budgeting - how?

[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

[daddy2007]

MMM:

That is my profession so maybe that's why it's easy for me to do it.

You are an accountant?

[daddy2007]

cherrygal:

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.

I also like to pay most of the expenses/bills via credit or debit cards as the cash rebate is quite substantial. I can earn $100 - $200 cash rebate each month

But got to be very discipline. Don't splurge on those luxury items but only budgeted expenses.

[daddy2007]

LOLMum:

any remaining sum at the end of the month will automatically go into my own private account . well, sahm needs to have some savings.

This is especially true. SAHM needs to have some extra money so that one can buy something at certain times to pamper oneself without going to the hubby for money

I paid for all expenses (household & also everything incurred by spouse) but still give my spouse an allowance. At least she can use this extra money to give to her parents and to buy those small small things to pamper herself

[LOLMum]

daddy2007:

LOLMum:

any remaining sum at the end of the month will automatically go into my own private account . well, sahm needs to have some savings.

This is especially true. SAHM needs to have some extra money so that one can buy something at certain times to pamper oneself without going to the hubby for money

I paid for all expenses (household & also everything incurred by spouse) but still give my spouse an allowance. At least she can use this extra money to give to her parents and to buy those small small things to pamper herself

just got the news that my brother needs to have an operation, a shock to all at home, am using this private savings to buy tonic and maybe with the fees etc.

thus no need to deduct from monthly fixed sum or ask dh for extra $$$.

[24hr-mum]

hi daddy2007


i m surprised to find u so disciplined in budgeting. a rare virtue in men.
my hubby doesnt gv me allowance. he basically leaves all domestic matters to me. so thereotically speaking all his $ is mine :（
but seriously i nvr spend unnecessarily cos i m the one who always worry abt no $, being a sahm

[Imp75]

Sorry to gatecrash the thread but I have a relevant question. Is it necessary to contribute to the joint household spending acc based on percentage of income or is it ok to split the contribution equally. My hubby who earns less than me has been urging for the % method but I dont see why the equal contribution doesn’t work. He’s not living from paycheck to paycheck so therefore whichever method is not causing him any hardship. It merely means less savings than me but which is fair cos he earns less.

[sleepy]

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? :?

Hey, exactly the same here

24hr-mum:

my hubby doesnt gv me allowance. he basically leaves all domestic matters to me. so thereotically speaking all his $ is mine :（
but seriously i nvr spend unnecessarily cos i m the one who always worry abt no $, being a sahm

I didn't bother to prepare a budget. As long income > expenses then it's fine to me. We are prudent in spending anyway. I prefer to charge everything to cards for points/rebates. Just make sure to settle in full before due date, win win situation

Oh, if you prefer debit card, Standard Chartered debit cards give cash rebate. My favourite card right now

[daddy2007]

sleepy:

Oh, if you prefer debit card, Standard Chartered debit cards give cash rebate. My favourite card right now

Yup... I am using this XtraSaver card too. No points but cash rebate which is very handy

XtraSaver rebate you 0.5% for using NETS payment. One trick is to pay all bills via NETS at AXS using this XtraSaver card. So you earn more cash rebate...hahahaha

I also holding MayBank credit card & UOB credit card for cash rebate

MayBank card gave 5% for fastfood, Popular & Cold Storage purchase

UOB One Card give you $30 each quarterly for $300 spend per month

So you can work out accordingly how you want to charge to these cards

[cherrygal]

Imp75:

Sorry to gatecrash the thread but I have a relevant question. Is it necessary to contribute to the joint household spending acc based on percentage of income or is it ok to split the contribution equally. My hubby who earns less than me has been urging for the % method but I dont see why the equal contribution doesn't work. He's not living from paycheck to paycheck so therefore whichever method is not causing him any hardship. It merely means less savings than me but which is fair cos he earns less.

My mom said never try to split things 50-50 between a couple. It becomes a bad habit. So even when his salary is much higher than yours next time, he will still expect to split expenses by half. It should be a give and take situation where you pay for some, he pays for some.

My mom believes that men should either take up the bulk of the household expenses or hand over his salary to the wife for her to manage.