Steering away from Debt and Saving

Lexx0r

Hello all,
I have been a casual prowler here for a while and have been considering signing up. Well I thought now was the time to sign up.

I am currently completely debt free (woo) but wish to ensure I can continue a decent lifestyle while adding in savings. I need some help reducing my expendeture and outgoings.

I am 18 years of age, earn a steady 18K+commission. Monthly take home is regularly in excess of 1.2K, but for purpose of helping, and to simplify things - lets round it down to 1.2K.

I am currently looking to rent a property with my partner. This is in no means current, and is something I am currently just saving for - so expendature does not need to be dramatically reduced, but my savings do need increasing quickly.

Income: 1,200.00GBP

Monthly Outgoings:
£250 Petrol
£87.91 Motorcycle Insurance
£23.11 for Car Insurance (my father pays the rest - lucky I guess)
£35.00 for T-Mobile Contract
£157.00 for Rent (still living at home)
£50 eISA with Natwest
TOTAL LEFT OVER: 596.98

Other monthly spendings:
In excess of £400, due to food at work (always takeouts), vehicle maintence (which is pretty low) and other general bits like clothing etc.

I am then usually left with about £190 with I will overrun into my next months expendature.

This isnt too bad, but needs to be cut. I propose this method, but need your assistance to confirm it will help.

After reading the Piggybacking method, I propose to:
£300 spending money in my Current NatWest Gold Account
£400 motoring money in my HSBC Current Account
£100 other direct debits money into my Barclays Current Account
£400(plus any extra) into my eISA with NatWest

I think with seperate accounts, I will become more tolerant with my money, I can cut up debit cards which are not spending money and restrict easy-access to there money. After setting up my eISA, I have still continued to not spend any of it - so this method must work.

Does this sound like a good idea?
I appreciate I will need to cut on my food expendature but this is easily possible with preparing food at home.

Westminster

Do you need a bike & a car?

Have you had your mobile contract long enough to downgrade it?

It's amazing how much you can save by taking lunch to work with you. If you have a microwave at work then you can still eat warm food in the winter.

Are you paying a fee for your Natwest Gold Account - if so - do you actually use any of the things they give you for that money?

Tixy

Hi and welcome

Couple of things to consider -
Which account are you proposing that your rent will come out of? the spending money account? if so that will only leave £150 for things like food, socialising, clothing, haircuts, presents, (holidays?) etc

The 400 motoring money - if you have £250 petrol, £111 for the insurances then this only leaves £40 for road tax, mot, servicing, tyres etc - is that sufficent over a year for the miles you do?