Budgeting!

[GuestFellow]

As my dear members of IB forum know the economy is in a terrible shape...yes I know I'm pointing out the obvious like a miserable old git. I will get straight to the point. During these times we need to consider spending our money wisely. This is why I created this topic. Members can give advice with regards to spending and saving money. Feel free to correct ME and point out my stupid mistakes. This is how I deal with budgeting.

1. Any savings? If so, keep them set aside for now. Keep it for a rainy day. Seriously...

1. I work out my annual gross salary. Then I take into account all the deductions such as tax and student loan payments. Now I am left with my net wage.

2. Now I would work out all the essential payments you need to make from your net wage. For example, petrol, bills, food and so on. If your bills are too high I would consider changing suppliers or renegotiating your contracts with them. Many people fail to do this but it may work. Saving energy will also reduce your household bills, so turn off the lights! When shopping at the supermarket, have an idea of what you are going to buy and avoid the temptation of buying food/things that you don't need.

3. Any money left over needs to be used very carefully. I usually allocate the remainder of my to savings and pension. Then any left overs I give to charity or spend money on recreational activities.

4. To make more money consider completing surveys, selling old stuff that you don't need, get a part time job and so on.

Any more advice will be appreciated. I will expand on this...

[GuestFellow]

Here is one example of a household budget calculator:

http://www.thisismoney.co.uk/money/b...alculator.html