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Budgeting - What is the best way?

Discussion in 'Personal' started by psalm23, Jul 3, 2011.

  1. The one thing I 'd not adequately budgetted for at beginning of year was my car - it 's now a massive dent in my income, it needed 4 new tyres in Feb which threw me completely, car tax was due and insurance! and I 've had to do nothing socially or anything not necessary fro the past few months, but am now back to normal and may survive summer hols!
  2. You may consider a joint account for household bills, so you bothpay in X amount a month and bills come out on DD or SO.

    Before you sign up for any utilities go to a cash back site and sign up - you can get large amounts of cash back, eg sky's top subscription gives you 120 (sorry can't do pound sign at the mo)cash back - don'tget anything because of the cash back but if you are going to have sky anyway then get it through a cash back site. If you have a joint houshold account thenpay the cashback into that, and decide on something you will buy out of any profit at the end of the year. (or just plit the cash)
    Pay all your bills monthly on DD - if you contact the companies they will tell you how much each is. Otherwise ask the previous tennants for their bills so you get an idea.
    I'm in a 2 bedroomed bungalow, gas and electric together are 70 a month on DD, if I use lots more or lots less then the DD will change at the end of the year.
    Reconsider the land line - sometimes a broadband package is cheaper with a landline - you don't need to use it. Also your credit rating is higher with a landline - some banks won't let you do onlinebanking without a landline - I know, it's stupid.
    Sit down together and add up what you want - do you need broadband? Do you need Sky? Do you want them? Will one of you get more use out of some things? Do you need sky in your bedrooms or just the living room.

    Decide how you are going to buy cleaning products, toilet rolls, salt and pepper - the things it's not worth you buying individually but which can cause arguments if one seems to be buying for the other.
    So add up - using my figures appart from the rent
    Rent - 500
    Council tax - 100
    phone / internet / TV - 50
    electricity and gas -70
    cleaning products etc - 20
    contents insurance - 20
    so 760 - add 10% for wriggle room 836
    So put 418 each aside, maybe round it up to 420 and you have some savings

    One thing I do is pay the council tax at the monthly amount the council say for 9 months (or whatever it is) they collect it and then for the 3 months between bills i put the same amount into a savings account - it's saving but without any effort.

  3. Thanks for all that info Sashh. We definitely need broadband, not really bothered about sky would probably just have a freeview box in the living room. Will most definitely be going for the joint account option and I will have a look at the cash back sites too. Thanks!

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