Monday, 9 July 2012

Budget Review Time

When it is the end of the financial year it is time for me to go through our budget. Our budget spreadsheet has all our costs for the year then I have the costs broken down into monthly, fortnightly and weekly amounts.  We have 3 bank accounts:
  • Everyday account - groceries, entertainment, misc
  • Direct Debits - Home loan, private health, car and home insurance, kids savings
  • ING - Bills and savings

When payday comes around I have set up automatic transfers into our direct debit and ING accounts. Setting up the direct debit account is the best thing we have done. I was constantly having to check my calender when payments were coming out. As sometimes you thought there was more money in the account but then you forget that your car payment was coming out the next day. We use ING for our savings and bills. I find if the money isn't in the account then I can't spend it. And when those big bills come in I don't stress where the money is going to come from. I also love that when I request money from ING it takes 24 hours for the money to come back to our account which also saves any temptation while out shopping.

I go through the electricity, gas, water, rates, insurance and telephone bills for the last financial year and see whether I have under estimated the costs and if I have I will adjust accordingly. I have also found that I have to add in extra costs this year as our youngest will start swimming and our eldest will be starting school. It can be quite scary when you look at how much some things cost.

If you want to download my budget spreadsheet you can do that here. The highlighted green cells already have a formula so you don't need to enter any amounts into these cells. If you need help with formulas let me know and I can help.

Do you go through your budgets often or do you have any tips to share?



Jade

Linked to delightfulorder.blogspot;

2 comments:

  1. Mr Monkey takes care of our financial situation (he's just better at that sort of stuff) and he occasionally does a budget up when money gets very tight. But I'm starting to think that I need to take more of an interest and do something similar to what you've done. So thanks for the motivation! :)

    ReplyDelete
  2. I do a budget often but sticking to it is a whole different matter.

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