Recent budgeting win

stud26

Just wanted to say how rewarding and relieving it's been since I started using a budgeting app a few months ago.

Everything is organised, the money is ring-fenced, and we adhere to it, no overspending. It really makes me think about what I "need"and "want" in the moment. 

If I can't afford it now, I add it to my basket and wait until I can. When the time comes, I often don't need it anymore. Saving a small fortune so I can finally build up our emergency funds. 

Wish I'd started to do this years ago. 

Would love to hear your successes and tips.

steven141

Which budgeting app did you use?

stud26

steven141 said:

Which budgeting app did you use?

I use Hyperjar

Sarahspangles

stud26 said:

Just wanted to say how rewarding and relieving it's been since I started using a budgeting app a few months ago.

Everything is organised, the money is ring-fenced, and we adhere to it, no overspending. It really makes me think about what I "need"and "want" in the moment. 

If I can't afford it now, I add it to my basket and wait until I can. When the time comes, I often don't need it anymore. Saving a small fortune so I can finally build up our emergency funds. 

Wish I'd started to do this years ago. 

Would love to hear your successes and tips.

I’m a YNAB fan, but the principles are similar. I hear people say budgets are restrictive, but for me it’s liberating. When I got together with my OH he was sceptical because he saw it as ‘analysis’, whereas it’s actually forward planning. A good test is what happens when there is some opportunity or issue - reserves and emergency funds make life much less stressful.

Budgeting has enabled us to bring forward our retirement dates. We know what we have and what we need, so all we need to decide is how to spend our time.

stud26

Sarahspangles said: liberating

Liberating is the perfect word for it. If we can bring forward retirement dates, I'd be over the moon. Good to know we're on the right track from what is such a simple, essential change. Why don't they teach this in school?

Rob5342

Sarahspangles said:

stud26 said:

Just wanted to say how rewarding and relieving it's been since I started using a budgeting app a few months ago.

Everything is organised, the money is ring-fenced, and we adhere to it, no overspending. It really makes me think about what I "need"and "want" in the moment. 

If I can't afford it now, I add it to my basket and wait until I can. When the time comes, I often don't need it anymore. Saving a small fortune so I can finally build up our emergency funds. 

Wish I'd started to do this years ago. 

Would love to hear your successes and tips.

I hear people say budgets are restrictive, but for me it’s liberating.

They are restrictive, but thats the whole point of them. With no restrictions or forward planning you won't have the money for other things when needed. 

Organgrinder

I use a spreadsheet - a bit old fashioned but have been using it for years.

It's got all my planned spending, savings, pensions, etc.

I've refined it over the years so it includes things like tax so I can work out what needs to go into my pension to reclaim any higher rate to tax I pay.

It all operates at today's rates but have also built in inflation scenarios, pension growth scenarios etc.

It works for me and it's always nice when I'm even a few hundred pounds better off or if I find I can absorb increases in things like holiday prices etc.

I've compared it to the planning I did with guiide....the outputs are really similar so fingers crossed it's 624 working days until I retire!!

JadedAngel88

I used to use ynab classic (the first version) and loved it. I could do my budget for the whole year in advance, not something they recommend but it worked for me. 

I tried the new ynab and I just don't get on with it. 

For me, it's just too complicated obviously I'd explain but it would be too long and I don't have the words ( brain fog).

Now I use a pen and paper, write it all out and it's done. I do use HyperJar also, it's very good at separating out the money into various pots. 

You can do the same with Monzo, but they only allow spending from a specific pot with the paid for accounts, and starling, starling allows you to have 5 virtual cards for pots and they pay interest on all the account and pots balances.

Rob5342

I have a spreadsheet to plan my months spending in advance and then use Monzo pots to manage it through the month. 

M25

Just use common sense and a Word document showing income and outgoings.

No wi-fi needed.

Sarahspangles

Rob5342 said:

Sarahspangles said:

stud26 said:

Would love to hear your successes and tips.

I hear people say budgets are restrictive, but for me it’s liberating.

They are restrictive, but thats the whole point of them. With no restrictions or forward planning you won't have the money for other things when needed. 

There are definitely times a budget has reined me in from some splurge. Or at least prompted me to economise and save up a bit first.

But sometimes having full visibility has liberated me to spend. Or at least taken away the anxiety.