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Budgeting ideas

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  • 26-05-2009 10:03pm
    #1
    hallelujah
    Closed Accounts Posts: 584 ✭✭✭


    Hi all,

    I am trying to create a budget for each month. I am currently saving to go travelling in a few months and am saving a lot.

    When I get paid into my bank account, I pay my rent/bills, etc, then am left with a reasonable amount for the rest of the month. Most of it goes on food and weekend drinking.

    Where I go wrong, is that at the end of the month, I am always a little short. This wouldn't happen if I was more careful during the month. I know I should grow up and watch my spending but it doesn't work.

    I was wondering if any of you have any budget methods that work. Possibly, a way of putting half my wages away until half the month is gone, etc.


    I know there is no easy solution but I'm just wondering if anyone else is in the same situation and has any ideas.

    Mods, please move to a more suitable area if needs be.

    Thanks,
    Jeff


Comments

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    #2
    Time Magazine
    Registered Users Posts: 8,452 ✭✭✭Time Magazine


    Economics isn't a personal finance forum. Off to Banking with you...


  • Options
    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    Open a savings account and set up a direct debit or standing order to pay the amount you want to save into it every month. Most of the higher interest savings accounts will only allow you limited withdrawals, and you have to go into the bank to do it. As well as keeping your money, you'll also earn a bit of interest on top of it.

    Allow yourself 'X' amount to spend on drinking/socialising every month and stick to it. TBH, budgeting is a lot about self control.


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    #4
    dclare
    Closed Accounts Posts: 27 ✭dclare


    I'd suggest 2 things:

    1. Keep a spending diary for a month, and note where you are spending your money at the moment. Anyone who's ever done this will tell you that you'll be surprised where your money is going, and it'll highlight where you can make some simple pain free cuts.

    2. Pay yourself first. Decide on a figure to save and take it out of your pay as soon as you get paid. Setting up a standing order to a seperate savings account is a good idea.


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