Tools That Help Budgeting

justwii on 06/01/2023 - 14:28
Last edited 06/01/2023 - 14:28

Have been a tight ass in the past years, always worrying I may spend too much on stuff. But its a whole new year ahead, wanna try something new. This time I want to try budgeting, assigning a certain % of my income into all sorts of categories, like living, clothing, dinning out, entertainment, travelling, etc., so that going down the year I know oh I can actually spend a few hundreds to get a pair of new shoes, or may be for the first time I can be a whale in some P2W games instead of being an all time freeloader. This may help easing my money spending anxiety.

So I am looking for a bank saving account that can help me to do budgeting, something like automatically assigning money into different "slots", representing those categories that I can configure myself, whenever there is a deposit. Is there something like this out there and how do you configure it?

Financial

Comments

  • Jimothy Wongingtons on 06/01/2023 - 14:28
    +15

    want to budget

    can be a whale in some P2W games

    money spending anxiety

    ?????

    • justwii on 06/01/2023 - 14:30
      +1

      Huh? Doesn't make sense to you?

      • Pelicannn on 06/01/2023 - 14:31
        +5

        I think what Jim is trying to say is, spending money on P2W games and budgeting don't gel well together as a concept.

        • justwii on 06/01/2023 - 14:36
          +1

          Ah I see. I mean without budgeting, I have been spending nothing on games. This time I want to tell myself, may be I can set aside 1% of income on games?

        • dasher86 on 06/01/2023 - 14:52
          +5

          you can budget $20k on P2W games and spend $20k on P2W games.
          Budget achieved.

          • Jimothy Wongingtons on 06/01/2023 - 15:02
            +5

            @dasher86: Never settle for 100% quota - SMASH THAT ALLOCATION FAM

          • Pelicannn on 06/01/2023 - 15:05
            +1

            @dasher86: Rookie numbers if he wants to win.

            Naar but I’m all seriousness I play PUBG quite extensively (maybe 2,500 hours or so) and recently they’ve made this new skin system for weapons in game that no shit cost nearly $6,000 to unlock if you paid for it in real dollars. It’s absolutely insane the money they make after creating the game from stuff like that.

    • djones145 on 06/01/2023 - 14:30
      -2

      candy crush prolly
      damn whales and their unlimited gold bars

  • AustriaBargain on 06/01/2023 - 14:34
    +4

    I like Excel/Google Sheets personally.

    I also like Afterpay where it's a payment option for something I'm buying anyway. Split over four payments means you are reminded four different times that you shouldn't have bought that box of chocolates or new game or whatever. Compared to putting it on your credit card and forgetting you ever bought it when you just pay the balance each month.

    I try to put my businesses expenses through PayPal so at the end of the tax year it's all there in my PayPal history.

    • justwii on 06/01/2023 - 14:40
      +1

      Thanks for sharing. Thing with external tools is I need to put extra effort to manage them. I like to have a saving account say whenever I put $1000 into it, I get to see $500 living $200 saving $20 clothing …etc.

      • AustriaBargain on 06/01/2023 - 15:04

        Bundl BNPL app automatically breaks down your spending into food/clothing/etc. That isn't really feasible for all your spending, but maybe a bank out there will do the same thing.

        • justwii on 06/01/2023 - 15:12

          Cool thanks!

      • FirstWizard on 09/01/2023 - 09:55
        +1

        What bank are you with?
        I actually had about 5+ different savings accounts named appropriately, and rather than putting $1000 into one savings, I just put them directly into the respective account. I even have a scheduled transfer to do it automatically the day after my pay comes through.

        Currently though, my bank only allows one offset account, so I'm having to use a Google Sheet.

      • MrThing on 09/01/2023 - 17:11

        I also use excel to track spend and budget. I like excel for the reason of its manual entry.

        I find i take in the outcomes better and understand the data. As oposed to easy mode on a banking app, it dont process it mentally the same way.

        Its kinda like reading a textbook vs writing notes and verbatim pharagraphs wjen studying will be promote memory and learning far better (for me anyway)

    • skittlebrau on 08/01/2023 - 12:32
      +1

      You should use the ATO app. There’s a section in there called myDeductions where you can upload receipts and expense details. At tax time, it all gets pre-filled.

      Better to do it throughout the year rather than at end of the tax year so you don’t miss anything.

  • SF3 on 06/01/2023 - 14:42
    -3

    But its a whole new year ahead

    New year resolution is a fallacy.

    The best time to plant a tree was 20 years ago. The second best time is now.

    Tools That Help Budgeting

    The best tool is in your mind.

    • justwii on 06/01/2023 - 14:47
      +1

      Wasn't born with a strong mind, gotta let others offer the tool.

      • SF3 on 06/01/2023 - 14:48
        -3

        gotta let others offer the tool.

        Then you are just trying to fix the symptoms.

    • Switchblade88 on 06/01/2023 - 15:17
      -1

      I thought the best tool was in your pants.

    • parsimonious one on 07/01/2023 - 21:25

      I digress but…

      The best time to plant a tree was 20 years ago. The second best time is now.

      I’ve always found that expression a bit nonsensical

      If the best time to plant a tree was 20 yrs ago, then the next best time was 19 yrs ago, then the 3rd best would have been 18 yrs ago etc…. It’s hard to see how “now” is 2nd best

      • Antikythera on 08/01/2023 - 17:53

        also they completely ignore 21 years ago in your mind?

  • Jimothy Wongingtons on 06/01/2023 - 15:04

    So I am looking for a bank saving account that can help me to do budgeting

    Check ANZ plus

    • justwii on 06/01/2023 - 15:15
      -2

      Looks like it tells you what you HAVE spent and categorise them, not what I CAN spend in the future on each category.

      • HealthHazard on 09/01/2023 - 15:09

        What I've done is create a bunch of online saver accounts linked to my main savings and at the first of the month it transfers money to the different accounts (Car, Grocery, Direct debit, clothes, gifts, holiday, car etc.) that way you know what you you have to spend on different things. ING lets you setup unlimited online savers linked to a main account. Sure other banks will help you do the same.

        • FirstWizard on 09/01/2023 - 15:45

          FYI, unfortunately, ING only allows one of those savers to receive the bonus interest rate; all others only get the standard variable rate.

  • Pelicannn on 06/01/2023 - 15:06
    +3

    For a serious answer I just use moneysmart free excel budget calculator on my computer and it’s a nice basic but well presented way to see what you’re spending.

    • justwii on 06/01/2023 - 15:21
      -1

      Thank you! If I can force myself to update it every time surely it helps!

  • tabz on 06/01/2023 - 15:07
    +4

    Don't overcomplicate it with trying to categorise it in a single bank account.

    Just open multiple accounts, one for each purpose (e.g. one for everyday transactions like groceries etc, another for savings, another for expenses for when you pay bills). Then either transfer whatever percentage to each account when you get paid, or set up an automatic transfer.

    There's a thing called the Envelope System which seems like what you're trying to achieve. Heaps of resources online if you want to read about it.

    • justwii on 06/01/2023 - 15:18
      -2

      Yes exactly. I don't mind opening multiple accounts but wouldn't this be an overkill to achieve this? Unless there is a bank allows you to open some virtual accounts.

      • tabz on 06/01/2023 - 15:40
        +4

        I don't think it would be an issue. This is actually what I do. I have 5 separate accounts with a bank and only the everyday account has a debit card attached to it in case i need to take out cash, the rest are all just online only.

        I probably wouldn't overdo it and open more than a handful as then it would just be annoying to maintain, but you can definitely group things together like all disposable income uses/purchases into one account.

        Unless there is a bank allows you to open some virtual accounts.

        I don't know what you mean by virtual accounts. Pretty much all banks should have transaction or online savings accounts you can open. You're not just limited to one account per person.

        • justwii on 06/01/2023 - 15:55

          I mean something does not involve proper application.

          • tabz on 06/01/2023 - 16:04
            +2

            @justwii: You only really need to apply for the first one if you're not already with that bank. Once that's set up and you can access it, the other accounts should just be a matter of button clicks within your internet banking.

          • andrek on 07/01/2023 - 05:51
            +1

            @justwii: Neo banks make it super easy. I have ubank account, I can create a new account from the app in a few clicks

        • camr00 on 07/01/2023 - 20:13
          +2

          I do the same. Sub-accounts for all the savings (holidays, gifts, education, fixed spend (fuel, car service, utilities, etc) and then weekly spend (groceries, booze, going out, etc). The only account my card is connected to is the weekly spend.

          All income goes into a cash hub, then automated transfers go out each week/month to either the weekly spend (so its budgeted), education, fixed spend and then pocket money for my wife and I (so no questions asked).

          Its definitely not perfect, but we are very aware of how we spend money and when/why we go over. If we go over, we move cash around if we need to, but it makes us accountable and aware of where our dollars are going. We've made about 3 adjustments to the automated transfers in the last two years. One for the weekly spend, one for education and I think one for gifts/christmas (an additional sub-account). We've been helped/guided by a good (young) financial planner which helped us understand what we wanted to achieve, but to also smooth things over with my wife who didnt want her independence taken away from her financially (but now realises she is WAY better off).

          Start with something, try to stick to it, dont bruise yourself if you dont. If you're trying to open up some cash flow, I think you will find the balance quite easily.

    • ratman on 08/01/2023 - 14:18
      +2

      Love this, I started doing it after reading barefoot, sure it's not a new concept, but I've had great success with it. #1 reason being simplicity and zero overhead management. 5 accounts: daily expenses (rent/bills/whatever), then 4 savings accounts:

      1) blow it whatever and feel no shame ("splurge" - small percent of income, interest rate doesn't matter)
      2) savings for special occasions (holidays, Xmas, birthday presents whatever) ("smile" - small percent of income, aim for high interest savings acct)
      3) long term savings/debts (house deposit, mortgage/whatever) ("fire extinguisher" larger percent of income, aim for high interest savings)
      4) holy crap my life just turned upside down and need to feed myself while I sort things out - bit of a safety net ("mojo" fixed at a few K initially, then aim for 3 months expenses once all your debts are paid and you have a place to live, whatever, keep it seperate)

      Simple as, no thought required, let's you blow some cash and have dedicated buckets for various mid and long term savings goals. I put about 25% in daily expenses to cover bills and rent, about 5% into savings 1 and 2, and about 70% into long term savings for house deposit.

      Never have to think about budgeting every again.

  • altomic on 06/01/2023 - 15:07
    +1

    I use a pair of scissors to cut my credit card.

    • justwii on 06/01/2023 - 15:19
      +1

      Yea nah, I budget not because I spend, its because I don't spend

      • baskinghobo on 08/01/2023 - 13:03
        +1

        It just sounds like you're spending money for the sake of spending money. Budgeting is good but it should be based on what you would usually spend your money on which we don't know yet. If it was me, I would just create one budget for the essentials and another for the non-essentials and then I can fine tune my budget to add more categories later.

      • [Deactivated] on 09/01/2023 - 02:44

        Seriously, cash is a great tool. Its a PITA to take out, and you'll be reluctant to hand it over.

  • Richmond Tigers on 06/01/2023 - 15:26
    +2

    Microsoft excel, a basic understanding of formulas and a shitload of sub accounts in your banking.

    I also have a 2nd savings account card for my overall account I use for anything where its a direct debit from a card number and not an account.

    Whatever is left in my normal account after distributing money to all the bill saving sub accounts, direct debit sub accounts, bpay sub accounts and direct debit card is money for my fortnight.

    • justwii on 06/01/2023 - 15:54
      -1

      Looks like people just opening up multiple accounts. I would have thought its just a simple function they can all in online banking.

      • Richmond Tigers on 06/01/2023 - 16:23
        +3

        They are subsets of your main account. Main account is the one you first opened, your sub accounts sit underneath and you distribute money to them.

        My bank allows 9 sub accounts, I just rang up and asked for them. I can't remember if the sub accounts are added automatically or if you add them manually yourself with the sub account number. Then I just rename the sub accounts to whatever purpose I need. My sub accounts are usually for bills that occur each month or quarter, for example rates or school fees.

        Some billers allow direct debit from a sub account so I have a direct debit sub account set up (i.e. insurance). Some billers you need a card number for direct debit, so I have a second linked card, almost like a second main account which I put funs into to cover those debits (i.e. amazon, netflix etc).

        Its a good exercise to just spend 20 min each pay, allocate your funds, update your spreadsheet with new details (e.g. fee increases, schedule changes) and pay anything you need to out of your sub accounts manually that you need to.

        • justwii on 06/01/2023 - 16:50

          Surely its a new habit I would like to pick up this year!

  • freefall101 on 06/01/2023 - 15:39
    +2

    Suncorp (and probably other banks) let you have sub accounts to do what you want, you can allocate money without creating brand new accounts

    I wouldn't get too detailed though, have a high interest savings account for long term/rainy day, an account for bills/food, an account for play and a high interest account for big expenses (holiday). Entertainment, dining out, gaming etc is better if you have one account and you know what you can afford, it forces you to offset one against the other (i.e. if you're blowing all your money on P2W games you can't go out for dinner). Ultimately the goal of budgeting isn't to make the decision for you but to drive better behaviour. If you create too many buckets you'll just start shuffling money between them and it all becomes meaningless.

  • Rako on 06/01/2023 - 16:21
    +4

    Ubank you can have multiple savers & name them whatever you like, living, clothing, dinning out, entertainment, travelling

    Open up to 10 Save accounts and get bonus interest on all of them, including shared Save accounts. Get bonus interest on a combined balance of up to $250K across all your Save accounts.
    Up to 4.10% p.a. simple criteria just add $200 each month withdraw as often as you like

    https://www.ubank.com.au/banking/savings-account

    • justwii on 06/01/2023 - 16:50
      +1

      Sounds like the most promising one! Thanks!

    • FirstWizard on 09/01/2023 - 15:48

      From memory, you can only do 3 savers(ones that get interest) max?
      Have they changed this after the merger?

  • foxmulder on 06/01/2023 - 21:54
    +5

    Read Barefood book. He has this same categorization of accounts but better.

    • macola51 on 07/01/2023 - 06:36

      Barefood? Do you mean the Barefoot Investor?

    • JIMB0 on 07/01/2023 - 10:33
      +3

      Just cut the footwear budget, problem solved.

    • us3rnam3tak3n on 07/01/2023 - 15:40

      Best money I've spent in my life was buying the barefoot investor, paperback at big w

  • sonome on 07/01/2023 - 08:02
    +9

    Surprised no one had mentioned it yet, but I'm a big fan of YNAB (You Need a Budget!).

    YNAB is a website/app that helps you to budget using the envelope system. No need to open multiple bank accounts for various budget items, as it's all done within the app instead.

    There's a bit of a learning curve initially, bit it's easy to use once you get the hang of it.
    Lots more info on the official website (YNAB.com) and also on Reddit: http://reddit.com/r/YNAB . Mod: Removed referral solicitation

    • fishing on 07/01/2023 - 08:46
      -3

      You pay someone else to manage your day to day money?

    • snowcold on 07/01/2023 - 13:29

      Can you connect Australian banks to YNAB so that it can fetch transactions automatically?? I tried this a while back and couldn’t figure this out without additional plugins.

      • mooseca on 07/01/2023 - 16:38
        +1

        You can use the phone app Frollo, I've been using it for a few weeks not a big fan of it. Used to use moneybrilliant.

        • Dognosis on 08/01/2023 - 17:37

          I just started using it too. I think it is pretty good, but I don't have any other experiences to compare it to.

          What do you not like much about it?

          • mooseca on 08/01/2023 - 17:56

            @Dognosis: I used moneybrilliant for years, I preferred the way you set up budgets on there and it had a website version. Could also add your own categories which was good. Some certain transactions on Frollo I recategorise, log off, then come back the next day and they're back in the old category which is starting to annoy me, it's happened about 4 days in a row now.

            If they made a web version of it I would be stoked, trying to work on a phone is not enjoyable.

      • ShortyX on 07/01/2023 - 22:36

        Can you connect Australian banks to YNAB

        Australian banks aren’t supported yet but you can use https://banksyncforynab.com or https://www.budgetfeeder.com/ for most Aussie banks.

        Our Coles Mastercard stopped working with the sync apps so I’ve configured a bot in Automation Anywhere to download the transactions and import them into YNAB.

        We’ve been using YNAB since 2011 and it’s been great for us.

        • FirstWizard on 09/01/2023 - 15:57
          +1

          I don't think either of the sync services uses OpenBanking protocols yet. Mostly just screen scraping, which means you have to trust them with your username and password (breaching T&Cs of every bank I know of).

          Last time I raised this issue with Ubank, they were saying how the data protection and privacy policies they have to adhere to, to subscribe for the Open banking protocols were too strict. This made me wonder what dodgy things Ubank is doing with my data.

          Frollo is the only app I know of with full Open Banking support. But no Web/PC interface yet.

          • ShortyX on 09/01/2023 - 20:02

            @FirstWizard: Neither use Open Banking nor screen scraping. Bank Sync for YNAB uses Basiq and Budget Feeder uses Illion.

            • FirstWizard on 18/01/2023 - 17:53

              @ShortyX: Illion calls it Digital Data Capture (DDC), which is basically screen scraping. They store your password and use a script to automatically log in to the banking portal and copy transactions from it.

              CBA used to issue warnings to people who use those apps. And people should not be using them.

              Basically, no one should be typing their banking password on any website other than that of the bank.

              People do that, and when things go wrong, there's no one responsible.
              https://www.traveller.com.au/no-tickets-no-refund-qantas-cus…

  • bbinc on 07/01/2023 - 08:44
    +5

    Scott Pape’s Barefoot Investor book has a good system for allocating percentages to buckets, including ‘splurge’. It’s a best seller, and most libraries will have it also.

  • Save-It on 07/01/2023 - 08:50
    +1

    Hey mate a few solid tools:

    If you have intermediate spreadsheet skills you can download a free budget template from Google Sheets. There is both a monthly version and an annual version (for annual summary). These are actually great in my opinion.

    Second tool based on your comment about % spilts is having an Up bank account. Up (Owned by Bendigo Adelaide Bank) offers a feature to automatically split funds deposited into your account into the sub accounts you select at proportions you select. The percentages are adjustable to 1% increments, so its pretty precise.

    Happy saving

  • Mugsy on 07/01/2023 - 09:49
    -2

    OP… I suggest building your own budgeting tool in excel… it'll test your knowledge about personal finance management (i.e. if you can't build the tool, you may not know enough about personal financial management as you should). Doesn't have to be schmick with fancy formating/macros… just needs to work.

    And the only time you should be whaling in F2P games is if you're either profiting off it (i.e. streamer, youtuber) or if your other endeavours profit that much that it's negligible to be spending money to advance in games if it's your medium for destressing.

  • Trekky on 07/01/2023 - 10:07

    I use excel spreadsheets and update every few weeks (or try to and then it's usually monthly). But this year, I plan on doing it more often.

  • snowcold on 07/01/2023 - 13:36
    +1

    Probably others mentioned this in comments already:
    1. MoneySmart excel
    2. Better banks - Up/ubank/Macquarie offer automatic categorisation of your spend
    3. Apps like Wallet (by budget bakers), frollow, finspo, and wemoney can connect to your bank automatically and pull the transactions and categories them. Useful if you have multiple bank/credit card accounts. Con is that they will sell your data to make money
    4. Use a dedicated platform like YNAB or pocket smith

  • iLikeSales on 07/01/2023 - 13:46

    Does anyone remember this app where you put your pay in and how much you spend and at the end of the month theres like a graph and a line (in different colours) that goes towards your pay? Sounds confusing but it looked so useful.

    This post reminded me of it because it was used for budgeting.

    • asupre2541 on 09/01/2023 - 09:15

      Not sure if it's the one you're thinking of but Spending Tracker app has similar functions (graphs and the like).

  • aimon on 07/01/2023 - 16:50
    +1

    I have been very underwhelmed for years with the software out there, opting for spreadsheets instead but have since found Buxfer to be miles ahead of the rest.

    It will auto assign all your cc transactions to tags and you can generate rules for what gets assigned what. You can then set budgets for each and it will tell you month to month which ones are going up or down the most.

    Would recommend highly

    • maiuspala on 14/01/2023 - 18:39

      I used it ca 3 years ago and was my favourite. Downloaded it again now and discovered it is paid. Which plan are you using?

  • Amazingly on 07/01/2023 - 17:03

    Excel is great if you can input all your transactions and categorise them regularly.
    I gave that away!

    Tried plenty of apps, excel, programs over the years and using Moneyspire which can import all your account transactions and automatically assign categories in one click and the program isn't expensive as many (one off cost). Does a budget too but I haven't tried that, Only interested in "Reports".

    Otherwise, this Excel setup is pretty good:
    https://www.youtube.com/watch?v=mfPIx1whoAc

  • Soothsayer on 07/01/2023 - 18:28

    The way I see it, the OP question can be done in one of two ways. Either manage a budget outside of your bank (using spreadsheets, budgeting software or one of the banks that categorizes transactions), and use the budget to keep track of spending and allocation to "slots", or do it inside your bank and set up multiple accounts for each "slot". You could mix both by tying a broad "slot" category in your budget to a specific banking account, but any deeper than this would be too messy.

    There's pros and cons to each, but if you have the discipline to manage your own spending according to your budget, I think the first option is far better as the budget is not tied to your banking setup, meaning you can use any kind of banking you like (simple as a basic transaction account, or many accounts, churning credit cards, etc), and the budget can be as simple or complex as you like (with no limits on number of "slots").

    The second means you'll need to set up transaction accounts and stick with them, and likely limit it to only a few to keep things manageable. But you do get the benefit of a physical hard limit - if that's something that will help your spending then it may be worth it.

    Personally, I do the first one and recommend Pocketsmith, after Pocketbook and MoneyBrilliant were both axed I feel it's the most powerful budgeting software that also supports feeds, with OpenBanking support added a few months ago, there isn't any drawbacks to me (apart from the monthly cost). But for a beginner I'd recommend YNAB if you don't need feeds, basically a spreadsheet but a bit more fancy.

  • worldpc on 07/01/2023 - 20:31
    -1

    Common sense.

  • kranix on 07/01/2023 - 21:21

    I've been using Pocketsmith to manage my accounts for years. Very slick product from NZ.

    The Barefoot buckets system is pretty simple. Since I have an offset account for my home loan, I didn't want to use separate accounts. I use this spreadsheet instead (with slight modifications) to simulate buckets with one account.

    • camr00 on 07/01/2023 - 22:04

      My sub-accounts contribute to the offset of the primary account. Buckets system works fine too!

  • nickstar76 on 07/01/2023 - 23:10

    Wemoney is the best!

  • SuperLate on 07/01/2023 - 23:44
    +3

    Close all the online accounts including ozbargain. Return all credit cards. Change debit card limit to $100 per day. Don't keep more than $20 cash with you at any time. Pay all the bills in full before due date. Never use zip, afterpay , interest free type services. Always split bills with the boy/girl you go out. Close the bank account that charges you fee for using your money. Spend generously on healthy food and exercise.

  • Willy Beamish on 08/01/2023 - 00:17

    The best budgeting option if you really want to understand what you are spending is to track your own spending in a spreadsheet for an entire month, that will give you a good understanding of your expenses and you can decide what you want to cut back and how much more you want to spend.

  • Dogsab on 08/01/2023 - 04:18
    +1

    Up bank is amazing for this. You can set up virtual accounts linked to the one transaction account and then set up automatic transfers into those virtual accounts.

    The app is really user friendly and provides you with reports on your spending to help you keep track. The interest on the savings is not bad although I use ubank for my longer-term savings and keep Up for short to medium term expenses.

  • Hansi on 08/01/2023 - 08:06

    I have used Goodbudget free version for the last two years. Helps budgeting and setting goals. Works pretty well, but you obviously have to invest time and maintain it (prob. a couple of hours per quarter to ensure entries are correct).

  • mousie on 08/01/2023 - 11:58

    I'm a excel person a d now converted to Google sheets too.

    Everyone is different. I get paid monthly, wife fortnightly.

    We a split each obligation line into frequency, some weekly, monthly, quarterly or annualy

    And then have actual review each montg so can tune the provision.

    I am not an accountant, but seen that we did this at work for financial budgeting purposes and just replicated at home.

    It was a pilfer of the money smart websites template but I transposed its logic to google sheets so I own and have control over the formulae, plus gsuite is cheaper than office

    Good luck.

  • BHR on 08/01/2023 - 12:57
    +1

    Up.com.au! Absolute best bank for budgeting, savers, see where your money is going, pay splitting, etc.

    Tried some of the other suggestions here, none even come close to Up.

  • Zondor on 08/01/2023 - 18:02

    I use Frolo to look at my existing bank etc and categorize my spending

  • ass3ts on 08/01/2023 - 22:36

    I'd like to better understand the psychology behind financially average people who spend tens/hundreds of thousands for virtual make-believe 'upgrades' in online games.

    • Edgecrusher on 09/01/2023 - 15:08

      It starts with kids, things like Roblox etc, conditions them to it.

      I battle mine all the time, they don't understand that that the "skin" they "need" doesn't achieve anything.

      Once they are on that slippery slope, theres no stopping them, I played a mobile game on and off for a few years and the spenders were dropping 100k plus at the block friday sales just to get a limited character etc.

      Crazy.

      • ass3ts on 09/01/2023 - 21:52

        Very sad indeed, they need to be regulated the way gambling is.

  • kaleidoscope on 08/01/2023 - 23:31

    So I am looking for a bank saving account that can help me to do budgeting, something like automatically assigning money into different "slots", representing those categories that I can configure myself, whenever there is a deposit. Is there something like this out there and how do you configure it?

    Have you tried UP bank app? It has various savers and you can auto assign an amount at regular intervals and it also shows you upcoming and predicted expenses for next week and till next pay day (based on past transactions ofcourse). you can also tap on a transaction and see insights on how much you'd spend on that merchant past week, month, etc.

  • nikey2k27 on 09/01/2023 - 11:54

    try barefoot investor budget he idea on put money into 4 accounts.

  • Hangryuman on 09/01/2023 - 12:18

    'I am looking for a bank saving account that can help me to do budgeting, something like automatically assigning money into different "slots", representing those categories that I can configure myself, whenever there is a deposit. Is there something like this out there and how do you configure it?'

    as others have said, plenty can show you after you've spent it, but I'm not aware of any that automatically 'assign money into different slots' or sub-accounts

    yesterday I looked up my bank account to see the category restaurant spending and saw our average restaurant spend over the last several months was $33 (for 2)

    sounds like you've been a tie tarse and are trying to ease up - many like me use spreadsheets to track large expenses - I would think the main thing is 'paying yourself first' - e.g. 30% of your after-tax income into an investment account that you don't then touch, or maximising your super sacrifice contributions if that suits and you are old enough to feel OK leaving that untouched (great tax savings like 30% free money if your marginal tax rate is 45%)

    basically self-control
    - if you can't control your mind we can't help you
    - if you can control your mind, nothing can trouble you.

    easiest to set up habits - I update my spreadsheets monthly.

  • Drakesy on 09/01/2023 - 12:57

    As out of touch Frydenburg and Scomo would say.

    Just get a job that pays more.

    How were they in office for so long

  • jbu22en on 09/01/2023 - 13:11

    Glen James Spending Plan

    • Littlevu on 09/01/2023 - 16:23
      +1

      I’ve met James a few times through old work. He is a great guy. Moved out of personal advice and concentrated more on his passion. He has loads of podcasts out there.

      • jbu22en on 11/01/2023 - 13:28

        Yeah I've been an on and off listener for years. I'm a big advocate

  • TheRealCJ on 09/01/2023 - 14:01

    My brother is an accountant. He's literally a tool that helps people budget.

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