreds of pounds a month.

Have a look at the MSE money makeover for a systematic way to work out your budget and cut costs where possible.

www.moneysavingexpert.com/family/money-help/

Also think about splitting your money up into pots:

All money goes into one account and bills like rent/mortgage, council tax etc comes out of this. Plan to not touch this account for other spending.

Set up a standing order to a savings account for annual and irregular expenditure like Christmas, insurances, holidays, car MOT/insurance/servicing, white goods replacement etc etc. For a typical family this will probably work out at £X hundred pm, so shouldn't be underestimated.

Work out how much you can afford/need to spend on food and petrol/travel and transfer the money to another account. Or you could put these expenses on a credit card and pay it off in full each month by direct debit. Same for child costs - clothes, clubs, bits of money for school etc and also family days out

Finally, you have spending money for adults. Lowest priority if you are short of money. Whatever's left after all the above should be split 50/50 between you and DH. Workout what you spend here on and if you can cut back. As well as lunches/coffees, mobile phone contracts, clothes, accessories, treatments, hobbies etc etc.

Try cash envelope system once the money is gone its gone , it makes yoy think twice before spending

Money saving expert forums are helpful. Different sections for different needs. Advice is sometimes blunt but people on there have experience and knowledge I've found

I wrote an excel sheet with the next five years on it.

It has monthly, yearly and as hoc sections so if I enter an expense in January monthly, it repeats every month until I stop it.

Same for yearly - it puts the same expense in at the same time next year, and onwards.

I then enter my salary, the sheet takes away all that months expenses and give me a cash flow prediction so I know what's left.

Over time I've added savings, mortgage and pension predictions but you don't need to go that far

I've used it for ten years or more and it works well for me.