Budgeting II

[taimatsu]

Thanks for all the comments and ideas on my last post about setting up a budgeting spreadsheet. I have now sorted out a basic spreadsheet with dates and categories, which should help me work out where my money is going.

What I'm having trouble with, and this is going to sound dumb to you mathsy types out there, is working out how to incorporate my current bank balance (or even working out if I want/need to do that). My spreadshees has dates downwards on the left, and categories across the top, income and various kinds of expenses. Each column will sum, and at the very top I have the month name and the overall income and outgoings. I will have a sheet per month and a front page for the workbook which lists each month's income and outgoings. It's all very well, but how do I include the fact that on 1st April (when I will start) I will have no income till the 14th, and am in my overdraft?

Comments

[crazyscot.livejournal.com]

If most of your spending is from your current account, then you might sensibly add another column at one side for current balance and update it appropriately as you make entries. At that point, though, you're not far from doing double-entry[*]; and if you're doing that, you're really better off looking at an integrated package to do the faffy bits for you. Now that you've thought carefully about categories, kmymoney or gnucash might make more sense...

[*] Double-entry is "proper" book-keeping, it's so-called because (when done on paper) everything is entered twice. Every transaction shows as a change in one account (e.g. debit current account by £10) and a corresponding, balancing change in another (e.g. credit "food" category by £10). It has the property that you can check for and track down errors fairly mechanically.

[taimatsu]

Maybe. Hmmmm, aaaargh. More thinking required.

[hsenag.livejournal.com]

As well as having columns for categories, have columns for accounts (e.g. bank account, cash, ...). Most/all transactions would have two entries, one under a category and one under an account (probably with opposite signs). Then you can total each account to get the change from the initial balance for a period.

[kissmeforlonger.livejournal.com]

Seen this?

http://www.moneysavingexpert.com/banking/Budget-planning

[danfossydan.livejournal.com]

An intresting comment.

I have no idea how it all works out, tomorrow I have to move all my savings around and use them to reduce my morgage, AND leave me enough money to live on, and build a bathroom. Its a weird. So very weird.

[danfossydan.livejournal.com]

I ment topic. My comment is dull. And the subject is generally confusing and fustrating.

[emma-b79.livejournal.com]

hey, not much i can add from what other people have said.
I'd go with an already set up package if your tracking your bank balance also, there is less faff once its all done.

I would recomend a package but as with builders houses being in a bad state my personal finances are awful :)

If you want a hand next time you're in my vacinity just yell at me and I will make myself "available" (hehe).

[curious-reader.livejournal.com]

The only way of surviving in this country especially when you are student is applying for income support and then housing benefit. You just need to phone a number and ask for a form. They send it to the address you give them you fill it out and send it back. Usually it comes with pre-paid envelope. You are eligable for it. I am also not rich. At the moment I stopped claiming Jobseekersallowance since they stopped it because I could not come every time for sign when I was called for temp work which would have not been the case with income support. It is hard studying and working especially when it is not guaranteed. For income support I would have needed to do nothing. But I am not a full student. I wish I were.