I'm going to share with you my monthly budget for June. You may remember last month I told you that I get paid in cash and that I live off the previous months wages. I get paid on a Thursday so after the last Thursday of each month I sit down, put all my wages together and allocate it to various expenses.
Firstly I empty last months 'envelopes' and bring my budget back down to zero, essentially sweeping up anything that I overbudgeted for the month into my savings. Unfortunately last month I had quite a few things to pay for so after balancing all that out I only had £64.63 to put across into my savings.
Once last months money is dealt with I turn my attention to next month and add up all my weekly pay packets to get my total. In May I earned £1151.12. So this is what I have to live off in June.
I then place any coins into a couple of money boxes I have. £2, £1, 50p, 20p and 10p's go into one money box and 5p, 2p and 1p's go into another. I put £11.12 into one and 22p into the other. I decided to see how much was in these money boxes out of interest and just by putting the coins I get paid with and any leftover coins at the end of the month in I have managed to save £70.30 in one and £17.34 in the other. Not bad for just a few months and I haven't missed the money. Hopefully this can be spending money when I go on holiday or something.
Next I get out my envelopes and put the required amount in each one for the month.
They go as follows:
Council Tax: £100
Mobile Phone: £20
Birthdays: £40 (I look ahead in the month to decide how much I need in this envelope so it depends on how many birthdays there are in the month. I budget £10 for friends and £20 for family)
So that's £820 in total allocated for my monthly budget. That leaves me with £319.78 'spare' for the month. As I said earlier I had to pay for some hen party things like activities, accommodation and food. I had a deposit to pay on someone's 30th birthday celebrations. I also treated myself to a lamp and a few new plants for my flat so I only ended up with putting £181.29 into my savings account this month. I aim to save £250 a month but sometimes that amount just isn't possible.
I'll share with you what accounts I use and how I separate my money in another post.