can you help me save some cash????

[Deleted User]

gazzad11 wrote: »

12% of my income covers holidays nights out , family days out and big days out
that's not to bad is it ?

Excluding your mortgage, you own what, £1,700?

If you merely halved your spending, on days out and drinking out, for just 9 months, you could pay them all off.

theoretica

gazzad11 wrote: »

beauty treatments (nails)............... 25every month - try a trainee at the local college, do them yourself, go less often? not really wifes only luxury.

So the Lotto, takeaways, entertainment/drinking, days out, newspapers/magazines, clothes, holidays etc are just for you?

gazzad11

bedsitbob i hope to pay all my debt off by the end of jan 2013 (except mort and loan)
it wont take 9 months!!!

gazzad11

By justifying the amounts it looks like you do not want to make any changes to your lifestyle at all, if this is the case then you have clearly not had your lightbulb moment, maybe when you do, then you will take on board what people are telling you.

You are living way beyond your means at the moment. Even with a large salary, what contingency have you got in place if the unfortunate were to happen and one or both of you lost your jobs.

How am i living way beyond my means ???
as for contingency i have £8k in shares and own another property that i rent out.
What i have done is lose control of my spending and saving which i have spotted early so will not take too long to put right.
I have taken on board some good advice such as:

• phoning virgin (now £30)
• changing gas/electrical supplier (now £95)
• selling unwanted stuff (£123.10 so far)
• meal planning
• budgeting each week
• keeping a spending diary

Thanks to those of you who suggested the above http://static.moneysavingexpert.com/images/forum_smilies/action-smiley-033.gif

[Deleted User]

I didn't say it would take you 9 months.

What I said was, by halving the amount you spend, on just 2 items, you could have them paid off within 9 months.

KiKi

I think the thing is that as the OP has a good income, and isn't trying to live frugally, he doesn't need to take every piece of advice on board, and can pick and choose so that he manages his debt by changing spending now, in some areas.

If he and his family want to spend a lot on days out, but are making cut backs elsewhere, that's okay for them, as they're not heavily in debt. They just want to take more control of their spending. I agree, that more changes could be made more quickly, but he's taken a lot on board, and is keeping a spending diary - and he has the luxury of choosing where to cut down.

KiKi

gazzad11

KiKi wrote: »

I111 think the thing is that as the OP has a good income, and isn't trying to live frugally, he doesn't need to take every piece of advice on board, and can pick and choose so that he manages his debt by changing spending now, in some areas.

If he and his family want to spend a lot on days out, but are making cut backs elsewhere, that's okay for them, as they're not heavily in debt. They just want to take more control of their spending. I agree, that more changes could be made more quickly, but he's taken a lot on board, and is keeping a spending diary - and he has the luxury of choosing where to cut down.

KiKi

The voice if reason speaks!!!!!
Thanks Kiki i have taken alot on board in a short space of time.
And i thinks its difficult for people to suggest things for me and my family to cut back on (i appreciate them trying). What people need to realise is that not everything is needed or will be taken onboard. Thats my choice.
What i would like to know is how to manage my money better. i already have a bills account where all my bills come from. i transfer a weekly amount to cover this.

KiKi

I run my budget like this:

1. I have a spreadsheet of everything coming in / going out regularly
2. I then add everything that needs to come out specific to each month (birthdays, house insurance which I pay upfront, haircuts etc)
3. My income goes into a bank account, and all direct debits come out around the same day
4. I update my spreadsheet as to what's gone in, what's gone out to see what's left after all bills paid, making sure that I leave enough in to cover food, haircuts, bdays etc for that month
5. I transfer what's left to different savings accounts. One for house maintenance, one for tax (self-employed) etc, then the rest goes into a savings account that I don't touch


It works for me. Basically, the ONLY money that stays in my bank account is money that's budgeted to be spent on regular bills and month-specific bills. The rest is sent elsewhere so I can clearly see what I've spent against my budget.

Visibility of what I'm spending makes the biggest difference. If I want to pay for something outside my budget, I can't take it from my bank account as I won't have enough left for bills. So I put all non-budgeted spends on my cashback credit card - because I can see what it is (rather than withdrawing cash which means I've no idea what I spent it on!). This month, I'll have spent a small fortune on it (which I'll pay back from my savings account) as I've needed to pay for chiropractor treatment, a new office chair and my holiday. But I'm okay with that, as it's things I've needed or I'm happy to pay for. It's when I get a credit card bill with lots of 'bits' (like a coffee shop, or Sainsburys extras, or Molton Brown shower gel that I really, really didn't need) then I realise I have to cut back a bit next month.

theoretica

I think what is getting to us is instead of acknowledging that you could make savings in the areas suggested but are making a definite choice not to you are saying things like 'its not too bad' or even 'come on I don't go daft and enjoy a flutter'. These are exactly the attitudes that cause money to slip away from you.

gazzad11

Thanks kiki thats exactly what i mean i can see how you manage your money if that works for you great.
There are elements of it that i like the sound of and might work for me like putting all non budgeting items on a credit card.
And keeping a spread sheet
Thanks
anyone else care to share how they manage there money?