Do you follow a weekly/ monthly budget?
We never have but we're currently trying to borrow (more) money to build another house and I suddenly feel like like we're being really irresponsible with our finances and living beyond our means. I'm not sure how we're not in a heap of debt when I compare our income & spending habits ?
Wondering if anyone has any advice/ templates or programs they use/ follow?
We are a family of 5, single income one in prep the other two at home.
Budgeting
Budgeting
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2 Replies
I just used the numbers app on my iPad/iPhone.
Entered all of our income and then all of our expenses. It took a few cycles to get right because I forgot something.
I have a monthly budget because that works best for our pay and bills. In my budget I include putting aside savings even if it's just a tiny amount it all adds up.
I divide all bills apart from rego into average weekly increments and pay them each week via bpay (so rates, water, phone, net, electricity). We're in credit for everything. Never get a bill. I also have a maximum amount I'll spend on groceries/fuel each week. It really makes you completely in charge of your finances budgeting this way. But harder to save on one income. We want an investment property, but also one income (80k) and three kids so we know it's not going to happen until I'm working, too. We owe a bit under 300k. I pay $50 extra on our mortgage weekly but about to make it $100, as that will take 10yrs off our mortgage.