Tell me how you manage
Answered 2 years ago
My budget has been out about $200 each fortnight for the last month and a bit. Some of it annual bills that have come in, but even after cancelling some small monthly donations I'd been making to charities, I'm still behind and I'm having to cut into the very small amount of savings I'd been working on. Luckily I did Xmas shopping months back or there would be no Xmas here.
How have you gotten thru tough, tight times? I'm not feeling very positive right now and need inspiration
Have an answer?
I manage the budget by making a list of all the bills I have to pay on a monthly basis and compare that to how much money we recieve on a monthly basis. I go through the my bank account and record how much money I am actually spending and on what. That can be an eye opener. Then you need to allocate money. For example, we recieve $5,500 a month in wages and $880 in rent. $882 goes on mortgage, $662 on a personal loan, $1,400 in rent, $160 on phone and optus. That makes $3104 and leaves us $3276. From there we allocate a budget for food, car expenses, utilities, fun etc. We know how much we spend on each month.
Have a look through your stuff, is there anything you are not using that you could sell to tide you through? You can put it on Gumtree or marketplace. Can you go through your utilities and look for a better deal?
Got 3.5 years of mortgage repayments in the bank all because of a good budget.
I know this isn’t going to help you immediately get through the next few weeks, but looking forward to the coming year and sticking to your budget. Try your best to live in only 80% of your income. Save 10% and give 10%. Contact all your providers for electricity, internet, gas etc, and ask for better deals. If you like to buy a coffee while out, stop.
In the short term, live off what you have in your freezer and pantry and skip a week of buying groceries. Have a look around and see what items you can sell.
On weeks you might have a little extra money add a $10-$20 gift card to your weekly shop and put it away for those weeks you’re a little short.
If you're hosting any family, nothing wrong with asking them to bring some of the food and drink.
A blog called my Abundant life has some good plans for Christmas meals and such on a low income.
Also - looking at income - anything that can pop on to gumtree for a few extra bucks? Something you're kids have outgrown or don't use might be a bargain present for someone else.