The Edcawber Principle

hiddenshadow

a) definitely not (though I'll grant we do have a higher-than-average income)
b) our hobbies are fairly restrained (yarn/crafts for me, books/films for DH), so it's pretty easy to shift spending to a future month if we run out of funds this month
c) we do have categories for things like eating out/takeaways, special outing things (though we've only done 1 thing since moving here), and we do sometimes justify a joint desire as a "household" expense rather than a split "allowance" expense, but that's rare.

Essentially we only spend on our hobbies, but if we were to have lunch out (v rare) it would go into our allowance, as would splurge-y treats (unnecessary clothes spends, anything else not catered for in the "general need to get by" budget categories). That's pretty rare for us, especially these days post-moving. (Need to get in a car to get anywhere, which does limit the impulse spending!)


Just in case it's illuminating, our budget categories are:
Variable:
Groceries
Household
Pets
Travel (non-car)
Misc

Fun:
Eating Out
Allowances
Culture & !!!!

Bills:
Rent
Mortgage
all the standard...heating/electric/insurance/water/etc...

Car:
Maintenance
Repairs
Taxes/Fees
Petrol
Parking

Savings/Irregular Expenses:
Gifts
Medical
Vacation
Charity
Vet
Misc
Banana Stand (aka EF)

(We used to have clothing here as well but we've realised we have tons of clothes so I nixed it from our budget for now.)

(Apologies to non-budget geeks who don't care! Or to budget geeks who don't care either. )

edinburgher

Apples and pears!

As a thought experiment - add together your clothes expenses (when you had it), eating out and culture budgets for you as a couple and then say what they'd be as a percentage of £52k?

hiddenshadow

Based on average spending over 2 1/2 years of our "old" budget: 3.4% (£147.89/mo average)

edinburgher

That's amazing, I'm truly impressed!

hiddenshadow

Being introverted homebodies does have its advantages, I guess. I forgot teetotallers, too. This probably meets your description of "sitting around at home in hair shirts", actually. :rotfl:

We did spend £200/yr for a few years on theatre, but that was courtesy of vouchers we got from my dad as xmas gifts.

Eating out was primarily via clubcard boost vouchers, with the odd meal elsewhere with friends. (Now that we've moved and are local friend-less again we've gone out twice in 6 months, and had 1 takeaway. Think we need new friends/reasons to leave the house pronto!)

edinburgher

Sitting at home, sober, knitting? That explains a lot

Mrs E digging heels in re. Personal spends. Appeals to reason exhausted.

Jenjenjen17

Hi Ed

I’m more of a lurker than a commenter but your comments over the last couple of days have really struck a cord with me.

I think you’re doing really well. I’m about the same age as you and live in a one bedroom flat in Glasgow and just continually find it so difficult to fund my living costs and try to maintain some sort of social life, I went to uni and have a ‘good job’ but everything is just so expensive.

Couple of things I’ve realised however is that a lot more people than you think are just keeping up with the Jones’ and a lot of people are funded by the bank of mum and dad well past the uni years. I discovered today that the three other people I share a bank of desks with aren’t in the company pension because they ‘can’t afford it’. One of the people in question is going skiing in France next week and has a two bed flat in Hyndland. Guess what I’m trying to say is you’re in a much better situation than those who bury their head in the sand just to keep up appearances.

With regards to the house, if you’re not happy move. There are lots of areas of Glasgow where you will get a really nice house for that level of money close to perfectly good schools. I have friends that have recently moved from Giffnock to Cambuslang (after considering it for about 5 yrs) and just feel like a massive weight has been lifted because they live in a much larger (absolutely lovely) house with a smaller mortgage.

Just keep at it you’re doing really well. Hope you don’t mind me popping in.

Jen

misscousinitt

Hi Ed

I just wanted to say that you are not alone. After a very long time of being incredibly in control of my own finances I am starting to worry and this happened in the last few days with me too. I too have racked up a credit card bill that feels like it's too big to cope with and I don't have the means to pay it off at the moment or indeed much to pay for forthcoming expenses like mots and car insurance - it's a scary feeling.

But you know what? We are both tough and we will both get through this. We have tremendous resources and support in our friends here on MFW and where others don't understand (or don't want to understand) we can take solice on here...collect our thoughts, get feedback and ultimately get the job done ( and although it may take a while - it will get done).

I can't add anything more constructive to the comments that have already been said, but I am behind you 200% and I know that you will regain your composure and focus and readjust to give yourself the tools you need to achieve this goal.

You can do it Ed.

MCI

edinburgher

Jenjenjen17 wrote: »

Hi Ed

I’m more of a lurker than a commenter but your comments over the last couple of days have really struck a cord with me.

I think you’re doing really well. I’m about the same age as you and live in a one bedroom flat in Glasgow and just continually find it so difficult to fund my living costs and try to maintain some sort of social life, I went to uni and have a ‘good job’ but everything is just so expensive.

Hi Jen

I never realised how prevalent lurkers were until Mrs E told me that she was a long time Mum5net lurker! :rotfl:

Glasgow used to be so cheap! I survived 15 years ago sharing a flat in a fairly scabby part of the southside on a part-time shop job (albeit one that paid above minimum wage). I think that there has been a lot of house price compression (borrowing that phrase) because like you say, there are a lot of people in the same boat. Without meaning to be a snobby git, I look at Rightmove and struggle to find anything with 3 beds in a reasonable part of the city for less than £200k. Which scares me - because when we come to move we'll hopefully have some house price growth - but likely not as much as prices have risen in areas we might 'mortgage downsize' to!

misscousinitt wrote: »

Hi Ed

I just wanted to say that you are not alone. After a very long time of being incredibly in control of my own finances I am starting to worry and this happened in the last few days with me too. I too have racked up a credit card bill that feels like it's too big to cope with and I don't have the means to pay it off at the moment or indeed much to pay for forthcoming expenses like mots and car insurance - it's a scary feeling.

But you know what? We are both tough and we will both get through this. We have tremendous resources and support in our friends here on MFW and where others don't understand (or don't want to understand) we can take solice on here...collect our thoughts, get feedback and ultimately get the job done ( and although it may take a while - it will get done).

It's like stepping into water when you don't know how deep it is, isn't it? :eek:

You are right that MFW is a great source of ideas and encouragement, but we do need to find the resilience

edinburgher

£59.67 paid off CC - cashback for one of our overly expensive holidays that we probably shouldn't have gone on :eek:

Had a long chat with Mrs E last night and find myself a bit deflated. To cut a long story short, she is resolutely digging her heels in as regards personal spends. In fact, she is willing to cut almost everything (including things that I think we would be reckless to cut, like my union dues and car replacement), but not spends "as we are both feeling skint". I'm of the opinion that feeling skint is infinitely better than being homeless, but the argument was left unresolved.

If I add our personal spends and credit card minimums to our expenses, we have -£500/month left over. I can't work with that.

In short, if we use most of our savings, DD's childcare costs shrink in the summer and we cut grocery 20%, home maintenance 33%, car maintenance 100%, electronics 100%, pets 100% and holiday budget 100% (as well as only making minimum repayments), it will take us 8 years to pay off the CCs (assuming no cost BTs remain available) I think that's completely unrealistic and am a bit !!!!ed off.

This wouldn't include my 13th pay (£1600), the small amount of money we get from the solar panels (£350) and small wins from sales and cashback (maybe £250) in a year.

Scunnered.