Spending diaries

..ukeuro

Dear All

I am currently on a DMP.

I expect to be repaying my debts until 2015.

I have read alot about how spending diaries can help with budgeting money.

Please can anyone advise how spending diaries work, and how they have helped people? Is there a template I should use? I have never kept a spending diary before...but anything that might help me budget would be great....as I do struggle.

Many thanks

rising_from_the_ashes

Hi Euro ... welcome to MSE & best of luck with your debt tackling - keep popping to the boards for advice & support, honestly, they are great as so many people understand what you're going through and can pass on their experiences.

For a spending diary ... you can really use anything - a cheap diary from the £shop, a notebook, a cashbook etc. Personally, I use a cashbook for mine although I did use a diary for a long time (easier in some ways as the days/dates are already there!)

I note the day/date (even for days I don't spend - these show as a NSD (no spend day)
Where I've spent money & what it is eg "Mr T - Groceries or Mr T - Fuel and then the amount
If it's "silly" things like a bar of choc at the local store or a coffee on the way to work, I note that down too - so I can try to cut down on how many of these there are!

HTH:)

Catslovelycats

I'm lucky enough to have an ipod touch and I used an app called 'expensebook' for my diary. It worked well for me as I also use my ipod to keep track of my accounts.

ladysparklexx

I really recommend doing one, we have only just started and Im shocked at how much we waste. We have set up a spreadsheet on excel and I have printed ours off so I can hand fill it in anywhere, I have got the expenses along the top with our budgetted amount underneath. Then on the left is the date column, its amazing how many things we have spent that do not come under any column because its stuff we have wasted our money on. This is the bit that I am trying to change.

The bits that are left over, even if its just pennies I will transfer across to the savings account.

My husband is not very good at remembering what he has bought and where, he dislikes the thought of writting it down when he comes in so he pays for everything by card then I can pick it up off the internet banking and add it onto the sheet.

Em586

I've been using a spreadsheet. I got the link on here somewhere a few months ago! I have columns for different spends and the budgeted amount. If I spend that day, I make sure I get a receipt and come home and add it on. Really useful to help see the 'stuff' column adding up, as you realise where the extra money goes each month, and can work out where to cut back. I also check the online banking every 2/3 days to see what's come out, though we only pay bills by DD and take out cash for everything else each month (at least that's the plan- we're just starting too!)

dark^knight

I use a spreadsheet, but it can be done on paper.

I just write down every spend, no matter small, where it was spent and how much, and I have a daily total.

I also keep track of any money saved, e.g. using coupons or using BOGOF's extra...this is motivation to save more.

BlushingRose

I'm currently using a little pocket notebook that I happened to already have. (And Santa, not know knowing that I'm doing this, actually gave me a new one for Christmas, thanks Santa!) It fits nicely into my handbag so that if we're out, I can write stuff in as we do it.
I carry over any 'cash in hand' and the 'money in bank' total (this is the total after all DD and SO have come out) and I make note of the total spend for the day every evening.
I have no idea if I'm doing it right though, as we're just starting out too!

..ukeuro

Thank you so much for your replies.

I purchased a note book today in town, so now I'm keen to start my diary.

Now, I just need to think about how I am going to budget for grocery, household shopping.

I am on a DMP (owe approx £22,000) in unsecured debt, so really want to pay off my debts sooner rather than later.

Once again, thanks for all of your advice.

Really helpful!!

gfplux

Can I add, that a simple check to make sure you have noted EVERYTHING in the spending diary is to add it up and compare how much is left in your purse with how much you had at the start of the day or week.

JanetAS

I am so pleased to see that I am not the only person keeping a spending diary, and a cash book. I started the diary last year, when I stopped getting work (I am a bank administrator for the NHS and have had very little work during the past year. Living off my small pension and savings), forgot about it then restarted in December.

I am now determined to keep it up, so I can see exactly where my money is going and where I can pare it down. This is essential if the NHS keep ignoring my pleas for work! I do keep a fairly tight cashbook, and have done for many years, so I do know from day to day just how much money I have.

I used to use a handy jotter from Wilko, being quite small enough to keep in a handbag, but recently bought 9 pads for a pound, in a pound shop. Hoping one should last the month, if I use the reverse side to the pages.

Every now and then I transfer the information to my spreadsheet, which totals up the spend. It can be quite frightening!

JanetAS

I've just totalled up for December and am well and truly shocked! I really must pull my horns in for this month.

Regarding the spend diary, what I also do is completely itemise any fruit or veg, with the weight and the cost per kilo. This way I can compare supermarket prices (and there is a difference between my two preferred ones).

I hope to keep this up, so I can keep track on how prices rise.