Spinning a New Story

londoner2019

You're doing well! Kudos to you.

One thought - is your SOA aspirational, or what actually happens? I only ask because you have money set aside for a holiday and an emergency fund, yet nothing in the cash assets line.

Same with groceries - it's a very round number. Many on here recommend going back through your last few months' worth of transactions to see if you hit 500 or go over.

But the 0% card will save you a fortune in interest, and as long as you stick to paying it off before the 0% period ends, you should be in a great position.

Blackcats

It's so motivating to make a strong start as it really helps with the longer journey.
the grocery challenge on the old style board is full of recipes and hints and tips on controlling food spending.

foxgloves

Hi,
I thought I'd just kick in two thoughts. Firstly, the "I'm no good with money" thing  - I used to say this a lot back in the Spendy Decades., while blaming just about everything else possible for the parlous state of my finances. I now know that this wasn't true. I didn't actually know whether I was good at budgeting or not because I never tried it! I was organised & efficient in most other aspects of my life, so nothing to think I couldn't have got started on managing my money much earlier than I did. I was in my early 40s when I decided it was time to change....& guess what? I turned out to be very good at budgeting. It took me about three goes to refine the process & get something in place which really works for us, but it wasn't difficult. I have stuck to it ever since, first to pay off our £35k of assorted debt & since kicking that firmly to the kerb, the same budget method & general money-saving attitude has facilitated regular payments into savings accounts for the first time in our lives. So for me, all those years of saying "I'm not good with money" were just wasted on this excuse. I just didn't know it at the time as never tried doing anything differently, just spent what I wanted when I wanted, then spent the 2nd half of the month in a state of dread that the bank would refuse my card at cashpoints & supermarket tills! I always thought that budgeting & saving money was for boring people & squares! How wrong I was. I have found it completely empowering & I hope you will too. It's just a case of finding a system that works for you, then honing it to design out any little snags. Good luck!
The 2nd thing is that monthly grocery budget. £500 is a very big monthly spend for 2 people. I usually budget £350 for the two of us. My partner is one of the big 'caveman-types" with a big appetite. Our monthly £350 includes our food, meat, biscuits & treats for our two rescue cats, Ash & Soot (well, at least those are their 'stage names' on here!) as well as things like loo rolls, cleaning supplies, etc. We would both describe ourselves as 'foodies' & we eat very well on this budget. This month, we decided to budget £350 for groceries as usual, but only to spend £250, so as to leave a very useful £100 available at the end of the month to do a pantry stock-up of things like pasta, tins, rice, etc, from Al*i. With meal planning, cooking from scratch, prioritising food that is already in stock & checking every single item (whether you actually need to buy it this time), this is perfectly possible. We do have a milkman deliver our weekly milk, so tbf, that puts our actual max monthly grocery spend up to £375 - I budget the milkman separately so while we are planning our grocery shopping, we don't include milk. Just mentioning, as I know most people would get their milk from a supermarket so that would be included in the overall bill. But my overall thinking is that if you are routinely spending £500 a month on groceries for just 2 people, there is defo a decent saving to be made there. Even knocking it to £400 which would still be generous would be a £1200 saving a year.
F

Afdaff

Things got busy and then I got locked out of here. But I’m back to report that circumstances have improved and my overdraft is cleared. I have £850 on a money transfer card that I am ready to pay off in full soon when the 0% ends, and an interest free loan to a family member that I am repaying monthly and will be cleared by the end of next year.

I have a budget worked out and have just begun regular (small) saving for the first time in my life. I am feeling more optimistic about my ability to manage money better than I used to.

1stTimer

Congratulations on your progress so far! That’s huge 🥳

Afdaff

Thanks! Some of it is down to the generosity of others rather than my own efforts. But I’m trying to make sure I don’t waste this opportunity to do things better now.

This week’s positive steps have been lowering my overdraft limit so I don’t get tempted into the ease of that expensive way of borrowing again. I’ve haggled my way to a £120 saving on my car insurance and I’ve got some unwanted clothing and books listed for sale. 

Apart from clearing the family loan, my main goals are to make sure my budget is solid and sustainable, and to start to grow an emergency fund. 

Sarahwithlove

Well done sounds like a good plan. 

Afdaff

Thanks!

I’ve now paid off the outstanding loan before the 0% ended and will close the card this week. I’ve also checked and subsequently switched home insurance companies after my old company couldn’t even remotely match the quotes I got- another £120 saved.

My budget is being tested by car woes though- it’s back to the garage again to figure what’s going on.