Re: Saving Tips
Having recently started budgeting properly, my recommendations are:
Sit down with a pen and paper. Write down every expense you have (Mortgage, Groceries, Car Loan, Car Tax, Petrol, Oil, Kid's pocket-money etc.)
Next note down all income that you have. If your spending is more than your income, then you have some serious thinking to do as to how you can reduce expenditure. MABS offer advice for those who find the situation unmanageable.
Formulise all this on paper or on a spreadsheet. Decide how much you will pay yourself from what remains. When you next get paid, withdraw this money from your account. Put away your passcard for the rest of the month. Keep a sheet and write down any additional expenses that occur that are not in your budget.
As a rule, I suggest you try and save 1/10th of your after-tax income (Include this in your budget). Save with a Credit Union or in a demand account. Have this deducted from your account on the day you get paid.
At the end of the month, get a bank statement and compare your budget against the actual figures. Move any leftover money into your savings account and start from zero again for the next month.
It will take a few months to 'streamline' your budget. It is important that your budget is accurate and that it includes ALL expenses, budgeting for those expenses that happen once/twice a year (Car Insurance, Tax, Heating Oil, Holiday, Christmas etc). It is normally these occassional expenses that cause all the trouble.
I have being doing this (for my family) and find it great. I find the idea of paying youself a wage works really well as you know exactly how much you have to spend for that month and are not constantly checking the account (or constantly being in a state of fear about checking it).
For a family with a joint account, it is an excellent approach. I have met many partners who are in a constant state of rowing over who spent what. With this approach, both parties have their own 'wage' which they can use for whatever they like.
Anyway, that's my experience. I hope it is of some use. I have a budget spreadsheet done up if anyone is interested.