So….all my friends and family think im pretty thrifty when It comes to looking after those hard earned pennies every month!
I have a spreadsheet that I use religiously, its pretty much the first thing I do when I get to work, even before the first coffee of the day! I update my costs.
I will look at my available balance online and check off any direct debits and standing orders that have come out on that particular day, similiarly, any purchases I have made will be logged.
So, lets get started in what I would advise to anyone who struggles to make it to the end of the month before blowing all their monthly wage! Note. I can send the spreadsheet I use to anyone who wishes to make a small donation to me!
- Firstly. Start with your wage figure – Easy! Bear with me. (This is obviously a little tricky if your wage fluctuates each month).
- Make a note of any other incomings you may have*.
- Add 1 and 2 together, this is your starting point.
- Now make a note (in date order) of all monthly outgoings. Be it; mortgage, rent, utility bills, insurance, car finance, credit cards payments, phone bill, fuel, gym memberships etc etc
- Deduct Figure number 4, from number 3.
- You now have your disposal income for the month.
- I now break this figure down further, I will make a note of any costs which may just be applicable that one month, it maybe someone’s birthday, or you may need a hair cut etc.
- Now, give yourself a weekly spending allowance, again this may fluctuate if you have a big night out planned one weekend for example.
SCREENSHOT of said spreadsheet below;
- The key to this whole budgeting lark is DISCIPLINE, I ensure that I stick to my weekly spending allowance, and like I said previously, I update on a daily basis.
By this, I mean I will remove a cost that has come out and then adjust my available balance accordingly. Clearly, just because I have £100 (for example) each week to spend it doesn’t mean I do, I may spend more than this, or less. As such, I need to update the spreadsheet.
As mentioned earlier, I am happy to share my spreadsheet for a small fee if you wish to contact me direct, or if you just wish to have a chat and seek any guidance then I am happy to discuss.
I hope you have enjoyed my very first blog, and have found even a small amount of it useful.
*In my next blog I will discuss, how I gain an additional income from betting/gambling. And also, the separate tabs I have for savings/credit cards/Debt.