Budgets, Budgets
It’s that time of year again. It starts in May with the Federal Government’s budget, and filters down through state and local governments, as they realise their income and plan around it. And now it’s time for me to review where we’re at. At let met tell you, I’m failing miserably at my goal for 2008 to spend according to our plan. I think my plan is too complicated, and too simple at the same time. Are you confused yet?
Because I’m really not into tracking where our money goes (I’m more of a big picture person) I use a more “gross” spending method. For example, if I allow myself say $200 a week to cover fuel and groceries, that’s how much I will give myself access to. The rest gets put in various places til it’s needed. I guess my problem is I haven’t even been staying on top of those weekly “needed’s” so things are falling apart all over the place.
I’m taking the opportunity to thank Mr Rudd for our extra $15 a week thanks to tax cuts, and quarterly 50% child care rebate, as well as saying goodbye to $180 a fortnight in family tax benefits and take another look at our budget to see what I can cut down on, and how I can put a bit more away each week.
And I’ve come across an unexpected “problem”. See we’ve always been terrible at long term saving. So any “bonus’s” we get from the government tend to go towards larger purchases. A fridge, washing machine, TV etc have all been funded thanks to these in the past, and due to my poor savings history, had planned to continue doing this in the future.
With the 50% child care rebate being paid quarterly I’m faced with a bit of a quandry. Do I take the money and sock it away to go towards larger purchases, or do I filter it back into the budget for larger annual bills (ie car rego, insurance etc) and take those smaller weekly savings amounts (that I have difficulty hanging on to) out of the budget altogether? Do I just take this change and utilise it to compensate for my weak points, or persist in something I’ve not yet managed to master?
I guess what I really need to work on is a cash flow plan, that will hopefully allow me to achieve my goal of following my spending plan.
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Budgeting is doing my head in. I work a varied number of hours every week, so my pay is never the same from one week to the next. I figure as long as I can pay the rent and utilities I’m doing okay.
Thanks for the reminder we have changes that will impact the household budget, which we had better get on to as well.
I have never been able to the break down of meat, veggies etc in my budget. I am like you, I have X to spend in the week and that is what I allow for with a little wiggle room. At the moment petrol is first, cause that is an INSANE amount of money.
Good luck with your planning. I am a little ostrichy at the moment