How do you budget/manage your funds?

Soldato
Joined
22 Sep 2008
Posts
4,300
Location
Kent, England
At the moment I just look at my internet banking (Halifax).

However, I want a more sophisticated way to keep track of stuff, including setting budgets and putting 'emergency money' aside for situations that arise.

Is MS Money any good, or are there better options I can consider?

Although saying 'Don't spend more than £50 a month' is simple in theory, when it boils down to it there are always situations where I go over, and I need a system to 'repay' myself for whatever was lost, either by deducting from the previous months budget, or paying it back over a longer period.

Any ideas/suggestions would be welcomed.
 
Man of Honour
Joined
11 Mar 2004
Posts
76,634
excel.
colum for fixed monthly costs (rent, phones, bills etc)
a box for takehome pay
and a column for everyday spending.

I tried MS money and it's silly and over complicated for something this basic. Excel is more than capable. Well actually I use openoffice, but same thing.
 
Last edited:
Soldato
Joined
13 May 2003
Posts
11,862
Location
Hamilton
I don't have to micromanage it. Partly because every purchase I make I mentally evaluate, and partly because while my income is not massive, I'm comfortable.

One thing I do though is keep an eye on how much money I have left that month, and also create a standing order to go into a deposit account monthly for 150. From there I can take money should I need to.
 
Soldato
Joined
12 Mar 2005
Posts
4,327
I use the last UK version of MS Money but it seems to be buggy as hell.

It's useable though, once you've figured out how to work around the bugs.

The project cash flow option is the main bit for me.
 
Soldato
Joined
8 Mar 2006
Posts
13,300
Location
Near Winchester
I generally have an idea of what I have and what is coming, what will be outgoing, so I have a little think before I buy anything, even down to buying stuff like lamb, which is quite an expensive meal.

If I'm thinking of buying something really big, I'll do some calculations.
 
Soldato
Joined
13 May 2003
Posts
11,862
Location
Hamilton
If you are struggling... do this.

Open a second back account with the same people.
Move your wages to the second bank account.
Set a standing order from the second bank account to the original one for the total of your monthly bills.
Set a separate standing order into a deposit account for £100.
Spend as much as you like from the first bank account over the month. Only take from savings when you have no choice - unexpected present needs buying at end of month etc. Replace the money when you get paid.
If you find you are taking the money back out of the savings every month then you need to spend less.

If you need to control your spending then for a month write down every single time you spend money.

If you think it's too much hassle then be happy being poor but don't complain.
 
Soldato
Joined
1 Dec 2004
Posts
22,367
Location
S.Wales
Excel, i mocked up my own finance chart that i use, useful for 1-3 month projections.

Not that im good at money :( i swear if a bat could fly out onto the screen when you open my internet banking, it would
 
Caporegime
Joined
28 Jun 2005
Posts
48,104
Location
On the hoods
If you are struggling... do this.

Open a second back account with the same people.
Move your wages to the second bank account.
Set a standing order from the second bank account to the original one for the total of your monthly bills.
Set a separate standing order into a deposit account for £100.
Spend as much as you like from the first bank account over the month. Only take from savings when you have no choice - unexpected present needs buying at end of month etc. Replace the money when you get paid.
If you find you are taking the money back out of the savings every month then you need to spend less.

If you need to control your spending then for a month write down every single time you spend money.

If you think it's too much hassle then be happy being poor but don't complain.

What he said. The wife and I have a joint account that wages go into, then a bit of cash goes out to each of our own accounts for our own spending money. We don't spend more than what's in our own account. Easy.
 
Soldato
Joined
5 Mar 2009
Posts
3,050
Location
North
We leave in what we need for d/d like mortgage and so-on plus extra £200 just in case :)
Then draw everything else out and split it into envelopes for various other bills like shopping and milkman, lottery etc then spend the rest :)
 
Associate
Joined
18 Oct 2002
Posts
2,471
excel.
colum for fixed monthly costs (rent, phones, bills etc)
a box for takehome pay
and a column for everyday spending.

I tried MS money and it's silly and over complicated for something this basic. Excel is more than capable. Well actually I use openoffice, but same thing.


i've done this and it does work, but you need to remember to keep it updated.

ie everytime you take money out or pay by card remember to update it etc,

i did try a demo of ms money a few years ago but found a simple spread sheet setup to your needs etc works well
 
Soldato
Joined
13 Jun 2009
Posts
4,230
Location
My own head
I have a strange way of managing my cash...

I spend money when I want on what I want, usually expensive goods Armani etc. Somehow though I seem to automatically balance myself out without thinking and come off by having lots of money left over from student loan.

I say I weigh up stuff, might buy a £200 coat and then automatically save cash by eating at home for a week etc, I manage by never seeing them as "cutbacks".

**Oh and I don't use overdrafts**

Hard to explain... maybe else here understands :)
 
Last edited:
Man of Honour
Joined
11 Mar 2004
Posts
76,634
i've done this and it does work, but you need to remember to keep it updated.

ie everytime you take money out or pay by card remember to update it etc,

i did try a demo of ms money a few years ago but found a simple spread sheet setup to your needs etc works well

I usually do it when I remember,maybe one a week. It's easy just logging on and copying the info into excel.

This is a good way but I would remove the spending money into another account. less chance of something going wrong and going over drawn, due to a slight bigger bill than expected.
 
Soldato
Joined
14 Aug 2004
Posts
2,992
I just plan the month out when I get paid ie. £100 on food, £300 on social life (drinks etc.). Never let me down so far.

One thing I can't stand though is if I took some money from my bank account and lent it to someone and they paid me back in cash (which they would), I would spend the cash and silly stuff so I like having money in my bank account, don't know if anyone else understands or if I'm just a weirdo :)
 
Back
Top Bottom