My battle with budgeting - a thread to keep me motivated

dreamcatcher73

Thought I'd start this thread as a kick up the bottom to myself to make a strict budget and stick to it!
The last couple of weeks have been a financial nightmare for me, huge gas bill of £160 :eek:and BT bill of £75 have left me in a pickle and I've had no money for food shopping for 2 weeks!

Today I realised I had to sort out my finances and work out a way to keep my head above water - so I have, now I just need to stick to it!

I have sorted out my outgoings into weekly ones, monthly ones and "other" such as quartlerly bills, car expenses, birthdays and christmas.

My weekly income is £186 - weekly outgoings £115 leaving a surplus of £71.

My monthly income is £250 - monthly outgoings £165 leaving a surplus of £85

So, I have decided to put the surplus £85 a month away for the gas/BT bills and the car tax

The surplus from the weekly income will break down as follows
£30 pw for christmas/birthdays
£20 pw for emergencies - which will include car repairs

I have allowed myself £20pw pocket money and £60 pw for shopping, I know this sounds low for 4 of us but my eldest is 18 and hardly here for dinner and my youngest has school dinners, so usually has a light dinner and the middle child is 16 and a size 8 so doesn't eat much! I'm hoping this is feasible, time will tell, if not I'll have to adjust it.

Think I have everything covered, and will use this thread to keep track of my spending and see if the budget actually works!

Wish me luck!

gettingbetter

wishing you all the best dream

kas xx

Lightattheend

Good luck with the budget. Make sure you go shopping with a list and stick to it - I always spend more when I don't have one. Also I now resist BOGOF offers unless its for something I would use any way (same with all the special offers).

dreamcatcher73

Thanks Kas, it's really just starting to hit me that there are no credits cards, overdrafts to fall back on in the tough times, so all times will be tough now!

I have really lived a life based on borrowing and borrowing more when that ran out, being back to basics is a real eye opener.

I will be keeping notes on everything I spend to see what I'm spending on and if it's necessary and look upon this as a new start to my life and hopefully one that includes a bank account with some money in it!

dreamcatcher73

Yes Light, I have become a list freak now! My biggest downfall is the trips to the corner shop for a loaf of bread and end up spending £15!
I intend to do menus for the week and only buy what is needed for the week, not extras.

It will certainly be a challenge but one I look forward to succeeding in

dreamcatcher73

oh and just to add, I have listed some stuff on Ebay today as well, just a few books and unwanted clothes - anything to try and get a few extra pennies in

Holes_in_my_pocket

with Gas why not get a payment card and pay at Post office so not tempted to dip into it no sure if BT still do one

Pesonaly i use 2 accounts 1 for bills 1 for spending and a excell spread sheet to mange money works good for me

Lightattheend

I've just started using two accounts again as well (used to do it many years ago). I've actually got 2 Co-op Cashminder accounts and written in large letters on my cards which one is for bills and which for daily living!! Only just started so not working perfectly yet, but it will.

dreamcatcher73

That sounds a good idea Holes, didn't know you could do that. I shall investigate

I only have one bank account now, a co-op one and don't think I'll be able to get another one? I would love to have another account to put the surplus in, but it looks like it might have to be an under the matress one.. lol

dreamcatcher73

Lightattheend wrote: »

I've just started using two accounts again as well (used to do it many years ago). I've actually got 2 Co-op Cashminder accounts and written in large letters on my cards which one is for bills and which for daily living!! Only just started so not working perfectly yet, but it will.

can you have two cash minder accounts?? That would be ideal if I could

Lightattheend

Well I already had one and then spoke to a nice lady on the phone who took me through the paperwork and I ended up with a second account! I'm not BR yet so I don't know if that has any bearing on the matter.

Think I'm going to transfer my children's accounts to the Co-op (or maybe the Post Office) as well.