2017 - my frugal year

SkintTeacher

ada-or-ardor wrote: »

I definitely think budgeting is the key here. I think its hard to say how much fun money is reasonable, and certainly fluctuates month to month. If you HAD to pay a big amount to something big, ie your wedding, one month, you would survive with less fun money, but when you have more disposable income, it seems like time and invites expand to fill your fun money!! I was wondering if you could take an MSE approach and save throughout the year for your half term spends? It's just a thought, but it seems to work well with things like car maintenance and other annual bills. So maybe every month, as part of your budget, you have a line for Holiday activities, and just put a moderate amount, say £20. Then when HT rolls around, you'll already have around £40-60 to spend, and therefore you can put the rest of your disposable income to work, whether that's paying debt, going to proper savings, etc. I guess its important to figure it out now because a one week half term break is one thing, but what about your big summer holidays - you don't want to really go overboard and spend more than you have, and if you're saving throughout the year, that's less likely to happen.

The other side of the coin is I'm sure a lot of people who get the finance improvement bug feel guilty just spending money on little things - they either want to save it or pay something off with it. But fun money is just that - as long as you are meeting all your commitments first, be it debt, savings, overpayments, whatever; then what's left should be yours to enjoy! Every month, when I do my budget, I put in all the events and meet ups I know I have, the purchases I need to make, a little buffer for those things that crop up that never make it into your original budget (grrr) and then if I have anything left over (rare!!) I know that's my fun money to do with as I will (usually candles or wine or carry over to next month if I know I have something big coming up like a trip, a wedding, etc) :-)

Anyway, I hope that's a little bit of food for thought if nothing else!!

Ada

I'm always bowled over by the kindness of people who take the time to respond so fully to my little musings. I'm such a newbie to budgeting and it is exactly things like half term and summer hols that I find tricky to budget for. I'm hoping it will evolve as I do more of it - next month I've budgeted everything including savings, all my planned outings etc and a pot for the wedding. I also have regular savings going out and almost no debt so I suppose I'm doing quite well in the grand scheme of things. There are no quick fixes. My OH asked me for money for the MOT this month and I thought 'this time next year there will be a pot for this'. Thanks Ada for your thoughtful response :beer::A

SkintTeacher

Ah the end to another week. Feels so good to be back at work and not spending - I've got 7 weeks of this before the easter holidays. Alot of the fun during them is wedding related and therefore pre-paid but I'm guessing I'll have to resign myself to saving less in April.

This week I took lunches in to work (as always) and didn't spend on the way into or back from school. I went for a swim on Thursday but as this is regular and budgeted for I'm not going to count it as a spend anymore, so long as I don't spend anything else on that day. Same with yoga and training.

So weight loss is back on track (down about 0.8kg this week) and spending has stalled. Still 100 left in my 'aside' savings and unlike last month I'm not going on a last minute spree because of the excitement of actually coming in under budget for the month. Instead, I'll send it over to my ISA on pay day.

All on track and feeling motivated again!!!

mcculloch29

Hello there!
It was your nickname that caught my eye, as I'm an adult education tutor. I'm in the last few years of work so haven't bothered going for QTS. I changed career at 45 after being a registered childminder since my son was 2. I stopped when he left 6th Form.

Re fun spends. It's not fun if the spending of it causes you any worry whatsoever in my book. Even for little things I 'picture' the use and storage of the item, I visualise how something will taste if it is a food temptation... Often a big think through is enough to put me off it.

As a single parent registered childminder I became a big expert on low cost fun with small people. I was lucky, we bought a house with a beautiful park almost literally on the doorstep.
We have no road access, just a townhouse frontage, pavement, big grass verge and the park fence, with the pedestrian gate in a direct line with my front door.

SH toys were essential, ditto toy libraries when I has SEND children to care for. We had a scrapstore in Newcastle where I got loads of near- free arts and crafts bits and pieces for the kids. I still have some of those bits now in odd corners, 20 years later.

Pound stores are brilliant for cheap outdoor play items. We played so many games in the park. Indoor games too, to burn off energy - musical statues and children's keep fit tapes.

I am a devotee of budget cookbooks. Most bought many years ago, but I am still open to new ideas. The good thing about budget cookbooks is that most aren't silly prices.
This week I found a way of trimming the cost of home made pizzas, instead of tortillas or home made bread bases made with bread flour, I used cheap SR flour and Aldi 45p for 500g yogurt that needed using. Soured milk or even just water would probably be ok too.

I take it you are alert to discount stores and the folly of brands? Some brands are worth it if nothing quite matches it, and you feel deprived using a substitute, but that list is short for me (Oxo cubes, Lenor for washing dried indoors, and Marmite.)

Congrats on your forthcoming wedding - you are right about the room expense not being a priority spend. You won't be concentrating on how the reception room looks with everything else going on and if anyone else present in it is shallow enough to do so, shame on them.

SkintTeacher

How funny to read your post mcculloch29 after just having had a conversation with a friend about the folly of brands - don't worry, I am indeed! Thank you for your reply, really enjoyed it. X

SkintTeacher

As March (March!!!??? How is it March already!!!?) approaches I'm feeling super determined to keep up the good work.

I've completely changed my food habits in January and then compounded that with exercise in February. I've lost 10 kilos and it is still dropping although at a slower rate and I'm now well within a healthy bmi. I feel fit and strong.

I've watched my savings increase over the 2 months or 2017 and i think so much harder before spending money than ever before. Im hoping March will be the month I budget better - I've earmarked more money for savings at the start of the month so that there is less to burn a hole in my pocket.

I've also been through and budgeted for each event that is happening. Im now turning down any new invites as March is looking busy enough already and I love leaving ' chill out time ' to spend with my boys and just see what happens - hoping for good weather and lots of park trips.

Pay day looms and I've earmarked the jobs of every penny so I can work towards my bigger goals of having 3 months is wages saved, being mortgage free and having a better pension pot. This was the month I officially became debt free so it is onward and upward!

Pop up and say hello - let me know any pearls of wisdom to help me on my way!

StartingAfresh

Well done for the weight loss - amazing! And I was also shocked to learn it is now nearly March - where has this year gone?
You sound super motivated for the next month!

foxyloxy11

I'm so pleased I accidentally came across your post. I'm cheering you on and have subscribed too. You're doing fab on all counts and don't worry too much about spending some money. we all like to save but such is life and there are always times when we have to spend. I think that just shows how motivated you are when you feel guilty about spending. I was only thinking the same the other day about the holidays. I am going to start a kitty for treats in the hols like someone suggested. then it'll be even more fun as the money will be there already.
Hope first day back went ok, don't know about you but I'm shattered! School is so tiring

SkintTeacher

Thanks for the replies! I've been back a week (crazy Leicester holidays) so back in the swing of things now.

I've been up the last two nights with a poorly boy (sick bug and really high temp) so that doesn't help the school day.

It's true I'm feeling very motivated especially considering after April I won't have a wedding to budget for. Quite excited about the money that will free up - FoxyLoxy I think a holiday pot is in order for me too and that is also when my long term budgets can kick in (ie. Saving to pay the insurance yearly / overpayment on the mortgage by a regular amount)

I do agree life is to be lived but 2017 is meant to be my frugal year to kick off some good habits so a little deprivation will do me good :rotfl:

VelvetFreak

Hello
Just wanted to pop in and say that I've really enjoyed reading your thread and have subscribed. So exciting to be planning a wedding, but I bet you can't wait until the whole thing is over. Best of luck with your journey.

SkintTeacher

VelvetFreak wrote: »

Hello
Just wanted to pop in and say that I've really enjoyed reading your thread and have subscribed. So exciting to be planning a wedding, but I bet you can't wait until the whole thing is over. Best of luck with your journey.

Glad you've enjoyed it! Let's see where it goes, shall we...