Crucially, you must sit down ahead of time and give a "job" to every dollar you expect to earn. You must imagine your dollars like a reckless hoard of minions or lemmings. If you don't deliberately direct them, they'll just wander off all over the place.First, you must come up with a figure for your anticipated income for your budget period. I budget monthly, but you can do fortnightly, or even weekly, if you're super keen.
To establish a "Future Fund" you need to figure out your annual cost for these things and then divide that by the number of your budget periods in a year. Budgeting monthly? Divide by 12. Fortnightly? Divide by 26. Then include this cost as a line item in your budget. For my July budget, I arrived at a figure for anticipated monthly expenses of about $8000. My anticipated household income from all sources was about $9500, leaving me with a potential surplus savings of $1500.
I discovered several benefits to this budgeting method. Overall, I just felt calmer; more in control. When I did spend money on fun things – like eating out and kids toys – I spent it with a new sense of ease, knowing that I had allocated funds for just such a purpose. Those meals tasted all the sweeter for knowing they were a limited commodity.
Budget saving item 1: Bin your smh FinancialReview subscription. Saves money & prevents your hard earned being used to promote the rancid LNP. auspol
Or, just try to live on a pension. It's called 'getting through the fortnight'.
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