stretching the salary

[Deleted User] · 14 January 2018 at 9:19AM

Hi all

January is the month when a lot of us set down our plans for the year and renew our determination to get control of our finances. I started a spending diary for the umpteenth time and so far have stuck to it.

The outcome is that I have more money left mid month than usual. So I'm promoted to wonder if I could make my cash last a bit longer.

All bills are paid by this day in the month, I have a separate budget for food and enough petrol in my car. I get paid on the 25th but I'm going to try not to touch it til the 1st.
Anyone else do this?

ve got the ambitious but realistic planof making my salary last a few more

[Deleted User] · 14 January 2018 at 9:20AM

*prompted*

doingitanyway · 14 January 2018 at 9:46AM

I like this idea. It could be a good way to save. Eventually it might be possible to get to a whole month pocketed. Thanks for this and good luck

[Deleted User] · 14 January 2018 at 10:12AM

Just to add - the bills going out before the 1st will still be paid. I transfer a lump sum on payday to my bills account with Natwest.

datlex · 14 January 2018 at 11:33AM

doingitanyway wrote: »

I like this idea. It could be a good way to save. Eventually it might be possible to get to a whole month pocketed. Thanks for this and good luck

If you look at the YNAB it suggests building up to just that so that we are using money that is a month old where possible for bills.

Missu wrote: »

Just to add - the bills going out before the 1st will still be paid. I transfer a lump sum on payday to my bills account with Natwest.

Having separate bills accounts was a big factor in getting me out of debt. It meant I could see what I really had to spend and not forget about certain bills.

[Deleted User] · 14 January 2018 at 4:10PM

I can see this working if you leave the salary for a week longer over several months

doingitanyway · 14 January 2018 at 4:22PM

datlex wrote: »

Having separate bills accounts was a big factor in getting me out of debt. It meant I could see what I really had to spend and not forget about certain bills.

This is something I am planning on doing. I have never had this before and as I get to the end of my debt I want to have a real grasp on future monies to ensure I stay out of debt.

-taff · 14 January 2018 at 5:20PM

Missu wrote: »

I can see this working if you leave the salary for a week longer over several months

It's not so much leaving it longer, its having a proper budget where you know everything is going, so you budget according to the bills you have monthly and yearly and 6 monthly.
Split all the yearly six monthly into months and budget for those bills each week or month depending on when you're paid. Any leftover from weekly shops or monthly shops of bills such as groceries etc, goes to next months bills etc etc.

Before long, you know exactly howmuch everything costs, and you know where you can afford to go crazy or not, and you'rliving according to your means and not depriving yoursel of any necessary items.

-taff · 14 January 2018 at 5:21PM

I need a new keyboard obviously, but not for a while

[Deleted User] · 14 January 2018 at 8:25PM

-taff I use this budgeting model already. For me it is about stretching the money that's left over after all bills and other expenses are deducted.

stretching the salary

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free