New here - Want to give up life of Debt

DannyPearce90

This is such an awesome idea. Please keep me updated on how you get on.

You should set up a website!

enthusiasticsaver

Is that soa aspirational or have you actually checked your bank statements for the last few months to see what you are actually spending. The groceries figure is high for 2 adults and a baby as has already been mentioned but entertainment is low. Try adding up how often you go to the pub, have meals out or takeaways or coffees etc etc. I think you will find that the odd tenner adds up if you do it several times a week. What about your partner? Presumably she works part time? What does she spend by way of mum and toddler groups, coffees out with friends etc etc. I think a spending diary is a good start for both of you.

It looks like your go to solution to buy these things you want is to automatically borrow as you have very little in the way of savings. There is a culture at the moment of buy now pay later and eventually later catches up with people. A good exercise is to think of things you need and then want and rather than impulse buying have a think about how you can save for these in the future rather than borrow. A change in mindset is required though.

Mr_Clark1000

enthusiasticsaver wrote: »

Is that soa aspirational or have you actually checked your bank statements for the last few months to see what you are actually spending. The groceries figure is high for 2 adults and a baby as has already been mentioned but entertainment is low. Try adding up how often you go to the pub, have meals out or takeaways or coffees etc etc. I think you will find that the odd tenner adds up if you do it several times a week. What about your partner? Presumably she works part time? What does she spend by way of mum and toddler groups, coffees out with friends etc etc. I think a spending diary is a good start for both of you.

It looks like your go to solution to buy these things you want is to automatically borrow as you have very little in the way of savings. There is a culture at the moment of buy now pay later and eventually later catches up with people. A good exercise is to think of things you need and then want and rather than impulse buying have a think about how you can save for these in the future rather than borrow. A change in mindset is required though.

Thanks, I will look in a little more detail the real breakdown of groceries spend and entertainment, I just lumped it in all as one. Truth be told, we rarely go out to restaurants or cinema preferring to cook up great meals and Netflix it at home, plus we are lucky enough to have a great house for entertaining friends and family (hence why also the groceries bill is higher).

You are totally right in that my attitude has been buy it now without monetary concern, hence here I am... this has to change I know.

I’m now looking to downgrade my iPhone XS Max to a cheaper £200 android phone freeing up what should be £650, as long as I can deal with a non apple phone that is. The next consideration is selling off the PC and monitor which would free up another 1200 but I’m hesitant to do that as I do like my private study space, but needs must and it’s all about getting into that mindset...

Cheers for support!

TubbyDown

I notice you mentioned you have a Monzo account, i do too - Have you set up the round up pots?

Monzo will automatically round up all purchases made to the nearest pound, and deposit the reminder into a savings pot. You'd be surprised at how much you can save by simply activating this feature!