Trying to save! but getting no where!

moneypuddle

We do exactly as fanny anna has suggested:
- A joint account for spends
- A joint account for bills (we have just cut up our cash cards for this one as we won't ever 'spend' fom it
- A savings acccount for our baby
- A Christmas savings account

That works for us. We take out all our bill money and put into the Bill acount. Look at whats left. What can we afford to live on? What can we afford to save for the baby and xmas.

fannyanna

partialycloudy wrote: »

This is pretty much what I want us to do! But Hubby thinks we will still save slowly!
We have agree'd to go over everything tonight. But how much to put aside for nights out? We don't generally go out that much! mainly spend on take aways, weekend night in treats, I take piano lessons and he has band rehearsal are our only hobbies. We are not pub/clubby people, and we don't spend on designers or anything, i pretty much spend in primark!

My suspicion is that you’re grossly underestimating these little things that you pay out. They all add up. And things like eating out and having take-aways can work out very expensive – trust me I know as that’s our downfall.

I think knowing how much “play money” to budget will come from looking at what you currently spend and adjusting accordingly.

My Husband and I each have £100 per month to use however we want and then £100 in the joint account to use however we want as a couple. We don’t have to do the weekly shop with this or pay for our petrol (as that’s already accounted for) but if we want to go out for dinner, have a take-away, buy clothes, get a haircut etc it has to come out of this money.

Pollycat

£1800 per month unaccounted for is a pretty serious amount of money. :eek:

The SOA will highlight where you are spending too much each month - maybe on groceries or TV pacakges or mobiles.

I would second both of you keeping a spending diary.
Make a note of everything you spend that isn't in your SOA.
That might be a daily newspaper, weekly glossy mag, lunches at work, takeaway Starbucks, windowcleaner etc.

moneypuddle

We found that rather than paying in cash for things (which just left us with a bank statement full of ATM Withdrawals of £10 or £20, and no memory of what it was spent on), we pay on debit card for EVERYTHING. That way when it leaves your account you can see exactly how many times you use the local One Stop, or visit Greggs, Tesco extra etc. Can be shameful!!!

partialycloudy

nope no mags/papers...bring own lunches 90% of the time. We shop in Aldi for our weekly shop! But in the past three months we had a budget week away in Greece (which we needed due to TTC stress), a weekend in devon for step sisters wedding, but step dad paid for our accomdation. Two new tyres on our car (nearly £300) car service, friends 30th bday weekend away and activites/meal.
Our car has been in 3 scraps in the past 6months, for most we have got our money back but one was hubbys fault as he reversed into a pole leaving a nice dent we know have to get fixed and our excess is £500.
It ridiculouse because two years ago our mortgage was almost double, we were earning less, I was paying off a 25k loan at £500 month and we saved for our wedding/honeymoon!
Looking back i have no idea how we did it. Think have just got too used to spending!

fannyanna

partialycloudy wrote: »

nope no mags/papers...bring own lunches 90% of the time. We shop in Aldi for our weekly shop! But in the past three months we had a budget week away in Greece (which we needed due to TTC stress), a weekend in devon for step sisters wedding, but step dad paid for our accomdation. Two new tyres on our car (nearly £300) car service, friends 30th bday weekend away and activites/meal.
Our car has been in 3 scraps in the past 6months, for most we have got our money back but one was hubbys fault as he reversed into a pole leaving a nice dent we know have to get fixed and our excess is £500.
It ridiculouse because two years ago our mortgage was almost double, we were earning less, I was paying off a 25k loan at £500 month and we saved for our wedding/honeymoon!
Looking back i have no idea how we did it. Think have just got too used to spending!

You'll have a better idea tonight after you've done your SOA

Pee

I'm sorry but noone needs a holiday. I am the first to say that I love my holidays and wouldn't want to give them up and you do state that it was a budget holiday, but still, it's not a need, it's a want. The car tyres are a need, the fixing the dent is a want. Takeaways are a want. Special birthdays and meals out are a want.

If you are currently spending £1,800 on effectively nothing, try saving £1,000 with £600 for spends and £200 for the emergency fund. Any saved spends can go in a holiday savings fund.

To be realistic, work out your income if you did have a baby, check benefits, maternity pay etc and save anything you receive above that. At least then you will have a good idea of what the future may be.

pearl123

If you eat out a lot - eat in. If you use convenience foods - change to making fresh food from scratch. Just in the food area alone huge savings can be made.

fannyanna

How did you get on with your SOA OP? Have you found areas where you can cutback?

partialycloudy

we put in the bills and neccesaties etc, adn we would be left with about 1600 a month to go on anytghing else. Think we will give each other £100 a month to go one nights out etc and see how we get on with that.
Starting to think that moving is just a pipe dream, what with the lease and everything.
Finding it hard not to get seriously depressed about our future!