What's your budgeting process like?

[zippy]

I find the strategy of spending less than you earn works well.

 

[f2wohf]

I go through cycles of: Start a budget.. put everything in Excel (format and colour code - very professional like )

few weeks later.. think YOLO and go on a spending spree

next few days.. depressed about my lack of self control... plan a budget.. rinse and repeat ...

Pretty much the same over the past year since my future was very uncertain and I took the decision to live the (maybe few last) moment.

It lead me to spend a full year saving nothing and my existing savings taking a massive knock.

Now that my future is clearer, I have to work hard on catching up.

 

[Johnatan56]

Is there any way to make 22Seven combine two accounts?
Currently I move all the money for the month into a pocket saver and then transfer back the money I need that day for the day, it makes 22Seven freak out, thinking I have huge expenses. Overall total is right, budget values are right, but it's expecting extra expenses/income, which is a bit annoying because it's near double the money in the actual accounts (since cash flow there and back).

 

[Speedster]

Is there any way to make 22Seven combine two accounts?
Currently I move all the money for the month into a pocket saver and then transfer back the money I need that day for the day, it makes 22Seven freak out, thinking I have huge expenses. Overall total is right, budget values are right, but it's expecting extra expenses/income, which is a bit annoying because it's near double the money in the actual accounts (since cash flow there and back).

Simply mark the interaccount transfers as "transfer". That way 22seven doesn't include them in transactions.

 

[TedLasso]

I have been using MS Money since it came out (stiffy disks). Over the last decade , I’ve simplified my categories a lot, (before I would track how much would be spent on e.g. fruit and vegetables, juices, etc - now it’s just food) - frightening amount of history . If I tell you how much was spent on parking across five countries

Trying to use http://wiz.money now - since it can track both local and foreign bank accounts incl investment accounts which does a lot of online downloading stuff like 22seven (which I also use) as I don’t have time to track everything and need to simplify my life more. But it’s POS in not being able to split transactions easily or manage transfers between accounts. Apparently it will gain MSMoney like functionality by end of this year. When it does, I will finally retire MSMoney.

Sadly, I lost like a mill in the 2008 economic crisis and with a family have not been able to save consistently. Except for what I save on my payslip, and into my kids investments , I have not been able to add anything to savings accounts - all goes to bond but we are taking out more than we put in

but have decided that we will actually start putting money into trying to get side income , because our trend is really bad ..

 

[jman]

I use quite a bit of automation. The day my salary comes in, I have various scheduled transfers to a couple short term savings goals for holiday, vehicle expenses, Christmas, home stuff, etc. Also for long term stuff like building up a large enough emergency fund and my TFSA. I then have an account for discretionary spending (which is done on credit card, but cleared with this account monthly).

I use 22seven to track expenses. Doing the discretionary spending with a set budget in that account gives me piece of mind knowing that I'm also saving for the other short term stuff (so not having to worry about where money will come from for Christmas or car services).

I like having structure to my budgeting

 

[paul5186]

We use Google sheets. We have a line item for every category e.g insurance, groceries, eating out, internet, bond etc. We generally over budget as we still want to live a good life.

We spend on our credit cards but ensure the balance is zero at the end of the month before we get paid.

Anything left over gets put into the bond as our savings or emergencies, obviously this excludes retirement annuities etc.

 

[Johnatan56]

Simply mark the interaccount transfers as "transfer". That way 22seven doesn't include them in transactions.

Thanks, balances are fixed, reduced my money out by a substantial amount, lol, makes me feel better even when I know what the expenses are.

I really like that 22Seven notes expenses that are recurring that have changed to be in red. Should help with tracking issues such as incorrect billing (looking at Vodacom...)

 

[unobeat]

Have a spreadsheet system that i have been using since i started working and its been working fine all these years.
Started to get the wife to use the same system as well as she is not a safe spender.