I put all of the big monthly bills on to a airline-points card, which also breaks down spending into bill categories. Every three or four months, I go through and check to make sure the amounts aren't increasing -- if they are, I reduce them (often by unsubscribing to stuff I'm not using anymore) or groan and increase my budget.
Once I have total income and total bills in hand, I can reasonably divide the rest into savings goals (yay, FIRE... or at least not dying before retirement) and fun money.
I spend my fun money through a separate credit card (Apple card honestly does great for this). If I overspend my allowance, I look through how I spent money and adjust my habits.
When I get a windfall (taxes back, indie work, etc.), if I overspent my allowance that gets paid back first. Then 50/50 fun money and long-term savings.
The biggest thing for me was always trying to reduce monthly bills. I'm disabled, and suddenly being unable to work for a few months is something that happens. Living in a shared house, and in a state with PMLA, has helped, but aiming for a 50% savings rate has saved me more than once.
Comments
I put all of the big monthly bills on to a airline-points card, which also breaks down spending into bill categories. Every three or four months, I go through and check to make sure the amounts aren't increasing -- if they are, I reduce them (often by unsubscribing to stuff I'm not using anymore) or groan and increase my budget.
Once I have total income and total bills in hand, I can reasonably divide the rest into savings goals (yay, FIRE... or at least not dying before retirement) and fun money.
I spend my fun money through a separate credit card (Apple card honestly does great for this). If I overspend my allowance, I look through how I spent money and adjust my habits.
When I get a windfall (taxes back, indie work, etc.), if I overspent my allowance that gets paid back first. Then 50/50 fun money and long-term savings.
The biggest thing for me was always trying to reduce monthly bills. I'm disabled, and suddenly being unable to work for a few months is something that happens. Living in a shared house, and in a state with PMLA, has helped, but aiming for a 50% savings rate has saved me more than once.