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Day to Day budgeting - your tips please!

135

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  • rchddap1
    rchddap1 Posts: 5,926 Forumite
    Firstly I stick to the plastic. I'm one of those people who will spend money if it is in their pocket. A tenner here or there is easy to spend, but I am less tempted if I don't have that ten pound note in my pocket. If I have no cash I might not be bothered to wait to pay for that mars bar, or box of doughnuts.

    As far as change goes my partner and I use a money savings jar system. Any spare change, ie, 1ps, 2ps (up to 50ps) end up going in this jar in the cupboard. It means that we don't have a huge pile of coins jangling around in our pockets, and in a way we're saving money too. Some of the larger coins do get used by my partner for his lunches at work, but again, it means he doesn't need to keep withdrawing cash...and actually feels guilty when he does as he knows that there is plenty of change in the cupboard.

    Like others I also track my spending using Excel. At all times I know what is in my account, what is due to come out, where it is going etc... Anything I spend gets put on this spreadsheet so I know where I am. Because I have done this for so long I now have a mental picture of my finances. At the beginning of each month I take a good look at my spreadsheets. I look at what expenses I'm likely to have this month, and the next few, and then I glance at how much is left. If that remaining amount is small, or I have a big expense coming I mentally prepare myself for not spending.

    I try to keep my main back account at £0 balance at the end of the month. If it is more than that then I increase the amount I transfer into my savings account. If I keep looking at my spreadsheet and seeing that nasty minus sign, or zero again I automatically start to prepare myself for a hard month...even though I have probably saved a good amount that month.

    But these tricks, are my tricks. You will have to work out what works for you. I know that I have some money and that I could have a nice spending spree if I want, but I try and force myself to believe otherwise. This makes me think carefully before I actually buy anything.
    Baby Year 1: Oh dear...on the move

    Lily contracted Strep B Meningitis Dec 2006 :eek: Now seemingly a normal little monster. :beer:
    Love to my two angels that I will never forget.
  • Bargain_Rzl
    Bargain_Rzl Posts: 6,254 Forumite
    One way of saving money in the everyday budget is to convince yourself that you have less to begin with than you really do! When I first moved to London I was a temp on about £11k, which IIRC was a little over £200 per week, rent and bills was £300p/m, travel about £80p/m and I can't remember the exact budget for the rest.

    That sort of money doesn't go far, especially in London, but I made it work by being paid weekly but budgeting monthly, where 1month = 4weeks. So each month's budget, other than groceries and pocket money, was based on 4 weeks' salary. Then every third month when there were five paydays in the month, the extra was the luxuries budget. It felt like a bonus every 3 months, and worked very well for me.
    :)Operation Get in Shape :)
    MURPHY'S NO MORE PIES CLUB MEMBER #124
  • culpepper
    culpepper Posts: 4,076 Forumite
    I dont use any sort of program.
    I withdraw £50 on Saturday and do my food shop Sunday morning then anything left is what is available to spend until Saturday again.That includes kids pocket money and charity shop finds.I get £ 250 housekeeping a month so there is a safety valve of £50 in the bank and also £50 extra to put in the savings account each month which I dont count as housekeeping but OH puts it in my account as he is a spendaholic.
    The child benefit goes on kids clothes and educational resources(we homeschool 2 teens)including any courses they are studying and I dont include that in housekeeping either as it is not really relevant.
    Ive done it this way for years now and have never gone overdrawn.
    I use online banking to keep an eye on the accounts and we have a seperate account for bills which we pay into every month.
  • Mrs_Thrift
    Mrs_Thrift Posts: 387 Forumite
    Nix143 wrote:
    Hi guys this is all really inspiring stuff, thanks very much

    Next thing is on a day to day basis what little tricks do you use to stop yourself spending money? Or to monitor the money you spend?

    I vary wildly on how well I'm doing with budgeting, and on how I cope with it, but at the moment this is what I'm doing:

    For little things that I'd throw a quid or two away on like a chocolate bar at work, or a magazine, I just don't carry cash most of the time, unless it is something like a tenner that's specifically for petrol.

    And when it comes to stopping myself adding wee treats to the trolley or buying a "bargain", I try to remind myself what difference those few pounds could make - I ask myself if I really NEED another magazine / cheap T-shirt / whatever more than I WANT to have more money with which to overpay the mortgage, achieve mortgage-free living, and so on (we have a plan!)

    HTH
  • System
    System Posts: 178,077
    Photogenic Name Dropper First Post
    Community Admin
    i think i must be very fortunate. MrJudi puts £100 in my bank account on a Friday and i shop with it. :D
  • crana999
    crana999 Posts: 573 Forumite
    rchddap1 wrote:
    I try to keep my main back account at £0 balance at the end of the month. If it is more than that then I increase the amount I transfer into my savings account. If I keep looking at my spreadsheet and seeing that nasty minus sign, or zero again I automatically start to prepare myself for a hard month...even though I have probably saved a good amount that month.

    Anyone using this idea needs to be very careful about accidentall ygoing overdrawn and racking up interest or penalty charges.. I always keep a certain amount in my current account as a "buffer" so I won't go overdrawn..
  • skylight
    skylight Posts: 10,716
    First Post First Anniversary Combo Breaker Home Insurance Hacker!
    Forumite
    Anyone who's interested, if you go to Microsoft.com, you can download a 90 trial of Money BUT if you like it, you will need to buy the whole thing beofre the trial is up or you wil not be able to access all the stuff you have inputted and you'll have to do it again when bought! (thats my understanding anyway).

    And as for tips in slowing the spending, you may find (as I did) that just writing it all down somewhere and really **seeing** it, jolts you (I spent HOW MUCH on clothes again!!!)
  • moggins
    moggins Posts: 5,190
    Combo Breaker First Post
    Forumite
    Would the Money Standard be sufficient for home use? I can't really afford a superduper version but don't want to have wasted $30 if it's not going to be any use when I get it?
    Organised people are just too lazy to look for things

    F U Fund currently at £250
  • BrightonLad
    BrightonLad Posts: 240
    First Post First Anniversary Combo Breaker
    Forumite
    moggins wrote:
    Would the Money Standard be sufficient for home use? I can't really afford a superduper version but don't want to have wasted $30 if it's not going to be any use when I get it?

    hey moggins, it wouldn't be a waste of money! its a brilliant piece of very versatile software. Takes a little time to get used to, but once your up and running with it, its like riding a bicycle!
  • What benefits do Financial Suite give over the standard version? (which PC World currently has for £17.99)
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