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Welcome to our ‘How We Budget’ page. The personal finance spreadsheet below shows our planned monthly expenditure and how we save on a month by month basis for annual expenses and travel.
OUR MONTHLY BUDGET: Updated for 2015
We fund our joint checking account with £2,600 every month. 50% of this money goes on the above expenses, the other 50% is invested.
ACCOUNT SET UP:
JOINT CHECKING ACCOUNT
M CHECKING ACCOUNT
‘EVERYTHING ELSE’ FUND
EMERGENCY FUND (TAX FREE SAVINGS ACCOUNT)
– The gift, travel and ‘everything else’ fund are attached to the joint checking (to provide easy access)
– Our Emergency Fund (12 months of expenses) is kept in a tax-free NISA
– Pension payments (for M) are taken at source from salary
– Monthly donation payments are taken from M’s checking account
– 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 supermarket gift card (and cash) as we receive a 5% reduction (work benefit scheme)
I hope that this covers everything, however if you have any questions at all then please ask me either in the comments or by email nomorespending (at) gmail (dot) com