Do you keep a spending diary?

Elmo1985

ive got a spending spreadsheet but updating it has falling over the last few months!!! I need to get back on top of it, it helps tremendously.

yesterday i withdrew £20.00 to cover busfair and lunch and by the time i nipped into the supermarket for a sandwich i had pretty much spent the lot on complete crap that i didnt need.

moral of the story and note to myself - dont use the cashpoint!!!

caledonian_princess

KPR11 wrote: »

Had a spreadsheet, found it a bit too much work as I wanted certain things automatically updated etc then discovered the joys of MS Money! Can not recommend it enough! I tend to update on a daily basis, gives me warning on things - when I am under a certain balance, budget is approaching the limit etc!

Most banks allow you to download statements in a format compatible with MS Money so just a job of importing and categorising!

I agree - it's fab and free now that they've stopped supporting it. I love that cash flow graph, I look at all my day to day accounts combined and can see there and then my debt going down.

Souk08

I did a spending diary last year on papaer and wrote down EVERTHING for about 9 months. I already use Martins spreadsheet to work out what bills are coming off so this was just to track my spendy money (whats left after bills). I also keep my food money in a seperate purse and keep all my food receipts in there for totting up daily and this works for me!

elfen

Mine's on a document on my computer, I can see where most of my money goes (spending it on crap) so that needs to change

BOGOF_Queen

I dont do a spending diary - I allow myself £10 per week for odds and sods but hardly ever take it out of the bank - I always take lunch to work so dont really have a need to spend. Ive become obsessed with my spreadsheet and I get panicky about it being lost on my computer so Ive sent one to work as well, just in case!!

What I have done just in case my computer dies in me is keep a copy in my draft emails (gmail account) and update it every week or so so that I can access a reasonably up to date version should anything happen to this laptop. Also if I am away from home, I can access the spreadsheet from any computer if I want to, updateit and then save it back in my draft emails.

rictus123

I used to but I really don't have hardly any outgoings except my debt so once debt is almost gone I might try out ms money. Every penny until then is spoken for. When I started one months ago I couldn't believe how easy it added up.

Odette

Im DF (but i just hang around!) and I still keep a meticulous spending diary. I think its so important. I have recently added a 'savings forcast' to my big savings spreadsheet too which helps me calculate what I can achieve with my savings and is very motivational

timefortea

Elmo1985 wrote: »

yesterday i withdrew £20.00 to cover busfair and lunch and by the time i nipped into the supermarket for a sandwich i had pretty much spent the lot on complete crap that i didnt need.

moral of the story and note to myself - dont use the cashpoint!!!

Does the bus company offer a card you can put money on and swipe when you get on the bus? I've got one and it's brilliant, I never need to have change on me so I don't get loads of money out and waste it 'breaking' a tenner for the bus!

david_hellier

Yes, using a spending diary prevents overspend. hawkish attention to exactly how much is available to spend is essential.

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 (a spending diary) 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 (by SO not DD), never the minimum.

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

canidothis

:j:jIm so chuffed, 3 weeks ago I created a spreadsheet for my 16 year old Daughters income and outgoings, she only works part time as a waitress but has many wishes-driving lessons, glastonbury, clothes and makeup!:(

I thought it would be an uphill battle to get her using the spreadsheet but this morning (after being paid last night) I found her on the laptop using the spreadsheet, inputting her totals and working out how much to put into each 'savings pot' and then off she trotted and put the money in her jars - I only hope she can continue in this way and not end up like her mother