It’s Friday Peeps!! YAY!
I think people need to do what works for them (because managing money is important) but there are some people who seem to make it overly complicated. So I thought I’d share what I do.
I use my planner now, but until this year I did it with a calendar and a notebook.
On a monthly page (calendar or planner) I have all bills, major expenses (birthdays, car repairs etc) and all set income (not my self-employment).
For my business income and expenses, I draw 4 columns on notepaper labelled “Date” “Item” “Amount” and “Notes”.
For example, I put in £10 petrol on Monday so it would say:
14/1 Petrol -£10 (cash) Reason for trip
Minus means outgoing. If you don’t like the minus thing, you could have an income and an outgoing column or list expenses in the notes on an income item. I do make a note of how it’s paid, just to keep track because I get paid (and pay out) with cash/card/PayPal/ bank transfer, so it helps me to know where my money is!
I then do a monthly predicted total and an actual sub-total at the bottom of each month. Don’t forget to file receipts! I have a drawer for business paperwork, but I have a receipt envelope in my planner next to my accounts for when I’m out and about. Personal expense receipts are scanned into computer and cloud-stored by Mr.B (to save space).
[All of the above makes Tax Returns easier too. Bonus!]
My savings tracker is set up much the same way now, but that’s only a recent development. I’ve done savings challenges where you tick off, colour in or add a sticker to a tally, which were fine. However, now I have a couple of savings on the go for different things, multiple sets of stickers/colouring charts or electronic money jars (that display total) would get expensive.
So for each savings pot I have a trusty sheet of lined paper with 3 columns:
Date Amount Tally/Running Total
At the top of the page I have the thing I’m saving for, the final goal and a weekly or monthly amount to aim for to get that total by the end date.
That’s about it. It’s not glam or complicated, it just works. How do you manage your budgets?
Have a great Friday and Weekend!