my budgeting goal

Russellbc

Ok so I have been working full time for the past 3 months and I earn around £1300 a month.

I have no debts, phone contracts, gym memberships etc, i buy everything in cash to avoid monthly bills.

My big problem is that I seem to manage to spend every penny of my wages but i cant work out were its all going, the last 2 months I spent all my wages and only had about £30 left in my bank untill the next payday but I only had new trainers, a pair of pants and two t-shirts to show for it. Which must mean that ALL my money is WASTED.

I get paid on the 27th this month and I am setting myself a goal of spending as little as i can and everything I will spend money on will be logged in a little diary with receipts attatched. I am hoping that after 1 boring month of not spending anything I will be able to work out were all the money is being wasted. here are the steps I will be taking

• sharing a ride to work everyday so I dont pay for public transport
• anything I do buy will have a receipt and will be logged
• I will be making sandwiches everyday to save money at lunchtime
• I will not be buying any luxury items and wont be going out to the pub or anything like that

has anyone got any more tips i could use to have a month of non spending? I will be giving my parents £100 for rent and funding my smoking habbit, thats it!

ps I have no intention of giving up smoking lol

Lokolo

Give up smoking.

In all seriousness though, if you are spending £1300 you have serious spending problems! The cash might be the problem, I NEVER carry cash, otherwise I walk past a newsagents, think oo I want a chocolate bar, and buy one. I won't if I don't have cash on me!

Are you also not paying rent at home (apart from the £100)?

Russellbc

Lokolo wrote: »

Give up smoking.

In all seriousness though, if you are spending £1300 you have serious spending problems! The cash might be the problem, I NEVER carry cash, otherwise I walk past a newsagents, think oo I want a chocolate bar, and buy one. I won't if I don't have cash on me!

Are you also not paying rent at home (apart from the £100)?

the £100 rent to my parents is my only bill and I am not expected to pay that, I do anyway though. I think your right though, I carry cash on me and constantly pop in to shops to buy newspapers snacks and other useless stuff. I will try and pay for everything by debit card so i can analyse my spending :j

jen245

At more than £6 a pack, I bet a large chunk of it is going on cigarettes. I really don't know how people can afford to smoke anymore.

Ditching cash is a good idea. I take £10 out at the start of the week, and make it last till Friday. I take packed lunches from home everyday, so my £10 normally goes on drinks and the odd snack for work. Anything else I need to buy goes on my CC, so I can see exactly what I've spent and on what then pay it off in full when the bill comes through. Doing this has saved me a fortune, and has stopped me buying anything I don't need, and hs built my savings up

Trixysticks

You're in a really good position to get saving. Why not set up a direct debit once a month to put something away in another account? You could start low and then build it up. I find if you move the money that way, temptation is gone!

Russellbc

victoria1988 wrote: »

You're in a really good position to get saving. Why not set up a direct debit once a month to put something away in another account? You could start low and then build it up. I find if you move the money that way, temptation is gone!

I was gonna set up a direct debit but i decided to just transfer it on payday every month using my online banking. And I am hoping to keep half my wages in my current account and half my wages every month in my savings account. Then a further £25 a week in another seperate savings account from my current account.
My current account will pay for everything, and if I have to dip into my savings itll be the account that has £25 paid into it every week. hopefully after my month of not spending anything ill be able to get myself in a good routine and wont end up dipping into my main savings account

Trixysticks

Good plan- once you get used to it not being there it will be fine. Hope it goes well! Just come on the forum when you get tempted to spend, it's very distracting