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Money saving advice

2 replies 92 views
theghooooosttheghooooost Forumite
3 posts
First Post
MoneySaving Newbie
Hi.
We have a household income of £4200 per month after tax.
Mortgage and all bills amount to £2600 that includes childminder,Food shopping ,Petrol etc.
We have £1600 surplus every month yet never save a penny,It's only now we are on lockdown we are seeing how much we waste.
We seem to spend so badly,Meals out,Clothes shopping,impulse buys.
Does anyone have any advice how we can get out of these bad habits and actually save money,Has anyone been in a similar situation? 
Advice appreciated please.

Replies

  • edited 6 April at 10:24PM
    DCFC79DCFC79 Forumite
    38.4K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    edited 6 April at 10:24PM
    Hi.
    We have a household income of £4200 per month after tax.
    Mortgage and all bills amount to £2600 that includes childminder,Food shopping ,Petrol etc.
    We have £1600 surplus every month yet never save a penny,It's only now we are on lockdown we are seeing how much we waste.
    We seem to spend so badly,Meals out,Clothes shopping,impulse buys.
    Does anyone have any advice how we can get out of these bad habits and actually save money,Has anyone been in a similar situation? 
    Advice appreciated please.

    Why do you have meals out ? Is it just being lazy, convenient ?
    Why the clothes shopping ? What starts it ?
    Before you buy clothing, go out for a meal think to yourself do you really need to buy the clothing or go for the meal out.

    There's loads of programmes out there on saving money on your shopping, the Gregg Wallace is 1.

    https://forums.moneysavingexpert.com/discussion/6126160/debt-dont-know-what-to-do#latest

    Use the link in there to complete an soa. 
    Maybe you should post the soa over on the debt free wannabe board. 
  • edited 6 April at 11:27PM
    mark88manmark88man Forumite
    5.1K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    edited 6 April at 11:27PM
    i know where you are coming from,  its a game of two halves - both difficult, but very doable
    - firstly, its just a matter (easier said then done) of doing less - if lockdown teaches us anything its that it is possible to do stuff for free or to do stuff less often.  its much a matter of gradually but relentlessly squeezing cost out of your lifestyle  by making small changes wherever you can (saving little and often is much more important than saving a lot on a few small things)
    - secondly realise that when you get to that point - that is your affordable lifestyle, and not a deprived diet - this is especially important if you have been paying of credit card debt and you finally get debt free

    Other tips are pay yourself first - especially if you balance between pensions, ISA and cash savings (pensions for matching company contribution and the tax relief on the way in, ISA's for the tax relief on the way out, and savings for whatever but an emergency fund is a good idea) 

    Finally its about being aware of how much you are spending and track balances and accounts more frequently than you are and say something if one or other of you are being a bit wild
    I think I saw you in an ice-cream parlour - Drinking milk shakes cold and long - Smiling and waving and looking so fine (5 years - Bowie)
    Weight/Health - 1/1/2020 - 121kg : 30/04/2020 - 105Kg
    End 19: CC:[email protected]% - Car Loan:[email protected]% - Mort:[email protected]% = £140K
    Decrease in Total Debt 2016:£13.4K 2017:£8.3K 2018:£20K 2019:£16K
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