This was a video that was requested many moons ago. It’s been on the back burner for a long time but because it’s not the most interesting of topics it keeps getting pushed to the side. It’s been hanging over me far too long so today is the day I am going to post about it.
How we Budget5th May 2016
We have a simple approach to our finances. Our finances are completely joint, 100% shared, regardless of who earns what. I thought this was a standard approach to living but actually after speaking to friends, I think these days it is considered quite old fashioned and that we are in the minority.
We have a joint bank account which both our wages get paid into. We then transfer an agreed amount of money to each of our personal accounts that we can spend throughout the month. We call these ‘spends’.
We have a spreadsheet which lists all our monthly outgoings and totals our expenditure. I make sure I leave just enough in our joint account to pay our bills and that is it. Any extra money over our spreadsheet total in our joint account is transferred out into a separate savings account.
We are currently saving up for our garage conversion that we hope to do later in the year. Although we do keep spending our savings on things like holidays and clothes!
You can watch a video on How We budget over on my Youtube Channel.
I hope you’ve found this interesting and useful. How do you manage your family finances? What are you currently saving for?