Reliable budgeting tips?

sbella02 · ‎17-07-2022

Hello beautiful people of the forums,

I just had a thought, and I'm wondering whether others would be able to offer any resources or perhaps advice from their own experiences. I've never been one to struggle with budgeting as I don't generally spend a lot, but recently I've really been trying to cut back on my expenses and I'm not having much success. Does anyone have any fantastic budgeting tips? Are there any resources out there that are great for tracking expenses or working out how much money to spend on certain things? They don't have to be revolutionary, life-changing tips, more just little things you do/have seen that help you save money or figure out how to distribute it to different aspects of your life.

I know I've seen plenty of tutorials for Excel spreadsheets but honestly they can do my head in sometimes, I'm not overly proficient in Excel. I find that Googling "how to better manage expenses" I often get a sea of influencers trying to make money from various programs, courses or books.

I'm also a uni student who still lives at home, so I should in theory be a lot better at managing my money than I am.

Thank you in advance! SB

Bob_22 · ‎17-07-2022

Hi sbella02,

Great question. I generally just use my bank app (not sure if I can post which bank). It keeps track of monthly spending and will notify me of recurring payments/subscriptions. I'm sure most banks would offer this for account holders.

Other than that, I try to keep spending too a minimum. Since starting my depression journey there are a lot of bills and expenses to keep on top of it which can make budgeting hard. If I need something, I generally try to look for sales or find a cheaper alternative. When I was painting I would give those out as gifts as opposed to buying them as well haha.

Bob

romantic_thi3f · ‎18-07-2022

Hi sbella02,

What a great thread! Especially now when everything is so so expensive!

For me, I use excel. But I don't make it complicated. I write down all the things I spend, and then I break it down, so it will look like this-

Food Total 100$ = 50$ Coles, 50$ Coles

Medical Total: 2$ = 1$ Pharmacy, 1$ Psychologist

Books Total: 400$ = 400$ Bookstore

Totals for the month: 502$

Honestly you could do the same on a piece of paper or on Word. Just breaking the costs down for me is the biggest help.

The Bank is also a great idea! Or you could have a look at some apps on your phone that are designed to make it super simple.

Bob- yep, you can post your bank. So long as it's not your business and you're not selling it to us, i.e. Bobs Bank.

Hope you find something that works for you!

rt

ecomama · ‎18-07-2022

Hey sbella, great thread!

Keeping track of expenses is one thing, this habit may or may not help you, it's just tracking.
Creating wealth is the other side of the same coin.

Frugal living, by NOT buying things and changing your habits, is the best tip I can give you.

I have lots of children, pets and a sole income to cover everything. It's not easy! But I'm pretty much financially stable and hope to grow this. I've always been frugal and a very good saver.

When I was at Uni I had a "Christmas Account" each year. Basically it demanded I deposit $10 / week (I earned between $30 - $55 alternate weeks). The interest was high and the amount was deposited into my savings account in Dec. I used it to fund my $400 yearly train ticket to Uni with some $ leftover.
I walked and rode my bike, no car, to save on bus fares which were 35 cents lol.

Brought my lunch and snacks for my up to 14 hour days, 5 days a week. Hard graft but I have my career now, so it' was worth it.

Atm I'm doing a 181 Day Savings Challenge which will net over $16k IF I can keep it up. I made this up myself from watching YTers doing 30 day challenges. Day 1 you deposit $1, Day 2 - $2 and so on.
I drew up grids in my Journal for $1 - $181, then checked off ANY figure I chose to deposit each day with what money I had in my account.
Following a Zero $ Based model, meaning every cent it spoken for.

I can't keep this up lol. So I'm doing "side hustles" ie listing goods on FB Marketplace to sell, doing cash for cans, trading my scrap metal each time I have Leave.

I got ideas for the Savings Challenge from a mix of spots.
"Cash stuffing" channels on YT, eg Baddies & Budgets.
Gabe Bult - minimalism & frugal living, he's wealthy at a young age.

An outstanding book is "The Barefoot Investor". Rather complicated but some general principles are easily done. Borrowing this from the Library is the best way to go.

Doing thorough Tax Returns brings lots back too.

Good luck!
EM

sbella02 · ‎22-07-2022

Bob_22,

Thank you for the advice. I've looked into what my bank offers a little, but I should see if there's some way I can get it to notify me if I exceed a certain threshold or something to that effect.

Romantic Thief,

I really want to have a little look into what Excel offers, and that sounds relatively easy to pull off. Maybe I'll try your Word document suggestion, thank you.

Ecomama,

I like the idea of having a designated account specifically for a certain occasion or purpose. I was thinking of dividing my accounts into one for saving that I can't touch, one for general life things (petrol, food, etc.) then one for spending. I love the idea of the Saving Challenge, depositing a set amount of money that doubles each day. I think I may have seen something like that before, but it's great to know that it's worked for you thus far.

Side hustles seem like another good one. I'm a creative, and I have done a bit of selling of my artwork in the past but I haven't had the time for a while. A few friends have told me about FB Marketplace too, so I'm keen to give that one a go.

Thank you everyone for your wisdom and words of advice, it is much appreciated!

SB

ecomama · ‎23-07-2022

Hi sbella

You're welcome. 🤗

The Barefoot Investor by Scott Pape might be in your local Library? He shows us how to divide our accounts. He mentions the best Australian bank accounts to get and more. He refuses kick backs to maintain his professional integrity. Some of my children do it this way with a higher interest savings account.

I have my savings sitting against my mortgage in an "offset account" to reduce interest there.

You can work a Savings Challenge any way you choose. I haven't seen one that doubles each day but you can do that lol.
I would start small, knowing that consistency and discipline is the aim. Plus you're a Uni student so hey...

Doing a 1 week savings challenge could be fun and not too intrusive to start I hope!
Draw up a 7 day grid and tick off whichever one you're saving today from $1 - $7. (Gosh a take away coffee is $7 here!)

This will give you a total of $28 saved in one week AND if you can do this for 4 weeks in a row, it's $112.

BUT if you do it consecutively for 12 months... it's a whopping $1,344!
That's BIG BUCKS in my books lol!

Having an AIM for your savings keeps you on track. It could be for your Car Rego, so it's less stressful at Rego time... or your Birthday Week or whatever you decide.

I decided when it's too hard I'm going to deposit $1 per day to keep in the habit. If I sell something then those $ can go towards making those days up or paying ahead. It's up to me.

Love EM