Budgeting/Saving

[Puckoon]

Does anyone here actually implement plans for budgeting and saving when their weekly/monthly money comes in, or do we all live paycheck to paycheck?
I was never taught to save, and I think being loose with money is in my genes. Very much a live for the moment kind of family upbringing.
With the newest member of family Puckoon just a couple of months away from arrival, does anyone have any real ideas or pointers when it comes to budgeting out the money for the month?
I realise the golf/poker and sushi dinners will have to be knocked on the head, but does anyone have any real money saving tips for having a first child?
I only have one year to scrimp by as Mrs Puckoon (definitely) and Mr Puckoon (hopefully) will have graduated and moved onto real cracking jobs in sept 2008.

[Puckoon]

 

[john mcgill]

Absolutely no tips from experience for you.  The more I earn the more I spend, upgrade in cars, wine , holidays etc.  It used to worry me but as I approach free transport I intend to spend and enjoy.  I have heard so many stories of people saving only to get sick and not enjoy the fruit of their labours.
I know with a child coming you have different circumstances, this site may help give you some ideas:

www.moneysavingexpert.com

[Gabriel_Hurl]

I have a budget plan for each month 

[FL/MAYO]

The simple way I found is to sign up for your companies 401k if they have one and start putting as much as you can afford away each paycheck. The money will be taken out before you pay taxes on it so it will help ease your tax burden. Once the money starts to automatically come out you will not notice it after a while, be patient with it and before you know it will have a nice tidy sum in the account. The younger you start this the better.

[Square Ball]

I have a budget plan for each month 

So have I, to spend the same amount as I earn, can just about manage it!!

[Balboa]

You will find that with your change of circumstances that you are not on the beer/socialising as much so it all evens itself out.

[ludermor]

Gab,
that goes with job!!

[Gabriel_Hurl]

FL/MAYO

I do something similar here - I contribute 3% of my monthly salary into an RRSP account - which my company matches - that's the limit they can match to - I can stick more in if I want to - which I'm going to do next month

[Gabriel_Hurl]

Gab,
that goes with job!!

Us QS's know about budgeting alright

[ludermor]

for a QS i have no repect for money at all.
i think one of your ex collegues is working me at the minute A Treanor

[Orior]

I regularly sell my body out to rich middle-aged executive women. Some just want to chat, others like to be taken out, and a few like the full works, satisfaction guaranteed.

If you're not able to cope with that, trying walking or cycling to college.

Always make your own sanwiches for lunch.

Cut out the cigs, beer and drugs.

Dont bother with the lottery.

[ludermor]

just women? could be more money in middle aged exec men, they earn more money

[FL/MAYO]

FL/MAYO

I do something similar here - I contribute 3% of my monthly salary into an RRSP account - which my company matches - that's the limit they can match to - I can stick more in if I want to - which I'm going to do next month

The company match is even a better reason to get into it, dont have that as I work for a city government. If the company match 3% of everything then you should take advantage of it when you can.

[Gabriel_Hurl]

for a QS i have no repect for money at all.
i think one of your ex collegues is working me at the minute A Treanor

That name doesn't ring a bell