THE CHEAPSKATES CLUB
  • 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

Uncomplicate Your Spending Plan

27/2/2013

0 Comments

 
Picture
Finances have a knack for becoming complicated. You want so badly to have a workable Spending Plan, one that is accurate so you are confident that you will be able to live below your means. You add in every little expense you can find and spend hours fine-tuning your income and expenditure columns, adding and subtracting and balancing until the figures dance before your eyes and you have pages and pages of columns and graphs. And you give up in despair because it's just too hard to use.

Stop! You can have a workable and accurate Spending Plan. Making your Spending Plan as simple as possible will allow you to get a better handle on your finances so that you can focus on matters that are more important. Simplifying your Spending Plan can have positive effects on all aspects of your finances by helping you keep everything under control.

Stressing out over your finances is a waste of your time, so rein them in today with a simpler, easier to manage budget.

Follow these strategies to make your Spending Plan easy, workable, and effective:

1. Start with a simple spreadsheet 
Keeping things in a spreadsheet can simplify your budget significantly. Set it up however you like or download our Simple Spending Plan template, it's under "Tools and Guides" on the Printables page. It's easy, uncomplicated and yes, simple. Or you can search for a free template for Excel or Google Docs; just choose something that works for you.

2. Devote 60% to your expenses 
The 60% Solution is a budget strategy that entails fitting your expenses into 60% of your gross income so that you can dedicate the remaining 40% to debt repayment, short-term and long-term savings, giving and fun or entertainment expenses.

3. Devote 10% to giving
Put 10% of your gross income toward your favourite charity, church, school - you decide, but give. If you've never given before it will be hard at first. I am often asked why this is important, especially if you have debt or don't have an Emergency Fund.  Refrain from touching this money for any purpose unless the circumstances are dire.

4. Devote 10% to debt repayment
Use the Payment Push if you have more than one debt to get your debts paid down quickly. This money is for debt repayment, so make sure it is gone as soon as it hits your bank account and you won't be tempted to spend it, or accidentally use it for something else. You can set up a direct debit to your debt accounts easily to make sure your debt money goes to debt.

5. Devote 10% to building your savings
This money is for building your Emergency Fund. Aim for $1,000 to start, then keep on saving until you have at least six months living expenses. When you have that six months of living expenses saved, you can stop saving and add that money to your debt repayment. But once all your debt is cleared, start saving again and aim for at least twelve months of living expenses saved in an easy to access account. Spend this money when you need it, because that is precisely what you're saving it for.

6. Devote 10% to your "fun money" 
Everyone in the family needs to be able to enjoy a treat now and then, or buy something they want that isn't a part of the regular household spending. You can spend this money in any manner that pleases you. This is guilt-free money that you can spend on movies, entertainment, eating out, comic books, junk food or anything else that you wish.

7. Reduce the number of categories you use
This is a biggie, and the thing that over-complicates and over-whelms so many new Cheapskaters. Many budget software programs instruct you to use a million different categories or subcategories. If you want to simplify your budget, use as few as you can. Rather than having a category for every entry, combine some expenses into a larger category to keep it simple. Download our Simple Monthly Spending Plan and use it - it is simple, easy to use and it works!

8. Pay your bills online
Automate your bill payments as much as possible so that you don't have to remember to pay your bills every month. Consider automatic bank withdrawals and pay bills online through automatic debit whenever you can.

9. Automate your savings
Every time your pay is deposited into your account, have a transaction scheduled that will transfer a specific amount into your savings from your checking. Aim to find a high-yield savings account for this purpose.

10. Keep your fun money in cash form
Take out your 10%, keep it in cash, and use it as you see fit. Watching the cash disappear from your wallet can actually teach you a lot about where the money goes.

If you investigate, you'll find plenty of ways to simplify your budget. Do what works well for you and your family. Avoid struggling with a new budget plan because you think it must be better. If it isn't actually helping you budget, then it's not the "better" option for your needs. Sometimes simpler is more effective.
0 Comments

    Archives

    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    March 2016
    November 2015
    September 2015
    August 2015
    July 2015
    May 2015
    March 2015
    February 2015
    January 2015
    October 2014
    September 2014
    July 2014
    May 2014
    April 2014
    March 2014
    October 2013
    July 2013
    May 2013
    February 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    March 2012
    February 2012
    December 2011
    November 2011
    October 2011
    September 2011
    July 2011
    April 2011
    March 2011
    February 2011
    September 2010
    June 2010
    May 2010
    March 2010
    February 2010
    March 2009

    Categories

    All
    $2 Dinners
    $300 A Month Food Challenge
    BBQ
    Beauty
    Bread
    Breakfast
    Budget
    Cakes
    Centrelink
    Children
    Christmas
    Cleaning
    Cooking
    Craft
    Debt Free Cashed Up And Laughing
    Debt Reduction
    Desserts
    Drinks
    Easter
    Electricity
    Entertainment
    Family
    Finances
    Financial Help
    Gardening
    Gift Ideas
    Gluten Free
    Groceries
    Grocery Bduget
    Grocery Shopping
    Handmade Christmas
    Health
    Holidays
    Homemaking
    Kitchen
    Laundry
    Leftovers
    Living The Cheapskates Way
    Meal Planning
    Meatless Meals
    Mixes
    MOO
    Natural Remedies
    No Bake
    Organisation
    Pancakes
    Pie Maker
    Preserves
    Pressure Cooker
    Price Book
    Real Estate Selling
    Recipe File
    Recycling
    Saving
    Shopping
    Shopping List
    Snacks
    Special Occasions
    Stockpile
    St Patricks Day
    Tip Store
    Valentine's Day
    Vegetables
    Want Not
    Waste Not

    RSS Feed


About Cheapskates

Getting Started

Tools & Guides

Follow Us

Cath's Story
You Really Can Live on One Income
Join the Club!
Site Information
Contact
Begin here
Newsletter Archive
Journal Archive
$300 a Month Food Challenge
Forum
Cheapskates Tip Store
Cheapskates Recipe File
Tip Sheets
Facebook
YouTube

Copyright ©2001 - 2025 The Cheapskates Club, All Rights Reserved
  • 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