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nissan
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Discussion Starter #1
There has been a fair bit of chat lately in the papers and on TV, and on this forum about money management. Most of it is old hat but worth reminding ourselves about.

I do a budget every year, have done for donkey's.

One thing I find helpful is my yearly Bills Due List. This shows whats coming each month and how much it is, and the monthly bills total. Some months are lean and others fat. I stick it on the fridge and when I see a good month I feel more relaxed about squandering money. In the bad months I am more circumspect.

I seldom look at the main budget so the little list on the fridge keeps me on track.
 

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Enemy of Reality
nissan 09 gu patrol
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I put all my money into the mortgage. Any bills to be paid are redrawn. I buy what i need when i need it. And when i want something, i ask why, and if it's more than a weeks pay, i save for a month. Then i buy in cash.

i have 2 debts. Car and house. that will be all. Ever. Everything else comes from cash.
 

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nissan
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I put all my money into the mortgage. Any bills to be paid are redrawn. I buy what i need when i need it. And when i want something, i ask why, and if it's more than a weeks pay, i save for a month. Then i buy in cash.

i have 2 debts. Car and house. that will be all. Ever. Everything else comes from cash.
When i left the UK I had to clear up quite a few little debts, furniture tv things like that, came here with a clean slate and now only have two, car and house.

With my car I got that first as I needed to work but the that will be paid off this year 2.5 years early. With the house I doubled my rent and worked inside that leaving me with plenty of spare cash at the end of each month to save, I wont go back to little debts again as I don't need to.

A little quote my nan used to say, "look after your pennies as your pounds will look after themselves."
 

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Autos are Superior
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Dont spend more than you earn.

YMMV
 

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Enemy of Reality
nissan 09 gu patrol
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KICKEN BACK IN THE BUSH
nissan gq
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Dont spend more than you earn !!!

IF we all believed this

Most spend 110% +++ of their disposable income

Yep good ol credit cards have alot to answer for
OR
Maybe its the banks taking advantage of the worlds "Gotta have now" attitude
 

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Nissan
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If you want something, wait a week before buying. This helps screen out impulse purchases.

Pay in cash whenever possible, and carry as little cash on you as possible. When purchasing gets to be a hassle, you buy a lot less stuff.

Pay off credit cards in full every month. Card companies call people who do this "deadbeats."
 

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Weekend Warrior
Nissan patrol
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Good thread estcove :D

My attitude on spending as a Y gen does need a hefty hoof in the ass. And Im all too happy these days to sit up and listen to what you old buggers have to say :)
 

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Enemy of Reality
nissan 09 gu patrol
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When i left the UK I had to clear up quite a few little debts, furniture tv things like that, came here with a clean slate and now only have two, car and house.

With my car I got that first as I needed to work but the that will be paid off this year 2.5 years early. With the house I doubled my rent and worked inside that leaving me with plenty of spare cash at the end of each month to save, I wont go back to little debts again as I don't need to.

A little quote my nan used to say, "look after your pennies as your pounds will look after themselves."
I kinda had a similar experience. I moved to the UK. Maxed out credit card on accom and travel. Then slept on the floor of our flat until we could afford a bench mat. Slep on that for 6 mnths until we'd paid off out cards. THEN we bought a bed!!!! Then a car. Then more hols. I hadnt been in debt since moving into that flat until we moved home and bought the house!
 

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LED ZEPPELIN
1995 GQ TD42 NA
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Excellent advice from Mrowka. I definitely hang onto more of my money when my wallet has only enough money in it for something to eat and drink.

Single income,4 kids under 10 what is this budget thing you speak of ?
Everyone can make a budget, and stick to it. Once you start, or more correctly once you see your savings going up (and realise that when a bill comes in you don't have to freak out about how you're going to pay it), it's a piece of cake to keep going with it - and you quickly get a lot better at it when you see it working.

This web page is an excellent place to start:

Budget planner | MoneySmart


I like the Bills Due List, Estcove - might try that.

Outside of the budget dollars we have 'discretionary spending' - eg. gee I'd like a digital SLR before our next trip away. The big trick here is to avoid the impulse buy, as suggested by our friends above. A good example - I am currently shopping for a DSLR for my wife's birthday, I've settled on a Nikon D90, but with some time up my sleeve I've been shopping around... I can get one with a standard 55-105mm lense for $999 if I'm prepared to wait (they are out of stock) or I can go to a different supplier and get one now, for $1350... big difference! That's a good MT tyre...
 

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nissan gq swb
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A budget, isnt that something the government stuff up each year? :rolleyes:
 

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nissan
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Too true about the 'gotta have now attutude' MQ Mad. If you don't have the money to buy it then you probably can't afford it and shouldn't.
 

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Nissan Patrol GQ GU
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I was a shocker with money and unfortunately i met a woman with the same problem so there was no sorting that out damn it. Spending what we earned and struggling to pay the bills was a constant problem and pretty stressful.

It's not that we did not make enough it was that it just was no longer there when the bills came in. Just did our head in.

And this is what we did and Never looked back at this part of our life.

I sat down one night around tax time cause it was all there and added up all of my bills for the year, you know the "Real Bills", the stuff that will happen every year without fail cause that is the stuff that will do you over.

ANNUALISE EVERYTHING = What does it cost you a year?

I dont care what your phone cost this month, what did is cost you last year, Same goes for your power, gas, rates, rego or 5, Insurance (Car, Cars, House, Contents, Boat, etc.) Add everything that will happen again next year.

Dont worry about food and fuel and other stuff, just the bills that smash you when they arrive.

Mine came in around the $15,000 per year! damn. no wonder i was having a hard time.

Now here is the key to the system that i use. Divide the Annual amount by how regular you get paid. I get paid monthly so i divided by 12 and got a number of around $1250 a month that i need to set aside for "those" bills.

If you get paid weekly then divide by 52 and set aside that amount into the separate account. On the above number that would be $288 per week into another account.

There is no "guessing" with this system, the number is real and the benefit of annualising the bills makes you get your head around what will come in and what needs to go out.

I have set up a direct debit into a second account labelled "Bills" on pay day every month and that amount goes there. it was hard for the first couple of months while it sorted itself out (high and low months) but in the next 9 years i have never had to top that account up again and if anything i have been able to dip into it occasionally when it had more in it than i knew i needed.

I am now in control of my bills and there is always money there to pay the bill when it comes in. out of mind out of sight. That annualise amount divided into your wage bracket is spent money already. I had 3 Car Regos arrive this month and all paid the day they arrived without a blink, near on $1800, find that on a week to week basis, good luck.

I hope this system helps someone, i wish i did it when i was 20 instead of starting it in my 30s i would be far better off.

My contribution. Cheers
 

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One thing that works for me, I never have overdue bills, similar to above suggestions I work out the average bill and divide into week payments with about $5 extra in each payment, then when the bill comes not only is it paid it's usually in credit.
Makes it handy in those tight weeks..

I have just opened a savings only account with no Internet or phone access and treat that as a bill, hopefully before too long I might be able to surprise the mrs with a holiday..
 

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It's all good
nissan patrol
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I have just opened a savings only account with no Internet or phone access and treat that as a bill, hopefully before too long I might be able to surprise the mrs with a holiday..
I have 3 of these accounts that i have set up to transfer of a small amount each week - ( bills , holiday & emergency accounts )
 

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LED ZEPPELIN
1995 GQ TD42 NA
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And that, folks, is how budgeting works. Top work!
 

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Mudrunner, if you want to make a little bit of money on you monthly DD get an online account set up. It pays a good rate of interest. The best thing about online accounts is that you can only transfer money in and out of them via the net. There are also no fees on them. everybit helps.
 

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nissangupatrol
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the ING ones are a good online savings account, i have a savings account with nab that i can only access on the net and is a really good tool!

easily set up and out of sight out of mind...i have automatic transfers setup that come out of my pay so all i get is what i have given myself to survive on.
 

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nissan patrol
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If you have credit cards grab a personal loan to pay them off and never own a credit card again. they are horrible horrible things. i had trouble with one years ago, you can redraw on them so its too easy, next thing you know you've had it 12 months and got no where.
 
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