I've just started my second fortnight of the new budget I started in November. It’s worked a treat! I’m so proud of myself for sticking with it and being realistic enough with the numbers when I worked it all out in the first place.
There was a minor tweak to make ongoing though, not in the amounts but in the timings of regular automatic bill payments. As I’m moving to monthly pay in December, I really noticed the bills that are currently falling due before the 15th of the month and have arranged to have them all moved to the 16th or later to ensure I’ll always be paying them on time, and from my savings account.
As for my envelopes, they are fantastic. I have them to cover the irregular expenses that need cash over an automatic payment: Petrol, Public Transport, Food, Eating Out, and Personal. I ‘restocked’ them on Friday, and found that:
- Petrol - was untouched (but the car does need filling now)
- Public Transport, - all used and within budget
- Food – had $50 left over as have been away for work and have been very frugal the last 2 weeks). Also no big ticket grocery items, like shampoo etc.
- Eating Out – all used and Personal dipped into to supplement - need to watch this one more closely
- Personal – all used up
I loved that I could buy a few bottles of wine from the winery we visited on Friday (as part of my business trip last week - stunning place McLaren Vale) with no guilt as it was from my personal money to spend as I please.
I've transferred the 'leftover' money into my emergency fund instead of snowballing it off a credit card in light of the upcoming move.
Wow, I'm glad the envelope method is working for you and thank you for all your comments on my blog, they're helping to get me back on track:)
ReplyDeleteI used to use the envelope sytem years ago and it worked well, I think now I am just in a habit of swiping a card (debit) and the problem with that is it doesn't really feel like I'm spending money with a card. with the enveloped I think it makes you more aware somehow.
ReplyDelete