Catcherupper's spending and savings diary

Catcherupper14

Hi all
I hope this is the right place to post this.


I am not good with money and over many years have overspent on trivia with nothing to show for it. I seem to have made poor financial decisions all my life. A few years ago I got into serious trouble and started a DMP which helped me focus on necessary spending. I was also made redundant which meant I could finish paying off my debts and clear my mortgage. My redundancy also paid for retraining.


My current income is £1000pcm with an occasional additional amount of £250. I am also planning to start a small part-time business.


I find I can live on this amount quite reasonably; however I would like to control my spending.


Currently I know I can use my savings pot (the last of my redundancy) for holidays, Christmas and big spends. In future I would like to add to it rather than deplete it as I will have to retire at some time in the not too distant future.


I still want to have what I consider to be a good standard of living - clothes, books, holidays, crafts and good food - but I need to avoid wasting money. For example I will buy a kindle book or craft item without thinking. I also waste food.


These are the things I need to control as they really mount up without my noticing.

Catcherupper14

I don't think this will interest anyone else but it will help me by clarifying what I am going to do.


So from now I will be trying to reduce my expenditure by avoiding waste.


I will not buy any clothes unless I need them. I can make most of what I need anyway. I will sell or donate any good clothes that I do not wear.


I will not buy books - including e-books - unless they relate to my professional development. I will sell or donate those I no longer want or need.


I will only buy craft items if I need them to finish a project. No more fabrics just because I like them. I will sell or give away those I will not use.


I will not buy any more cosmetics, toiletries or cleaning products until I have used what I have. With cosmetics, I will find a range and colour I like and stick with it. I will buy loo rolls and washing powder on offer though. I will use old t-shirts as cleaning cloths.


I will buy organic food when I can. I will eat less (as I'm trying to lose weight) and will shop daily to avoid waste and give me exercise by walking to the shop. I will not buy processed food and snacks.


Later I will post a budget and measure my plans against that. In the meantime I will start a spending diary.

jobbingmusician

Lovely. Martin's rules might help you (do you need it, can you afford it etc.)

Good luck with the life transformation! The old style board is also full of great budgeting ideas without reducing your standard of living. Good luck with it all!

Catcherupper14

Hi Jobbingmusician


I actually bought Martin's books a while ago and read them with interest. At the time I wasn't ready to put the ideas into practice, but I will reread them now.


I have lurked on the old-style forum for a while and am inspired by many of the ideas there.

bugslet

Good luck catcherupper!

One good tip for the Kindle things is put it on the wish list and go back a week later. If you still want it, fine, if you think meh, then delete! Kindle is a bit of a downfall for me, it's just too easy:o

Catcherupper14

Thank you for that advice, Bugslet. I hadn't thought of that.


I am going to try to reduce my Kindle usage anyway as with real books I can swap them with others (although I have swapped kindles in the past with a friend).


I read too much anyway - I have to charge my kindle every day or two. Too much reading, not enough doing.


I must also go back to using the library.

SaverGirl1970

Well done on your progress so far, catcherupper!

My story is that I'm also not great with money. My main area of compulsive spending is self-help books - ironically, several of the ones I've bought have been about financial recovery :rotfl:

Inspired by your plans I am going to pledge not to buy any more books until I've read the ones I already have. Should take a while!

I look forward to reading more about how you are working towards your goals in due course :T

Catcherupper14

Eventually I am posting my "budget". It is half factual and half wishful thinking.


Service charge £100
Council tax £100
Gas and electricity £50 – I have just switched suppliers so this is an overestimate, so that I am not caught out by winter bills
Water £22
Phone & broadband £32
TV licence £12
Contents Insurance £10
Benenden Health £8
Charity £10
ISA £10
Magazine sub £6
Groceries £160 – I hope this is enough – I’ve just started the Grocery Challenge
Savings for large household items/projects £50

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Travel £200 – includes petrol, car tax and insurance, fares, savings for next car
Holidays and outings £230 – includes meals out, social events and specialist holidays

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Health £50
Christmas & birthdays £100 £70
Hair & treatments £50
Books & hobbies £25
Clothes & shoes £25
Lottery and small household items £30
this income is not guaranteed so apart from a monthly prescription and slimming club fees I will not spend anything I haven’t earned. I am also planning to sell excess stuff and make some of my clothes

Catcherupper14

Now I have to make a confession - as well as the grocery shopping I spent £7 on books (paperback fiction) and a couple of household bits amounting to £12. They were planned purchases as I sold a pair of shoes for £20.




I have also spent £8.10 on a prescription, £2 on club subs (outings) and £41.21 on groceries.


Just realised I haven't built in any category for my lottery tickets (yes, I know I shouldn't)


note to self - adjust budget categories to account for lottery. At the moment this will have to come from the holiday/social category. My slimming club subs will come out of the health category (which also includes gym classes and medicines)

Catcherupper14

I had another look at my budget yesterday and decided that saving £100 a month for Christmas and birthdays is excessive.


I will reduce this to £70 and have the £30 for non-grocery spends. This will cover my lottery and any small household items such as towels, kitchen things and replacing broken mugs etc.


Of course, this will all go into the same bank account, but available for different things.

Catcherupper14

Big spending day today - petrol £30, new chamois pad £2.39 (so that I can wash and dry my old one).
Grocery shopping £6.99 includes special offer chicken for the freezer, fruit and salad vegetables.
Crafting stuff £10.16 - I finally found the tapestry needles I was looking for so I bought 3 packs, as well as some yarn for a Christmas gift.
Weight loss group £5.50.