Trying to stay in the black



  • PinkHairbrushPinkHairbrush Forumite
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    More month than money is right Sam! Half way through the month. Still logging all my spends and sticking to budget so far. The spending diary is a real eye opener, especially the petrol, eating out and food shopping categories!! Have had a little extra income this month which is helping make ends meet, particularly with having a bit of decorating done on the house. Income trickling in to separate account throughout the month and this will pay for November’s budget.
  • PinkHairbrushPinkHairbrush Forumite
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    Due to changes with work it would seem I am hopefully going to be bringing in a little more than usual each month. Have been mulling over the idea of starting to overpay my student loan. If I kept my outgoings the same and threw the rest at the loan I could see if I could make a (very little) dent in it.

    I think I will plan to make an overpayment on the last day of each month. Good incentive to stay on track money wise through the month. The better I am, the bigger the payment I’ll be able to make. 
  • MidsHollieMidsHollie Forumite
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    Hey, well done on the spending diary and sticking to the budget! It’s a real eye opener isn’t it?
    Is your student loan the typical, British student loan from the government? If so, take a read of Martins article about repaying your student loan. It rarely makes sense to pay it off early. Do you have any other debts? Do you have an emergency fund? 
    Talking about months and money, there is a financial coach on Instagram, wealthovernow. She always advocates for paying next months bills with last months money. Those are the goals, eh?! 

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  • edited 31 October 2020 at 8:58PM
    PinkHairbrushPinkHairbrush Forumite
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    edited 31 October 2020 at 8:58PM
    Have had a good read of Martin’s advice and I agree MidsHollie that it seems to be best to just let the student loan tick away in the background. 

    I have let the spending diary lapse the last few days but I am definitely sold on this way of budgeting - paying for next months bills with last months wages. It definitely lets me be more organised as my income trickles in twice a week. 

    It has been a particularly expensive month so I am hoping to keep the spends down in November and stay well within my budget for all categories. I have most of my Christmas shopping already done (and wrapped!!) so this should help. 

    I am re-commiting to my spending diary and am going to try and post here more to keep the motivation up. 

    Every extra penny at the minute is going toward finishing the decorating work on the house. I’ve been promised this will be finished before Christmas (we’ll see!!) so hopefully I’ll be making new money plans for the new year. 

    Hoping for a no spend day tomorrow!
  • Like you am goung to try a strict spending diary for november and hope to attack my pointless or thoughtless spending.
    Have you tried the envelope method for your food budget? 
    Like you I seem to constantly have a big bill come up. Have you got a yearly plan so you can see when insurances / servicing / tax come up. 

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  • SarahwithloveSarahwithlove Forumite
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    Yep unless you are earning big money and will actually pay it off in the 25 years before it gets written off (started course pre 2011) then it's not worth overpaying. You're better off saving it up and paying off other debts. Do you have any card debts or other loans at all? Do you have an emergency fund? 
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  • PinkHairbrushPinkHairbrush Forumite
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    Couldsavemore I haven’t tried the envelope method. I like the idea but things can be a bit chaotic at the tills with two young children and trying to pack bags so I find tapping my card handier than dealing with cash. I know when most of my annual policies renew but it wouldn’t hurt to remind myself again!

    Sarahwithlove - thankfully I don’t have any credit cards but am trying to save a little as don’t have much in the way of an emergency fund.
  • PinkHairbrushPinkHairbrush Forumite
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    Well I have just reread my diary from the start and feel very thankful to be in a much better position now (in the black with a sensible and realistic budget) to when I started (£500 in to my overdraft and lying awake at night with money worries). It was definitely a good job taking my small amount of savings and using them to clear my overdraft and get a month ahead of the bills.

    I am continuing to log my spends and stick to my budget. 

    I finished my Christmas shopping today and while I like giving I didn’t go mad, especially with the children. I think there is so much extravagance at Christmas. This year especially I think the fact all mine are safe and well will be enough!!

  • joedenisejoedenise Forumite
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    Absolutely - nothing better than everyone being healthy and safe at the moment.  Great that you have finished your Christmas shopping already.  No need to go mad.  We've cut back as a family immensely over the last couple of years.

    Really hoping that we can get together for Christmas but if that isn't possible at least we'll know that we are all safe in our own homes.
  • edited 5 November 2020 at 6:22AM
    PinkHairbrushPinkHairbrush Forumite
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    edited 5 November 2020 at 6:22AM
    Amen joedenise!

    Shouldn’t be too spendy a day today. Maybe a few bits from Tesco and a bill from my decorator for a little work at the weekend. All logged in my spending diary of course!

    Making use of the HSBC switch for the cash incentive and that should complete in the next few days. 

    Will try to get a shift booked for the weekend to help boost the funds for next month. 
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