Envelope saving old style in a new age!

[Deleted User]

I draw an amount out on the first of the month to cover incidental expenses like gardener,window cleaner,quiz night, history club and food all of which (apart from the food money ) goes into recycled little square empty chutney jars on the top shelf of one of my cupboards.The rest of my cash gets swept (apart from standing orders or direct debits into my savings accounts various ones for holidays Isa's rainy day accounts I only keep in my current account money to cover bills .everything else gets put where it can earn a minute amount of interest.I use my M& S card for my diesel and get points on it, but I pay it off when its due If I need to buy anything then again I'll use my M&S card for the points.
I think I have so many loyalty cards yet I'm loyal to no particular store. money off coupons or Mr T points or Nectar,Boots etc are used for present buying. My income is used like a business and I make the most of everything I can, both moneywise and points wise.Paying cash for food keeps you focussed on what you are spending and my cash for food is kept in a separate purse and only used for food and nothing else

BrassicWoman

I use You Need A Budget which is a slightly fancier spreadsheet. I have an old version - the new version is monthly subscription, I wouldn't be doing that!

Willow92

I've just opened another online account to save for Christmas and set up a standing order from my main account.

nyc_451

I put some cash aside in my emergency envelope and once it reaches £100, I seal it and hide it. Got three at the moment.

I also have Christmas jar of 20p, it has over £40 in it; and a holiday piggy bank where £2 coins go - over £250 in there.

Hmm, maybe too much cash at home. Should bank some.

ScotinLondon

I am loyalty card tart too...JL, Mr T, Nectar, Morries etc. We use the nectaet card only when double points or triple points...that way we can get what we want without having to spend extra. Mr T points normally go for treats out....

Ben84

I get 5% interest on my current account balance, so I like to keep as much in there as possible. However, I do plan how to save/spend money each week, and generally stick quite closely to this.

maman

JackieO wrote: »

I draw an amount out on the first of the month to cover incidental expenses like gardener,window cleaner,quiz night, history club and food all of which (apart from the food money ) goes into recycled little square empty chutney jars on the top shelf of one of my cupboards.

I can see that it's useful to have the cash to hand for that sort of spending. We keep a 'petty cash' tin which we top up from time to time. It's mostly for small cash purchases where I wouldn't bother with a card otherwise everything goes on the card and gets paid off in full every month:money:.


I think sometimes it depends how disciplined you are although for most on here it's about being organised. Personally I just spend a minimum every month and spare money accumulates so it's there when I need it but I do know people that wouldn't work for (myDD2 for one!). I have one of those 5% current accounts and then others to try get get whatever minimal interest I can.

[Deleted User]

When I went into the bank yesterday I was talking to the lady on the tills and she was saying that its exactly what she does, as if focusses you on what you are spending by actually seeing the cash go out from the different pots:) I have now sorted all my different amounts out and am sorted for the next 28 days. I probably am fairly well organised and know virtually to the penny how much money I actually have to my name . perhaps its because managing my housekeeping during the 1960s it was a cash of cash only, as credit was few and far between and I certainly didn't have a credit card, or until we bought a house even a bank account.In fact in 1971 when we bought our first house I used to get a bus to the local agents of the Principality Building society in Blackfen, London and pay my £60.00 per momth mortgage there in cash. I now have £60.00 a month as my food budget for myself :)
How times have changed 45 years later

jackyann

I use Microsoft Money, which I love. It is no longer available, though you can find versions to download.

[Deleted User]

jackyann wrote: »

I use Microsoft Money, which I love. It is no longer available, though you can find versions to download.

I also used this too until I swapped to a too new version of Windows and it no longer worked. *teary sniff*

I now use Excel to a nerdy extent. I even have conditional formatting on my budget so categories change colour when we are close to the 3/4 total for the budget and a different colour for if we have gone over.

We also use the bank account envelope system.

- Everything is paid into the current account and monthly bills (water, council tax) are paid from this.

- At the beginning of the month a set amount is also transferred to another account for annual bills (car insurance, heating oil etc). We add up the cost of all these bills for a year and then divide by 12 which gives us the monthly amount we need to move to this account. When we need to pay a bill we just move the money back to the current account.

- We both have a personal spending account for monthly spends for clothes, hobbies etc

- We have a savings accounts for general savings and emergency fund

- At the moment we also have a car fund account because we are saving for a new car.

I enter our receipts into Excel every week so I can see what we are spending on each category so I know if my budget is accurate and where we need to make cuts, or where we have made extra savings.

It took some time to set-up to track everything, but it means we manage every penny and as a result are looking to retire early (if all goes to plan)