Personal Budget

[OneeyedJohn]

This is not to ask how much etc etc it cost to live but more about how you all handle your personal budgets.

All my life I've struggled to keep a budget, just spend what I need whether one is earning lots or little.

Now in Thailand I usually draw 20 K from the ATM, keep 19 for my beer, golf ,petrol and give my missus

the rest to cover domestic expenditure = electric, food, telephone, computer,pet food, and so on.

Only joking

I've tried spreadsheets, accounting books, daily weekly monthly but it is all just like a new diary, loads of entries at the beginning, but one loses interest very quickly.

Even on holiday where one has a fixed budget over a set period of time, I still can't manage it.

One good pissup, forgot what you spent and my plans are all shot to <deleted>

Ideas anyone ?

[DragonQuest]

its hard to save money in the LOS, especially when your talking about chump change like that, my advice would be to do what you do normaly but watch your speding habits, if you usually get 4 beers, go for 1, if you have sizzlers for dinner, try outside thai street food, its the little things that add up , goodluck .

[JCCR6]

After I've paid for my rent (inclusive of bills etc), then I just divide the rest by the number of days until the next payday - and only withdraw that much a day... very simplistic way of working it, but easy to know if you're on track or overspending.

If I want to buy something/save some cash then I just take off that amount from the total at the beginning of the month - and move to a different account.

Edited January 12, 2007 by JCCR6

[DFCarlson]

Several years ago, after a divorce and a financial crash, I created an Excel spreadsheet budget in which each column represents what happens during the week. All expected credits (deposits) and debits (withdrawals/payments due) are listed under the week that they're expected to be completed. I usually run the budget predictions out for around 3 years, and even though I know that it will probably change somewhat by the time I get there, it provides a rough estimate of the money that will be available then.

Now here in Thailand the budget is dual currency. The easy part is that at the end of the day each Friday I can look at the US account balance, the Thai account balance and the cash in my cash reserve at home (not including what's in my wallet!) and if for instance the balance in my Thai account is more than what the spreadsheet says, I know that I'm ahead of the game. If it's less, I'm behind the 8-ball! And I know each week what my total cash available is. I don't try to get too detailed, for instance the rent, electric bill, internet cost, phone, and all household living expenses are lumped into one amount that I give my wife every month.

A nice advantage is that since I include expected bills for car insurance and other irregular costs, the money's always there (as long as I keep reasonably close to the budget) and as I approach that date I'm reminded that that particular bill will be coming due.

I'm on the computer practically every day and so it's no problem to check the budget at least weekly.

Edited January 12, 2007 by DFCarlson

[PhilHarries]

Simple : Make a plan and stick to it.

If you don't stick to it life gets to teach you one of her priceless lessons, like it's the 20th of the month and you look in your wallet and there is 0.00 Baht for beer, golf and petrol. Next month you find yourself being more careful, stingy even.

Alternatively trying giving the missus all your money and have her give you a daily allowance.

Only joking!

For the odd piss-ups, I always estimate how much I need (tempered by how much I have got/am prepared to spend) and stuff that plus say 25% in my pocket then leave my wallet at home. It's tough if the evening goes too well and you run out of funds but better than the alternative, going with nothing for the rest of the month.

Unfortunately if you are living on a limited budget, I'm not at present but have done in the past, you have to be tough with yourself. I had a spreadsheet that displayed target spend against actual graphically so I could project future underrun and plan a meal out or piss-up to be had with a clear concience.

Best of luck mate.

[OneeyedJohn]

Thanks very much so far.

Will power is the secret.

I hate to limit myself in anyway, a lifetime fault I guess

[DFCarlson]

Simple : Make a plan and stick to it.

That's it in a nutshell.

You have to know where you stand at least every now and then, and you have to give yourself room for the occasional night out or you'll go crazy! Especially if you're on a tight budget.

[Stekmer]

Thanks very much so far.

Will power is the secret.

I hate to limit myself in anyway, a lifetime fault I guess

Absolutely right ..... will power is the crucial ingredient .... plus some self restraint.

I was hopeless at saving or managing my funds until I finally had a saving goal that was important to me.

My approach was to create an envelope approach - i.e. work out your spending requirements into the key categories (eg. food, transport, utility bills, entertainment, saving etc).

Allocate an amount of money for each - based on a realistic assessment and within your income limitations. Keep track of how much you spend on each category for a week or two if your not sure how much to set aside for each.

The envelopes can litterally be envelopes (kept in seperate locations) or virtual envelopes that can be tracked in some way - eg a simple spreadsheet.

It requires discpline to stay within your budget for each envelope.

Take out your full ammount of entertainment funds and put it in one section of your wallet - live with in it. If you over spend from entertainment and cut into the transport "envelope" then you may end up walking when that runs out.

It all hinges on self discipline - there will be lots of different approaches to living within your means - all will require discipline and committment.

Thats my two bahts worth .... lots of luck.

PS .... happy to do a spreadsheet for you as a demo.

[Briggsy]

John, you yourself hit the nail on the head. Alcohol leads directly to excessive spending.

[chownah]

Don't carry money around with you....just the bare minimum...no spending money.

[OneeyedJohn]

Thanks awfully for the common sense replies, its exactly what I wanted to hear.

I'm not a pauper if thats what some may think, its just that all my life I've never managed to organise my finances.

The alcohol point is very relevant, as I'm generous beyond reason when I'm on the piss :D

Stekmer please do help with s sheet ( normal categories like everyone else ) can u PM it ??

[Gary A]

When I first came over I really wasn't sure what it was going to cost me. Fortunately I'm quite conservative and had what I thought would be a surplus. I just lived as I wanted to but didn't throw any money away. I kept a VERY accurate spread sheet for four months. I was a little surprised that my ENTERTAINMENT took over 45% or my total expenditures. On that first four month basis I decided that I could afford to buy a condo and my expenses dropped because I no longer paid rent. After I found my wife my entertainment expense dropped VERY substantially.

If you are into computers at all, a spreadsheet is quite easy to make and you can have as many categories as you want. It got to be a part of my routine to sit down EVERY day and put in everything I had spent the previous day. If I didn't remember where the money went it was no doubt for entertainment.

[OneeyedJohn]

Penny wise and pound foolish

Tis a great saying that is so hard to apply..agree ?

[Stekmer]

Stekmer please do help with s sheet ( normal categories like everyone else ) can u PM it ??

Not a problem OneeyedJohn ... just give me some suggested categories and I'll put one together and send you a link to download it.

[svenivan]

Alternatively trying giving the missus all your money and have her give you a daily allowance.

And I am not joking !

[mumbojumbo]

Alternatively trying giving the missus all your money and have her give you a daily allowance.

And I am not joking !

Wrong-manage your own budget