How do you manage your finances?

Citygirl1

Just wondering how do manage your finances these days, do you use cash or cards?

I draw out all the money I need for the week and pay for any expenses like dentists, monthly bus pass, any clothes etc with my card but everything else is cash.

Since I lost my purse about a month ago I have started leaving my weeks money at home and taking out what I need each day, prior to that I carried the full lot in my purse. I can't seem to draw out of the cash machine as and when I need it as I would get overdrawn doing that.

Do you draw out money each day and how do you keep track of it? I do use online banking but I'd still find it hard to keep track of my money if I drew out of the cash machine every day or so.

chirpychick

I know you shouldn't but the only way I manage it is to draw it out monthly, I have jars food, petrol, pet food, vet bills, car maintenance, pocket money, etc then when it's gone it's gone.
Everything gets paid for in cash, If we use a card we mess up the finances as we are so bad with money. I wish there was another way for us but it's the only way it seems to work.

Sagz_2

I don't use cash much and keep a spreadsheet of all my spending. Have done it this way for years and never been overdrawn for longer than 24 hours (wages went in late!).

Butterfly_Brain

I am another who pays cash for everything, I have even cancelled some direct debits such as British Gas who are always mucking about with the amount taken, the final straw was when they tripled the DD so I now read my meter and pay monthly with a payment card.
I draw out what is left after DD's are taken out every month as soon as DH's wages go in, and I have envelopes that I put cash in for bills and food etc. If we are lucky enough to have any money left at the end of the month(Less and less lately because everything has gone up so much) that goes into a BS account for things like if we need a new washing machine etc.

nonnatus

My wages and housing benefit go into my Nationwide account and cover all my direct debits, rent, electric, council tax, water. I log into this account every morning to check its balance.

My Tax credits go into my Co-op account and I withdraw them as cash at the start of every week and that pays for food, lunch money, bus fares, petrol.

Whatever is left in Nationwide at the end of the month, goes toward paying my debts.

I feel very organised, always know where I am and how much I have to spend on any one day. It puts my mind at rest.

LondonDreamer

I find if I have cash, I will spend it as it's already left my account which makes it "free" money in my mind. Very bad! So I draw out a small amount of cash for buying things like milk from the corner shop but everything else is on card so I can account for it easily.

rachbc

Joint account with OH for bills/ mortgage etc. Each pay into this every month. Each also put £250 cash into 'the pot' for food and petrol.

My own account I work out my budget each month then take out cash each week for my own spending. If I buy sometihng using my card - onoine for example - I just recalculate for rest of the month. I also take spare cash out of my purse and filter off into a saving envelope in my knicker drawer lol. So this week I have £25 quid in my purse til fri - I only have to pay £2.50 for bus fares today and don't need anything else this week so £15 is going in the knicker draw for a trip away in April -once its in there i am so loathe to take it out but its also a hand little emergency fund too. So far this month I've sqirrelled away £80

Hermia

I use a credit card for almost everything and pay it off in full every month. I just find that easier for various reasons.

1) I don't like using cash machines unless it's one in a bank as there have been so many cash machines robberies/swindles where I live. It's not particularly easy getting to the bank so I like to conserve the cash in my purse.

2) My credit card has a loyalty scheme attached so I try and use it as much as possible. I bought a lot of my Christmas presents last year using vouchers from that scheme.

3) I just find it easier for budgeting. I find it that if I use cash I lose track of it whereas when I use a card I have a record of everything I spend.

Aarons_mummy

I get money paid weekly, four weekly and fortnightly which makes it difficult to manage. I tend to pay my DD and any online payments every fortnight.

Weekly I pay food (£10), bus fares, any things I wasn't able to pay with my fortnightly pay, son's snack money, pocket money (£1) etc.

I never have any extra or anything so I never have to bother about, once all bills are paid for the month I have £116 for groceries, any clothes for wee one, travel, excess gas and electric if I need it.

I tend to deal with cash as much as possible but it's not always feasible.

mi_jardin

Money gets transferred to the bills account and left alone. Then I set up my budget for the GC and keep an eye on the "spending" account online. I don't have cash except for when I go to the market for fruit and veggies.

Bella79

All my husbands wage (weekly) goes straight into joint bills account for d/d every month, also half of my tax credits go into this account to cover the bills, rest of tax credits i save (try to) but usally gets used on something we need, new shoes for dd, dog, one off bill.

My money which is 4 weekly we live off, i a certain amout out once a week in cash