Here is what my current budget looks like:
I’ve color-coded the entire thing so that you can see which account each expense will come from. I use BofA to pay bills and ING for regular expenses (because there are no overdraft fees).
In total I have 4 different accounts that I regularly use.
Account #1 – Bofa: Bill paying account (color coded pink in my budget). I put in here the MAXIMUM I need to pay for each bills. So if water ranges from $25-40, I put in $40 every month. If the cell phone ranges from $50-65, I put in $65. I also canceled my cable TV, found cheaper internet and lowered changes on my cell phone to save me some money here. After all my bills go through I transfer the remaining money onto my credit card.
Account #2 – ING Checking: Every-day expenses (color-coded purple in budget). Food. Gas. Gifts. Clothes. Entertainment. This account only pays for all non-bills every month. Toilet paper. Grocery shopping. Gas to get to work. Oil changes. I get paid twice a week, so I get $277 for every-day expenses every two weeks.
Account #3 – ING Savings: Emergency fund. (color coded orange in the budget) I have deposited $100 per month in to this account to fund my Emergency fund. Since starting it I’ve had to use my E-fund twice to pay for car related expenses.
Account #4 – ING Savings: Yearly savings (color coded green in the budget) I added up all the expenses that I have reoccurring every year: car registration, Christmas, haircuts (I only get this done twice a year, if that!), insurance, vacations, etc. Then totaled them and divided by 12. In 2009 I paid $140/month to this account. Now I pay $235 per month towards my yearly expenses. I have an excel sheet that I use to keep track of when I spend for this account.
So there you have it! My budget for 2011!