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Budgeting Made Easy - May 2016
I have a separate account for bills. This covers every single recurring bill including electricity, mortgage, rates, house insurance, car loan, car insurance, car rego, mobile phones, Netflix, EVERYTHING. I added up all these bills and worked out how much they would cost per week. Then I put that much money per week into the bills account. (Because I get paid weekly. If you get paid monthly you would do this monthly)
Now when a bill comes I already have the money to pay it. Even when the rates are due, I am not stressing because I've already saved enough. I'm also getting interest on this money so do some research into what type of bank account is best for you.
After bill money, I buy groceries and fuel the car. What's left is play money and I can spend it on whatever I want!
This also gives me a realistic breakdown of my finances. When I consider taking on another loan or service, I only need to look at my play money to see if I can afford it.
Contributed by Karen Waight
Now when a bill comes I already have the money to pay it. Even when the rates are due, I am not stressing because I've already saved enough. I'm also getting interest on this money so do some research into what type of bank account is best for you.
After bill money, I buy groceries and fuel the car. What's left is play money and I can spend it on whatever I want!
This also gives me a realistic breakdown of my finances. When I consider taking on another loan or service, I only need to look at my play money to see if I can afford it.
Contributed by Karen Waight