It worked for us

Pink.

We are two adults and three children. We found we were living beyond our means, but really didn't understand why.

After months of thinking about it came up with this idea....
worked out average weekly spend on everyday things......groceries, milk, papers, (ashamed to admit it) cigarettes, eating out etc........basically everything except clothes and bills. Instead of withdrawing cash on demand, writing cheques and using switch and credit cards (lets face it, it doesn't really feel quite the same as handing over hard earned bank-notes), we withdrew this amount from (joint) bank account and used as house-keeping money.

As I am the one who is sort of in charge of house-keeping husband agreed that this money was mine......If I ran out then I ran out, but if I saved then I could keep it to do what I wanted.

What an incentive to moneysave!!!!!

I budgeted......I bought bogofs, I shopped at the right time to get bargains, etc etc, in general I thought before I bought.......the end result is that I had money left over each week.......in the end I decided to put it into the building society for a rainy day.

Four years later I have hit £10,000! And it feels great!!!

robnye

[glow=red,6,300]CONGRATULATIONS!!!![/glow]


WOWEEEEEE

Pink.

Thank you Robnye......thing was I loved the challenge, so it was fun!!!

robnye

yes but thats £48 per week..... takes some doing.....

so any plans for the money now?

does your family know how much you have saved?

Pink.

£48 per week means we were obviously overspending before.......and we really didnt notice the cutbacks.

The net effect is this is what we were wasting before.

Yes my family know what I have saved.........husband delighted as I think he expected me to waste surplus on girlie bits an pieces.

As for plans for money.........either we move house next year or take long haul holiday we wouldn't otherwise have been able to afford.

robnye

i hate think what me and my lot are wasting.

same as you me, wife and 3 girlies

done all the usual stuff, quotes for insurance etc. 0% or low % debts. (mainly caused by last car....! )

we have 2 cars, as i need one to get to work.
wife needs hers for school trips and her work.

Shopping is the biggest place to cut back on, but as i dont do it, a bit difficult to control it....... I suppose I could volunteer.....

checked the electricity and gas, £20 quoted over the whole year.

we go camping for our holidays.

Well done again....... now enjoy the savings.......

Pink.

You sound very like us, only we have one daughter and two sons. Right now I don't envy you three daughters (See my post in Arms and you'll know why)

Anyway like you we need two cars.......one paid for, one paying off loan ( we used tesco as it was cheapest at the time).

We also camp and love it.

A couple of years ago unsure whether we could afford a holiday so left it to the last minute.

Normally go to France in tent, approx £1300 . That year we decided at the last minute (a fortnight before) that we really needed/wanted a break......had two weeks in a mobile home for £600. After that couldn't bear to pay full whack......so this year doing the same.....best offer so far is 2 weeks for 5 of us (July) in mobile in Vendee, France £645 (Matthews Holidays). Holding out another week or so to see if price drops further.

Don't know if this will be of any interest to you.

P x

System

It works for us too. Every week my husband gives me an agreed amount of £100 which he gives me to feed the family (mind you most of the time i end up paying for other things too as hes tight).

All our household bills are in my name and go out of my bank account between the 1st of the month and the 6th. So at the end of the previous month my husband gives me £400 which covers the household bills.

Obviously, he has to pay for running and paying for his cars, any major items, he smokes, large insurances he has to pay too and household repairs and school uniforms.

I much prefer it this way, and i am more inclined to spend wisely as i get the benefit from it, which in turn, benefits the family.

Pink.

Judi......for me it made an enormous difference dealing in cash rather than cards. Daft as it sounds I felt it was real money that I was spending, so wanted to be careful.

robnye

You sound very like us, only we have one daughter and two sons.  Right now I don't envy you three daughters (See my post in Arms and you'll know why)

i will have to check that one out!

Normally go to France in tent, approx £1300 .  That year we decided at the last minute (a fortnight before) that we really needed/wanted a break......had two weeks in a mobile home for £600. After that couldn't bear to pay full whack......so this year doing the same.....best offer so far is 2 weeks for 5 of us (July)  in mobile in Vendee, France £645 (Matthews Holidays).   Holding out another week or so to see if price drops further.

funny enough, my wife and I (sounds very regal...), where talking about other holidays, but the stumbling block is the travel costs, ie plane is 5 * seat price, therefore cost is around at least £500+
We have been camping in the UK for the past 6 years, we do enjoy it, but would like some warmer weather.

whats the web link for Matthews?
Do you drive/fly?

halloweenqueen_2

Way to go = what an incentive. I'm going to start on July 1st (June already tightly budgeted and allocated ) and see if I can beat your £10,000 by July 1st 2008!!
Waht a fantastic results - hats off to you!