Living below your means

moggins

Looks like we are moving house so I'm going to have to live well within my means to find the money to redecorate before we put the house on the market, unless anyone knows of any ways to redecorate with vinegar which I have tons of

squeaky

Try the In My House forum. I'm sure they'll be pleased to help.

Loadsabob

jazzyjustlaw wrote:

Do you live below your means if so how do you do this. Do you cook from scratch, make your own cleaning products, go to more than one supermarket to do your shopping, walk to work. What won't you do. What do your family and friends think?

I cannot seem to manage it I avoid spending them somehow the money I saved gets used up. I try to cook from scratch, I havent bought clothes for months. I try to mend things. On the plus side I do not use my overdraft and I can pay off my credit card in full each month if I have to use it.

Hello Jazzyjustlaw,

I think you're doing well to pay off your credit card in full every month and not use your overdraft. I'm the same, and I know a lot of people aren't, so we've got a headstart there!

I cook from scratch, and often make up large batches of chilli or bologense and freeze in portions for future "ready-meals". I often buy second hand clothing, but that's generally because I find so much of the high-street fashion horrible. I often change brands of good depending on which is on offer, and sometimes stock up a little when things are three for two or BOGOF.

Things I won't do:

get taxis unless unavoidable (one per year maybe, at most)
buy brand goods JUST because of the brand
wear sportswear or any other "labelled" clothing
shop as therapy (easy, because I hate shopping!)
Buy non-recycled / aloe enriched toilet paper. However cheap, it's absolutely outrageous to not buy recycled for something so throwaway!!!
replace items that aren't broken (although the 1997 PC is about to be upgraded...with a freebie built one from my brother, so that's okay!)

I am quite lucky in that I've never been interested in fashion, so not spending money on clothing trends is easy, I detest being an advert for manufacturers, so won't wear branded clothing. I hate the throught of what goes into ready-made and convenience foods, so cooking from scratch has always made sense to me.

Life is a balance though, and I DO spend a little more to get organic food, I DO spend a little more to buy from my local healthfood shop instead of the supermarkets. But I think it balances out into quality of life. SO, if I buy a bag of organic bread flour from the healthfood shop, when I could get it much cheaper and non-organic from Tesco, I'm still saving on what it would cost to buy loaves ready-made, so all I'm doing is bumping up the cost of each loaf I make, a little. I think it's worth it.

My way is to have a budget spreadsheet with my income at the top, all regular monthly outgoings all the way down, and a figure left at the bottom. That way pay increases (ha!) can be figured in, additional outgoings given their own line etc. But I include in this a weekly spend figure, which is for food, entertainment, clothing, anything I want after all the regular expenses are paid. I COULD just take everything away from my monthly income and divide the rest by weeks in the month and spend that...but I don't, I choose a figure I feel is reasonable - currently £50, and factor that in as an outgoing, and in theory, what's left each month rolls over or gets transferred it into my cash ISA. I have a regular SO to this account, as well as to a little building society account that I keep for unexpected household things and annual TV licence. My BT line is DD each month, and I enter in the actual amount each month. My mobile is PAYG, and rarely used. My electric is on a meter, and based on previous spend I charge the key with £25 each pay-day, a factored in outgoing. Rent and council tax are DD, contents insurance annually figured in, so there are no unplesant surprises.

I used to give myself £40 a week to spend, which was a struggle, but £50 is easier. I draw that out at the start of the month (either five lots or four lots, depending on how many weeks in the month), pop it away in the house, and put £50 in my wallet each Saturday. When it's gone it's gone, til the next week. A week is a short space of time, so usually I'm only "broke" for a couple of days if I've spent alot at the weekend! Ocassionally I may start the new week on a Friday, things like that.

Of course, I also buy some things online with Switch...those things are extra, and go in my "sundries" row, so I have a record and they're taken off the total left at the end of the month.

It works well for me, though I don't go without things. I'm pretty careful, got rid of the car, and I'm always looking for smart ways to cut back but still enjoy life, and I always keep in mind that I'm working in my job to give myself a good life, so I must enjoy my money as well as save it!

I think I learnt good money-managment as a penniless student, and it's stayed with me.

I don't know whether any of this is of use!...

Anna

jazzyjustlaw

squeaky wrote:

Living below or within my means doesn't mean, to me, giving up things necessarily. My internet, once a large part of my social life due to mobility limitations, has now become a major source of MoneySaving information.

As such, it has more than paid for itself - I'm easily a year's worth of internet charges ahead of the game by reading here.

Even more so for me as OH pays for our broadband as he uses it in the office.

ms_london

I definately do live below my means, thats because i am paying off a debt at the moment & have no credit available to me, but i wouldnt change it for the world. It's the first time since I was 18 (and could get credit) that I have savings, the first time that i actually have money left at the end of the month, and i am happy as a result. (will be even happier when my debt is paid off though lol).

My budget is £50.00 a week, thats for food (for one) and a social life. Today for example because I bought lunch in, i have spent £0.00 which feels great.

I go to the cinema on Cheap Night or during the day (£4.00 rather than £7.50), dont buy popcorn etc & take my own treats. I use the free trials with the DVD companies that are around, otherwise our local video store rents them out for a £1 on wednesdays or a £1 if you return them before 6pm.

I read the latest magazines when im working at my p/t job (healthclub), and also take full advantage of the 3 for a £1 subscriptions.

Food wise. I make batches of food, lasagne, spag bol etc and freeze "meals", so when im feeling lazy or dont have time i just take a meal out of the freezer, instant food - and it tastes good.!!

Clothes - i shop in charity shops & primark. Im not a big follower of fashion and dont have any urges to buy new clothes, accessories. Beauty Products - take advantage of offers in Boots & superdrug, and find bargains on ebayer. Tend to buy a lot of BOGOF's, samples from magazines etc.

Books i get from the library or sometimes do buy them on ebay, but sell them on when i have finished. I have sold on ebay and done quite well over the last few months (although my wardrobe is looking a bit bare now lol).

Thats all i can think of at the moment. But i definately do live below my means, i will always be like it - even once my debt is paid off. That way i am left with money to do the things i want rather than frittering it away on basics.

Keep the ideas coming, love the site :0)

Loadsabob

Ms_London,

sounds as though you're doing really well, and great to hear that you're so happy, too! Ah yes, I forgot that I take lunch to work. I used to tell myself it was extravagant buying Quorn slices for sandwiches, but when a £1.07 pack does me for two days, and I make my own bread and grow the salad to go with it...the Quorn is a fraction of what lunch from the canteen would cost!

But then, I shocked my boyfriend with my thinking that breakfast cereal was a luxury!! I'm learning to chill out a bit!

How exciting that you'll be debt-free by the end of the year!

Mango

thanks ms london - that is really inspiring!

ms_london

Loadsabob wrote:

Ms_London,

sounds as though you're doing really well, and great to hear that you're so happy, too! Ah yes, I forgot that I take lunch to work. I used to tell myself it was extravagant buying Quorn slices for sandwiches, but when a £1.07 pack does me for two days, and I make my own bread and grow the salad to go with it...the Quorn is a fraction of what lunch from the canteen would cost!

But then, I shocked my boyfriend with my thinking that breakfast cereal was a luxury!! I'm learning to chill out a bit!

How exciting that you'll be debt-free by the end of the year!

Overall i am a darn sight happier than when i was running up the debt, but being in debt does have its moments. I cant contemplate a relationship at the moment and hardly see my friends, but knowing it will soon be over is whats keeping me going. Ive been doing 2 jobs for the last 2 years, so now i feel as though im on the homeward bound :0)

Im not good every day, but it annoys me when i spend so much on lunch just through being unorganised, grrrrrr!!

Well done on making your own bread & growing your own salad, that will probably be me down the line :0)

Keep up the good work.

Off home now.

:0)

ms_london

Living in London too, its been blinking hard believe me. Ive been here 2 years and all of that time ive been in debt, being 24 it has been tough doing 2 jobs for so long - now its just 2nd nature - but ive definately learn my lesson & im amazed when i learn that people are so bad with their money (how i once was), but thats another story...... :0)

I cannot tell you how happy i will be come December 5th!!!!!!

:0)

Curry_Queen

ms_london wrote:

Overall i am a darn sight happier than when i was running up the debt, but being in debt does have its moments. I cant contemplate a relationship at the moment and hardly see my friends, but knowing it will soon be over is whats keeping me going. Ive been doing 2 jobs for the last 2 years, so now i feel as though im on the homeward bound :0)

Im not good every day, but it annoys me when i spend so much on lunch just through being unorganised, grrrrrr!!

Well done :T

It's great when you can see light at the end of the tunnel isn't it. I've always been quite a frugal person (had a good upbringing in that sense) but my ex was the total opposite and for the first time in my life I found myself in debt while with him, and we got in deeper and deeper, and although we had a brilliant income it was all swallowed up in repayments.

I can honestly say that I have a better lifestyle now on benefits than we ever did when we were earning around £50k a year between us