Best way to stick to budget

Citygirl01

Hi all,

I'm new to this site, so wondered if I could get some views. What do you think is the best way to stick to your monthly budget? Should I keep all receipts and log all money spent, or do you think it would be better to draw out my budget in cash and only use that? I used to have an O2 money card but they stopped that. I've looked into other pre pay cards but was confused with all the extra charges on them.

Any ideas welcome, thank you :-)

ceredigion

Self control
SHOCK

Citygirl01

I do have self control, thank you. I'm only trying to find out how other people stick to their budgets. That's all. I don't go spending without thinking of the consequences, my query is more about everyday stuff not luxuries like clothes etc!

karlie88

Citygirl01 wrote: »

Hi all,

I'm new to this site, so wondered if I could get some views. What do you think is the best way to stick to your monthly budget? Should I keep all receipts and log all money spent, or do you think it would be better to draw out my budget in cash and only use that? I used to have an O2 money card but they stopped that. I've looked into other pre pay cards but was confused with all the extra charges on them.

Any ideas welcome, thank you :-)

This is how I do it:

£3000 in per month.

£1000 out per month.

I know how much comes in and goes out every month and their associated dates; whether it's salary, interest on savings, investments, gas/elec, water, council tax, broadband, landline, mobile phone, groceries etc.

I use a spreadsheet; but a pen and paper also work well.

wallyUK

I use a spreadsheet to record income and fixed expenses plus all other spending in the month. We save a certain amount which is included in the budget and transferred where it needs to go. A lot of what you do depends on what works best for you and your goals - savings, paying down debt/mortgage or whatever. Why not have a look at some of the other forums such as debt free or mortgage free or old style moneysaving for ideas on budgeting.


Edit: We keep the spreadsheet on google drive which is handy because DH and I can each update it from any computer, anywhere.

getmore4less

If you budget properly that's just a plan of what you plan to spend your money on.

Find a tracking tool that stops you spending more than the budget.

Best to budget longer term and have an annual spend on things not monthly.

So if you have an eating out of £10pw call it £500py and you can miss a few weeks and have a busy going out week.


Some people don't bother with the detail and just spend an amount not caring where it goes.

Some track in great detail down to toilet rolls, pints of milk etc.


MsMoney is a good tool for planning tracking reporting

Catcherupper14

Hi


I record all my day to day spending in a small (paper) notebook which I carry around with me. Then it doesn't matter if I pay cash or card for things.


Even after a big grocery shop I write down individual items - for me it's about seeing what I spend on things I don't need or end up wasting. For example I bought a pack of limes last month as they worked out cheaper per lime than individual limes - however I threw all but one of them away wasting money and food.
I also have a naughty habit of adding books and DVDs/CDs to my grocery trolley - having it written in front of me stops me doing this so often.


I have worked out a budget already so my DDs and expenses are already accounted for. I put away a monthly sum for annual expenses such as insurances and car tax.
Once I have accounted for all these, then I know what I can spend on food and stuff in general.


I have only started it properly this month, but I've just joined the grocery challenge which is good as it makes me want to spend less.


This may not work for you - I think we all have different methods. Some people have an app, others use spreadsheets. Whatever works!

getmore4less

Catcherupper14 wrote: »

For example I bought a pack of limes last month as they worked out cheaper per lime than individual limes - however I threw all but one of them away wasting money and food.

Depends what you use them for but any chance they will go over freeze them.

Sliced for drinks, or just peeled/chopped a bit if you use them in cooking. or just freeze and use from frozen. Sometimes best to just lob in the freezer anyway if you bought more than you need for the next few days.

If it is just the juice you use icecube tray and portion it.

Same with a lot of stuff that can be hidden in things you can freeze just about anything.

Citygirl01

Great ideas. Thank you all.

I need to look more careful I think at where my money goes, I guess it soon adds up with a lunch or two at work rather than taking stuff in (which I do most days).

I hate looking at my bank account each month even when I know I've been good. I know what my focus will be in august :-)