Personal finances and budgeting (1 Viewer)

hugh

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Anyone use ynab.com
No, but it looks cool. Though, I don't see what this can do that you can't just do with a spreadsheet.

A few years ago I started doing this. On payday, I look at how much money is in my bank account. Make a new spreadsheet for the month. Copy over all the recurring expenses from last month (petrol, phone, insurance whatever), pay a set large chunk into a joint/household a/c out of which goes mortgage, shopping, food all that stuff, think about one-off stuff I have to pay for over the coming month and add that in ("I have to go to the physio", "birthday present for someone", "buying a flight somewhere", "haircut" ... whatever), budget for weekly "pay" for me (pints, pocket money, whatever ... just take this amount out in cash on a Friday) and then hope there is some left over for the end of the month. If not, adjust accordingly (e.g. "do I really have to buy that person a birthday present?).

It's amazing. Totally works. I always know how much money I have and it removes that incredibly stressful period towards the end of the month when you are terrified of looking at your bank balance. Always know whether I can afford things or not. And taking out the weekly cash on a Friday is like getting paid every week. I wholeheartedly recommend this system.

(However, the joint bank a/c where all the important stuff is paid from? That's a mess. I'm always afraid to look at that so I just try not think about it).
 

nooleen

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we made a detailed spreadsheet so we can track just how much our income doesn't cover the outgoings

it doesn't remove anxiety
 

therealjohnny

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Yes, if it Zurich life, this their explanation
Zurich Life

It gives it a risk rating of 5 which is a medium to high risk rating

Zurich Life
My guy says that it's a buy out bond and that I can't access it until I'm 60. I'll be pretty surprised if I live to see it.
He says Revenue make the rules and there's nothing I can do about it. I want my money now.
 

hiadudiad?

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I got a letter from Zurich recently telling me that based on current estimates my new pension (I only started paying into it less than a year ago) will be worth approx €2,000 a year when I'm 60. It hardly seems worth the bother, not that I expect to ever retire lol
 

therealjohnny

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I mentioned to my broker that I need to start saving for a mortgage and the first thing he asked was if I'm expecting to get an inheritance any time soon.
How depressing that this is not an abnormal question in this country.
 

7 - No tomorrow

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Anyone use ynab.com
A guy in work here raves about this

My own spreadsheet had grown into a monster

A tab for every credit card and bank account; mostly to make sure I avoid ever paying interest on a credit card
These are really easy to set up if you have basic Excel skills and can do simple formulas, and you can manipulate the data that the banking sites let you export

Because I’m renovating my house, I have a store card for the local homestore

1575923722568.png


Anyway, this is not to tell anyone to do what I’m doing. Just to attest to the benefits and peace of mind of doing it.
 

ann post

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My own spreadsheet had grown into a monster
Anyway, this is not to tell anyone to do what I’m doing. Just to attest to the benefits and peace of mind of doing it.
I'm on version 3.0ish of one I made myself. Obviously its tailored to my own needs - A couple of sheets, a live form for a few things (car/house/studio) which all pipe into a kinda 'dynamic' sheet 1 that tells me what i need to know. I was very new to this so its just been learning off google.

Things I've found most useful:
Conditional formatting, things that go red if they will be a problem.
IF functions for telling me when I can do things.
=ROUNDDOWN.

I made a one page thing for my ex to get them through college that made me question why mine was so complex.
 

7 - No tomorrow

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I'm on version 3.0ish of one I made myself. Obviously its tailored to my own needs - A couple of sheets, a live form for a few things (car/house/studio) which all pipe into a kinda 'dynamic' sheet 1 that tells me what i need to know. I was very new to this so its just been learning off google.

Things I've found most useful:
Conditional formatting, things that go red if they will be a problem.
IF functions for telling me when I can do things.
=ROUNDDOWN.
Very much the same, learning as I go - mostly as I need to solve a problem
Like this was a breakthrough for me - separating out actual payments from account credits
1575925737267.png

Gotta check that ROUNDDOWN feature


I made a one page thing for my ex to get them through college that made me question why mine was so complex.
HA!

I feel this
 

Jill Hives

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I need to find some solid advice on how to make a lump sum of money work best for me for the future. Like a low enough risk and low level of upkeep (so not property) where I can work a low paying job I actually would enjoy. Ah, the dream.
 

egg_

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If I had a lump sum of a decent size I'd just divide it by however many months I had left until retirement, and "pay" myself that amount every month. Get a low-pressure (or better still part-time) job to cover the difference.

... or maybe I'd blow it all on music equipment and jet-setting
 

7 - No tomorrow

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Basically i have an account that does all the work and an account that goes out at the weekend, so the budget tells me how much goes into the latter and I set up standing orders. I use the rounddown to add a tiny cushion in between.
Dude, you are streets ahead of me

Or perhaps we are just on different paths

I need to find some solid advice on how to make a lump sum of money work best for me for the future. Like a low enough risk and low level of upkeep (so not property) where I can work a low paying job I actually would enjoy. Ah, the dream.
I've had cause to look into this recently. Annuities (invest lump sum, receive regular payments) do not have great rates of returns when you are this young (under 50). Like a $50k investment, might get you about $2k per year.

Buying a property you live in (and therefore have no rent) might be the way to live that life you want. Your only expenses would be your living expenses.
I know someone that did this recently. Paid off their mortgage and dropped their office job they hated, and took up a charity job they loved for about 1/4 of the salary.
They claim to be infinitely more happy.
 

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