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​Estimating Expenses

​A question I am frequently asked is how much should be allocated to each expense in a new budget. Grabbing figures out of thin air might look good on paper but will they work? The figures you enter into each category need to be based on real life, and past bills are the perfect place to find this information.

To estimate realistic figures, gather all your bills for at least the past twelve months. Sort them into your budget categories (gas, phone, insurance, rates, electricity etc) and then total all the bills in each category. If you don't have paper copies, go through your email for electronic bills, or your bank statements to find the payments you've made.

To get the amount you need to budget each pay period divide the total by 52 if you get paid weekly, 26 if you get paid fortnightly and to get a monthly amount divide the total by 12. This will give you an average figure to add to your budget each pay period. You may like to build in a buffer to cover rate increases, so add an extra 10% to the total before you calculate the budgeted amount.

Review your bills every 6 months to ascertain whether the budgeted amount needs to be increased or hopefully decreased.

Having the right figures in your budget ensures that you always have the money on hand when the bills come in. 

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  • Home
  • Join the Club!
    • Twenty Reasons to Join the Cheapskates Club
    • Gift Memberships
  • About Us
    • Cath's Story
    • Ask Cath
    • Glossary of Cheapskating Terms
  • Forum
    • Current Forum Discussions
    • How to Use the Member Forum
  • Inspiration
    • Getting Started
    • Handmade Christmas Central >
      • Handmade Christmas 2025 is about to start
    • 31 Days of MOO Index
    • Articles
    • Back to Basics >
      • Back to Basics
      • Back to Basics Index
    • Housekeeping Routines
    • Budget Renovations
    • Saving Stories
  • SAVING REVOLUTION
    • 2025 Saving Revolution Index
    • Saving Revolution Resources
  • Recipes
    • Recipe File Index
    • Meal Plans
    • Add a Recipe
    • $300 a Month Food Challenge >
      • $300 a Month Food Challenge
      • The $300 a Month Food Challenge Forum
  • Newsletters
    • Newsletters 2025
  • Saving Money
    • Bill Paying System
    • Cheapskates Tip Store
    • Tip Sheets
    • Top Tip Competition
  • Contact
    • Changing Details
    • Help Files