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Where does all my money go???
Comments
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Spending diary is definitely the first thing to do. It is absolutely eye-opening. The next thing I'd do if the spending diary doesn't throw up any areas you could cut (tho' it probably will) is to think about monthly menu planning and look at cutting down your groceries bill. I can't see why that couldn't come down to 400 a month without you all feeling it too much. Even after I'd had my LBM and had stopped spending on bigger items, clothes, etc, a spending diary showed me the amount I fritter on little things....cups of coffee out, calling into a nice cafe for breakfast 2 or 3 times a month, magazines, chocolate bars, cans of coke, another lipstick (to add to all the other ones in my drawer.....) I try to take out my monthly spending money (which doesn't include packed lunches or petrol) in cash as it helps me keep track of what I've written down & what's left in my purse.2025's challenges: 1) To fill our 10 Savings Pots to their healthiest level ever
2) To read 100 books (46/100) 3) The Shrinking of Foxgloves 8.1kg/30kg
"Life can only be understood backwards but it must be lived forwards" (Soren Kirkegaard 1813-55)0 -
I did this about 7 years ago when I got my a new job, and moved etc. I had a computer and used some money software to put in amounts, what for and catagory. I managed after 2 months reduce my expenses by 10%. Also write a shopping list before you go to the supermarket and stick to it, plan your meals so if you see some promotion on food thats could do for 2+ meals that week and it works out cheaper than your alternative do it, I currently get a £3 value chicken and can make it last 3 meals for 3 people. Roast dinner 1 night, Chicken and pasta another and Fried Rice another . Check out the reduced sections each shopping trip to find your dinner that evening. If you get a particular brand of something, as a once off try a cheaper brand, you might find it tastes the same. Don't keep too much cash on you too. Stop using credit cards if you have them. It all helps thats erge to spend on a whimSurvey earnings total 2009 £417, 2010 £875, 2011 £5740
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Hi lifeinturmoil,
The spending diary is definately the way to go, but you must put absolutely every penny spent in it to see where the cash is going.
Good luckIf you've nothing decent to say, perhaps you shouldn't say anything.
£2 savings jar £300:D
Total credit card debts £1250:mad::mad::mad::mad::mad: - Will I ever learn!!0 -
Hi all,
Started the spending diary yesterday and already ive been made more aware of spending (thinking twice before buying a packet of crisps at work).
I have taken the credit card and debit card out of my purse and only plan of using the wages from my part time work for shopping. My main job pays me monthly but my part time evening job pays me weekly in a pay packet. I earn about £120 a week from my part time work so Ive decided that I WILL use this as my shopping money per week and not touch what goes in the bank. Any suprlus cash in my purse at the end of the week I will put into a sealed pot and maybe open just befpre Xmas.
I still need to meal plan but I just dont know where to start. Maybe an itinerary of cupboards/fridge/freezer would be a start.
I have enough diesel in the car to last me hopefully untill next monthly payday so I dont need to fill up (avoids me going to the garage and grabbing a chocci bar or chewing gum).
Anyway onwards and upwardsSealed Pot Challenge member #982
In 2012 I pledge to:- Save £1 a day, meal plan, be more organised, have NSDs, set myself a budget AND STICK TO IT, throw all loose change into Sealed Pot and not open it till 29th November.:money:0 -
Sounds all like a good plan.
As to meal planning, a list of all you have would be a good idea. Or just start thinking about the sort of meals you would normally have and seeing which have common ingredients. Or the old style board have hints and tips and I think a thread about meal plan ideas - here weekly thread Mealplans WB 2nd August . A lot of people try the grocery challenge over there August 2010 Grocery ChallengeA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Hi,
just wanted to say well done for starting the diary. Any time you feel your enthusiasm flagging come on here and we'll give you a friendly kick!
It's not like you have masses of debt, but the ones you have will be high APRs so they're worth getting rid of and then getting in the habit of saving up for things so you're ahead rather than behind.
Could your older kids get jobs over the holidays? I worked part time in a supermarket (one evening a week and Sundays) from after I did my GCSEs and full time in the holidays. I know there's not loads of work around at the minute but even if they did car washing for people or something they'd learn the value of money and be able to take on things like their mobiles and treats so you only pay the basics for them. Good habits now will pay dividends for the rest of their lives.
Right, other thing was you asked about meal planning. Davester had a good tip about chicken and I do the same. I buy big joints of meat when they're on offer or reduced. Defrost them when I want them (usually a weekend when I have time to cook). Then it's hot one day, cold the next, chopped up with veg and curry sauce the next, stir fry next day, maybe in a pie after that. Obviously you just cut off the cold cooked meat what you need it can only be reheated once.
You'll soon get in a few routines. In our house beef mince = spag bol on day 1, add chilli and kidney beans = chilli con carne with rice on day 2, anything left over served with baked pots the next day. Any roast joints dealt with as above - don't forget to bulk out with veg and beans (I always keep onions, peppers and mushrooms in cos they're quick to stir fry and good with curry or Chinese style or pies). Spinach and chickpeas bulk out curry well as does cauliflower.
Try Good Food's website. You can put in the ingredients you have and they'll suggest recipes to match. If you're new to cooking from scratch then Jamie Oliver's Ministry of Food is v good. Good luck and PM me if you need recipes or more ideas.I'm a qualified accountant but please make sure you get expert advice as any opinion is made in a private capacity.
"A goal without a plan is just a wish" Antoine de Saint-Exupery
Mortgage overpay 2012: £10,815; 2013: £27,562
Mortgage start £264k, now £232k0 -
My children were good and used to eat anything, but now my daughter has started being very fussy. She wont eat anything with tomatoes in as she says it tastes funny!!! (Only started saying this since shes had her braces fitted so maybe the tomato reacts with the metal on the braces?!?)
We have a chicken factory near to where I live so I bought some breaded chicken for 20p a bag!!! Chicken breasts 8 in a bag for £3.99 so ive filled the freezer.
Will check out the OS board and look at the meal plans.
Thank you xSealed Pot Challenge member #982
In 2012 I pledge to:- Save £1 a day, meal plan, be more organised, have NSDs, set myself a budget AND STICK TO IT, throw all loose change into Sealed Pot and not open it till 29th November.:money:0 -
For F&F offers what % do you normally offer?
I kind of figured that the wescott debt of £555.42 could be paid off this month if they accepted say 45% (Its a long shot but can only try)
That way my missing money could go towards something and if ive not got the money I cant spend it. Hummmmm
Sealed Pot Challenge member #982
In 2012 I pledge to:- Save £1 a day, meal plan, be more organised, have NSDs, set myself a budget AND STICK TO IT, throw all loose change into Sealed Pot and not open it till 29th November.:money:0 -
If its with westcott then try starting at 30%, that way you can potentially work up to 45%. Have you got a template letter? If not have a look on the national debtline factsheet - http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offersA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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Quick question.......do you sign it or just type my name?Sealed Pot Challenge member #982
In 2012 I pledge to:- Save £1 a day, meal plan, be more organised, have NSDs, set myself a budget AND STICK TO IT, throw all loose change into Sealed Pot and not open it till 29th November.:money:0
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