Taking back the control

Thick_n_Thin

It’s a stocks and shares isa, I need to track this properly as I only get yearly updates, come to think of it I can’t remember getting my latest update in September....

Thick_n_Thin

Plans for today...
wrap 1 eBay parcel and post,
Christmas food shop, apart from veg that I will buy on Monday. OH has warned me not to go overboard and reminded me it’s only 1 day!
Wrap all the presents, then apart from 4 days in work I am done.
I get paid on Xmas eve and I will pay my overdraft off in full and get back into full debt busting/ money saving mode! I can’t wait!

Franalamadingdong

Well done for getting things done. I've just been reading through your diary. I was wondering if you physically write down your budget. I have a banner for fixed expenses, so bills etc that are the same every month that I don't have much control over, e.g. rent, council tax etc. Then I have a banner for variable expenses, food, childcare, household items and then I have a banner for savings, e.g. birthdays, Christmas, events. Each area is divided out for what I'm budgeting for and I have another column for what I have spent, with totals at the bottom of each section. I then have starting balance, income, total outgoings (including what's saved) and make sure everything balances. I find having something physical to refer to really helps, I've also thought about the amounts going to each based on past spends. If you tend to use your card try to print out a couple of months of statements and highlight food in green, fuel/car payments in red, nights out in yellow etc etc. I find that setting a budget needs to start from where to and how much money is really going. Then reduce each area a little. You're less likely to notice a small reduction in several areas than underestimating what you're actually spending on, for example, clothes, declaring you will not buy any for a year and then splurging because you've gone from £100 pcm to £0. It was a tip I got from elsewhere and it really helped to make things click for me, however painful going through past statements might have been!

Thick_n_Thin

enthusiasticsaver wrote: »

You seem to be doing well. If you have £13k in savings why do you not pay off the debt? How much are you paying in interest on overdraft and credit card and how much do you get from the ISA? Is it a cash isa?

Franalamadingdong wrote: »

Well done for getting things done. I've just been reading through your diary. I was wondering if you physically write down your budget. I have a banner for fixed expenses, so bills etc that are the same every month that I don't have much control over, e.g. rent, council tax etc. Then I have a banner for variable expenses, food, childcare, household items and then I have a banner for savings, e.g. birthdays, Christmas, events. Each area is divided out for what I'm budgeting for and I have another column for what I have spent, with totals at the bottom of each section. I then have starting balance, income, total outgoings (including what's saved) and make sure everything balances. I find having something physical to refer to really helps, I've also thought about the amounts going to each based on past spends. If you tend to use your card try to print out a couple of months of statements and highlight food in green, fuel/car payments in red, nights out in yellow etc etc. I find that setting a budget needs to start from where to and how much money is really going. Then reduce each area a little. You're less likely to notice a small reduction in several areas than underestimating what you're actually spending on, for example, clothes, declaring you will not buy any for a year and then splurging because you've gone from £100 pcm to £0. It was a tip I got from elsewhere and it really helped to make things click for me, however painful going through past statements might have been!

I do write everything down at the start of the month and set budgets or bills that need to be paid, but that’s about as advanced as it gets for me, I like the idea of having a bit of a spreadsheet to refer to and update maybe if I have to update something it will keep me more focused. I know a big area of overspending for me is still the food shopping and I still don’t meal plan or make a shopping list so this is an area that I need to get under control.

Yesterday I did my Christmas food shop and I’m ashamed to say I spent over £230 on food and drink for a couple of days. I don’t know what is wrong with me as I clearly can’t afford this and had to increase my overdraft again. January is going to be tough...

Thick_n_Thin

Managed 2 no spend days in a row. Fridge/freezer/cupboards are bursting with food so should last the week at least. Can’t wait to get paid on Tuesday and get this overdraft gone, looking at the amount I owe is making me anxious so on Tuesday I will bite the bullet and pay it all off and January will be the frugelst month ever! I am sick of spending money now!

Lemon_Tree

We're heading for a very frugal January as well, we also spent a mad amount on food but are feeding the 5000!

Thick_n_Thin

Lemon_Tree wrote: »

We're heading for a very frugal January as well, we also spent a mad amount on food but are feeding the 5000!

It’s crazy how much it all adds up.. buying stuff that you wouldn’t normally, i looking at every thing in the fridge and thinking that a lot of it could go off before we have chance to eat it....
Xmas eve I reduced my overdraft, I had taken it from £400 to £850 in the weeks before Xmas so the first thing I did was pay off £750 leaving me with an overdraft of £100. I have managed to pay the £750 by drastically cutting back on January expenses such as food , my personal spends has been reduced from £250 to £50 for January and I also have a few direct debits that are not due out this month until the end of January by then I will of been paid again.
Mum and dad gave me £200 yesterday so that will go straight to savings....
Goal for this month is to try and stay within my £100 overdraft and then clear it all next time I get paid.

Lemon_Tree

Well done for reducing your overdraft.
I find it strange that though the Christmas Dinner veggies get reduced overall the bill seems to creep up in December and we don't even really get many extras. It's strange and annoying! At least the fridge was full, thankfully I don't think we'll waste too much

Thick_n_Thin

I think it’s all the little things that sneak into the trolley, the Chris crackers, the tubs of pringles because they are on offer ect it all adds up!

Managed to avoid a top up shop today and forced myself to eat just what we had in, tea was a bizarre mix of onion rings, sausage rolls and veg samosas! Will do a bigger shop tomorrow and I’m determined not to spend over £50. Some wins today, free parking at work as the machine was broken and found a £5 note which has been added to my loose change found on the street jar!

Lemon_Tree

Your probably very right it's the extras which jump into the shopping which cause the issues. I'm hoping we can just get away with buying bread, milk and bananas this week I must wean myself off shortbread!