07 April 2008

Tips - Budgetting

Budgetting is not one of my strong points. Lots of good intentions. Bit of a "the spirit is willing, but the flesh is weak" situation. But, this tip has worked for us in the past.

Add up all your regular bills for 12 months - registration, rates, phone, electricity, school fees. Leave out the day to day stuff - groceries, petrol etc. Divide the amount you come up with by the number of your pay periods (if you get paid weekly divide by 52; monthly divide by 12; etc).

Transfer that amount (automatically is best) to a separate account every pay period. Don't touch the account unless it is to pay one of the bills you included in your calculations. An ING account, or other on-line bank, is probably good 'cause they have high interest and you can't just take money out at an ATM.

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