It's really hard

EssexHebridean

itchyfeet123 wrote: »

That's incredibly insightful! As a single person with a decent income, I've never set up a budget for discretionary expenses. I know how much my fixed expenses are and I arbitrarily divided the rest of my income into an amount for saving and an amount for spending. The spending amount covers everything discretionary -- groceries, transport, entertainment, clothes, etc -- but, as you point out, some kinds of spending, like clothes or a weekend trip -- cost £0 most months but £lots in one or two months. It would certainly be less painful, and probably curb some extravagance, to set aside a planned amount each month instead of living on lentils or raiding my savings when it's an expensive month.

Yes - something we've done from day 1 is to budget an amount each month for "fun" - so that might be a meal out, a trip into town or towards a weekend away. Either way, having that money there means we're not raiding savings every time something like that comes up. Car expenses, too - we have 2 cars so the monthly set-aside for depreciative costs and annual spends needs to be quite high. I can't imagine it working for me if those costs were just lumped in with everything else.

And yes - a proper budget DOES mean accounting for stuff like that - otherwise it's not a budget!

Well done for staying out of your OD Hayley - have you reduced the agreed OD level down to remove the temptation to dip back in? How are your emergency fund savings coming along?

Hayley33

No I haven't reduced the OD but I'm
Determined not to end up back in it! I save for Christmas, I put a bit away for my little one, I have been trying to save a little bit aside but I think I'll struggle with that until all our debts are finished as I don't have loads to put aside and I have a lot to pay out!
Me and the hubby discussed this tonight and we will definitely be building up a nice little pot when our debts finish, I will try to put a bit away as and when I can before too!

[Deleted User]

How old is the little one?

Hayley33

Hi bob. She is 7 and a half.

[Deleted User]

Hayley33 wrote: »

Hi bob. She is 7 and a half.

When you said "little one", I was thinking 1-2 years old, so she wouldn't want much by way of presents.

chevalier

have you thought about doing surveys and opting for them to be paid in amazon vouchers or similar. You could save these for xmas and either use them as gifts or buy things on amazon. would mean you had the xmas actual cash to pay off a lump of a debt
good luck
chev