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originally posted on 16-05-2016 8:08 PM
@Lahna and I are moderating the discussion tonight and we might have some others mods pop in! @Ben-RO can't be here tonight unfortunately but he says HEY and I'm sure he's eating pizza wherever he is!
Budgeting can be a pretty confusing and overwhelming thing, so I thought we should begin by working out: what "budget" means to you?
Hmm not really sure what it means to me, i guess just monitoring my money so that I dont end up completely broke! I've had to cut back working this year so ive definitely had to be more conscious and make better decisions about what i spend my money on so that I can still do things that I want to do!
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originally posted on 16-05-2016 8:12 PM
That's right @Stealth_ninja! I wish I had a pizza right now... yummmmm.
Nice descriptions @j95 and @redhead- great to see you guys here! I can see that we're all thinking along the same lines as well. 🙂
What does "budget" mean to me?
Well, to me, budget is a word that describes financial restriction in some areas of your life, so that you can have financial freedom in others - so you can do fun things!
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originally posted on 16-05-2016 8:14 PM
yeah i mentioned them because they are important @Stealth_ninja as tight as money can be sometimes its important to factor in something for yourself every know and then- Mark as New
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originally posted on 16-05-2016 8:21 PM
Yeah I completely agree @j95! Even if it's just something small, we got to "treat ourselves"
okay!
What are some situations where a budget is really important? How might we go about creating one?
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originally posted on 16-05-2016 8:28 PM
What are some situations where a budget is really important?
When you're working/supporting yourself for the first time.
When you're thinking of making a major purchase that you had/have to save up for.
When you're getting a loan for something.
How might we go about creating one?
Make a record of income and expected expenses over a certain timeframe (weekly/monthly), and allocate where the money will be "spent" (including things you're saving for, or donating, or treats). Then compare actual spend vs. budget to determine if estimations were accurate or adjustments need to be made.
Could use a budgeting software tool like YNAB (You Need A Budget) if you're into that.
Edit: Got my acronyms muddled.
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originally posted on 16-05-2016 8:32 PM
Cool @Bay52VU 🙂
Budgeting can be super hard everyone is giving really great tips! @Stealth_ninja, I'm interested in that app 🙂
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originally posted on 16-05-2016 8:26 PM
What are some situations where a budget is really important? How might we go about creating one?
When you are not earning very much money, especially. When you have more responsibilities than you used to (like additional bills).
Work out the total costs of regular payments you have to make. Set aside an approximate amount for other essentials. See how much money you have left over. It can be hard.
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originally posted on 16-05-2016 8:23 PM
What are some situations where a budget is really important? How might we go about creating one?When you have repayments such as a loan, rent, mortgage, phone, basically any regular payment, you have to cater for that and make sure you can afford it week to week.
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originally posted on 16-05-2016 8:51 PM
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originally posted on 16-05-2016 8:53 PM
Haha @ryvb3, I know the feeling! That's a good lead into the next question 🙂
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originally posted on 16-05-2016 8:34 PM
When I first started created my budget I went on this website and used their online budget planner: http://www.moneyhelp.org.au/tools-tips/budget-planner/
From there, I figured out what categories I needed for my income and expenses section.
I believe Microsoft Excel is a good program to use for creating a budget. There's also templates you could follow or get ideas on how to create your own.
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originally posted on 16-05-2016 8:39 PM
I looked on my bank account online last month and it gave me a pie graph of what I spend my money on (i'm guessing they see what shops I go to/what my direct debits are and categorise it). It was interesting, made me cry a little bit on the inside though- Mark as New
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originally posted on 16-05-2016 8:36 PM
Oh wow @ryvb3, that's wicked! How did you find that?
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originally posted on 16-05-2016 8:42 PM
@Lahna At the beginning of the year I googled "creating a budget" or something and found this.Plus this MoneySmart website is a great resource of information about money related things. Keep it in your favourites bar or bookmark it. 🙂
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originally posted on 16-05-2016 8:44 PM
Yeah the MoneySmart one I have used before. And I like it coz it is a federal government funded project - woo reliable resource
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originally posted on 16-05-2016 8:48 PM
This is how i feel with my partner sometimes. I find budgeting much harder now its no longer just for myself.
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originally posted on 16-05-2016 9:06 PM
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originally posted on 16-05-2016 9:15 PM
Perfect segway to our next question @j95!
How would you tell someone that you need to stick to your budget instead of spending money you don't have?
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originally posted on 16-05-2016 8:28 PM
Nice @j95,
How would you explain that to someone who had never heard of budgeting before? Do you have to write anything down or do any maths?
What are some situations where a budget is really important? How might we go about creating one?
I think that budgeting is important in all situations, especially in this day and age where everything seems to be super expensive including the cost of general living (ie groceries, rent, petrol, etc..) I suppose when you're creating one, the best thing is to work out how much you earn a year, then work out what your costs are, factor in irregular things too like fun money. But I've been doing a different type of budgeting lately - I've been working out how much I'd like to save by the end of the year and kind of doing it backwards (how much do I need to earn a week to achieve my goals)
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originally posted on 16-05-2016 8:29 PM
What are some situations where a budget is really important? How might we go about creating one?
Spot on J! I agree. I think it can be hard but a while ago I had a bit of a panic about the state of my finances and a found this document online that helps you create a budget and theres also Apps that are really easy to use. I have an apple phone so they have a budget app which is really simple and just tells you how much you have to spend per day which has helped me a lot!
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originally posted on 16-05-2016 8:31 PM
SO many great responses! You guys are really clued in! I'm learning so much from you all!
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originally posted on 16-05-2016 8:16 PM
You're totally right @j95, it's nice to treat yourself every now any then and do something nice for yourself
