Managing Our Budget in 2013

An update on how we manage our budget in preparation for the New Year.

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Managing our budget and learning to live on less helped us to pay off a considerable amount of (my) consumer debt…..and now that it’s gone, we’re attacking the mortgage – it’s not due to end until 2031, but we would love to have it paid off by the end of 2015, sixteen years early!

To help us do that, we keep a tight control over our budget.

Every month I start with our basic budget (below), and then add in any other expected costs – after that everything else goes to the mortgage.

*BUDGET

2013 basic budget

2013 Budget

*ACCOUNT SET UP:

Personal checking | Joint checking | Personal checking
Personal E-saver| Travel Fund | Personal E-saver
Gift and Mini E-Fund
Freedom Fund
Emergency Fund

*NOTES

  • Both personal checking accounts get funded with wages – me weekly, hubby monthly (on the 20th) – then automatic transfers fund the joint account. The transfers are all of our respective salaries minus our personal spending allowances – we both have the same allowance.
  • We each have a personal e-saver attached to our personal checking accounts – I use mine as a clothing fund
  • The travel fund and gift/mini e-funds are attached to the joint checking.
  • Our long-term Emergency Fund is kept in an ISA and our Freedom Fund is kept in a separate ISA.
  • From the checking account we pay the bills and fund our online savings accounts……mainly with automatic payments.
  • All our automatic bill payments (Direct Debits) are set to be paid between the 25th and 1st of every month and are, where possible, the paper free kind.
  • Grocery is paid for on a cash back credit card, which is then paid in full every month

 

If you have any questions please let me know?

PS. I LOVE budgets and this post is just an excuse to talk about them!

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4 Responses to Managing Our Budget in 2013

  1. savingfortravel says:

    Hi Laura,

    I think personal checking is a great idea. I do that monthly, although not on my blog.

    I love your money saving goals on your other blog-couldn’t see a place to leave my comment there.

    Sft x

  2. Louise says:

    hi Laura, It’s great comparing costs between countries, I’d love to have your gas and electric bill! :)

    do you have the internet on at home? couldn’t see it in the budget

    • Laura says:

      ..I think it’s high lol!

      Re the Internet: Yes we do but (very lucky for us) it’s a claimable work expense for hubby as he works from home a lot.

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