New Year, New to Budgeting

[TheSweetestHalleluja]

Hi,
I've decided to try to make 2024 the year I take better control over the finances.
I am hoping to start keeping a monthly spreadsheet to monitor our spending and also to try the piggybanking method of having different pots for our disposable income. No debt thankfully other than the mortgage.

I've never done either of these before so am looking for any advice/tips to get me started.

Many thanks in advance!

Include absolutely everything including annual expenses like car servicing (see what it cost last time , divide by 12 and squirrel that amount away each month), I also use the same method for spectacle replacement, although I only replace every 2 to 3 years so divide what I spent last time by 24 and save each month.

Use YNAB software, it's life-changing

YNAB seems to all be in dollars - is there a sterling equivalent?

I've used a spreadsheet for 25 years for household budgeting and I swear by it. I include absolutely everything down to a small "misc" amount monthly for emergencies, and roll this over to the next month if it doesn't need using. If it starts to add up a bit I put it in the savings account where I get a little bit of interest. I always have spreadsheet covering 2 months ahead. We are on a tight budget so I swear by it.

Thanks everyone. Feeling really encouraged. I'm never usually one for making New Year's Resolutions but I'm actually looking forward to seeing how I get on with it all. Is there a subscription fee for YNAB?

Great and good luck 😊 I don't know about YNAB but others will probably know

YNAB is about £80 per year but you'll save way more than that using it. 34 day free trial, too. No referral/bonus for me, it's just genuinely brilliant.
I've used it for longer than I can remember (10 years maybe) and I'm an accountant with personal finance as my busman's holiday hobby.
It's not a tracker, you set your budget and then adapt as needed. You don't forecast money you don't have, so it makes you intentional with your allocations. There's a YNAB thread on this board if you have questions but if you give it a go on the free trial I'm happy to help here

Ps yes you enable sterling in your settings.

Another vote for YNAB, I have a pretty irregular income which can make budgeting tricky but the software and the mindset behind it have proven invaluable for helping me ride out the leaner months and not blow it all in the months I get paid more. Easily worth the £80 registration fee. The 34 day free trial gives you time to see if it works for you before committing.

That's great, thanks all. I'll check out the YNAB thread now.

There’s an option to change the currency to £s (or anything else). The basic principles of the software don’t change so the currency it’s in doesn’t affect anything, you can use it in any currency.

It’s great, I’m an enthusiastic!