Changing how I Budget

Peterxxxxxx

The credit card is used for making online purchases only. There is an automatic payment of the balance. On interest is accumulated.

MorningcoffeeIV

Those 'online purchases' should be put into their appropriate categories, eg clothing, gifts, pornography, etc.

Not credit card.

Peterxxxxxx

   Quite right
This has given me more to think about!

RG2015

MorningcoffeeIV said:

Those 'online purchases' should be put into their appropriate categories, eg clothing, gifts, pornography, etc.

Not credit card.

The OP can choose his own categories. For example, I use one of my credit cards exclusively for groceries.

Alternatively they may use it online for discretionary leisure purchases. The critical factor is whether they know now and will know in 12 or 24 months or whenever, exactly what was purchased on the credit card.

I have two lines on my cashflow analysis for my credit cards. One is groceries and the other is general. If I need to know about a large surge in any month I look on my downloaded transactions report which I maintain in Excel.

PS @MorningcoffeeIV, I am sure this was a typo and you meant to say photography. 

Peterxxxxxx

These are the income categories I use.

Peterxxxxxx

Does anyone have experience of using a Chase UK current account? I’m thinking about switching from a Nationwide account.

Peterxxxxxx

I would like to open an account with Chase UK. I don’t have a passport. The simplest way is for me to buy a passport. This would be £75.50. 

Any feedback?

k_man

Peterxxxxxx said:

I would like to open an account with Chase UK. I don’t have a passport. The simplest way is for me to buy a passport. This would be £75.50. 

Any feedback?

You don't need a passport if you have photo driving licence.

Peterxxxxxx

My mistake. I should have said I don’t have a driving license.

phillw

Eco_Miser said:
It depends what is meant by 'deficit'.

If it means running out of money, then limiting discretionary expenditure is necessary, if OTOH, it merely means expenditure exceeding income, there's no problem, so long as there is sufficient capital/savings to fund the deficit.

If your income is generated entirely from your capital, then funding the deficit from your capital is a short sighted move (unless you know when you're going to stop needing money...) 

But yes, you do have other options. Either come out of retirement, or die sooner.