Friday, October 5, 2012

Household Binder: Finance and bills

Bills. Aren't they just annoying? Well, the good news is that if you organize and create a budget, there's no need to fear the contents of the mail box anymore!

This Friday is going to be all about organizing our finances. Monday was the start of a new month, which meant going over my budget and seeing if I've been able to stick with it, paying rent and bills and planning next months expenses.

Talking about expenses, I don't have very many, which makes creating a budget a lot simpler. I have no car, no margage and no loans and definitely, no credit cards!!
My family has never been very wealthy and though I never missed out on much, I did learn the value of money early on. The good thing is I've started controlling what I spend while I'm still young, which will hopefully make my future a little lot less stressful.

The first thing I did was create a budget. A good tip I heard some time ago was to instantly put 10% of your salary/income away before even thinking about spending a cent. If you don't have it, you won't miss it, and in case there's an emergency, you'll have something to fall back on.

Then, write down all the expenses you HAVE to pay at the beginning of each month (rent/morgage, utilities, insurance, etc)

After that, you'll want to write down how much you want/need to spend on groceries. Look at the receipts for the past months and establish an average.

And last but not least, don't forget to include expenses such as clothing, medicine and entertainment!!

You can use this printable I created to control your budget spending and saving monthly.

One of the most important things I've come to learn early on is saying NO to debt. From just watching my dad, I learnt that if I want to buy something, I have to have the money then and there. No installments. It all comes with interest/tax and you end up paying double the original price.
And talking about debt, I don't believe in credit cards either (well, of course I know they exist, but I don't use them). What I do use is my debit card with 0% comision, but there are no scary bills at the end of the month. The money gets taken out of the account then and there.

If you're interested in ways to save some extra pennies, you can also read this entry about saving money tips I posted a few months ago.

But this post isn't only about creating a budget and saving money. It's about the Bills and Finance section in my Household Binder and the printables I use to stay organized in this area of my life. I don't only have my Monthly Budget in this section. I also have a Bill and Payment tracker (you can download it here) and an Outgoing cash control (download here)

The Bill and Payment Tracker is for the whole year and the Outgoing Cash depends on how often you spend!! You can find other printables for the Household Binder here

How do you stay on top of your finances? Do you use a Household Binder or do you use another method? Do you like using printables or are you more of a notebook person? Please share in the comments below!!

1 comment:

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