Why do I Always Feel Like I Have No Money!!

TurnaroundSue

Hi All, If not in right forum, please feel free to move me

I don't really know how to put this, but even though we have very little debt, a few savings and a small mortgage, why do I feel that I have to constantly watch the pennies?

I know from reading this site that I am very fortunate and there are alot of people in much worse financial positions than I am. I owe £4k on cc for my OH's car (3.9% until 10/10), my mortgage is £24k (but will shortly be increasing this to £45k due to an extension we are in the process of having built) and savings of around £2k. My OH brings home around £2k pm and my part time wage is £600 pm - so we are both earning relatively good money.

After all bills are paid we have around £800 pm disposable income, but I still feel that we are broke. I know most of you will feel that I should count myself lucky (which, by the way, I constantly tell myself that I am), but I just hate this feeling like this. How to people manage who are in a much worse position than me? I know I am most probably going to get criticised for this post, as I am aware of others' positions are worse than mine, but it really is affecting me.

Any ideas anybody?

Stewboy1978

All depends on what you do with your disposable income I suppose...

You may be spending it on the same things every month, that because you do this you may not realise you are spending it? Ie do you go for dinner every week? Do you buy a lot of clothes etc...? If you are in the habit of spending your left over money then this is why you may always feel brass lint!

mountainofdebt

Perhaps you've been in serious debt before and had to watch the pennies?

Seriously though unless you are being unreasonable about watching the pennies then don't worry too much about it!

Triker

Maybe it's because you don't feel like you can 'splash out' or that you can just shop for stuff just because you want it rather than need it.

I feel like I don't have any money either......but I have assets.... and debt.....but no real disposable income to just spend without having to think about it.

Not a nice feeling I agree.

chevalier

I suggest you do your own financial review. So
1) Bulding and contents insurance. If you are building and extension, then the rebuild value for your house is going to change anyway. When was the last time you checked that your current, building and contents insurer was the cheapest? Have a look on https://www.confused.com and plug in your details. If you can find a cheaper quote, then join https://www.quidco.com, and see if your potential new provider is listed on there. If they are then not only can you get a cheaper deal, but quidco will give you cash back too.
2) Do the same for your gas, electric, life insurance etc
3) Start a spending diary in a note book. For at least a month, you note down every thing you spend each day, no matter how small. You may find that over a year you are spending £500 on a latte coffee habit you didn't realise you had, or that the newspaper you buy every day is costing you x amount a year (when you can read it online). It will also give you a feeling of being in control of your money.
4) Do you have any bank charges you can reclaim?

best of luck
chev

beanielou

You also could always stick up your SOA if you want.

TurnaroundSue

Thanks everybody for their good advice. :T

I have never been one to spend on clothes for myself, mainly for the children, but have now stopped buying them clothes as their wardrobes are choc-a-bloc and they really don't need anything else. Don't go out very often, usually once every 3/4 months and spend around £30. It just seems that even though we have a good disposable income, the money just goes!! Kids do have after school clubs etc and pocket money so that eats some of the monthly disposable income :rolleyes:

We have never been in real debt and am fortunate not to have been in the position of alot of people on this forum. Having a mortgage for £45k will be the biggest mortgage I have ever had, :eek: but compared to today's world that is still quite small and manageable. We have always had to watch the pennies and bought things on interest free etc - never been able to go and pay for something outright, so not sure if it stems from there.

Have gone onto confused.com as suggested, but they say I have an invalide postcode, (been here for 10 years and no problem with it before!) so need to phone them. Also have joined quidco, so hopefully can raise some funds through that. Thank you Chevalier :T

Hi Beanilou - never really thought I needed to stick my SOA on this site, but maybe you have a point. It might be useful and it could be that all you people could see something I can't - will think about it, and maybe post soon.

Sea78

Hi!

I'd second putting a SOA up so that you can see what it's all going on and then also perhaps think of something you'd really like, as if you were saving hard for something, it may help to not feel like you have no money? I can understand where you're coming from as I'm obviously in a lot of debt, but have seen that in order to stay debt free once I'm oiut of debt (eventually!) I will have to carry on budgeting like crazy and save for all the little things like insurence etc that need to be paid.

I think once i'm debt free I'll start saving as I'll see the money rising fast and it wil be a good motivation.

Also, if the kids wardrobes are full, what are you doing with the outgrown clothes? Start ebaying, and use that fund as your special treat fund if you're feeling down, or even if you want to start over paying your mortgage etc.

Sea xx

Kevicho

You should keep a spending diary and do an soa, that will give you the answers yee seek (im ye olde MSE) lol

dancingfairy

Maybe it's because we're brought up in a consumer society and the message is everyone else is spending on this that and the other. Yes they are but they are also getting into debt for it likely.
Feel proud of what you've achieved and when you see people buying this that or the other remember it's likely that either they've scrimped and saved for it or are just putting it on a credit card and who wants to live their lives in debt long after the original item has gone?

TurnaroundSue

Sea78 wrote:

Hi!

I'd second putting a SOA up so that you can see what it's all going on and then also perhaps think of something you'd really like, as if you were saving hard for something, it may help to not feel like you have no money? I can understand where you're coming from as I'm obviously in a lot of debt, but have seen that in order to stay debt free once I'm oiut of debt (eventually!) I will have to carry on budgeting like crazy and save for all the little things like insurence etc that need to be paid.

I think once i'm debt free I'll start saving as I'll see the money rising fast and it wil be a good motivation.

Also, if the kids wardrobes are full, what are you doing with the outgrown clothes? Start ebaying, and use that fund as your special treat fund if you're feeling down, or even if you want to start over paying your mortgage etc.

Sea xx

Thanks for that Sea - I give my DS's clothes to my friend for her DS and my DD's clothes to charity. I always think that by the time you pay your ebay costs for the smaller items then there is very liitle/no profit - and if you don't sell them then you still have to pay selling costs. Might be worth a thought to put a job lot in though.

I do actually overpay on the mortgage at present, which is due to finish in 4 years time, however, with the extension and increase to our mortgage this will no longer be the case. However we are going to try and keep repayments a little higher so can pay it off in around 7 years, so still not too bad.

I keep a separate account of all my outgoings and do my banking on a daily basis so I know where I stand to the penny - but will put up my SOA in another post (otherwise this will go on forever) and maybe you lovely people can help me and tell me where I am going wrong - maybe I am just c**p with money!!!

Thank you all so much for your advice so far - I am extremely grateful :A