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Monthly Budgeting, are you doing it , which kind you use and what are your conclusions?

I am using zero sum budget, it was very detailed at the start now it is rather brief sketch but it helped me to realize where are my money actually going. Year of budgeting helped me to understand my spending and now i am thinking of going to automated budget, coz till now i was paying everything manually (to feel the spending ).

 

So what are you opinions in this matter guys/girls? 

Edited by Michal
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I have used an excel tracker started in 2014 which is set up for monthly use but now I just back fill every few months using bank statements to see where the money has gone. I like to break down things into percentage of total income, it helps visualise where the money is going better somehow.  

Direct debit and standing orders cover almost everything from bills, debt repayment, holiday fund, mortgage overpayment, saving, investing and retirement. This ensures obligations and the minimum I want to save is hit without much thought. Whatever is left is mine to waste as I see fit, normally on family activity. Have as complex a plan as you need, but keep it simple day to day. Money is not that important. 

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This is a really interesting question and I am looking forward to reading what other people do. I have to admit that I have never heard of the zero sum budget until just now. I read a good article on this online - it's a good idea. At the moment, my money comes in from a couple of sources and then goes out to pay all the bills. I don't really keep track as I know that my bills are covered. The only time that I really review spending is when I am spending too much! Maybe I need to be more savvy...........

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I just use a spreadsheet to record most of my expenditure. I'm a pretty frugal person who has my spending well under control so I don't feel the need to record everything item by item, I just record rough totals as a matter of good record keeping. 

Edited by vand

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Spreadsheet in exel is great, I like to have data to check our spending habits during the year. Going detailed in to every single item is pointless but general areas of spending are great. I am breaking some areas in budget all the time but coz it is ZSB i have to adjust other spending to stay in limit. I always stayed below my means but budgeting helped me to seal leaking spots ( like 80-120 quids per month), maybe not much but always a step closer to my financial goals. I got such areas in my Budget:

CHARITY 

SAVINGS

RENT

COUNCIL
UTILITIES
FOOD
DETERGENTS
TRANSPORT
STUFF FOR HOME
CLOTHES
UNEXPECTED
ENTERTAINMENT
LEARNING
PERSONAL ME
PERSONAL HER
WORK RELATED
Edited by Michal

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