How to stop living like a queen first half of month....

Pepperoni

And living off nothing for the second half of it!

I'm not going into debt in the second half of the month or anything, just end up having spending withdrawal and sometimes still spend - on non essentials, so entertainment, clothing, etc, but take the money out of money I'd hoped to save etc.

Just looking to see if anyone has any different ways they handle their money to make sure they don't buy everything they need / want at the beginning of the month and then try and survive until the start of the next month before doing the same again....

good_advice

Money management needs to be self taught. It comes with learning and reading what others do.
Me! I am very carefull with any money I have. I have had to live on very little. House bills must come first.
Look at your outgoing so to see if all is nessary.
Put a set amount into a savings pot for those bills that always pop up birthdays, Christmas, car bills, something in house needs fixing.
ASk yourself if you can manage without a contract phone or tv package - if not look into getting one with the smallest fee.
Buy clothes only in the sales.
STOP spending on rash buys. No need to pay for gyms, dinners out.
Start thinking about Christmas with only 99 days till pressants giving time.

onlyroz

Write a budget and stick to it. I've got a spreadsheet which details all the regular outgoings and incoming for the next six months. This includes the regular monthly bills, and also one-offs like the house insurance and Christmas and holidays, and termly payments for swimming and piano lessons. I also allocate myself a set amount of spending money for each month to cover groceries, fuel and entertainment.

If you find that you're wasting money on !!!! then keep a spending diary - then you can see in black and white how much you are spending on those Starbucks coffees, lunches out, magazines, clothes etc.

And if you have a spending problem then leave your cards at home. Take enough cash each day to pay for your bus fare (or whatever), and take a packed lunch.

Pepperoni

Thank you for your reply.

I do already do all of that with regards to pots for presents, etc it's more the 'leftover' money that I seem to enjoy spending, and do it quickly. So then within 5 days its gone and I have to try and go until the next month without any disposable cash.

I've tried the pot for clothes / entertainment / social funds but it never ends up being enough.

martinthebandit

Every month divvy up your spare (after bills etc) money into 5 equal portions and use one portion per week as spendies, every two months or so you will have one portion spare and use that for savings.

springiness

I give myself a daily budget (currently £10), each day I put £10 in my purse and that's all I can spend (on food/essentials/treats).

Obviously if I stay well under my daily budget by the end of a week or two I could have plenty of money to treat myself or do a big shop.

I've had one brilliant month and a few not so good where I cave in and spend money that should have been savings. It certainly helps me cut back but I need to work on my willpower!

enthusiasticsaver

Save at beginning of month rather than put away what is left at the end of the month. Take out fun money in cash at beginning of each week and when it is gone then don't spend if not essential. Divide savings into pots. One for holiday, entertainment etc. One for long term savings. One for emergencies. One for Christmas, birthdays and if you have a house or car then funds for those too including insurances, car tax, etc

onlyroz

springiness wrote: »

I give myself a daily budget (currently £10), each day I put £10 in my purse and that's all I can spend (on food/essentials/treats).

Obviously if I stay well under my daily budget by the end of a week or two I could have plenty of money to treat myself or do a big shop.

I've had one brilliant month and a few not so good where I cave in and spend money that should have been savings. It certainly helps me cut back but I need to work on my willpower!

£10 a day is £300 a month :eek:
That's a lot of money for discretionary spends. For myself I take in a packed lunch four days a week and treat myself to a lunch out on Fridays. Saves a packet.

theoretica

Write a list instead of spending - certainly for all the stuff that will still be there at the end of the month if you don't buy it now. Then at the end of the month look at your list and look at what money you have and make your decisions.

Another option is to prioritise your savings by transferring your saving money out of that account and into another one by standing order at the start of the month. And make getting it back out of the savings a bit awkward - some people freeze the bank card into a block of ice - or just put it into a sealed envelope with a [STRIKE]rude [/STRIKE]inspirational message on.

Sambella

I've just opened a regular savings account and that money I should have saved will now be going there as soon as the money is in my bank account.

I'm hoping that once this starts to grow that it becomes infectious and that I then become addicted to saving.

When I get beyond having a emergency fund I want to concentrate on long term savings and maybe adopt some of the drip feeding tricks that people here do so well.

I don't however spend all my money in the first two weeks. I do budget but somehow always spend most of the spare cash. I think it's a case of knowing that I have some spare cash it means I don't rigidly stick to my budget as I know it's there for me to use if I want to. So taking out an extra £20 per week at the end of each week or something became the norm. This soon adds up and eats into the spare.

I'm good at saving for things but I know I need to go beyond that and save for the future.

sheramber

It boils down to self control.
If there is not enough money in the pot then you don't buy or don't go.

My son takes out a set amount of spending money at pay day then refuses to take out any more. If the money runs out before next pay day then he does without.

He's married with a son but still follows that rule.