Tips on making the money last?? Monthly pay

jadie137

Need some tips we just started a couple of months ago being paid monthly, are income is ok we don't struggle with bills or anything...But it seems to run out by the 20th any tips of making it last im no good with money at all? xxx

SaLoGo

I get paid monthly, but do my food shopping weekly on a Monday.

So, when I get paid I check how many Mondays there are till the next payday. If there are 4, I put 4 x my shopping budget (£70 a week, so £280 for that month) into my savings account, then I transfer £70 each Monday to do my shopping with.

It works really well for me and you could do it with all your money, not just a food shopping budget.

balletshoes

jadie137 wrote: »

Need some tips we just started a couple of months ago being paid monthly, are income is ok we don't struggle with bills or anything...But it seems to run out by the 20th any tips of making it last im no good with money at all? xxx

change as many of your bill direct debits/standing orders as you can to the first week of the month, then what you have left is grocery/household/spending money for the rest of the month. Then, as SaLoGo says, split it into weeks worth of that money to use (ie divide by 4.3 for being paid calendar monthly).

ciderwithrosie_2

I set up an excel spreadsheet for myself so I can keep a track of everything, as I get paid on the 27th of each month but the OH gets paid 4 weekly so the date changes throughout the year. I check my statement online every week and update my spreadsheet with what's come in and what's gone out, all the direct debits, rent, council tax etc are listed with how much they cost, then when they've been paid I remove the figure from the spreadsheet, so the sum at the bottom is what I've got left over at any given point, for food shopping and any other spends. It's really helped me anyway, because I was always the one wondering why there was too much month left at the end of the money!

fluffnutter

At the end of the day, the only way to make your money last is not to spend it! There are no secret tricks - you just have to buy fewer things.

Have you analysed your expenditure really carefully to see what you're spending your money on?

Start a spreadsheet or similar and list everything you buy in one month. Then you can start deciding what's not essential. Bear in mind that little purchases, e.g. a magazine, a coffee don't actually eat into your income as much as you think but do enhance your quality of life. People make the mistake when they're trying to economise by cutting out the small purchases but continuing with the big ones - e.g. holidays, clothes. This makes little difference to their bank balance (they're still skint) but does make them feel deprived.

If you want to save money, you've got to look at your big purchases - gadgets, household goods, holidays, fuel, clothes etc. It's also worth reviewing your utility bills and insurances to make sure you're getting a good deal.

Fire_Fox

Welcome Do you know what you spent the money on, down to the last tenner? If not write down every penny you spend next month, as you spend it not at the end of the day. Then add it all up and see where you are overspending.

Pay all the bills at the start of the month and consider stocking up on a months worth of canned, dried and frozen foods. Then only shop for fresh when you need it not necessarily every week, and be sure not to throw anything away. Some people find online shopping is cheaper, they don't see 'bargains' they don't need and stick to a list.

Instead of treating yourself when you get paid, treat yourself as a reward for still having money left in the bank at the end of the month. If you know you are bad when you have a debit card on you don't take it out every day, literally just the cash you NEED to get through the day. Once you are on track be sure to think about savings, just in case.

daska

Take out the bills i.e. rent, utilities, travel and divide the remainder (food, clothes etc) by 5. Use 1/5th per week. There are only four and a 1/2 weeks in a month (4 in Feb) so this lets you build up an emergency fund as well as not running out at the end of the month.

quantumleap

fluffnutter wrote: »

At the end of the day, the only way to make your money last is not to spend it! There are no secret tricks - you just have to buy fewer things.

Have you analysed your expenditure really carefully to see what you're spending your money on?

Start a spreadsheet or similar and list everything you buy in one month. Then you can start deciding what's not essential. Bear in mind that little purchases, e.g. a magazine, a coffee don't actually eat into your income as much as you think but do enhance your quality of life. People make the mistake when they're trying to economise by cutting out the small purchases but continuing with the big ones - e.g. holidays, clothes. This makes little difference to their bank balance (they're still skint) but does make them feel deprived.

If you want to save money, you've got to look at your big purchases - gadgets, household goods, holidays, fuel, clothes etc. It's also worth reviewing your utility bills and insurances to make sure you're getting a good deal.

This is one of the best posts I've read to be honest! All very true.

InsideInsurance

The "dont spend it" ultimately is the only advice that is truly going to work

You can do "tricks" like working out your monthly float after bills (which are all paid by DD), dividing that by 4.3 and set up a standing order from your salary/ bill account into an account that as standard doesnt allow overdrawn so on every Monday (or whatever day grocery shopping is) the money is transferred across. Any spend therefore must be out of that account and if you do overspend you only have to wait until Monday to get money (rather than potentially weeks)

The problem is that ultimately you have control of your accounts still and if budgeting goes wrong your still the one that has to stop yourself borrowing money from next week. If you can do that you can stop yourself buying and so the whole exercise is pointless.

TimBear

If I'm really trying to be good, I'll work out how much money I have left for treats after bills, food shopping, petrol and savings etc.

I then work out what I have on that month - birthdays, day trip... - and then break down how much I'd like to spend for each (£10.00 for a present, £30.00 for a meal and so on). I then put that amount into an envelope marked on the front with what it's for.

This way I don't need to carry my card with me so there's no temptation to use it as that's when I find my money goes 'missing' with nothing really to show for it! If I have money left from a previous envelope I'll use that before opening the next.

Probably a bit silly but I find it helps me sometimes.

CH27

Pay cash for everything & only take what you need with you.