New to Budgeting.

zcrat41

Be careful with the book buying.

Its a cheap hobby.....or so I thought until I started looking for a house to buy.

It has to have a library to house all mu books - looking at houses approx 20k more than I would have done if I didn't have any books!!!

Angel_Jenny

olly300 wrote: »

There is an issue with having so many books even if you can afford it - space and the fact they are very heavy to move.

I presume you want to move out of your parents home at some point? Even if they are happy for you to leave the books at their house what's the point?

I suggest you actually go through the books you have and be very honest with yourself and see which ones you haven't read, touched or looked at in years. Then sell them off.

I am ruthless with paperback books - I read them and then they are straight to the charity shop.

I will be living here for the foreseeable future as I have responsibilities.

I am keeping my Victorian and other vintage books until I die! I don't have more than about 100 any way and many of them are quite small. Everyone needs a hobby!

Angel_Jenny

zcrat41 wrote: »

Be careful with the book buying.

Its a cheap hobby.....or so I thought until I started looking for a house to buy.

It has to have a library to house all mu books - looking at houses approx 20k more than I would have done if I didn't have any books!!!

I would sooner sell all my furniture and everything I own rather than get rid of my books!

I would love a library! Leather desk, wooden shelves and one of those little ladders.

When I was on a lower paid job I had weeks when I ended up buying a book and then going without lunch and having to walk to and from work every day rather than getting the bus.

david_hellier

The real function of a budget is to prevent overspend. The encouragement of overspending by the banks is the main problem with the economy, and they will look for ways to perpetuate this, for example by the introduction of contactless cards. The complete elimination of paper money is their long term aim so we as consumers must pay hawkish attention to exactly how much is available to spend.

One of the best ways to tackle this is to use the weekly subtraction method. Firstly work out all your income. If your income is monthly then divide this by 4.33, this will give you your weekly income. Note it.

Then work out your monthly essential outgoings, but exclude food (more later). Divide this by 4.33 to give you your weekly out goings. Note it.

Take the outgoing figure from the incoming figure. This is the weekly Start amount available to spend on anything else including food.

Get any little notebook and write the Start figure in it at the start of the week. As you spend or withdraw cash deduct it as you go. Try to get to the end of the week with some left in it and carry this forward to the next week and add it to the new Start figure.

Using this method ensures you do not overspend. I suggest you include food in the Start figure because the amount we spend on it can vary widely. My personal experience shows allowing a specific amount for food is impractical, however, it's up to you.

This method also requires you to effectively ignore your bank balance, because it is meaningless on a day to day basis. What you should see is it increasing steadily.

Also remember to include any od charges, interest or other fees in the essential outgoing list, otherwise overspending will continue.

Other top tips: stop using credit cards for further spending and make FIXED repayments, never the minimum.

I have an excel spreadsheet which can work out the Start figure if you PM me with an email address.

Wishing you all a happy new, prosperous, debt free New Year.

Dave

zcrat41

"would love a library! Leather desk, wooden shelves and one of those little ladders"

I am so with you on this one!! I feel the need to take up smoking cigars when I eventually get one too! On a more realistic note I think I'll end up with a shelved room but hey, I can dream!!!