Making savings before it's too late

tori.k wrote: »

I'm also going back to a full inventory, I did it for a year a few years back when doing the 4k a year challenge now there is really only DH&I at home mostly ( I do still have the youngest doing the hotel thing at the mo) I need an updated list as I found my store is out of kilter, as I tend to buy non perishables for the year when on offer and buy them off myself when needed.

Thanks for this! Years ago when i used to smoke i would buy my ciggies on holiday for something like £1 a pack, every time i needed a pack i would "buy" a pack off myself, putting £2.50 in a tin, paid off my credit card by doing that, never thought about buying your groceries off yourself for the proper price....mind you it would probably mean i couldnt afford to eat, lolol!

trailingspouse wrote: »

How does that work? It sort of sounds like you're buying them twice??

It's just a way of recouping the money for the stuff I bulk buy and a little extra so I have the funds available if a good deal crops up, it's something I started when I was trying to get ahead of myself, judging by the amount of toothpaste we still have I got a bit to far ahead
So I will keep a record this year to know approximately how much I need going forward.
It just helps me budget for the year a little easier. I'm one of those weird people that can say to the pound how much our household cost to run each year

I would like to join in. I don`t have any debts and pay bills as soon as they arrive but I do use my `invisible credit card when I order online, it is safer for transactions. Then I have, most months, to withdraw from savings accounts to pay it off. Smile sent me the full years summary last week and I nearly fainted in horror at how much I had spent. I can`t be doing this, my pension and savings have to last my whole life and provide care if needed

I am a great fan of m/s money, its a wonderful simple programme for tracking money and giving warning of bills. The only account I don`t have on it is my cc account and I don`t see the continuous drain, drip drip. That will have to change and as soon as christmas is over and I have paid my bill in full, then I will start to input each and everything I get on my cc. This will give me clarity going forward. I know what bills to expect, withdrawals from my current account, I input them into money and so far, up to the end of march

I already cook from scratch, grow lots on my allotment etc Crafts have been my drain, I cannot resist good fibre for spinning or a new sharp gouge for carving. I have so much stash, enough for my lifetime. I think there is a psychological element in spending for me, a kind of release, not least is seeing the delivery people,days can go by in winter, when I don`t see a soul. That will be remedied as soon as I find a property to buy, I have a designated area not far away and I need to save for the move too

I don`t have sky and no contract for mobile phone or netflix or anything similar. I cancelled my radio times sub, rarely read it anyway. I don`t do car boots or sell stuff, I give it all to the hospice shop and believe me, I have downsized the equivalent of a small house in the past three years. Finished now and just wondering how the local singles will cope with a +6% council tax bill and for a few of us +6% on the electricity bill. Some won`t cope, my friend on a fixed income, she already has very little light on in the evenings

This is a good topic. I always, in the distant past, used to have these moments when I did a re-think and it made me pull the excesses in, to survive and be comfortable in my older age because, believe me, old age comes to all of us, if we are lucky

ps, I have been full silver since 40, love my hair colour and could not care a toss about wanting to look a few years younger

I have also kept a fairly accurate record of spending this year and have set a target to reduce overall expenditure by 10%. With costs going up too this % of saving is doable but will need me to re-think each category of spending.

The first spending under my spotlight is “eating out” . When I see what I have spent in 12 months it is shocking particularly when there are just a handful of truly memorable meals that represent a good experience and worthwhile use of money. The majority were mediocre and/or over priced.

A big mistake OH and me make is going out for a walk or shopping etc too close to lunch time and we end up stopping for a quick sandwich. These are rarely good quality or a good experience and the £15 that this often ends up costing soon adds up over a year.

Is this going to be an ongoing thread as it seems there are a few of us doing something similar?

I don't colour my hair at all I used to be blonde but after chemo and losing it when it grew back in it was a lot darker (more grey now though ) and I was worried about putting anything chemical on my head in case my hair started to drop out again

I don't own a tumble dryer ,never have always line dried stuff.

I have a pretty good deal with Virgin,that is the basic package but it gives me broad band and phone, and I have been with them since before when it was blueyonder.They are pretty good and will give you a loyalty bonus which drops the price quite a bit.

I do cook from scratch and don't do take aways at all.I can cook better for half the price and being retired I have the time to do it as well.I batch cook quite a bit and my freezer is the most used gadget in my house
Use my credit card as a debit card and get M&S vouchers every three months.I always pay the balance before its due.

I allow myself a budget of £60.00 per month for food and often have cash left over I only pay cash for food and the cash is in a seperate purse so I ow exactly what I have spent per month write down my expenses

My 'treats' are my history club which is £30 every 6 weeks we work on school holiday breaks so we don't have it every week.

My quiz night once a week Its £2.00 but for that we have the quiz and a meal at half time (jacket spud ,spag bol,sausage and chips etc) so well worth it so I have a night off from cooking and a night out inclusive for £2.00.

I have a Dobbies card which costs me £10.00 per year but I get two hot drinks per month, and two decent cups of coffee at £2.95 per cup means I get 24 hot coffees for £10.00 over the year instead of paying £68.00 odd, great really as our U3A coffee morning meetings are held in Dobbies
I utilise the Y/S and keep an eye out for any bargains Only buy underwear with my M&S vouchers and rarely buy clothes as I will never wear out the ones I have

I have to have my hair trimmed every six weeks as it grows very quickly but I budget for that and it costs me £16.00 including the tip.I don't smoke and rarely drink (I drive still) I suppose my petrol costs me around £40.00 per month but I am just as happy to get a bus as I have a free pass.

If I go to the cinema I will split a ticket with my friend as I have a cinemas exhibitors ticket as I am mobility disabled and I can get two tickets for the price of one. I think I have every loyalty card available yet I am loyal to no one shop and will happily use any available voucher,free offers that are going .

My grandsons and I will go blackberrying in season and these I freeze to use throughout the year I will swap a cake with my neighbours for windfall apples from their tree.

I do spend £15.00 on my U3A subs per year but its such good value and the social aspect is brilliant

I think having gone through my accounts as I do towards the end of the month I don't think I can pare anything else down.

But to me I live well and eat healthily and have enough to have two holiday a year with what I manage to save by careful shopping during the year

This month I have only spent £36 odd on food as I shall be away from tomorrow until the new Year, and I have been eating from my freezer.So I will have just under £24 to go into my holiday account for next years holiday

Budgeting is all about what you want as opposed to what you need,not always the same thing i find. I want a nice holiday next year with my family I don't need an expensive meal out or a designer handbag
Different strokes for different folks I guess

Cheers Chums

JackieO xx