Sometimes I think my system is just too complicated. I’m planning to set up an extra savings account, for irregulars like insurance, our water bills, etc. BF has a separate account used entirely for car stuff (warrants/registration/repairs) in his name, which never really has enough in there to cover costs but is SOMETHING nonetheless.
At the moment I save every week for my monthly bus pass, for our phone/internet bill and power bill. This just goes into my one savings account and is withdrawn as needed. (Water is quarterly and sadly I just work the budget to accommodate it when it’s due. Have just bought contents insurance, which will be quarterly as well but will always be $83. BF’s car insurance is paid annually and is due in May. But I have NO idea what to expect given his driving history this year. He does get his full licence soon so hopefully that will mitigate things). It usually works out except sometimes I get confused as to whether I have, say, 3 weeks of bills saved in there or 4 – depends on when the bills come due and what kind of a month it is. Some have 5 weeks, after all!
Also, our power bills have been soaring so I need to rethink that $35 a week and maybe up it to $45 or $50.
I’m wondering whether I use this new savings account for ALL these things, including the regular monthly bills. Or do I just use it for the irregular ones and keep doing things the way they were? Or maybe I combine the two approaches, and set up TWO more accounts. One for the regulars and one for the irregulars. Then I don’t have anything mixed in with my actual, longer term savings, which I’ve never liked.
This week’s micromanaging was especially complicated.
First, I finally got paid for some mystery shopping earlier this month (I say finally – it’s only been a few weeks but feels like forever. I like this organisation because they pay you the same month – assignments are usually done early in the month and payments made at the end of the month. Although they seem to have pushed it back a few days to the start of the next month….it’s still better than the ones which pay you on the 15th of the FOLLOWING month, which can leave you waiting up to six weeks).
Some of this I put straight onto the Visa to reimburse items bought on assignment. BF got a small cut for helping me on another shop, for which I needed a male. The rest went towards pharmacy stuff – nasal spray, eye drops and a facial scrub – and I plan to use some on a top I’ve been eyeing which is now on sale.
I had to transfer over the month’s money saved for my bus pass, which I used my Visa to pay for, and the month’s money for our Telecom bill which I paid today (sadly on my eftpos card as you can’t pay bills over the counter by credit). I had to save half of my wages (I’m paid fortnightly) for next week. I then had to put $25 in to savings to kickstart another month of bus money, and then allocate the rest to various things. Here’s a rough budget I worked out just now and will finalise when I get home to my trusty SimpleDBudget.
Groceries – 120
Gas – 20
Lunches (BF) -20
Portmans top – 30
Trademe -10 (Need to topup my account, have heaps of stuff I’m trying to sell)
Now I’m at 120 left…
Alcohol and fun money – 50 (Friend’s 21st tomorrow!)
Visa – 25
Car fund – 15
Travel – 20
Leaves me at 10.