Budgets

2011 is just around the corner. By summer we want to have enough in savings to build on a our 'Faheds Pension' piece of land, ready to sell and hopefully repeat. Things are going to be tight. One son is still at college and the other is self unemployed at the moment. There was no work at the boat yard but he has fallen out of the love with the idea of working with hands but not brain. He is looking for temp work to keep him going but hopes to get into uni in September of 2011 or 2012 if he cant talk them into it without an access course. In short no contributions to housekeeping from either of them for a while.

I have two current accounts but we only really use one. My plan is to move all of the directs debits and standing orders to the other account. There will then be a monthly transfer to the account to cover those bills. All sensible for now.

Secondly I am finally going to admit that I know the car needs taxing, the kitchen needs tiling, Christmas is going to happen in December and actually set money aside for these events. No more trying to finance it all in the month it occurs and spending money meant for other things.

Thirdly. A friend of mine at work was saying he and his wife stick to their food budget by drawing out the cash and when its gone its gone. I know lots of people do this but I have been a bit of a snob about it. I don't need jars of £10 notes to manage my money. Well maybe I don't need jars but lets give it a go. This is a friend and colleague on approximately my salary. Very good with money (ten years younger than me and he has investments worth more than the value of his mortgage - I would pay off so maybe we don't have so much in common)so perhaps for once I will listen and learn.

Fourth and last. Pocket money for each of us. When its gone its gone.

I have run through my master plan with Fahed as obviously this needs buy in to work. He approves. He wont complain (yeah, I'm sure) and he even came up with some stats to me to work with.I have even budgetted for the weekly lottery ticket.

I want to feel in control. I think this could just do it.