Brand spanking new to money saving and to my MFW diary

StuartGMC

PP
You have my sympathies; these sorts of months hit us all!

Whilst you've noted the use of cash per week, if this still doesn't provide the Eureka moment of enlightenment on the expenditure then I would suggest you put everything on the credit card. That way you can see each and every item purchased so you'll see where it all goes. Of course, you'll need to pay off the card in full.

When we moved to offsetting we then switched to buying the groceries etc on the credit card which seemed very unnatural. However, it meant on average we were holding about £1500 offset each month every year so it was beneficial. It also makes it a bit easier to collate data on your spend too as you can pull the details off the account online and sort them in a spreadsheet.

I hope things move a little smoother now and best wishes to your OH on the job front.

Penny_pauper

Thanks StuartMGC
Might need to try doing a month of nothing but credit card spending as I have tried writing down everything I spend before but I forget after about the fourth day and lose track of the little things. We'll see how well the envelopes do this time around!
My OH is an admirably positive person and is seeing redundancy as a chance for a new challenge. If, and it's a big if the way we are going, we do get the finances sorted by December then it should give us a livable income whilst he tries to get another job. And when he does, all that extra money can go into the mortgage. Oh the amount of ridiculous shoes I will buy when we are mortgage free, I may have to build an extension to house them all!
PP

setmefree2

Hi PP,

I've been keeping a spending diary for the last 6 years. I keep it on a spread sheet. I can't tell you how much it has helped me take control of our money. I record everything I spend over £1. I have a spread sheet for cash and a spread sheet for my current a/c.(I have many others but that's another story LOL) I "do" my spread sheet most days. Once up and running it doesn't take long. I always get a receipt and this way I can keep track of what I've spent.

Did your computer not come with a basic spread sheet package? if not maybe you could try using some analysis paper like this:-
http://www.ryman.co.uk/Silvine-A4-Analysis-Book-Keeping-Ruled-Double-Entry-0385036010.asp

or maybe something like this

http://www.ryman.co.uk/Victor-BookKeeping-32-Pages-Journal-0385035303.asp

Best Wishes

SMF2

taka

I account for every penny! I ask for a receipt for everything in a shop, carry a pocket mod in my back pocket (I live in jeans 90% of the time ) for writing down stuff I don't get a receipt for and so I don't have 1001 easy to loose post-it scribbles in my pocket! I also have a spreadsheet (in open office (v similar to excel/word/powerpoint but free)) and use an old version of quicken too. I update them ~ once a week usually the weekend sometime and it only takes me a few minutes as long as I've written it down/got the receipt.

God I sound sad don't I! Obsessed ... me... :rotfl: We'll definitely gloss over how far into the future my budget spreadsheet covers... erm... its quite a while and has several different possibilities... :shhh:

Good luck, I hope your OH finds something soon.

Queen-Bee_2

Hello PP - for the last month I have been writing things down in a little cash book and logging them on a site called spending diary . com.

I've found it really helpful, as at the click of the button it'll turn out bespoke reports showing how your weekly or monthly expenditure divides up between things like groceries, social stuff, medical, prescriptions etc.

Am finding it very interesting to see how I am spending my money - and sobering how quickly it vanishes if I start drinking coffees out!!
QB

Penny_pauper

Hi Everyone,
Thanks so much for your advice! You're all so sorted! I'm a complete technophobe and that's why I've been avoiding spreadsheets as I don't understand them
To clarify I don't work in an office, so I only ever use a computer for internet searches and word documents!
Queen Bee, I went to your spending diary.com and I love it! So far the envelopes of economy as they are being called round here, have worked really well this week. Started with £125 for food, petrol, desiel (and when you consider they take up £70 at straight away) any nights out and we have ended the week with £35 left. I know this is only the first week of doing this but it did make us stop and go, 'Can't really take from next week or we'll have nothing in week 5.'
Am using the info from the envelopes to populate the spending diary as I think it will be really interesting (or perhaps scary, is a better word?) to see where it is all going.
PP

Penny_pauper

Well, the envelopes of economy seem to be keeping us 'roughly' on the right track. Have also been filling in my spending diary on line although I am probably guilty of missing out the £5 and under spends. Money seems to be disappearing because we weren't planning properly e.g. big things: the exhaust falling off and the small things: £10 taxi back from friends on a 'no spending' saturday night etc.
Even more positive than that, I paid off the car yesterday and saved us £480 by paying it early:j The £200 a month that went on the car will now be split as £100 savings and £100 unforseen spending during the month.
I think this way we'll be able to live off my wage alone but not be totally miserable!
Pp

setmefree2

Penny_pauper wrote: »

Even more positive than that, I paid off the car yesterday and saved us £480 by paying it early:j The £200 a month that went on the car will now be split as £100 savings and £100 unforseen spending during the month.
I think this way we'll be able to live off my wage alone but not be totally miserable!
Pp

well done on that :T:T

Penny_pauper

Good news:j
OH has a job interview tomorrow. Am excited about this as I didn't think there were even any jobs going in his sector so if it comes to nothing at least he'll have had the opportunity to get into the way of interviews. Seeing as the last one he did was nine years ago and he's feeling a little rusty!
PP

gallygirl

:T good luck to OH, and as you say the experience will be good anyway :T