My own personal budget-stupid.
I need budget support. I have totally gotten out of hand with spending in the last few years, not to a disastrous point, but to a point where I am embarrassed to think about it. I used to be very good at saving money and spending wisely. I am not 16 anymore! I have bills and more importantly savings to think about!! Right now I have $30 in savings, and will have just enough on the 1st to squeak by for rent. My average BASIC BASIC expenses for a month total $1,065 and my average income starting in July will be $1900, up from about $1400. Yay, new jobs. I get paid on a biweekly basis. Starting at $0 on the 1st of the month (after rent comes out), what methods do you suggest to keep spending down? I really like the idea of the envelope system, but having cash around all the time makes me nervous. We live in a city renowned for break-ins! I have TD chequing/savings and BMO chequing. I'm closing the BMO account, so my bills will start coming out of my TD chequing account in July. The TD account is also linked to our Cat Emergency Fund (the TD savings). I need to link the TD chequing to my ING Investment account, also (which has a whopping $30 in it). But right now my goal is reducing spending, not earning interest...I'm feeling quite overwhelmed with my own budgetary pitfalls. Right now my partner and I have decided that we will write down every single penny we spend for the next two months and see how much we can save by cutting back. We started tonight by recording every penny of spending for the month of June. We categorized it into 'frivolous,' 'bills,' and 'expenses.' 'Frivolous' we broke down further by labelling each transaction 'food,' 'misc,' etc. 'Bills' are statements we receive online or in the mail, and 'expenses' are mandatory spending outside of billing. Since we split our household expenses, he took into account internet, electric, car insurance, and land line; I pay for mobiles, cats, and transit, and we share food and rent. Until this month he has made over twice my salary, which explains the discrepancy. We are seriously considering selling our mobile plans or downgrading to text-only or a PAY-GO style plan. We are also considering selling the car. My next paydays are July 11 and July 25th. The total of my paycheques should be about $1800 for the month since I work fewer hours next week.