Weekly budgets

[jackson]

Hi Fuzz,

I agreed with the comments here. I think you need to set up a spreadsheet to keep track on your spending.

i have attached a sample spreadsheet that I use to keep track of all our expenditures. Let me know what you think and if you want I can send you a copy of the spreadsheet.

jackson

 

[Alex P Keaton]

Speaking of which I need to start using Iexpense app on my iPhone. Mr Lamingtons is most upset that I have not used it.

Is it any good?

 

[BayView]

Is anyone here willing to post their weekly family budget to give me an idea of how incomes are divided up into rent/mortgage, groceries, petrol, etc.

I'm on an income of $65k + and the wife $15k (part time). Problem is, we think we are over spending in some areas as we have nothing left over each week

Here is something to help you work out where your budget leaks are;
http://www.finishrich.com/lattefactor/

Not saying this is is you with this next statement, but generally I find when I hear people talking that they can't save; the are not really prepared to make the necessary sacrifices to free up funds for saving/debt reduction etc.

The lifestyle has exapanded to meet the income. Human nature.

 

[tess85]

Perhaps, try visiting the supermarket once per week instead of numerous times. Every time you're in there, you might just find something else that you 'have to have'.

^^ Yup - this - and always, ALWAYS read the catalogue before you go shopping!

We go to Coles and Woolies once a week and stock up on items when they're on special, eg. there have been a slew of half-price specials lately. We haven't paid full-price for anything except milk for a while!

Check out ozbargain, sometimes people put up the best specials from Coles/Woolies on the web.
http://www.ozbargain.com.au/node/37743

In our pantry we have quite a stash of tinned pasta sauces, tinned tomatoes, tinned corn, creamed corn, pasta, tuna, baked beans, tinned soup, rice etc - everything bought on special - we can whip up a meal when there's nothing in the fridge, so we're never forced to go shopping at the last minute. Having a little stockpile of food is also good in case of a drastic event like the QLD floods. I think we could last a few weeks on the food in the pantry, although we'd be awfully sick of canned food by the end of it.

Also, buy fresh fruit and veg seasonally... sometimes tomatoes are hideously expensive ($5/kg? No way!) so we just use tinned tomatoes, or buy different vegetables instead.

 

[kathryn d]

^^ Yup - this - and always, ALWAYS read the catalogue before you go shopping!

We go to Coles and Woolies once a week and stock up on items when they're on special, eg. there have been a slew of half-price specials lately. We haven't paid full-price for anything except milk for a while!

.

We have gotten milk a few times on sale at Coles.
Once was a 2 L jug of strawberry milk for 80c
After Xmas we got 3- 1L milk @ 30c.They only had a couple of days left, so we froze 2, and brought them out as needed.
Usually can get whipped cream cheap too...50c -$1.08 depending on the size.

 

[investor2009]

In the early days when I was saving my first deposit, right up to about 6 months ago I would think twice about buying a can of coke.
Now I am on the course where I just have to watch my investments grow and make sure I can service the loans we have Foxtel, all channels, go out for dinner semi often, breakfast, buy whatever food we like (within reason)
we still like to conserve electricity but sleep with heating/aircon most nights, drive a 4wd that costs $80 per week in petrol (purchased this with cash because we will travel in it)

I still however haven't been able to get over my tightness with mobile phones though casue I only call people when it's absolutely necessary.. And text the rest of the time. I get by just fine like this but I'm slowly coming good.

So we're nowhere near as tight as we were but after our latest house renovations worth $60k our main goal now is to get the cash reserves back up to where they were for sleep at night factor and also, why the hell wouldn't you. Everyone likes cash.

 

[Gordon Gekko]

Is there a better day / night to go food shopping to pick up bargains?

GG

 

[Corey Batt]

Not really. Generally go on first day of catalogue specials to get in on the good deals before the shelves empty, and bread is cheapest on Sunday usually as they cycle out the old stock.*

Multibuy your way into savings with things like two for x bread, making use of pantry and freezer space. Same with meat, I usually buy up chicken breasts, red cuts when they're on special in batches of 5kg, then freezer bag them into meal size portions.

*If they are empty bug the lazy storemen, as they should have stock at the back. If they don't the next delivery would be in near end of day or next morning.

 

[devank]

Here is my little contribution to the forum where I gained a lot.

I created this monthly budget to manage cashflow. Instead of distributing bills over a period I put the bill as it is.

Main page (sheet: Budget) is created to fit nicely in an A3 page. Most values are inserted directly but few of them are connected to other sheets.

Feel free to ask any questions and also let me know if you find any issues with the concept.

 

[kathryn d]

Is there a better day / night to go food shopping to pick up bargains?

GG

Every store seems to have their own schedule.
We have found that by shopping often, scouring for discounts and sales, you get a feel for that store.

Coles we have found is not good for discount meats..as it seems to be only 10% off.
They are great at cheap bread,salads, milk and whipping cream.

Woolworths have 50 % off their meats generally.

Today we stopped into the local Supra IGA. I wanted a swede for my chicken soup..they only had one yukky one. So we browsed and picked up 8 large chicken legs for $2.99. They also had dozen eggs reduced to $1.99 (but she rang it in at 99c)
We never buy groceries. We scan the stores for discounts, and take advantage of sales.
There is also a local fruit/veggie market that had cheap potatoes and bulk mushrooms.
One store will not be the cheapest at everything.

 

[sash]

Hmnmmmm....I can't live this way.

If one is a property investor....why would I want to waste so much time on getting a little on things which cost little.

I am not saying that I don't get things whilst on special....but if you have to shop just to get eggs for $0.99 instead of $1.99 ...I think we have lost the plot.

At the end of the day you have to enjoy your money also.

Every store seems to have their own schedule.
We have found that by shopping often, scouring for discounts and sales, you get a feel for that store.

Coles we have found is not good for discount meats..as it seems to be only 10% off.
They are great at cheap bread,salads, milk and whipping cream.

Woolworths have 50 % off their meats generally.

Today we stopped into the local Supra IGA. I wanted a swede for my chicken soup..they only had one yukky one. So we browsed and picked up 8 large chicken legs for $2.99. They also had dozen eggs reduced to $1.99 (but she rang it in at 99c)
We never buy groceries. We scan the stores for discounts, and take advantage of sales.
There is also a local fruit/veggie market that had cheap potatoes and bulk mushrooms.
One store will not be the cheapest at everything.

 

[devank]

At the end of the day you have to enjoy your money also.

That is what I think to myself when I buy my morning coffee

 

[sash]

Yes....simple things like a good coffee...nice restaurant meals....movies & popcorn & choc tops......

I see a lot of wealthy people who are absolute misers....to the point it really annoys me when they complain about spending $50 bucks on a good meal.

The funny thing is when people are this tight....they also don't have a lot of friends....they are also very selfish.

At the end of the day there has to be a balance.

That is what I think to myself when I buy my morning coffee

 

[kathryn d]

Hmnmmmm....I can't live this way.

If one is a property investor....why would I want to waste so much time on getting a little on things which cost little.

I am not saying that I don't get things whilst on special....but if you have to shop just to get eggs for $0.99 instead of $1.99 ...I think we have lost the plot.

At the end of the day you have to enjoy your money also.

Well we have to fill our days somehow
Other than take our dogs we are housitting to the park, we have no other tasks.
I have lived in the big fancy house and I have found the older I get, the less I need materially. I have been frugal since I was born. I am not a waster of money. If I can spend a few hours searching for a cheaper plane ticket and save $100-$200 I will.
For me..the chase of the "deal" is the fun. I really hate over paying for something I won't enjoy. If spending $16 on a salad at a restaurant makes you happy, go for it. I know it wouldn't cost more than $2 to make at home.
Wasting $14 would bug me, and all I would be able to think about is that.

Believe me I enjoy every cent I earn and spend.
People who continuously say they need $150k a year to live in retirement, make me laugh. They didn't need that much when they were working.
I don't have to keep up the Jones'.

 

[Deltaberry]

Haha well there comes a point where the little stuff is just too trivial isn't it?

Firstly, the time gone towards working out how to save a little bit here and there can probably be spent working out what stock to buy which could yield you hundreds of k in weeks.

More importantly, if you've made all this money but can't even bring yourself to enjoy a $16 salad without thinking you could've made this at home for $2, then isn't life a bit too miserable? If you wasted $14 and all you could think about is that, then I agree with the other poster that you've just lost the plot. I'm sure you can find more productive things to do than think about the wasted $14 that you could've saved by making salad at home.

 

[Wunderbar]

If you have to think about the little things you are missing out on the big picture. If you are so worried about spending $10 on a meal, that means that your mindset is already wrong. You have no desire to make the extra $100 you need to be able to afford the $10 meal.

 

[jaycee]

Well we have to fill our days somehow
Other than take our dogs we are housitting to the park, we have no other tasks.
I have lived in the big fancy house and I have found the older I get, the less I need materially. I have been frugal since I was born. I am not a waster of money. If I can spend a few hours searching for a cheaper plane ticket and save $100-$200 I will.
For me..the chase of the "deal" is the fun. I really hate over paying for something I won't enjoy. If spending $16 on a salad at a restaurant makes you happy, go for it. I know it wouldn't cost more than $2 to make at home.
Wasting $14 would bug me, and all I would be able to think about is that.

Believe me I enjoy every cent I earn and spend.
People who continuously say they need $150k a year to live in retirement, make me laugh. They didn't need that much when they were working.
I don't have to keep up the Jones'.

How do you know whow much those people earned while working

Just so you know, there are qquit ea few people who do eacn that amount, it's not quite as rare as maybe your post insinuates...

I don't know anyone who earns less thatn $150k who says they need $150 pa.... have you actually met these people ? do they actually exist ? are they real ?

Why would you laugh at other people for wanting different things to you and being able to get them ?

 

[skater]

I think it is important for everybody to realise that we all have different priorities. If Kathryn is happy doing what she is doing (remember, they are retired and a lot of the posters complaining about her lifestyle are not), then what is the harm.

If you are a high income earner and you spend a good percentage of that income, then it stands to reason that your needs on retiring are probably going to be a lot more extravagant than someone who lives on a more modest income and has had to budget hard to get to a point where they are comfortable retiring.

It's all about balance, and finding the balance that works for you.

 

[kathryn d]

Jaycee,
I am not referring to anyone in particular earning the $150k..but you can read it often here on SS, about people thinking they need to retire on it.
They have all their dreams on 5 star vacations, flying first class, spending $100 on meals etc.
Unless they have been in the IP business a long time, have a high income or inherit some money..most people won't be as well off as they hoped.
I am at least realistic.

I am more impressed with someone earning $30K a year and ending up with $250k in rental income, than someone earning $150k year and ending up with $500k income.

Wunderbar & Deltaberry,
There is nothing that we want materially, that we don't have.
It is a matter of prioritizing it.
I would enjoy a picnic at the park more.
I actually feel sorry for you needing to impress others with how much you need to spend.

 

[jaycee]

Skater, Who said there was any harm ?

It's gtreat kathryn has acheeived what she want to, jsut like anyone else....

the bit that we all seem to have dififcult getting voer, akahtryn included appears to be that we ahve to put tohers down

"People who continuously say they need $150k a year to live in retirement, make me laugh. They didn't need that much when they were working."

Kathryn does not accept others' view any better than others' haven't accpeted hers.

Like you insinuated skater, some DO earn this while working... and can achevie it in retirement.

Why would kathryn be righ to laugh at those people for it ? It's grat kahtyrn does what she does, but I dont think that makes others not wanting worng nor sugbjexts to be laughed just as much as kathryn's decisons dont' derserve to be ridiculed.