Budgeting

[The Doctor]

We all have to do it or we end up in debt. But how easy do folk find it? What are the best ways? I am curious.

-Ralph

[Hero]

Trial and Error for one.

I've found that not putting all your eggs in one basket is a good way. Separate accounts aside from the main one or just an ISA to put money away for a rainy day are sensible I've found, but it all boils down to regular monitoring.

Internet banking has been a savior as I can view regularly updated statement of in/outgoings during the month. Also, looking at past statements and seeing how you can spend differently also help.

[Philip Ayres]

Write it down.

I have an xl spreadsheet with IN down one column and OUT on another (plus dates and what it is) and a running total. Works for me.

[The Doctor]

I do make a habit of checking my account every second day. I always need to know exactly what is in my account. Disposable income is roughly what it was 10 years ago for me, but general cost of living (especially food/household items) is rather higher so I always need to know what is left in the kitty. What with being on a 3-year pay freeze and having lost my savings in all ill-advised higher education effort a few years back, I just can't splurge like I used to be able to in my 20's.

-Ralph

[Grand Moff Muffin]

I have almost all my direct debits arranged for the week or two following pay day (the 20th), so I know that nearly all of what I have left in my current account after the turn of the month is mine to spend between then and the next pay day. That helps no end.

Also, I have never owned a credit card.

Martin

[kayevcee]

When I was at KAUST and in Iowa (the only time I haven't been living at home, alas) I would consider what I was paid each month, how much I would have left after paying for essentials, and then come up with a rough number for per-diem expenditure that would still leave a bit on the side for saving or splurging. In Iowa I tried to limit myself to $20 a day for food, transport and entertainment, which worked out at $600 a month plus $400 rent for my mattress on the floor of a featureless white room with really good broadband. Luckily KAUST attendance came with medical insurance. Unuckily, when I go back to start my Ph.D I'll be looking at a bill for that almost as much as the rent because Americans are crazy, so I'll have to be a bit more careful.

Between Toy-fu and the generosity of King Abdullah I have a respectable amount in the bank (though nowhere near enough to, say, consider putting a downpayment on a house anywhere outside rural India) so I don't need to worry about occasional red hazes that add Lego Death Stars to my monthly outgoings, so long as it doesn't happen too frequently. Toy-fu works wonders in this regard because I sate my desire to go eBay mental relatively safe in the knowledge that I'll get the money back in August. Really, one bad convention and I'm absolutely buggered.

-Nick

[Cullen]

Separate accounts is how Leanne and I do it. Our salaries goes into a joint current account, I dole out pocket money to both of our separate accounts for the month, keep a chunk for bills then transfer the rest to our savings account. Not having an ATM card linked to our main chunk of money is life saving.

I also have a credit card which I use for biggish purchases that would require moving money around to buy on the debit card. It gets paid off every month but does take disciplin to do so.

[The Doctor]

I don't use credit cards as I don't earn enough to pay them off in a timely manner and I am shit scared of debt. So if I can't afford something I can't have it.

-Ralph