I have tried every budgeting method under the sun! I used to allocate every cent that I earnt, however, I found that a little too strict. I have recently decided to allocate $250 a fortnight (I get paid every two weeks) to live on. With that, I can do whatever I want. It has to feed me and put petrol in my car, but other than that, I can do whatever I want with it.
This is my first pay doing this and so far it is working well. I visited some family a couple of hours away from me on the weekend, so I did have to spend a bit more money than usual on petrol. But other than that, I think it's working.
I allocate money to savings before I even see it which for me, works out well. At the moment, most of my savings is going toward paying my brother off. However, he isn't desperate for the money so I'm thinking of talking to him and reallocating most of my savings toward my new home fund so that we can successfully buy one at the beginning of next year!
I allocate some to my car fund (to cover rego, insurance and any needed maintenance), my emergency fund (ridiculously small right now) and $5 a fortnight to a fund for my God-daughter so I can give her some money when she turns eighteen.
So does it sound like I'm handling my money okay? It's hard to know sometimes, fingers crossed I am!
Monday, June 15, 2009
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Hi Aussiesaver, I'm in Australia too. I look forward to reading more of your blog!
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Low Income Lady
Thanks Low Income Lady! I'm very excited to have a reader! No promises though, it might be a very dull blog!
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