Seperate Budgets

matt4504

Hey,

Just wondering if this is a good or bad idea...

Have a set budget each week of £70 but set £30 of that aside for food shopping and put the £30 each week on to a re-loadable supermarket gift card? When it runs out it's gone for the week?

Thanks,

Matt :-)

QuirkyChemistry

Initially sounds like quite a good idea, especially if you are likely to spend the food money otherwise. My concern is what if you wanted to buy food elsewhere or do you do all your shopping in one supermarket? Is £30 one weeks food just for you? You could probably get that down by looking at the Oldstyle board for inspiration.

Oldernotwiser

£30 per week for food is a lot, even if you're working. Spending it all in one place won't help you save money by shopping around.

matt4504

Yeah after I posted this I did think prob less than £30 but yeah I pretty always go to the same supermarket. I'm not mega mega skint - just trying to save a bit

QuirkyChemistry

Instead of putting it on a card could you keep it in a separate wallet which you only took shopping with you i.e. you wouldn't take it to the pub where you would be tempted to spend it? At the end of each week you could put any left over in a jar or savings account to pay for xmas or end of year balls etc.

sparklymessygirl

QuirkyChemistry wrote: »

Instead of putting it on a card could you keep it in a separate wallet which you only took shopping with you .

I have just started doing this - I bought several see-through pencil cases (Asda or Tesco do them - about 30 - 35p each) and split my money for the month into categories and stuck a label on each e.g. petrol/parking, food/household and clothing/personal. It is a bit laborious but gives me the feeling of being in control and I can see at a glance how little money I have got left!

Sparkly

kr15snw

I was gonna say me and OH live off £40 a week shopping and we dont eat frugally!! (yes I cant spell!)

Bubbles_Blossom_Buttercup

sparklymessygirl wrote: »

I have just started doing this - I bought several see-through pencil cases (Asda or Tesco do them - about 30 - 35p each) and split my money for the month into categories and stuck a label on each e.g. petrol/parking, food/household and clothing/personal. It is a bit laborious but gives me the feeling of being in control and I can see at a glance how little money I have got left!

Sparkly

I do this too!
Apart from i use bank bags. When my student loan comes through i take out what i need to rent, bills, petrol, and put them in bags up until my next loan comes in. I budget probably more than i need for petrol but it i dont spend it on petrol i save it!!

:j

andyjb_3

£30 a week sounds about right if you include toiletries and laundry stuff in your shop.

I have to admit though that I do use the credit card, but in my defence I've stuck to budget almost every week (I have gone over once or twice where the multi-buy discounts come into effect, but I have seen a decrease on my bill for the following weeks), and I have a direct debit that pays off the card in full each month, so I benefit from the little bit of extra interest.

I deliberately lock my cards away though at most other times. My safe has been my wisest investment.