How the hell do I budget :(?

miss_missy

im sorry cant really help with controlling spend that has to really come from you, you have to decide not to spend and be careful try not to wait until you have no choice because you have got huge debts
you have to set your bugdget and stick to and just come on here and read about how people are battling to get out of debt see if that helps.

just remember alot of us here were like you i know we were we spent and didnt think about it and kept on buying if we wanted we saw a new laptop we got it, new phones and the money i must have wasted in ikea and shops like that over the years i hate to think

nobody here can stop you spending unfortunately theres no magic spell (wish there was) its hard to not just get what you want but i have to say now if we want something we save for it i feel much happier when i buy it and sometimes we save and then decide we dont really need it

however there are lots of people here that will help you try and make budget that youo hopeful can stick too

be strong and just think if you dont overspend and try and save you should never hopefully be in a position where you can pay for things that you really want and need.

WASHER

I don't think you will be entitled to a discount on the council tax if you have another person (lodger) living with you, it is a single persons discount.

As regards to cooking from scratch, you can do this easily, by freezing lots of your homecooked produce, you can freeze unused veg for example, some people I know even freeze herbs, have a look at the Old Style board, the ladies would help you if you post on that board.

You have a very good surplus, make sure you save some of it for a rainy day, set up an ISA and make sure you set up a standing order to pay a little something into it once you are paid monthly.

Budgeting is vital, you need to think before you purchase anything, do I really need it, really need it, if no, then don't buy it.

You said your friends manage very well on £19K a year, but do you really know their circumstances, many people live off credit, and appear to be managing ok, but not for long, as it tends to catch up with you and bite you on the bum! I know, I've been there! Don't compare yourself to others and there lifestyle, you can sleep easier at night knowing you have no debt, can they?

scottishblondie

Hi there I've found that a good way to control my spending is to control how much money I have access to. Something like a regular saver (or any other account for that matter) that you put a set amount into each month limits what is easily available to you to spend.

For example, on the first day of every month (i.e. pretty much right after I get paid) a standing order goes out of my account to a regular saver which I cannot withdraw money from (without penalty) and another to an easy access account (for emergencies and one off purchases). I try to keep only enough money in my current account to cover my bills and spending money for the month. Making a budget and enforcing it in this manner has really cut down on the amount of money I manage to "waste" each month!

Horace

Make a list of what you need when you go shopping and not what your eyes think you need when you are in the supermarket. Try growing your own herbs or buy dried ones from Lidl or Aldi where they are cheaper.

You could put your surplus money into a tax free ISA - from the next financial year (6 April 2010?) you will be able to put £5100 in each year tax free.

Keeping a spending diary will help too.

vaporate

What exactly is the problem? lol Because I see none. No debt ect

You have it easy as far as I, and any normal person, is concerned.

Intergalactic_Floozie

GAWD, I wish I had £657 per month leftover!!! I don't even have that left to pay for petrol and shopping.

Oh well, enough of the sob story from me.

What helped me was knowing exactly what I had coming in, then deducted what was going out, putting aside money for "stuff I can't live without" (groceries, petrol, bus fare, kids activities). The figure that's left I class as "everything else" - so that'd be clothes, socialising, luxuries, treats etc..

And just write down what you're spending and keep an eye on the running total.

Give yourself an 'allowance' or 'pocket money' and spend that on whatever you like without feeling guilty. Make sure you put something away for emergencies though and then you wont have to resort to your credit card.

WASHER

vaporate wrote: »

What exactly is the problem? lol Because I see none. No debt ect



You have it easy as far as I, and any normal person, is concerned.

Budgeting is the OPs problem, and is here for advice on that - perfectly acceptable advice to be seeking.

What do you mean op has it easy? Easy because they are not in debt? thats because the op has taken steps to avoid debts in the past but need advice on budgeting to avoid getting into the debt trap in the future, do you need advice? You can start a new thread if you like, I'm sure we will be able to help you.

vaporate

WASHER wrote: »

Budgeting is the OPs problem, and is here for advice on that - perfectly acceptable advice to be seeking.

What do you mean op has it easy? Easy because they are not in debt? thats because the op has taken steps to avoid debts in the past but need advice on budgeting to avoid getting into the debt trap in the future, do you need advice? You can start a new thread if you like, I'm sure we will be able to help you.

Nope, need no advice. Budgeting is hardly rocket science. Debt wise, no brainer as he has a high income, or she.

jojo90_2

Hi,

Thanks for some brilliant advice.

As for why I'm here.. yes I am fortunate to have +£657 after base expenses. I've had my fair share of debt in the past (having funded my own way since I was 16 including 2 university degrees). Reason I'm here is I am genuinely concerned that all I get in seems to go out and I feel it is important to get a handle on things now before I f*** up one day.

OK so steps taken today:
Spoke to O2 and will be on the correct tariff going forward - £15 p.c.m saving and a £100ish credit coming my way for the last 7 months .

Submitted an actual meter reading - £10 p.c.m saving. Will also switch to eon giving a further £20 saving p.c.m. Additionally electricity is stupidly high.. probably becuase I have 4 computers running all the time (for matched betting). I'm going to be more careful and switch off when not in use... its only 10 mins to set up my infrastructure again.

I realised council tax is actually OK and will rise when I get a lodger - my ex was a PhD student so her bit didn't count.

Food!!! Going to only take £25 cash and no cards with me to the supermarket each week so I will HAVE to make ends meet there.

so erm thats about £70 saved already. Sorting out the £80 p.c.m interest is going to be a priority for the month so hopefully that will be an extra £150 in my pocket .

Clothes.. mmmmmm will try my best .

SilverBird_2

jojo90: Well done on starting to review your expenditure. You have surplus cash each month so make the most of this and don't squander it. Put money aside for a "rainy day" where you can't easily access it. Only buy what you need, not what you want. Keep a spending diary - it can be very enlightening!