2016 is going to be a very tight year ...

pippy1971

I've also been looking at this site and forum for 10 years + and my finances have been on a bit of a rollercoaster during this time. I've been on a DMP, paid it off, been made redundant 18 months ago and am now earning a 1/3 of what I used to. I am a lot happier in my new job but my wages are still a bit of a shock when I think what I used to earn.

My debts have crept up again to my pre-DMP levels, because I think I have yet to re-set my 'financial compass' that says I still earn enough to buy what I like without thinking about it.:eek:

I work full-time, am a mum to a 10 year-old son and a 7 year-old daughter who is severely disabled and I am also a carer for my disabled Dad who is now in his 80's and has recently moved in with us as he wasn't managing on his own. So, I dont have a lot of time to commit myself to some of the more time-intensive money saving activities.

To aid my memory and stop me imaging that I have a lot more disposable income than I actually have, I am using a diary (which was free incidentally!) as my spreadsheet alternative. I spent an evening logging the dates that my sources of income hit the bank (my wages, husbands wages, Child Benefit etc.) and then noting the dates the bills are due and the amounts. All this has been done in pencil in case it needs to be amended and enables me to keep a running total of what's committed, added to what I've spent (5 mins at the end of each day jotting down any spends) and keeping me aware of what's left. That's what I'm hoping will give me better financial control this year.

The general things I've done are:
Cancel Cable TV (freeview is fine for us)
Shop in the 'discounters' where possible (including the £1 shops for some items)
All of us have packed lunches, including the children
Switch to a reward bank account (which pays me, rather than one you pay for)
Set up Direct Debits on all the debts we have to avoid late payments and associated fees
Use cashback sites and compare prices on everything before renewing (including utilities)
Weigh out portion sizes, I come from a big family and still cook like I'm feeding an army, was throwing lots away every meal before doing this

Sorry for the long and slightly rambling post, but hopefully if I lose my way again I can pop back and remind myself what I should be doing!!:rotfl:

NeedToBeDebtFree

Hi TiredWithTwins, I'm on a similar journey also. Got circa £10k in debt that is stifling me. After the household bills (utilities etc) are sorted, I struggle to cover debts and survive the month. Always more month than money, and I know it's stressful.


2016 is the year I plan to clear as much as possible and hopefully save a small emergency fund (I have no savings) for my son and me.


So far I've switched to shopping at Aldi, and only go to Tesco etc for little extras.
We have freesat.
We take packed lunches to school and work.
I have a basic bank account.


There needs to be more sacrificing from me to make this work, but with a growing boy (11) there is only so much I can cut back on.


I hope we can encourage each other on this journey.

Towser

Hi TiredWithTwins,

I don't "do" debt as it is too costly but I am frugal with my money to keep the wolf from the door. Some people don't understand this and I really wonder why?

In my budget the top three most expensive categories are Disposable Income, Food and Entertainment.

So to keep in budget for 2016 my challenges will be to spend less on each category as I did in 2015.

The way I will do this is to limit my spending as much as I can to Charity Shops, Groupon, Aldi, and Iceland.

I will be buying quality not quantity from the Charity Shops, make the most of Groupon, Meal Plan the best offers from Aldi, and Iceland. I will rather eat in and spend less in coffee shops.

Money manager with my online bank account really helps me do this to keep on track. I can also export the statements into a spreadsheet to do all the analysis one could wish for.

These threads help me to focus by asking me valuable questions.

Cutting down, Not cutting out altogether.

tiredwithtwins

thank you for all your replies, so glad to know im not on my own!!
thanks for the useful advice too ... although ive been around this forum for over 10 years there are still little snippets that ive not known or forgotten!!

nicki_2

No tips to add to what's already been said, but I'll be following this thread with interest as I attempt for the 9th year running to get out of my overdraft! :o

[Deleted User]

Joining you in a frugal year - we've got a couple of big outgoings that we are already committed to but my main priority is getting out of debt and not using our overdraft.

candygirl

I do most of my shopping in ALDEE, apart from loo rolls n toiletries which come from Home Bargs, pulses, spices and pickles come from the Asian supermarket, n I look around for offers on big sacks of dog food when they are reduced I am also veggie, and love cooking from scratch, n freezing portions, so lots of days don't involve cooking :j

Towser

Make the most from Aldi's meat offers and Veg Super Six and meal plan around those. Good honest fayre.

mashedavocado

Good luck! We don't have any debt to clear but our house needs a fair bit of work this year and I want to start saving for when we have baby number 2 (I'd like for us to be able to take a full year off between us; this time we've not been able to take any unpaid time really so have had 9 months).

I'm hoping that we should be able to save a bit more once we're both back at work as we'll have more income than now, but it might not work as well as I'd like...

Rainy-Days

Not sure if you have the Excel spreadsheet facility on your computer (I know with new laptops/desktops you now have to buy that as a separate package) but I do have a household spreadsheet.

Everything that gets purchased, even down to my cotton wool pads gets put on that spreadsheet and then it automatically adds it all up for me as I go along. I have a receipt spike - but you could easily just have a plastic wallet and pop your receipts in there. You just need a bit of discipline on it and 'tot' it all up every week or ten days or so, so you are keeping on top of it!

It gets a bit addictive and you can actually really see how and where your money is being spent. You just need ot make sure you receive and keep your till receipts!

It was one of the main reasons I made the deceison to seriously cut back on Emma Bridgewater purchases!