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How do you budget/manage your funds?

Discussion in 'General Discussion' started by apeZ, 3 Oct 2009.

  1. apeZ

    Mobster

    Joined: 22 Sep 2008

    Posts: 4,302

    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.
     
  2. Glaucus

    Man of Honour

    Joined: 11 Mar 2004

    Posts: 76,645

    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: 3 Oct 2009
  3. Russinating

    Capodecina

    Joined: 27 Dec 2005

    Posts: 16,282

    Location: Bristol

    I spend my money until I don't have much and then I stop spending.
     
  4. JBuk

    Capodecina

    Joined: 28 Nov 2002

    Posts: 11,038

    Location: Cumbria

    I don't, I look at my visa statement every few months then crap myself
     
  5. me227

    Soldato

    Joined: 30 Sep 2004

    Posts: 5,387

    Location: Belfast/Edinburgh

    It's all up here. *Points at head*
     
  6. The Halk

    Capodecina

    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.
     
  7. gam3r

    Mobster

    Joined: 20 Jun 2005

    Posts: 3,789

    Location: London..

    I do this. It's not a good method, but meh.
     
  8. Energize

    Caporegime

    Joined: 12 Mar 2004

    Posts: 28,872

    Location: England

    I use excel for long term growth projections, but I don't really have a budeting system.
     
  9. meths

    Mobster

    Joined: 12 Mar 2005

    Posts: 3,985

    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.
     
  10. BigglesPiP

    Capodecina

    Joined: 8 Mar 2006

    Posts: 13,293

    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.
     
  11. The Halk

    Capodecina

    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.
     
  12. DJMK4

    Capodecina

    Joined: 1 Dec 2004

    Posts: 21,936

    Location: S.Wales cardiff

    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
     
  13. Vonhelmet

    Caporegime

    Joined: 28 Jun 2005

    Posts: 48,107

    Location: On the hoods

    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.
     
  14. mollymoo

    Mobster

    Joined: 5 Mar 2009

    Posts: 2,964

    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 :)
     
  15. Kennysevenfold

    Sgarrista

    Joined: 9 Sep 2008

    Posts: 7,945

    Location: Glasgow

    I dont, Money comes in - Money goes out :(
     
  16. Spinal2k2

    Wise Guy

    Joined: 18 Oct 2002

    Posts: 2,470


    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
     
  17. rexehuk

    Mobster

    Joined: 13 Jun 2009

    Posts: 4,007

    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: 3 Oct 2009
  18. Glaucus

    Man of Honour

    Joined: 11 Mar 2004

    Posts: 76,645

    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.
     
  19. Substance

    Mobster

    Joined: 10 Jun 2006

    Posts: 3,865

    Location: Wigan

    I just make sure that everything goes out on payday, put my petrol in and get food, anything left over I can do what I want with
     
  20. buckeejit

    Mobster

    Joined: 14 Aug 2004

    Posts: 2,993

    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 :)