Help with saving budgets

Redrose

Hi all,

I am trying to set up a simple spending/saving plan for day to day spending. i have seen the budget plan on here,its great but would like a one just for every day spending. Just to see how much i really waste on rubbish, and where i can cut down.

I need to start saving some money, and reading some of the help and tips on here, and i already have, like not going into Tesco's just for a pint of milk and coming home with things i don;t really need and using the food that i have in, before i go and do a big shop.

I was just wondering what ways everyone as used, either by excel or writing down in a book, and how do you put your savings away, ie, in a cash box, or in the bank.

I know that i will have to do this for a couple of months too see where savings can be made.

So if anyone can help with a copy of thier plans, i would be most greatful (cos i am rubbish with excel)

Hope you all have a great day.

Di

Chell

Why not start by doing a spending diary that way you can see what you do actually spend.

tr3mor

My girlfriend and I have a joint account just for shopping and bills. We each pay £30 a week into it, so we know that's all the essential things covered from our normal accounts. This easily covers - Groceries/Cleaning stuff, Electric Bill, Phone Bill, Water Bill, Internet, Diesel for the car, and a few pub meals every now and then.

So we know, if we're spending much on top of this it's gonna be something we don't really need!

If you're not a couple, it could probably work the same way, I think Martin refers to it as "piggybanking".

sarah0404

You could try looking over your old bank statements to see what you have been spending lately. I did that recently. I noted down all the money spent on food, all the cash taken out at the cash machine etc. I was able to see where I was wasting money. 5 trips to the supermarket in one week for instance!!! It gave me a good idea of what I could realistically set my budgets at. I now have a £50 a week food budget and I have a £40 a month misc. budget which is for anything else, like magazines, take aways, CDs etc. It's not really a lot. I have to be very careful with my spending now. I also have a little book where I write everything down. I keep a running total so I can see what I've spent and how much I have left. I'm sure i could do a similar thing on the computer, but I'm not that good with computers. The book is portable too, so it can go everywhere with me.

Roz_V

Make sure you get a receipt for everything!! I thought I kept all my receipts but then worked out that in one week I spent nearly £30 just "nipping to the shop" for something, not getting a receipt and therefore not including it when I worked out my spending each week!!

I allow myself £50 a month for "misc" which includes my personal toiletries (deoderant, make up etc though - toothpaste etc that I share with OH comes under another category), 1 magazine a month (cheap subscription) and anything else I "treat" myself to. This £50 also covers going out drinking!!

My rent includes all bills, council tax etc except for my phone line rental, my internet, and my TV licence. These are all "set" bills (pay the same each month by Direct Debit) and so I transfer the right amount into my second account from which they go out on payday so I don't even notice the money is missing.

Hope this helps in some way!