Thrifty is now my middle name!

Miss_Information

I finally sat down at the weekend and went through all my bills, did the MSE budget tool and was shocked (but not surprised really) to dicsover I am overspending. I've gone through all my accounts, moved all my CC debts to a new 0% for 16 months card and I am trawling through here most days in search of inspiration and tips. I want to list my successes and document my progress somewhere and don't think my friends on facebook will really care! Then I saw the Diary thread.

I'm feeling positive and hope to join in some of the challenges on here.

I've got about £2500 on a credit card, £600 overdraft, a student loan and a mortgage of £113000. To start with I'd like to pay off the overdraft and credit card, and then I can focus on bigger fish......:eek:


I've had a good start this week - I didn't spend any money on Sunday, Monday, Tuesday or Wednesday and today I spent £3.24 on a load of reduced items at the Spar to go in the freezer.

This weekend could be tricky. I've promised to go to lunch with a friend on Saturday who is a spendaholic, but I've decided to find the cheapest thing on the menu, and I'm going to use the cash I have left in my purse this week (£32) and expect lots of change! I'm also going to Bluewater on Sunday, but I have vouchers given to me for my birthday a couple of weeks ago and won't spend anything else. We're also going to get vouchers for the food outlets there to save even more.

Plans:

- I've got a sealed jar for silver coins and a box for coppers
- I haven't put my heating on yet - going to keep adding jumpers
- I'm using up all my storecupboard items
- Batch cooking and storing in the freezer
- Going to do supermarket shopping online to avoid extras

So, here goes!

Miss_Information

Have spent another 2 hours on here and decided first goals:

-Pay off my credit card debts by 30 (12 months to go)
- Save £50 a month (What's the best way to do this? Separate bank account? With my bank or should I go elsewhere?)

DawnW

Hello,
I am not an expert, but didn't want your posts to disappear. If you have an overdraft, I would look to another bank. Why not look to open a cash ISA with a decent rate?

Will you be paying off your card and overdraft before you start your savings?

Peabody_2

Hey

I would shop around for something with a good interest rate, I'm sure there are some out there somewhere!

Would you be using these savings as an emergency buffer or to make a bulk payment off your debts? I have a Student loan too, but I don't actually count this as a current debt, the interest rate is so low, I'll deal with it if I ever have loads of spare cash (not likely to ever happen lol)

But good luck with your journey (runs off to subscribe)

Miss_Information

Hi Dawn,

Thanks for your reply. I'll look in to that. I really know so little about finances so this site is excellent!

Plan is to pay off the card first. I've just switched 2 cards over to a 0% balance transfer for 16 months but I'd like to pay it off more quickly ideally, so I can then start saving. Not even thinking about student loans or mortgage yet.

I just really worry that I've got nothing for emergencies. Now I've got my own home, if my boiler goes, I can't just ring the landlord!

Miss_Information

Peabody wrote: »

Hey

I would shop around for something with a good interest rate, I'm sure there are some out there somewhere!

Would you be using these savings as an emergency buffer or to make a bulk payment off your debts? I have a Student loan too, but I don't actually count this as a current debt, the interest rate is so low, I'll deal with it if I ever have loads of spare cash (not likely to ever happen lol)

But good luck with your journey (runs off to subscribe)

Hi, savings would be for emergencies I suppose. I've always wanted to have a little bit put by for rainy days, as surprises all go on CCs at the moment (thought I had about £1500 on there - actually over £2000). I agree about student loans - not really worried about it as it comes out of my wages anyway.

Thanks:rotfl:

kerri_dfw

Hi Miss Information, congrats on confronting your debt it's the biggest and hardest step.

I've got a hsbc 4% interest rate saver account for my emergency fund, I can withdraw from this if I need to but I will lose interest Maybe it's something you could think about? £25/mth goes out of my account into this one and I can see the total increasing when I go on my online banking. I have another low rate online bonus saver for doing my virtual sealed pot (round down to nearest £10 move excess into savings). There's lots of challenges on this site for way to save money.

Best of luck with clearing your debt. There's a challenge for being debt free by christmas eve 2012 that you might be interested in as you seem to have a 1 year target for your smaller debts.

Look forward to reading more.
Kerri

Miss_Information

First day with no Diet Coke! I have managed, so don't need to buy so much (or any) any more. Did a big bottle of diluted squash, so still had plenty to drink. I'm going round to a friend's tonight - we were going out for dinner, but I told her about my new plan so she suggested we all bring a bottle and something to eat. It did mean I spent £9.48 in Tesco - mostly on wine - a bottle on offer! But I suppose I would have spent at least £15 on a meal out with drinks.

Tomorrow is lunch with friends, but has been moved to a pub. Going to have lots of toast for breakfast (from my reduced 42p loaf now in the freezer) so I won't be too hungry and may just have a starter or the cheapest thing on the menu, so I have planned ahead!

I have printed off some vouchers for Bluewater on Sunday, and I'm determined to only spend the vouchers I was given for my birthday.

So, my first thrifty week has gone quite well! Will update post-shopping trips, as I kknow these can be dangerous!!

Thanks for support and suggestions so far.

MissInfo x

MessyMare

hey, I've given up diet coke too! Well..cut down (a lot! Honestly!). I was drinking 4-5 500ml bottles a day but I went to my dentist and have to have coatings put on my front teeth because I've taken almost all the enamel off the back of them So you'll be saving yourself future dentist's bills too! Good luck

Miss_Information

Lunch went well, and I stayed within my budget. We had a deal of three courses for £10 (massive bargain as the food was lovely) so I ate extremely well! With drinks, the bill came to £17 for me, and I was out from midday until just getting home, so not bad for a lovely day out with lovely friends. Still have £14.50 cash in my wallet so that will be plenty for lunch and a drink tomorrow, and hopefully some change for the change pots!
I am now so full I won't need a proper tea tonight, may just have a couple of bits of toast from my reduced loaf in the freezer with X Factor!

Normally on a Saturday I'd pop in to town for 'a few bits' and probably spend £15 on toiletries I don't need in Boots, some lunch, a top I don't need, a book ( or worse 3 for 2!! books are my drug addiction - can't go near a Waterstones and come out empty handed!) so all in all today was a thrifty Saturday.

Plans for the next few days ( I know nobody cares, this is for me to focus the mind...)

- Keep lunch within budget tomorrow
- Only spend vouchers tomorrow
- Go to the Asda in Crawley on Monday after work, even though it's not nearby to look at prices and buy the few groceries I need for next week
- Cancel gym membership
- Cancel other membership I don't need
- Be ready to be amazed on payday 24th that I'm not as overdrawn as I was last month?? Hopefully!!

Still feeling really positive about baby steps. I know lunch out is hardly thrifty but I think it's so important to have some frills in life. I work so hard and long hours all week, and we laughed so much today that it has to be good for me in the long run.

MissInfo xx

Miss_Information

MessyMare wrote: »

hey, I've given up diet coke too! Well..cut down (a lot! Honestly!). I was drinking 4-5 500ml bottles a day but I went to my dentist and have to have coatings put on my front teeth because I've taken almost all the enamel off the back of them So you'll be saving yourself future dentist's bills too! Good luck

I had a headache this morning (must be caffeine withdrawal!!) and I was determined to go cold turkey, but in the pub I was REALLY craving it, so I had a pint.... Looks like I'll be having another headache tomorrow then!

Evil stuff! But soooooo delicious......:p