Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • brednall
    • By brednall 23rd Oct 19, 2:33 PM
    • 569Posts
    • 3,029Thanks
    brednall
    A Little Advice Please
    • #1
    • 23rd Oct 19, 2:33 PM
    A Little Advice Please 23rd Oct 19 at 2:33 PM
    I currently log all my spends on a spreadsheet, usually every other day and every month I say to myself 'look how much extras you've wasted cash on'.

    For next month, I am wondering if it's better to keep only DD monies in my account and withdraw most of the rest then separate it into shopping, etc at home.

    Does anyone else do that and do you find it works for you?

    Thanks

    Emma
    Baby daughter born Jan 10

    Baby son born June 11
Page 1
    • monetxchange
    • By monetxchange 23rd Oct 19, 3:07 PM
    • 64 Posts
    • 116 Thanks
    monetxchange
    • #2
    • 23rd Oct 19, 3:07 PM
    • #2
    • 23rd Oct 19, 3:07 PM
    Absolutely works for me. Except I move a set budgeted amount of money for spending on groceries, travel etc in a Monzo account, rather than withdrawing it. Anything not needed for DDs/bills gets swept across into a savings fund or paid towards my debt. It really helps having the money gone and paid at the beginning of the month, rather than it seeping away!
    Highest Debt: 29,500. LBM: April 2019
    TO GO: Barclaycard 11,307 3,700 | Overdraft 2,575 500
    GONE: HMRC 8,500 0 | Renovations 3,500 0 | Vanquis 3,222 0 | Capital One 1,410 0
    SAVED: Emergency Fund: 3,400. Tax Bill Fund: 6,100.
    • EssexHebridean
    • By EssexHebridean 23rd Oct 19, 4:17 PM
    • 9,779 Posts
    • 49,776 Thanks
    EssexHebridean
    • #3
    • 23rd Oct 19, 4:17 PM
    • #3
    • 23rd Oct 19, 4:17 PM
    OP - no specific comment on your post, but just a suggestion that it might be an idea to be cautious about how much extremely personal information you're sharing in your signature. There's a reason that mostly folk on here refer to sons/daughters as "DD" or "DS" etc - and similarly sharing full dates of birth is possibly a little unwise. Just an observation - obviously we all have our own thresholds, but bear in mind that at some stage they will both be at an age when they will need to start using things like their dates of birth in security information for various things...
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    • brednall
    • By brednall 23rd Oct 19, 4:34 PM
    • 569 Posts
    • 3,029 Thanks
    brednall
    • #4
    • 23rd Oct 19, 4:34 PM
    • #4
    • 23rd Oct 19, 4:34 PM
    OP - no specific comment on your post, but just a suggestion that it might be an idea to be cautious about how much extremely personal information you're sharing in your signature. There's a reason that mostly folk on here refer to sons/daughters as "DD" or "DS" etc - and similarly sharing full dates of birth is possibly a little unwise. Just an observation - obviously we all have our own thresholds, but bear in mind that at some stage they will both be at an age when they will need to start using things like their dates of birth in security information for various things...
    Originally posted by EssexHebridean
    Thank you. When I first joined the forum, everyone had signatures like that. All changed now and hopefully back to the topic
    Baby daughter born Jan 10

    Baby son born June 11
    • enthusiasticsaver
    • By enthusiasticsaver 23rd Oct 19, 4:42 PM
    • 9,598 Posts
    • 22,307 Thanks
    enthusiasticsaver
    • #5
    • 23rd Oct 19, 4:42 PM
    • #5
    • 23rd Oct 19, 4:42 PM
    I don't have a separate account I put spending money in but I set budgets on my clear checkbook for food, fuel, eating out and entertainment, living expenses and direct debits and move money into spending envelopes (cars, house, holidays, gifts) so I can see at a glance how much of the budget I have used so far that month and how much I have in the envelopes at any one time.

    The envelopes carry forward each month so some months I spend nothing and others they are hit hard. The budgets reset monthly though.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • EssexHebridean
    • By EssexHebridean 23rd Oct 19, 5:06 PM
    • 9,779 Posts
    • 49,776 Thanks
    EssexHebridean
    • #6
    • 23rd Oct 19, 5:06 PM
    • #6
    • 23rd Oct 19, 5:06 PM
    Thank you. When I first joined the forum, everyone had signatures like that. All changed now and hopefully back to the topic
    Originally posted by brednall
    Yes - we've definitely got more security conscious over the years, haven't we!

    As far as your spends go, does your current account allow you to open separate internet only savings accounts off it? nationwide has that facility, so I have loads of them and have automated transfers which go out at the beginning of each month for car maintenance, holiday expenses, clothing spends, emergency fund - all sorts of things. That ensures that we do budget for everything we need to, and also that the money for those things goes off out of the current account at the start of the month so we don't spend it accidentaly.

    On the spending on extras thing - how about each time you think about spending on something outside of your budget you stop and question yourself - do you need it? Do you have anything else that will do the job instead? Do you really want to spend that money on that thing - whatever it may be. If there are regular things that you find you spend on repeatedly maybe add up how much they are costing you for a full year - for example if you buy a magazine weekly for 5 - then over a year that's costing you 260 - a daily workday coffee is likely to be in the region of 700 in a year. Seeing the total figure is a lot more powerful than the individual spends.
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    • brednall
    • By brednall 23rd Oct 19, 6:16 PM
    • 569 Posts
    • 3,029 Thanks
    brednall
    • #7
    • 23rd Oct 19, 6:16 PM
    • #7
    • 23rd Oct 19, 6:16 PM
    As far as your spends go, does your current account allow you to open separate internet only savings accounts off it? nationwide has that facility, so I have loads of them and have automated transfers which go out at the beginning of each month for car maintenance, holiday expenses, clothing spends, emergency fund - all sorts of things. That ensures that we do budget for everything we need to, and also that the money for those things goes off out of the current account at the start of the month so we don't spend it accidentaly.

    On the spending on extras thing - how about each time you think about spending on something outside of your budget you stop and question yourself - do you need it? Do you have anything else that will do the job instead? Do you really want to spend that money on that thing - whatever it may be. If there are regular things that you find you spend on repeatedly maybe add up how much they are costing you for a full year - for example if you buy a magazine weekly for 5 - then over a year that's costing you 260 - a daily workday coffee is likely to be in the region of 700 in a year. Seeing the total figure is a lot more powerful than the individual spends.
    Originally posted by EssexHebridean
    I am with nationwide and never thought of that. I think cash for shopping would work better for me though. I don't buy anything regularly like coffees or takeaways but it tends to be bits and bobs in places like home bargains and places like that which add up quick.
    Last edited by brednall; 24-10-2019 at 9:28 AM.
    Baby daughter born Jan 10

    Baby son born June 11
    • EssexHebridean
    • By EssexHebridean 23rd Oct 19, 6:19 PM
    • 9,779 Posts
    • 49,776 Thanks
    EssexHebridean
    • #8
    • 23rd Oct 19, 6:19 PM
    • #8
    • 23rd Oct 19, 6:19 PM
    A set weekly budget for groceries can work really well used in cash - as long as you remember that you don't *have* to spend all of it!
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    • brednall
    • By brednall 23rd Oct 19, 7:05 PM
    • 569 Posts
    • 3,029 Thanks
    brednall
    • #9
    • 23rd Oct 19, 7:05 PM
    • #9
    • 23rd Oct 19, 7:05 PM
    A set weekly budget for groceries can work really well used in cash - as long as you remember that you don't *have* to spend all of it!
    Originally posted by EssexHebridean
    I used to budget 40 but I tend to do a slightly bigger shop for rhat but then I pop in and out for pack up items and milk etc. I'm going to look at averages from the last few months
    Baby daughter born Jan 10

    Baby son born June 11
    • Hillwalker11
    • By Hillwalker11 24th Oct 19, 8:30 AM
    • 89 Posts
    • 420 Thanks
    Hillwalker11
    We have separate accounts as follows,
    Main account. Income and DD only
    Cash account. Miscellaneous spending over the month.
    Housekeeping. Food shopping
    Christmas and Birthdays.
    Emergency savings. Drip fed monthly, kept to around 2000 Mark. Used for replacement/repairs washing machine, fridge etc.
    Excess left over goes into a Building Society savings account.

    It is much better keeping HK etc separate, as you can see exactly what you are spending.The same system can work with cash , just put the cash into separate envelopes and use accordingly.
    • EssexHebridean
    • By EssexHebridean 24th Oct 19, 1:02 PM
    • 9,779 Posts
    • 49,776 Thanks
    EssexHebridean
    I used to budget 40 but I tend to do a slightly bigger shop for rhat but then I pop in and out for pack up items and milk etc. I'm going to look at averages from the last few months
    Originally posted by brednall
    Sit down before you go shopping. Evaluate what you already have in, and what meals you can make using those things as a basis. Establish what is good value in Aldi's Super 6 or Lidl's Pick of the Week - other supermarkets also have "loss leader" schemes on fruit and veg. Then write your meal plan. Then work through the meal plan and add to the shopping list all the stuff you don't currently have. Include for any meals that you're preparing at home - so packed lunches etc. Make use of your freezer assuming you have one for some milk & bread - this reduces the need to "just pop in" to the shop to top up. Go shopping, by only the items on your list. The aim is to have to spend as little time as possible in shops, as if you're not in the shop you can't spend money there. if you DO have to top up then treat it the same way - establish what you actually need, write a list, and buy accordingly. If you find taking others with you when you shop drives up costs, then shop alone. (Or be prepared to be really tough!)

    Saves you time, saves you money.
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    • brednall
    • By brednall 24th Oct 19, 1:31 PM
    • 569 Posts
    • 3,029 Thanks
    brednall
    Sit down before you go shopping. Evaluate what you already have in, and what meals you can make using those things as a basis. Establish what is good value in Aldi's Super 6 or Lidl's Pick of the Week - other supermarkets also have "loss leader" schemes on fruit and veg. Then write your meal plan. Then work through the meal plan and add to the shopping list all the stuff you don't currently have. Include for any meals that you're preparing at home - so packed lunches etc. Make use of your freezer assuming you have one for some milk & bread - this reduces the need to "just pop in" to the shop to top up. Go shopping, by only the items on your list. The aim is to have to spend as little time as possible in shops, as if you're not in the shop you can't spend money there. if you DO have to top up then treat it the same way - establish what you actually need, write a list, and buy accordingly. If you find taking others with you when you shop drives up costs, then shop alone. (Or be prepared to be really tough!)

    Saves you time, saves you money.
    Originally posted by EssexHebridean
    I find it tricky to meal plan as hubby likes things fresh for his healthy eating plan but some of the items he prefers are from Lidl so cheaper anyway. I always keep stocks in for packed lunches especially of staple items like drinks and spreads and always check what's on offer. My top ups are always done to a list too.
    Baby daughter born Jan 10

    Baby son born June 11
    • EssexHebridean
    • By EssexHebridean 24th Oct 19, 1:32 PM
    • 9,779 Posts
    • 49,776 Thanks
    EssexHebridean
    Hubby might have to start putting a bit more towards the groceries then, mightn't he...

    Try frozen veg, in particular. Every bit as healthy as fresh - sometimes more so - and lasts a heck of a lot longer.
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    • brednall
    • By brednall 24th Oct 19, 1:41 PM
    • 569 Posts
    • 3,029 Thanks
    brednall
    Hubby might have to start putting a bit more towards the groceries then, mightn't he...

    Try frozen veg, in particular. Every bit as healthy as fresh - sometimes more so - and lasts a heck of a lot longer.
    Originally posted by EssexHebridean
    He often picks up the specific items he wants anyway so not much of an additional strain on the budget.
    Baby daughter born Jan 10

    Baby son born June 11
    • getmore4less
    • By getmore4less 24th Oct 19, 1:42 PM
    • 37,992 Posts
    • 23,571 Thanks
    getmore4less
    I currently log all my spends on a spreadsheet, usually every other day and every month I say to myself 'look how much extras you've wasted cash on'.

    For next month, I am wondering if it's better to keep only DD monies in my account and withdraw most of the rest then separate it into shopping, etc at home.

    Does anyone else do that and do you find it works for you?

    Thanks

    Emma
    Originally posted by brednall
    The trick is to ask the question as you are spending not after.
    Only spend money on stuff you have in the budget.
    • brednall
    • By brednall 24th Oct 19, 2:17 PM
    • 569 Posts
    • 3,029 Thanks
    brednall
    The trick is to ask the question as you are spending not after.
    Only spend money on stuff you have in the budget.
    Originally posted by getmore4less
    The other thing I do is create an online basket and add things to it so I can check the special offers and I tend to stick to the list better this way too.
    Baby daughter born Jan 10

    Baby son born June 11
    • MovingForwards
    • By MovingForwards 24th Oct 19, 5:31 PM
    • 2,655 Posts
    • 3,135 Thanks
    MovingForwards
    I have a spreadsheet showing income and bills/outgoings.

    What I used to do was take the bills/outgoings away from the income and divide that figure by 4 or 5, depending on how many weeks were in the month.

    The divided leftover figure for each week was then taken out and used for shopping and other bits.

    I would then do the same the next week only reducing the amount if I had leftovers from the previous week.

    When the money was gone for the week that was it til my next week.

    For ease of an example 1000 wages - 600 bills / outgoings = 400 for a four week month. Each week I would take 100 out.*

    In reality mine was 60pw and a few times I still had the 60 next time I was due to take money out.

    Money becomes real when you see it rather than pay by debit card and it makes you question yourself whether you really do need what you are about to buy!
    • brednall
    • By brednall 25th Oct 19, 10:52 AM
    • 569 Posts
    • 3,029 Thanks
    brednall
    I have a spreadsheet showing income and bills/outgoings.

    What I used to do was take the bills/outgoings away from the income and divide that figure by 4 or 5, depending on how many weeks were in the month.

    The divided leftover figure for each week was then taken out and used for shopping and other bits.

    I would then do the same the next week only reducing the amount if I had leftovers from the previous week.

    When the money was gone for the week that was it til my next week.

    For ease of an example 1000 wages - 600 bills / outgoings = 400 for a four week month. Each week I would take 100 out.*

    In reality mine was 60pw and a few times I still had the 60 next time I was due to take money out.

    Money becomes real when you see it rather than pay by debit card and it makes you question yourself whether you really do need what you are about to buy!
    Originally posted by MovingForwards
    Sounds like a good plan. Payday next week so I will give it a try for the month. I know what my DD's are so should all be OK.
    Baby daughter born Jan 10

    Baby son born June 11
    • clairebeth
    • By clairebeth 25th Oct 19, 1:16 PM
    • 201 Posts
    • 166 Thanks
    clairebeth
    We do exactly what a previous poster does and use Monzo accounts to separate money into categories. The income comes into our RBS account, we leave enough in there to cover bills etc. The rest is transferred to joint Monzo a and divided up into separate 'pots'. We then each gave a personal Monzo account for our personal spending money also. It's really helped hubby, who was the main culprit of random spends from the main account and didn't even look at the app or statement, I was tearing my hair out!
    • brednall
    • By brednall 12th Nov 19, 12:06 PM
    • 569 Posts
    • 3,029 Thanks
    brednall
    A little update on this. I have withdrawn a set amount of cash for the last 2 weeks and tried to stick to it. An odd little extra expense here and there but nothing like normal. The first week I carried the small remainder over but wondering if it's better to pop the overage towards Christmas gifts or towards CC debt.
    Baby daughter born Jan 10

    Baby son born June 11
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

242Posts Today

2,204Users online

Martin's Twitter