budgeting - how?

[titank]

MMM:

Yes I do monthly budgetting using spreadsheet.


I usually forecast my expenses 3 months ahead. I will list down the following :
Income
Forecasted detailed expenses (fees, insurance, maint, parents, loans, living expenses, road tax, estimated credit bills by credit card). Most of the items are predictable but some fees are paid on a term rather than monthly basis.
Balance in bank

I would update the actual credit card bill outstanding and the due date so that I can monitor the funds to know what is in or not. I've 2 bank accounts so I need to manage the cashflow between the 2. On the same spreadsheet, I also monitor my shares portfolio so that I know my total cash potential. So I update my spreadsheet everyday to know my latest position.

I have been doing this religiously for years so that I know my financial situation and whether I can afford to spend or not. Sounds too overboard :? That is my profession so maybe that's why it's easy for me to do it.

Wow very good leh! Can share with me the excel sheel you have a not?

[MMM]

titank:

Wow very good leh! Can share with me the excel sheel you have a not?

PM me your email

[starlight1968sg]

I dont count to the cents. Basically, set aside the amount you want to save or not to be touched, then you can use the rest.


Or: salary goes into account A and transfer $x into account B. That a/c B is up to you to spend.

[happymom_aa]

MMM:

titank:

Wow very good leh! Can share with me the excel sheel you have a not?

PM me your email

Can share with me too?

[EASON MAGPIES]

I am a dad and I do simple budgeting every month not 3 months ahead though.


My wife is SAHM and she couldnt be bothered.

I calculate what is needed minus off savings (very hard to save these days). After taking all the necessary stuff like food, transport and now baby expenses and insurance and wife pocket money...very often I don't even have pocket $$. I do have MIO TV to watch my favourite EPL soccer though which is part of monthly expense.

After I allocate lets say $300 for my baby diaper and baby milk powder/food that month than usually we don't count the $ and cents when shopping. If more, she keep. If not enough than review again next month.

I show her the budget to her every beginning of the month and she glanced through. Many times asked her to suggest things I overlook she would reply nothing else...:roll:

Thats why she dont scared I keep mistress because no $ at all to do that... :lol: Exact words that she told me...

Oh yes...I also switch to debit card. Credit card only when go overseas only for special promotional movie or dinner.

[MummyThreeStreams]

Wow, MMM, you are so disciplined!

[cherrygal]

Why is it necessary to have a monthly budget?


I thought it's ok if our bank balances keep increasing after expenses which means we have savings? No?

Our expenses are very similar each month and we don't splurge. We maintain separate accounts and both keep increasing each month (at least while I was working). I put most of my expenses on credit cards to get points and monitor what I buy, and pay off the bills promptly. Our savings are quite substantial.

So is there still a need to do a monthly budget? :?

[24hr-mum]

I dont do budgeting, cos i m not disciplined. but i thot if i can get down to do it, will be gd as it will help me decide whr to commit a certain purchase eg enrichment course, big ticket items etc.

[LOLMum]

i would love to use the spreadsheet but too lazy.


take a fixed sum from joint account monthly. after deducting all the fixed amount payment , the remaining will go into food for family, extra pocket $ for kids, misc items for kids and myself.

i will make sure that my expenses does not exceed this fixed sum and if i spend more on food this week, i will spend lesser the following week or cut down on misc items. any remaining sum at the end of the month will automatically go into my own private account . well, sahm needs to have some savings.

so far so good. fixed sum has been the same for the past 3 years and credit card spending has gone south (maybe i am getting old, just dont see the need to buy too many clothes etc).

cheers

[daddy2007]

I do my annual budgeting into the following category when I got my annual salary adjustment



Monthly Alloication

1. INCOME\t
Nett Salary
TOTAL INCOME\t
\t
\t
2. EXPENDITURE\t
Personal Expenses\t
Food - Basic\t
Food - Luxury (> $15)
Hobbies & Sport\t
Personal & Spouse Expenses\t
\t
Household Expenses\t
S&CC\t
Utilities
Grocery/Household Items/Toiletries
Telecommunication (Mobile & ISP)
Transportation\t
\t
Fixed Expenses\t
Insurance\t
Allowance for Wife\t
Allowance for Mother\t
Maid\t
Saving - Child Education\t
Saving - Saving
Saving - Investment
\t
Miscellaneous\t
Luxury/Lifestyle\t
Newspaper Subscription\t
Child Expenses\t
Child Enrichment\t
\t
TOTAL LIVING EXPENSES\t

I will try to ensure that my Total Income is equal to Total Living Expenses

As for my bonuses, I keep at least 90%. The rest will allocate for my income tax and other taxes and sometime to pay for big ticket items



I will record my expenses daily and will do a total each month. This monthly figures (in the various categories above) will allow me to plot the spending trend for each year and I will adjust my next year budget accordingly again