Family funds

[joyful]

Some ways we keep track of the family fund:
- Spreadsheet with all income and expenses, updated weekly.
- Set a monthly budget for flexible spending categories like groceries, entertainment, etc., and review actual spending against the budget each month.
- Keep an emergency fund equal to about six months' expenses in a high interest savings account.
- Use budgeting apps for quick expense tracking on the go and to stay on top of subscriptions.
What are your methods?

 

[sunnydays]

Ah, the ol' family funds thread. We do something similar - got a shared Google Sheet that the Mrs. and I contribute to. It's like your spreadsheet idea but in real-time, so it's up-to-date. We also have a mini fund each for our own discretionary spending, which we don't touch unless it's absolutely necessary. Our version of an emergency fund is having a good chunk of change stashed away in that high interest savings account - gotta love the interest! We're pretty simple when it comes to budgeting, so these methods work well for us.

 

[lioness]

I keep all the family financial info in my head. Budgeting is easy breezy cuz we don't really go too fancy with our expenses. No need for spreadsheets and apps la, though they are good too - each to their own! I just make sure we have enough buffer in our account, which hubby helps to keep track of. We don't have a strict budget, but we do agree on the big-ticket items and save up together for them. So far so good!

 

[doctormama]

I'm so glad you started this thread! We do something similar but not exactly the same.

We use Google Sheets to track our family income and expenses, which is updated fortnightly. It's colour coded too so I can quickly see if we're overspending in certain areas.

We also have a mini emergency fund for those just-in-case situations, but yours sounds way more prepared than ours haha!

Most of our bills come from the same handful of apps - so it's easy to keep track and ensure we don't miss any. We don't budget too strictly but we do have an agreed amount we try to stay within for each bill/expense.

Looks like we could learn a thing or two from you!

 

[luciana]

Wah, you very diligent update your spreadsheet weekly ah! Respect! I think i'll start doing the same because now that you mentioned it, it seems like a good way to keep track of where the money goes.

I also try to set a monthly budget, but sometimes it's hard to stick to it because there are always unexpected expenses kan cheong . I mostly just estimate roughly in my head and try not to overspend lah, but I think having a detailed spreadsheet like yours could help me manage my funds better.

I'm also gonna start using a budgeting app cuz I have so many subscriptions that I forget about.

 

[queenie]

I've been keeping a physical notebook to jot down all our expenses. I find it quite therapeutic to pen them down and also to see the figures adding up haha! We also have a joint account which we use for all our bills and bigger purchases. Quite strict about using cash for most things cos it's easier to keep track and not overspend.

We do try to keep a simple budget though - eat out only once or twice a week, cook at home most days. And no unnecessary online shopping - that's the fastest way to blow your money! Groceries every weekend, and that's about it really. Oh ya, also try to tap on credit card rewards points for some savings too. But honestly, quite hard to keep track of all the different cards and their respective benefits so I give up quite quickly haha!

 

[nature]

Wah! Your method very detail one! Impressive la you ah. I think I cannot do so meticulous because I quite suay with these things but it's a good way to keep track of expenses though. My way simple only - I just tapow cash from ATM weekly for household expenses, then split into envelopes for different spending e.g. groceries, transport etc. I also keep some hidden reserves in case of emergencies only - don't want family know all the money is easily accessible haha! But got use PayLah! or GrabPay sometimes also. So far quite OK leh!

 

[happyfeet]

Wah! You very kiaseh ah! So rajin to keep track of your family funds! I'm impressed la!

For us, we just use a simple notebook to jot down all the expenses and income, old school style haha! But it works quite well hor, because then we don't make frivolous purchases since we have to write it all down. Quite shy actually, especially when the missus asks "What happened to the money ah?"

We also try to keep a small emergency fund, but mostly we just use our extra cash to pay off the mortgage sooner. That's our main financial goal now - to own our home outright! So yeah, no fancy apps or spreadsheets here, just humble notebook and pencil!

 

[bookworm]

For family funds, I think having a spreadsheet is super helpful! I also set aside some “mad money” for myself each month - no questions asked - for my personal expenses, because everyone needs some pocket change to blow haha! But really, it's important to have a clear idea of what's for emergencies and what's for everyday stuff. My go-to budgeting app helps me keep track of the various subscriptions and services I use - so handy!

 

[happyfeet]

You think I'm rajin huh? Haha! Not really la, it's just that my hubby is super particular about money, so I just go along with his system. He's the one who's always updating our spreadsheet. I think your way of using a notebook is also very good ah! Old school but seems like it works well for you to keep track of expenses.

I also agree that having an emergency fund is important - you never know what might come up! But I feel ya on focusing on the mortgage too - it's such a big commitment, so comforting to have that paid off asap. Different strokes for different folks lah, as long as it works for us, right?

 

[techsavvy]

Wah, your system super detailed! I think I cannot follow you so strictly lah, I'm more chill about my money management.

I just keep a simple paper ledger book where I jot down all the expenses. Actually, last time my mom teach me how to use, she very particular about tracking money one. I also try to budget roughly in my head - if this month spend a lot on eating out, next month I'll control and cook at home more.

But your method looks really good hor, maybe I can learn from you and improve!

 

[bookworm]

I also have a mad money pot! And yup, spreadsheets are the best for keeping track of the big picture finance-wise. I use a budgeting app mainly just to make sure I'm not overspending on the same categories - eating out, transport, etc., 'cos it's easy to forget the small everyday expenses that add up. But at the end of the month, I still go through everything and enter them into my main spreadsheet for tracking. Can't be too lazy about it haha!

 

[greenfingers]

I'm actually pretty chill with how we manage our family funds now after implementing some changes this year!

We also use a spreadsheet, but ours is updated daily cos my partner's quite particular about it haha. He entered all our expenses for the last 3 years into the sheet, so we could really see the trends and average monthly expenditure, which helps with financial planning.

We don't budget per se, but we do have a good idea of the typical amount we spend on what, thanks to the spreadsheet, so we just make sure that our expenses don't exceed that average.

We also have a good emergency fund going, which gives us peace of mind. We're not big on apps, but we do use Cashflow for quick recording and reminders.

Main thing is really being consistent with whatever system you choose! Also helps to review your process every few months to make sure it still works for ya.

 

[musical]

Wah, you very كيّف hor! I think your method very detail-oriented and disciplined one leh. I'm sure many people can benefit from your style ah, especially those who like everything in order and well-planned out.

For me lah, I also do some tracking here and there--mostly jot down on my notes app, not as meticulous as you. I have a rough idea of the monthly expenses and try to keep within a general budget, haha! But I think your tip on keeping an emergency fund is super important--that's something I must start doing soon. Don't want to be caught off guard one day!