View Full Version : How do you budget?

02-10-2007, 11:46 AM
My sister and I were talking the other day, and we talked about how we each do our monthly budgets.
She does a pay to everything each pay, while we pay a bill in one swoop.

How do you do it? Differently? Direct debit? Post dated cheques? Online etc?

And why? what made you chose that way?:confused:

02-10-2007, 11:57 AM
I designate certain things to certain pays, like first pay of the month is groceries, phone, cable, student loan, some transportation, some laundry and a portion to rent, second would be the rest of our bills and the second half of rent.
I find it easier to just pay the whole amount in one pay for each bill other than rent, and we pay online purely for convience sake.

02-10-2007, 11:58 AM
pay in one swoop...except for his credit card...he makes minimum payments while i pay mine off every couple of weeks. (i drive it up with my business and then pay it right off again.) The only bill i don't pay online is Rogers...don't even get me started on that...grrr

ETA: i pay online because if i didn't...they'd always be late because i HATE waiting in line to pay bills.

02-10-2007, 12:30 PM
Each pay day one bill gets paid. All at once, online. Our bills are never paid late, always in full. Then what's left over, we use as we need it.

02-10-2007, 12:58 PM
we pay our rent in two payments(every two weeks)then get some food and diapers and baby milk,gas and hubby smokes(only if we have enough...and he has gone without)and then on the 20th we pay all our bills and if any left we gets the kids a treat!yes we live very pay to pay but we have what we need and we are making out ok;)

Chinna Dah
02-10-2007, 03:32 PM
the first pay goes to power, phone, cable, visa (all over the internet and in full) also I pay all my insurances (car,house and life) and half the car payment. gas, groceries. and left over is spending money

the second pay goes to rent,loan payment and the other half of the car payment, then gas, groceries. and left over is spending money

I have a spead sheet on my pc and every dime is accounted for.

02-12-2007, 02:36 PM
my husband is paid 2 times a month and I am paid weekly so it seems like every time one of us gets paid a bill is paid..

02-12-2007, 02:43 PM
We split expenses in the house. Hubby pays the larger expenses i.e. mortgage, insurance, vehicle, groceries - he budgets on a biweekly basis since that's how he gets paid. I pay all the household bills. Once I get the bills I mark each one on the calendar and pay as they are owed unless things get tight that week than the less important ones are put off. Hydro is the only main important one that has to be paid right on time because we are on budget billing. We do pretty good though, the may thing is to stay organized and make sure you know what is due when and how it has to be paid - direct payment, preauthorized payments, etc. You should see the size calendar we have hanging on the door LOL It's a desk top calendar, but it's the only way we can keep things organized with 4 kids, TKD, events, appointments, meetings and school.

02-12-2007, 04:25 PM
I pay all my bills in full before or when they are due. Whatever is left is for groceries and moose juice. I do not like to have any overdue bills. I will do without to keep up to date.

02-12-2007, 04:37 PM
I get all my bills online either by email or epost, and pay them directly from my bank account as soon as I receive them. At this point I am finally 4-6 weeks ahead so I don't actually have to "budget" as such, I pay every bill 1-3 weeks early -ie. in about a week I will get my Rogers bill which will probably be due Mar 9, and I will pay it Feb 22. On rare occasions I have had to pay a bill in two instalments, like when the power was $245, but it was still paid in full on time.

02-12-2007, 10:11 PM
budget, isn't that a type of bird?

02-12-2007, 10:27 PM
We just lump our checks in the bank as they come in. I get paid weekly and hubby is bi-monthly.
I'm the budgetter in the family and tend to pay online. It's so easy and convenient and I also have my bills set up to automatically be paid on a weekly basis. My other bills are pre-authorized which reduces our chances of getting behind.
We use our credit card for most purchases and pay it off before it's due. That way we don't get hit with interest and we also earn points on our purchases.

02-13-2007, 07:32 AM
Budget eh,, well- as soon as the bills are all in I pay them all at once-- then i dont forget any :)

I spend his money & save mine :)--Isn't that what your suppose to do??

02-13-2007, 10:32 AM
How do I budget? Ummm, Badly?

Everything goes into one acct, I budget on paper ( in a book) two months in advance. We get paid biweekly, so therefore, bills get paid biweekly. It may not be the best system, but its the only one I can stick to.

02-13-2007, 10:58 AM
Use Excel
Make 5 columns
Name, Weekly, Bi-weekly, Monthly, Yearly

First column write down all income that you get through the year (including anything if anything from the government that you might get) Anything that you might get make it a little easier by putting an estimate.
Enter the amounts in the corresponding column that you get it paid.

Add a total at the bottom of each to show total incomes weekly, biweekly monthly and yearly.

below all this

In the put all expenses. For variable expenses (groceries/food, gifts, transportation etc) put what you average per week or month.

If an expense is monthly or income is monthly, mutiply it by 12 and enter the amount in the yearly column. Divide the yearly amount by 52 to get the weekly amount and then by 2 to get the biweekly amount.

This helps to show what you get weekly/biweekly/monthly and yearly for income and expenses.

Then you can adjust your variables or find a way to increase your income as you need.