Down in the Dumps

dreadwing

Hi all,
I just want to get some things of my chest.
Im a 25 year old with no savings, nothing really to my name, and I dont drive (Although I started learning and cant afford to continue (no idea how I'd be able to afford to run a car anyway when/If I pass)). I do smoke however and it is something that i would like to quit.
I know there are so many more people worse of than me and I have no one else than myself to blame for my spending habbits.
I work full time as an IT support technician on a decent wage.
My wages however never seem to last.
Heard of the expression to much money left at the end of the money? well one that rings true for me is to to much month left at the end of the money.
I have done a detailed I+E and planned my finances for the next few years but for some reason I never stick to it. It always seems to be one thing after the other.
Yes im 25 but I dont go out every weekend on the lash (because i cant afford it) and I dont buy expensive clothes, infact I am desperate for some new shoes but I dont know when I will be able to afford them.
Im just really bad with money. I wanted to take my girlfriend to new york for new years 2 years ago and i paid a deposit of £500 and a bit more but then the cut of date came and i couldnt afford the last so had to cancel. Just silly little things like that, getting a PS3 on a littlewoods account and then selling it 6 months later because I cant afford to eat
I am in a little bit of debt from being silly when younger but gladly I am on a DMP which should be clear by the end of the year and I have definetly learned my lesson.
The thing is how do people afford to drive, have nice clothes, own the latest technology, go on holiday and festivals and go out most weekends.
Its 2 weeks on friday and I'm already down to my last £40.
My mum keeps on saying i need to sort myself out and I sayIi will but it comes to pay day and after eveything comes out (rent, C/C, DMP etc) im left with about £300 for the month. How can I save for a house or nice things and survive for the month.
So what I'm really asking for is a bit of advice about saving and spending habbits.
Its getting ridiculous now, I really want to go travelling with my girlfriend next september but i just dont know how im going to be able to do so.

Thanks
Ben

Taylor132

Heya

You have done the most important thing by recognising the issue.

I think before anyone can offer detailed advise you will need to do a SOA. Then help and suggestions normally coming flooding in.

dreadwing

Thanks Taylor,

Looking into it now.

heartbreak_star

Seconded! Post us up an SOA and we'll see what we can do

HBS x

LittleMissDetermined

Hi there

First of all I think you should post your SoA for us to have a look at where you could possibly cut back on spending.

You seem to not know where your money is going after your bills at the start of the month but don't have anything to show for it so I would recommend that you keep a spend diary and be completely honest with where it's going. That way you will be able to see cut backs you can make in areas you didn't realise you were spending in.

I keep a diary / tracker and balance it to my online banking every morning so I know what's gone in / out and what's still due to go out.

The good thing is that you want to go travelling so you have something to aim for. Don't feel that it's hopeless but use it to spur you on. Also seriously think about quitting smoking if you intend on giving up anyway. It's such an expense and soon adds up over the month.

As soon as your DMP ends, think about setting up a standing order to a savings account for the same amount, it's not money you have had available for a while and as soon as you see the savings accumulating you will feel proud and the travelling will seem a reality rather than a far flung dream.

First step is the SoA - let's see where we can help.

LMD x

dreadwing

So I think this is right. New to SOA, isnt it just like a I+E?

Monthly income - £1311
Rent (everything included) £250 (CHEAP!!!)
Entertaiment £16 (netflix, spotify)
Phone bill (£50)
Bus card £50
DMP - £115
C/C - Minimum is £50 currently over limit by about £100
littlewoods - £100 (in control)
Train - £150 (I come to see my girlfriend 3 times a month at £50)
That is is it really,
I smoke at £3.65 a day (bad habbit)
I buy toast at work which is 50p and i take sandwiches.
I dont really have a set amonut for food and social a month its more if i need it i'll buy it. sorry i couldnt be much help on this but that is probally where i am going wrong.
thanks again.

dreadwing

LittleMissDetermined wrote: »

As soon as your DMP ends, think about setting up a standing order to a savings account for the same amount, it's not money you have had available for a while and as soon as you see the savings accumulating you will feel proud and the travelling will seem a reality rather than a far flung dream.

LMD x

Hey LMD,

Thats good advice, i know it is only £115 pcm but over the year thats £1380 which would certainly help towards my flights.
My SOA is above

xe0n

dreadwing wrote: »

So I think this is right. New to SOA, isnt it just like a I+E?

Monthly income - £1311
Rent (everything included) £250 (CHEAP!!!)
Entertaiment £16 (netflix, spotify)
Phone bill (£50)
Bus card £50
DMP - £115
C/C - Minimum is £50 currently over limit by about £100
littlewoods - £100 (in control)
Train - £150 (I come to see my girlfriend 3 times a month at £50)
That is is it really,
I smoke at £3.65 a day (bad habbit)
I buy toast at work which is 50p and i take sandwiches.
I dont really have a set amonut for food and social a month its more if i need it i'll buy it. sorry i couldnt be much help on this but that is probally where i am going wrong.
thanks again.

First thing I will say is quit smoking.... That is £109.50 per month.

Use eCigs, it will cost you £40 a month TOPS. Yes they work, I have been using them for the last 2 years without thinking of smoking. Give it a go and screw what others think of it being "weak" as nic withdrawal is the last you need right now.

PS, your not that bad off m8. Im 24, in about 7k debt, have 2 children, one on its way and cant afford my monthly bills and my wife has just had to leave work due to illness. Chin up pal, atleast you dont need to worry about fighting utilities and keeping a landlord happy!

Good luck and seriously TRY ECIGS!

Search on google for "all about E cigarrets" and hopefully will see you on the forum. My name is "JakeTheVape" on there.

dreadwing

xe0n wrote: »

First thing I will say is quit smoking.... That is £109.50 per month.

Use eCigs, it will cost you £40 a month TOPS. Yes they work, I have been using them for the last 2 years without thinking of smoking. Give it a go and screw what others think of it being "weak" as nic withdrawal is the last you need right now.

PS, your not that bad off m8. Im 24, in about 7k debt, have 2 children, one on its way and cant afford my monthly bills and my wife has just had to leave work due to illness. Chin up pal, atleast you dont need to worry about fighting utilities and keeping a landlord happy!

Good luck and seriously TRY ECIGS!

Search on google for "all about E cigarrets" and hopefully will see you on the forum. My name is "JakeTheVape" on there.

I know mate, as I said in my initial post there are people worse of than myself, its just annoying that my brother doesnt work and my sister works part time yet they can afford to run cars and go on holidays and save for weddings.
Hope all works out for yourself and i will try these E cigs, with it getting wet and cold out i can smoke it indoors

19lottie82

dreadwing wrote: »

I dont really have a set amonut for food and social a month its more if i need it i'll buy it

I'm guessing this is your main problem.

lottie3000

I think you're doing a massive step by recognising that you are struggling and want to spend your money in better ways. I look at myself and the years that I wasted frittering away money on stupid things that I didn't need. I think i'd actually have savings now if i'd recognised the error of my ways at your age.

Like LittleMissDetermined I also keep a diary of my spending and balance it everyday with my online banking, this really gets quite addictive and makes you stop and think about every penny you spend. ECigs sound like quite a good way forward and if you are thinking of seriously stopping smoking then hypnotists have quite good recommendations for success.

I think you should be more aware of what on spend on food, this is the area that completely shocked me when I started keeping records I know you say you don't know but you must have some sort of figure in mind that you're happy to be spending and i'd be surprised if you're within it.