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Will power and budgetting

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blessedmama View Drop Down
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    Posted: 11 August 2011 at 7:00pm
My biggest issue with budgetting is my lack of will power. My head understands the need to save and can rationalise not spending on things but often that goes by the wayside.

Any good tips to control the spender in me??
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Kellz View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Kellz Quote  Post ReplyReply Direct Link To This Post Posted: 11 August 2011 at 8:17pm
Cut your access to the $- if u dont have the $ u cant spend it! Get rid of all store cards/credit cards so u actually have to have the money before u can buy them!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nothing Quote  Post ReplyReply Direct Link To This Post Posted: 11 August 2011 at 9:33pm
I have about fifty million bank accounts and as soon as I get paid I transfer it all over to them. I bank with two banks. the second bank holds all my savings/long term bill accounts and I dont ever look to see what is in there. In my normal bank I have two internet banking log-ins and keep my normal account in one and any other accounts that I need to access regularly on the other.

Here is a GREAT budgeting worksheet. It breaks everything down to weekly so you can plan for the year.

And yes get rid of credit cards/store cards. I have a farmers card but I only use that for food and petrol and I have a set amounts for those so I pay it off every week.

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MamaT View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MamaT Quote  Post ReplyReply Direct Link To This Post Posted: 11 August 2011 at 9:55pm
Only take a set amount of cash with you when you go to town and leave all cards at home, that way you can't make impulse purchases.
Make it a challenge within yourself to see how long you can go without buying anything.

My biggest downfall is buying food or drinks when I'm in town, so I need to make an effort to have a snack and drink bottle with me at all times to stop those little purchases
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote .... Quote  Post ReplyReply Direct Link To This Post Posted: 12 August 2011 at 12:17pm
The bank which I have my account with gives the options of adding sub-accounts, I have the one internet login, my pay goes into my main account, and then I have little sub accounts for Bentley's Savings (for when he is a grown-up), Bentley's Christmas etc Savings (for Christmas, Birthday, growth spurts etc), Family Savings (Bond for a house, etc), and my savings (tattoos, clothes etc).
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xLUCKYx View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote xLUCKYx Quote  Post ReplyReply Direct Link To This Post Posted: 12 August 2011 at 12:21pm
I think the best way to manage your money without having to stress over will power is to allow yourself a certain amount a week as 'sanity' or 'pocket money'.

It is hard though and I can so relate!
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blessedmama View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote blessedmama Quote  Post ReplyReply Direct Link To This Post Posted: 12 August 2011 at 1:43pm
I don't have credit or store cards so that one is done already. I think I just need to get better at taking cash out each week for groceries and fun and then leaving my bank card at home. That and making it some kind of mental challenge to see how long I can go without buying anything!!
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kebakat View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote kebakat Quote  Post ReplyReply Direct Link To This Post Posted: 12 August 2011 at 1:46pm
I suck at taking $ out and not using my card instead. I know I won't do that so I don't entertain that idea for me..

If your will power sucks. Work out how much you need to pay your bills, groceries and sanity money. Transfer the rest into a seperate account. Ask your bank to remove it from your view on internet banking so you can't see it. Then it becomes more of a pain in the bum to get at but its there if needed.
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blessedmama View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote blessedmama Quote  Post ReplyReply Direct Link To This Post Posted: 12 August 2011 at 2:29pm
Actually that's not a bad idea kebakat. I have several accounts already so could just hide one so that I don't think about it.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote xLUCKYx Quote  Post ReplyReply Direct Link To This Post Posted: 12 August 2011 at 2:34pm
We do that too :-) I have one account that we pay all of our bills out of and always has a very tempting surplus in it... I used to dip into it all the time (I'm very naughty!!) but I have since destroyed my eftpos cards for that account so I can only remove money by going to the bank which I hate doing so it never happens!!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote .... Quote  Post ReplyReply Direct Link To This Post Posted: 12 August 2011 at 5:03pm
I find I spend more using cash, with my card I always round-up my purchases as I'm so scared my card will decline, so at the week there is always a bit left over from doing that.
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Plushie View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Plushie Quote  Post ReplyReply Direct Link To This Post Posted: 12 August 2011 at 5:34pm
^^ ditto! I know its only going to cost $13.70 or something but in my head i round it up to $15 just in case haha. I am trying to work out bank accounts - i have to have my main accounts with westpac because i have a loan and thats a rule - but i want to transfer my spending money to an ASB account + do save the change to DS's bank account (which is also an ASB account) - does that sound totally ridiculous? I know the 'done thing' is to do savings to another bank but i'm not sure i can do that plus the save the change thing really appeals
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Post Options Post Options   Thanks (0) Thanks(0)   Quote KAC09 Quote  Post ReplyReply Direct Link To This Post Posted: 14 August 2011 at 12:26pm
Have you thought of ways to increase your income? I am on the dpb and a full time student. And I am managing to have a little bit saved each week, by hosting a foreign echange student for 2.5 weeks. Although its the last week shes here & my money will go back to a pafetic low where I cry everytime I use my eftpos card. Its a great way to boost the savings without missing out on ya little extras you love. Wish she was staying longer!
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CrazyCass View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote CrazyCass Quote  Post ReplyReply Direct Link To This Post Posted: 09 September 2011 at 9:42am
We were always spending ALL of DH's pay each week, now I take $300 / week cash out & we dont use our cards at all, its amazing to see the difference its made in our bank account in the 1 month we've been doing it.

The $300 covers ALL our weekly stuff petrol, groceries, brought lunches etc.... plus anything extra we want - for example its DH's office girls 21st in a couple of weeks so i've been putting $20-$40 a week into his undie drawer because he said he wanted to pay for her to get her gun licence ($120) so I wanted him to feel the budget pinch to be buying presents

Some weeks its a REAL challenge but it'll set us up well for when we go down to 1 income in a few weeks

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Hopes View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hopes Quote  Post ReplyReply Direct Link To This Post Posted: 10 September 2011 at 7:26pm
Wow, OT, but I wouldn't mind working for your DH!

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Post Options Post Options   Thanks (0) Thanks(0)   Quote snugglebug Quote  Post ReplyReply Direct Link To This Post Posted: 26 September 2011 at 11:44am
I know what you mean, we budget well and have a surplus in an account that's meant to put aside for future bills but Im always dipping into it. So I have decided to transfer a small amount of money onto both mine and DH's visa debit cards for spending a week. We each get x amount, and we can do what we want with it, so that if one or the other buys something like lunch or drinks or whatever, the other doesn't need to get annoyed. Then we can only use the other money for bills/budget expenses. It takes a lot of control though as its so easy to see something then transfer money online. I think the getting out cash idea or getting rid of eftpos card is a good idea, as I can transfer money over the phone too if I want something in a shop but with no eftpos card to use I can't do it
Me 28, DH 29
DS born 20 Nov 2010 (4 years old)
#2 due October 7
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