A Family Budget That Works - updated with spread sheet. - Family - Nairaland
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| A Family Budget That Works - updated with spread sheet. by akaglue(f): 3:01pm On Jun 04, 2015 |
Some people are born money managers while some are not. For those that are not a born money manager like me, the skill needed to manage money can be learned. One good thing about learning is that it is never too late to learn no matter how old you are. However in learning a skill, we sometimes tend to over-learn. Like me, I over learnt money managing skills, that I became an AKAglue. You all will agree with me that money is never enough, we always want more money and our wants are always on the increase. Paying bills if not well managed can be stressful and it can put a strain on an individual/family. However, with proper planning such financial stress can be eliminated. So, if you are looking at cutting back on some of your expenses, or you just want to transit to a savvy spender( see my post on it),http://akaglue.com/want-to-be-thrifty-spender-top-tips-on-becoming-a-cash-savvy-spender/. Drawing up a budget is a good place to start. A budget is a fantastic planning tool that can help one track his/her expenses. Some people believe it is an old fashioned tool, but for me it is a very useful tool in managing my finances. A budget should be simple to use and need not be complicated. You can draw up your budget using a spreadsheet or you can simply use a note book/diary. Follow this simple steps to achieve a realistic personal/family budget. For a practical budget spreadsheet see attached. Step 1: Determine your total income. Step 2: Set aside a percentage of income as your savings. Remember to save first before spending, rather than spending first and saving what you have left. (Your savings could be for investment purpose, or for a major project). Step 3: List your total expenses. e.g ◾Tithes & offering. ◾House rent/mortgage. ◾School fees. ◾Food ◾Utility bills ( water, electricity, phone bills, internet, etc) ◾Car ( Fuel, insurance, maintenance) ◾Personal (Hair, clothings, entertainment) Step 4: Have a column were you will input the planned amount you want to spend on each expense head. Resolve to stick to the planned amount. Step 5: Have another column were you will input the actual amount you spent on each expense head. Your actual spend should be less than your planned spend. Remember the objective of drawing up a budget is to be financially disciplined, so ensure your live/spend within your planned budget. Step 6: Monitor your budget on a monthly basis so as to track your progress. It’s ok to tweak your budget as the need be. Remember, your total money income should be greater than your total monthly expense. more tips? visit www.akaglue.com 3 Likes |
| Re: A Family Budget That Works - updated with spread sheet. by akaglue(f): 3:02pm On Jun 04, 2015 |
When I was much younger without responsibilities, I was a spend thrift. Then I got married and carried on with the same attitude. I receive a monthly house keeping allowance from my husband and I have a house keeping budget that equates it. Each month I promise myself and my hubby that I would stick to the budget. But hard as I try, I just could not stick to it. Once I get into the supermarket / open market, I shove my grocery list into my back pocket and pile up my trolley. Two weeks into every new month, the allowance is all expended. I end up having to ask my hubby for additional house keeping allowance. Initially, my tears and promises to be more prudent worked on him, and I’m able to extort more money. Yay! But along the line he stopped giving me additional allowances and encouraged me to practice my profession at home. (I am an accountant and budgeting and budgetary controls are my main KPI). So I did a bit of reminiscing and came up with the following tips which greatly helped me; 1.Always take stock of the food stuffs and house hold supplies before heading out to shop. With this, I know what I have left and ensure I buy exactly what I need. 2.Always make a shopping list and include the budgeted price of each items and resolve to stick to it. 3.Leave my debit card at home and withdraw the cash I want to spend. The amount I have should equate the amount on the shopping list. No extra cash, no impulse buying. 4.For some items, I ditch the big brand names and go for cheaper brands. They almost taste as good as. 5.I don’t waste any food. I make only what we finish and freeze any leftovers which most times I get creative and recreate into another meal. 6.As a small family, I stay off Bogof for fresh food items! (BOGOF stands for ‘buy one, get one free’). They always end up in the bin because I didn’t need that much in the first place. 7.I never shop when hungry. Hunger sparks off my impulse buying. 8.For items other than household supplies, e.g cloths/ shoes. etc. I window shop before the actual buy. Want to find more tips, deals and advice. do visit http//:www.akaglue.com Did you find any of these tips useful or do you have any tips to share? 14 Likes 1 Share |
| Re: A Family Budget That Works - updated with spread sheet. by coogaluta(f): 4:15pm On Jun 04, 2015 |
Why is it that these kind of meaningful, important threads go unnoticed, but the ones with feminism and submission reach 120 pages.....  Nice points @ op, for someone like me who too like 'awoof' (like one of my friends call it  ), that buy one get one free is definitely a good point to note.  And the part of keeping cards at home, gotta try that out too I remember my last grocery shopping for the past month, na so I over-do the thing, I only realised I was double my budget when I reached cashier.....maybe If I had no cards, my brain would have worked better! 4 Likes 1 Share |
| Re: A Family Budget That Works - updated with spread sheet. by akaglue(f): 5:40pm On Jun 04, 2015 |
@ coogaluta. Thank you. It happens to me sometimes, getting to the counter and realizing I have gone over board my budget, I simply return the items that I can do without. biko, I can't shout. |
| Re: A Family Budget That Works - updated with spread sheet. by bukatyne(f): 5:50pm On Jun 04, 2015 |
akaglue: Beautiful Weldone OP |
| Re: A Family Budget That Works - updated with spread sheet. by Acme77: 7:25pm On Jun 04, 2015 |
great tips thanks |
| Re: A Family Budget That Works - updated with spread sheet. by KanwuliaJara: 11:01pm On Jun 04, 2015 |
I wish! I be OGBONGE money-damager o! |
| Re: A Family Budget That Works - updated with spread sheet. by akaglue(f): 12:20pm On Jun 11, 2015 |
any one can change. @ kanwuliaJara |
| Re: A Family Budget That Works - updated with spread sheet. by Enoquin(f): 5:27pm On Jun 11, 2015 |
My own budget no get part two. My sister shakes her head everytime but all my daily expenses are recorded in a spreadsheet in my small nokia phone. I always go to the market with a list that way when I bargain and get less than what I had budgeted for, I can shift the surplus into something not in the list or move the surplus somewhere else. Do I overspend? Yes but it's rare. Food is dished as you can finish. Food rarely gets wasted, I am strict about that. 8 Likes 1 Share |
| Re: A Family Budget That Works - updated with spread sheet. by princesschloe: 11:41am On Jun 12, 2015 |
Nice thread akaglue. In my own case the reverse is the case o, in that when I was single I was very prudent with spending, I saved a very high % of my income. But since I got married ehn, fashion has been the in-thing for me, I buy clothes and shoes like no tomorrow. I just feel the need to really look good, (which I get compliments for each time I step out )  . The thing dey chop my money nor be small (in an Igbo man's voice). maka why.......please how can I cut down my expenses on clothings and shoes, cos its really a big ish for me now o. Hubby nor dey complain sha.1 Like 1 Share |
| Re: A Family Budget That Works - updated with spread sheet. by mikeywise(m): 2:25pm On Jun 12, 2015 |
Honey, come and see o  |
| Re: A Family Budget That Works - updated with spread sheet. by Nobody: 3:09pm On Jun 12, 2015 |
Really nice article. .. going to apply some of the tips.. As regards shopping while hungry, I think that point is true.. We tend to buy more things out of hunger.. |
| Re: A Family Budget That Works - updated with spread sheet. by davide470(m): 5:18pm On Jun 12, 2015 |
Nice Article Op Akaglue. Saving it for the future. MarvellousGod:How does the honey in the moon taste? |
| Re: A Family Budget That Works - updated with spread sheet. by Nobody: 6:06pm On Jun 12, 2015 |
davide470:The best thing I have ever tasted, really the best... Life's good  3 Likes |
| Re: A Family Budget That Works - updated with spread sheet. by MacMaster01(m): 7:50pm On Jun 12, 2015 |
MarvellousGod:there are under-18s here oh, no spoil us  |
| Re: A Family Budget That Works - updated with spread sheet. by Janet101(f): 8:20pm On Jun 12, 2015 |
Useful tips,Am here to learn over buying Na real issue for me |
| Re: A Family Budget That Works - updated with spread sheet. by Nobody: 10:11pm On Jun 12, 2015 |
MacMaster01:wharrau talking about? I don't understand oo  1 Like |
| Re: A Family Budget That Works - updated with spread sheet. by Onegai(f): 7:38am On Jun 13, 2015 |
Great tips. I have to start keeping my debit cards at home and more importantly, seize hubby's cards (he's a spendthrift and he likes eating out). I'm penny-wise pound-foolish sometimes (I bought a cheaper phone from an untested source which ended up being secondhand and causing me problems, when N5000 extra could have saved me stress and gotten me a good Samsung from Slot  )For shopping and looking good (I need that!! ) I think it's best to actually spend a bit extra on quality (no cheap shoes and bags, splurge on those) but instead of buying 20 tops and 30 skirts, buy complete outfits (top, bottoms, shoes and a bag) and your next outfit, make sure it complements the other one. So fewer clothes but better quality items that match. Nigeria is a hard to save though, too many unexplained and unexpected ish ("miraculous" fuel scarcity from nowhere, now food prices inflation). How can one say "my monthly allocation for this is N35, 000? " Enoquin, spreadsheet?? Itzzz laike ayam gonna take lessons from u... 3 Likes 1 Share |
| Re: A Family Budget That Works - updated with spread sheet. by damiso(f): 7:42am On Jun 13, 2015 |
Good tips . That leaving the debit and credit cards at home is such an effective one for me. I find that when I have just an exact amount of cash on me when I go grocery shopping I tend to buy less rubbish that is on 'sale'. I will even be praying at the till that the cash I have on me can cover all I have picked |
| Re: A Family Budget That Works - updated with spread sheet. by nikkyshyne(f): 8:43am On Jun 13, 2015 |
Leaving the credit card at home might be helpful going to the groceries. But might be quite risky to leave it home every other day when you go to work or other. Contingencies do happen. Wait a minute, why is this thread not on the front page huh? we need more contributions on this thread mhenn! 1 Like 1 Share |
| Re: A Family Budget That Works - updated with spread sheet. by iamodenigbo1(m): 6:09pm On Jun 13, 2015 |
ff |
| Re: A Family Budget That Works - updated with spread sheet. by akaglue(f): 6:52pm On Jun 14, 2015 |
@nikkyshyne. the leaving the debit card at home is just for when going grocery shopping. I agree with you on the contingencies that can happen. @onega, i have also been penny wise, pound foolish in this my thrifty journey. I even wrote a post on it. I won free tickets to an event and I spent so much on getting fuel. At the end, I could not even get into the venue because it was packed out. You can read my story here. http://akaglue.com/when-a-good-deal-is-not-such-a-good-deal-afterall/ However, I always advice that you save first before you start spending. most people save what is left after spending. this is a wrong approach. I have a family budget spread sheet. you can see it here. https://docs.google.com/spreadsheets/d/13RnSwK4I-NIfGiRQNeMM_wYd3g7bQIrc8Jy0Z2FCPos/edit#gid=0 |
| Re: A Family Budget That Works - updated with spread sheet. by Enoquin(f): 9:37am On Jun 16, 2015 |
Onegai: Well, the truth is I tried the notebook thing a few years back and it didn't last long but with this phone, no matter how tired I am it's just to input the figures in the rows under the heading which it falls. As per your question of knowing what amount to budget due to our erratic economy. I will give you an example of how I budget my transport to church. I attend church 3 times a week at least and at most 6 times. Twice for choir rehearsals and once for sunday service It can turn into four times, if it falls into my cleaning week It can turn into five times, if I choose to attend Wednesday's evening service And can turn into six times, if there's a communion service that week. All other church engagements like the children choir rehearsals, general cleaning Saturdays and extra choir practice days for perhaps a convention aren't factored in because they don't occur often. I am to N250 spend to and fro church every time I attend but most times I spend N180. N250 is spent whenever I leave the house late in the evenings for rehearsals some times, I am late for sunday morning, evening communion service or when it is raining. N180 is spent when I leave early because I could leisurely take a stroll to the tarred road, saving N70 which is most of the time. But I do not budget N250 for my transport, I budget N300. Why, since I rarely pay use up my N250 exact fare? Because I could meet someone that I know and pay for their fare. And since I need to board two vehicles to get back from church even if I pay twice, I would still not have passed my regulated N300 naira budget and even have an extra N20 on top. When there was fuel scarcity, my N180 route increased to at most N240, still comfortably within budget. I too dey type. |
| Re: A Family Budget That Works - updated with spread sheet. by Nobody: 8:13pm On Jun 16, 2015 |
As a student, I find it hard to manage my allowance. But since i picked up a part time job and a little business, I drew a monthly budget and sticked to it. making money aint easy. so it has to be spent wisely. Nice one ma. |
| Re: A Family Budget That Works - updated with spread sheet. by Mystiqme: 1:22am On Jun 17, 2015 |
akaglue: Can't view our spreadsheet. You need to make it open. |
| Re: A Family Budget That Works - updated with spread sheet. by Nmeri17: 3:05pm On Jun 19, 2015 |
Enoquin:you go stingy nor be small 1 Like |
| Re: A Family Budget That Works - updated with spread sheet. by timilehing(m): 4:22pm On Jun 19, 2015 |
I just hope my....... learns about money management before it's too late. She's really trying to but she can't take her eyes off whatever she likes. |
| Re: A Family Budget That Works - updated with spread sheet. by Enoquin(f): 6:38pm On Jun 19, 2015 |
| Re: A Family Budget That Works - updated with spread sheet. by Nmeri17: 7:42pm On Jun 19, 2015 |
Enoquin:ataaa nsu  oya nu send me Mtn 4h I'm broke  ??*come hear her excuse now |
| Re: A Family Budget That Works - updated with spread sheet. by Enoquin(f): 8:33pm On Jun 19, 2015 |
Nmeri17: My recharge card budget has been used up |
| Re: A Family Budget That Works - updated with spread sheet. by Nmeri17: 9:55pm On Jun 19, 2015 |
| Re: A Family Budget That Works - updated with spread sheet. by Enoquin(f): 10:13pm On Jun 19, 2015 |
Nmeri17: Implementation ke? We are gradually coming to the end of June; ette ami, do you think anyone who budgets will have any 'un-implemented' category left? |
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