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I am on a very low income of a disability pension. I am extremely grateful to have this and to live in the country I do. But this is a topic for another day. It just goes to explain perhaps the tediousness of my budgeting due to a fixed low income and the unpredictability of my illness(es) that prevent regular earning of extra income.
Overall, my budget is similar each week, as is most people's. Food, utilities, leisure, annual bills, savings and the like. But I do sit down each week to see what needs to be taken care of during the coming week(s). That way I keep track of what's going on, both with "needs and wants". I'm not surprised and then stressed by something I'd forgotten about. And mostly, I'm able to span these purchases out evenly over the weeks ahead instead of taking them all out of one pay period and leaving myself very short. This little 'sit down' doesn't take long. Not much longer than to drink a cup of coffee. But it certainly keeps me on track financially, reduces greatly the stress money worries can have in your life, and gives me a great sense of pride in myself and my organisational skills.
I rarely use ATM’s or EFTPOS. People lose track of how much they spend this way. I go to the branch once per week and withdraw the amount I want for the week ahead. I’ll have a budget worked out and will ask for my money in the denominations matching the budget.
Eg: Food $60 = 1x50, 1x10 Petrol $20 = 1x20 Prescriptions $15 = 1x10, 1x5
I'll use this method, right down to the smallest purchases. That way I don’t go over my budget and I know what money is for what item. I put these different purchases into little bank coin bags in my wallet, labelled.
No mistakes, no money wastage.
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