Where does the excess money go?????

LittleMissKirsten

I have the same. I worked out that in theory, i should have around £150 'spare' if I pay minimum on all my Direct Debits and have £200 a month for food / toiletries / going out etc. Yet I'm always going into my overdraft at the end of the month! Thus, 2012 is going to be the start of my MSE journey.

(although I've already signed up to survey sites, made my sealed pots, signed up to challenges, opened new accounts at the bank and made a spreadsheet which I'm proud of...)

Flat_Eric

Its a good job my sealed pot is, well sealed (its a teramundi pot) because otherwise I fear I would have raided it to see me through the last couple of months.

I have been updating my money spreadsheet this morning and also updated spends for last month. Its interesting to see how much money I waste on non essentials! It doesn't seem like a frivolous waste of money at the time!

I was in the lakes last weekend and begrudged all the little extras and things you end up buying. If I budget properly and save accordingly then hopefully next time, I will have a holiday float.

Anyhow, I was wondering, I want to try and manage my budgeting so I can account for every last penny. I suppose I can record in a notebook all my spends and this will help with this but I was just thinking (to keep things simple) to allow so much per week to allow for random spends like lunch at the pub (usually every two weeks), cake from the bakery etc. How much do you think one should allow for this ?

freshstart11

depends on the things you like/where you live. I keep £20 per week for top up shopping, extra clothes (primark is a godsend) etc...in an "envelope" app on my phone and once it has gone, its gone - I stopped my spending by £30 extra may and it meant I was able to by a microwave when mine broke

Flat_Eric

This week my budget is £100 - a lot - but its my OH birthday and I'm taking him out for lunch plus I'm at the theatre with a friend also this week so lunch/dinner to be bought there too. Next week's budget is £25 - more than I would like but I owe another friend lunch! Then the next week - just £10! Anything left will go towards the following week (or mean I have less to find so if I spend just £50 this week (not an impossibility if I don't go out much (even though I'm on holiday!!) then the whole month's weekly budget spends will be covered by this week's £100.

I've downloaded an app for my ipod touch and am relishing not spending any money! I also have my money spreadsheet finetuned - I quite like updating it / tweaking with it.

I'm excited about getting myself financially stable and saving the pennies :j

badger_

I didn't spot this thread before I started my diary, but I'm in the same sort of situation where I should have a nice amount left each month but I must just fritter it away on silly things.

Thanks to fire wyrm for posting about Easy Money, I've just downloaded the free trial. If I can keep it updated for the whole free trial then I will pay for the full version

Barbeduk

Don't forget the weekly spend challenge that elsiepac runs on the debt free board, really helps when you have to fess up to the others!