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Money Matters
23-11-2004, 03:16 PM
Post: #1
Money Matters

Does anyone have as much trouble as we do in managing their money/budgets?

Our approach has been to try to keep our monthly spending under our monthly income (naturally) but we always seem to fall down when it comes to actually monitoring what we are spending. I suppose neither of us particularly enjoys keeping track of the spending - we start out with good intentions then we get slack and end up just spending what we need to spend without actually knowing if we can afford it - and we always seem to overrun our budget!

Does anyone else have the same problem - and does anyone have a good system for managing their money that doesn't involve laborious record keeping?

Yours impecuniously, SF.

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23-11-2004, 03:25 PM
Post: #2
Money Matters
I always know to the penny what i have in my bank account. I dont have a joint account though, so i suppose that makes it easier to manage.

Basically, as soon as i get paid i then take off all my DD's and pay any bills that need cheques (council tax / credit card). Whats left i divide into the amount of weeks that month. That way i know how much per week i can spend.

It works for me, and i dont have an overdraft and hopefully wont need one.

I'm not perfect, but im so close it scares me
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23-11-2004, 03:28 PM (This post was last modified: 23-11-2004 03:31 PM by survivorfan.)
Post: #3
Money Matters
But how about all the things that you have to pay for that don't come every month? I'm thinking of - car bills, clothes, household appliances and repairs, medical bills - all those things?

Also - how do you keep a record of your spending during the week? Do you just take out a wad of cash for the week? And how about what your husband is spending, how do you deal wit that?

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23-11-2004, 03:39 PM
Post: #4
Money Matters
Basically i class a major food shop as one of the original bills that comes out as soon as i get paid.

I dont earn huge amounts, so after paying everything i tend to have about £80 a week thats mine. Out of that comes clothes, petrol, cosmetics, entertainment and essential food bits like milk / bread and fruit.

I think i have to be disciplined as im not one of lifes huge earners, so i need to keep tight control. If at the end of the week i am short, then i will take a little bit out of the following weeks money, and go without certain things the next week (does that make sense ?).

As for Mr.B, i dont really know how he deals with money as he has two business accounts - and i dont get involved. He doesnt have overdrafts either though, and he isnt one of lifes big spenders. All he tends to buy is a bottle of vodka a week and some ciggies. His petrol / car etc are all taken from his business account as business related expenses.

I know he doesnt have much left at the end of the month either though.

I'm not perfect, but im so close it scares me
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23-11-2004, 03:46 PM
Post: #5
Money Matters
THe trouble I have is that when I was single I managed my money OK, but now we have a joint account it is a pain having to monitor what we are both doing with the account - we seem to have so much other stuff to deal wit that there doesn't seem to be the time to sit down regularly to talk money. I guess we just have to get a better system going. the other thing is credit cards - we have stopped using them because you can just spend on it without thinking about it - and of course that's still having to come out of the budget somehow.

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23-11-2004, 03:51 PM
Post: #6
Money Matters
survivorfan Wrote:Also - how do you keep a record of your spending during the week? Do you just take out a wad of cash for the week?

This is what we do. Take out a set amount of cash for the week and buy everything we need for the week (petrol/food etc) from that, if there's none left then we go without and if there's money left over, which there sometimes is, then we put it in our NZ account. I pay for all my own clothes, books, presents for Mr V etc out of my account and the children's clothes are bought from the join one. DD's etc go out automatically and are accounted for each month.
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23-11-2004, 03:52 PM
Post: #7
Money Matters
The only thing i would suggest is that both of you keep all receipts. Do a spreadsheet on the computer with your monthly incomings - and then every weekend subtract what you have spent.

That way, if you think you are spending your money too quickly that month you can discuss it and try and cut down the following week.

I am quite anal about money. I dont like being skint (which i am now as im part time). Luckily we dont have kids to feed / clothe and just have ourselves to worry about.

Things do sometimes throw us out - like emergency vet visits, or washing machine breaking etc ... and then we have to put it on our credit cards and pay off the balance over a couple of months.

Money is a pain though. I would love to throw caution to the wind sometimes and have a monster shopping spree, or book a holiday abroad - but its impossible.

One day i aim to have savings Huh

I'm not perfect, but im so close it scares me
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23-11-2004, 04:04 PM
Post: #8
Money Matters
I think my problem is that money record keeping gets me down - but so does not having proper control of it! I must face reality!

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23-11-2004, 04:06 PM
Post: #9
Money Matters
The easiest way SF (and this is how we worked out how much to allocate for each week in the first place) is to get yourself a little notebook and make sure that each of you writes down what you have spent each day (and what on.) If you do it every evening it's not so much of a drag. At the end of the week add it up and look at what was essential and what wasn't Smile
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23-11-2004, 05:23 PM
Post: #10
Money Matters
The only way I keep track is by internet banking! I am on a limited income so for me I know how much I can afford to spend each week after bills (it doesn't change) and try to stick to it. Of course sometimes I spend more than I have allowed so I tend to cut back the following week.

I pay all my bills by DD or online and most purchases are on my switch card so my bank account is my record of what I have spent....
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