I love working with numbers, Maths was my strong suit at school. However when it comes to budgeting I was hopeless until recently. In order to pay off Debt and get our own home I had to quickly learn to Budget (and stick to it) which is by far the hardest part. I often forgot things that I needed to pay that may not come up all the time but caused havoc to my Budget. I will list below all the items I can think of (as a couple). If you have kids of your own you will have a lot more to add.
- Rent/Mortgage
- Utilities (Elec, Gas, Water)
- Food (inc Pet food) and other household needs
- Clothing
- Petrol or Transport costs
- Car registration
- Car Insurance
- License renewal
- Home Insurance
- Medical Insurance
- Medications
- Post Box Fees
- Spending Money
- Events (birthdays, Christmas etc)
- Child Support
- Phones
- Union Fees
- Debts
- Savings
- Vet Bills and flea treatment (if you have pets)
This is just what I can think of, and everyone’s needs are different, but I’m sure there are a few on there you didn’t think of, if you can come up with more please let me know.
There are 2 ways you can do your Budget, either excel spreadsheet or old school pen and paper, I have done both and tend to go back and forth to whatever is easiest, as we have a fluctuating income I usually just write it down on a weekly basis.
If you have a set budget, I advise you to keep tabs on it at least once a month as it can go haywire very quickly, and if you are paying off Debt it should be done more frequently to see where you can cut costs to pay the Debts Quicker.
Look forward to hearing from you
Seeya GAM
Glitter and Marble 