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  • FIRST POST
    • berserker
    • By berserker 6th Oct 07, 11:44 AM
    • 67Posts
    • 4Thanks
    berserker
    motivation to budget
    • #1
    • 6th Oct 07, 11:44 AM
    motivation to budget 6th Oct 07 at 11:44 AM
    I'd be interested to see how people motivate themselves to budget.
    Do you record your spend daily or weekly or save it till then end of the month?

    I know i'm spending too much and there are quick wins like no. takeaways etc.

    but need your tips guys

    thanks


    Last edited by Former MSE Wendy; 09-10-2007 at 7:18 PM.
Page 1
    • skint_spice
    • By skint_spice 6th Oct 07, 11:51 AM
    • 11,220 Posts
    • 23,582 Thanks
    skint_spice
    • #2
    • 6th Oct 07, 11:51 AM
    • #2
    • 6th Oct 07, 11:51 AM
    Spreadsheets, lots of spreadsheets!
    I have a sheet with income against expenditure and it has all DDs etc on it and a set amount for food etc. I check with my bank account online a couple of times a week to make sure it's still right. Personally I just take out a set amount in cash each week for food and spends and make it last, once it's gone it's gone except for major emergencies like car repairs. Repairs, road tax, pressies are budgeted for but standing order goes to savings account for them to stop me getting my grubby mitts on it.
    5000 by December 2018 721/5000
    • Sagaris
    • By Sagaris 6th Oct 07, 11:51 AM
    • 1,697 Posts
    • 4,808 Thanks
    Sagaris
    • #3
    • 6th Oct 07, 11:51 AM
    • #3
    • 6th Oct 07, 11:51 AM
    I have Microsoft Money on my pc, and update it daily for the bills, standing orders etc, and also check my bank account every day.
    Everyday spends (not that there's many of those!) go on a list - the thought of actually writing it down and adding to the expenditure puts me off most of the time. And clearing debts/saving for something in particular are great motivators IMO!
    Almost 2 stones gone!
    RIP Clio 1.9.93 - 7.4.10
    I WILL be tidy, I WILL be tidy!
    • Lazy Runner
    • By Lazy Runner 6th Oct 07, 11:58 AM
    • 333 Posts
    • 198 Thanks
    Lazy Runner
    • #4
    • 6th Oct 07, 11:58 AM
    • #4
    • 6th Oct 07, 11:58 AM
    You seem to be asking three questions so I will answer all of them.

    My motivation to budget is that now that I am out of debt, I never want to use my CC again without knowing where the money to pay it off is coming from. Secondly, after reading Rich Dad, Poor Dad, I want to build up my savings/investments as best I can.

    The method I am using to track things is to use a software package called Accountz. I use this to track all my spending down to the penny (including cash transactions). I can also enter my forecast spending (including regular bills) so that I know how much disposable income I have till the next pay day.

    One of my ways to save money came about because I was sick of having £10 left with a week left to go till payday. I now take packed breakfast/lunch to work. (I sometimes go swimming in the morning so need to make breakfast as well). I have found that by buying slightly differently, my food shops may have even gone down even though I am now getting 3 meals out of them instead of one. I have also saved on buying things on the canteen so that is £15 - £20 saved per week.

    HTH
    If you are at a poker game and you cannot figure out who is the patsy then guess what...you're the patsy - Warren Buffet
    • berserker
    • By berserker 6th Oct 07, 3:44 PM
    • 67 Posts
    • 4 Thanks
    berserker
    • #5
    • 6th Oct 07, 3:44 PM
    • #5
    • 6th Oct 07, 3:44 PM
    Thanks for the great advice guys.

    lazy runner thats just the kinda thing i was asking i'll check out Accountz as it sound like the thing i'm after. Hows the rich dad poor dad approach working for you? I'm trying to get my spend in order so i can move onto investments


    Skint spice i like the idea of only drawing out a set amount a week for spends. I hate it when i look at my statement and see i have withdrawn loads over a week.

    Sagaris, do you have a set time everyday you sit down and do your accounts or depends on your day?
    • tealady
    • By tealady 6th Oct 07, 5:42 PM
    • 2,868 Posts
    • 3,536 Thanks
    tealady
    • #6
    • 6th Oct 07, 5:42 PM
    • #6
    • 6th Oct 07, 5:42 PM
    I take the set amount of the bank on a weekly basis and I (nearly) always do it on the same day. I try to work on a five week month so most months I have a weeks "spends" left over, that goes into my savings for big things. At the end of each week I also tip into my piggy bank any money not spent that week then use it for the odd small emergency.
    • Lazy Runner
    • By Lazy Runner 7th Oct 07, 2:48 AM
    • 333 Posts
    • 198 Thanks
    Lazy Runner
    • #7
    • 7th Oct 07, 2:48 AM
    • #7
    • 7th Oct 07, 2:48 AM
    There is that japanese word 'kaizen' meaning a little bit of improvement every day.
    Or I prefer to think of ratcheting things up to increase the pressure as I go along.

    I am making savings in my daily/monthly spending, and putting some of these savings into my savings accounts. For instance my energy supplier wrote to me that because I had a surplus in my account, my dd was going down by £11/month. £5 of this has been added to my savings account standing order.

    I also save 10% of my net income and when I get payrises, I try and put some/all of the payrise towards my savings. I am trying to get to the point where I have 3 months of salary in a savings account. When I have reached that point, I will continue to save at a lower rate, and start putting the remainder of my money in investments, again.

    I was investing a few years ago, but was very poor at it as I kept losing money. This was because I was not disciplined. (This lack of discipline also led to the debt). I plan on practice trading for a few months and then start putting my money towards this.

    Not sure how good Accountz is for tracking investments, suspect I will use a spreadsheet for that.
    If you are at a poker game and you cannot figure out who is the patsy then guess what...you're the patsy - Warren Buffet
    • berserker
    • By berserker 7th Oct 07, 10:05 AM
    • 67 Posts
    • 4 Thanks
    berserker
    • #8
    • 7th Oct 07, 10:05 AM
    • #8
    • 7th Oct 07, 10:05 AM
    I need to set up the 10%, and will soon be starting a new job so plan on putting all the extra money from that into a savings account.
  • iwishiwasarichgirl
    • #9
    • 10th Oct 07, 9:03 AM
    • #9
    • 10th Oct 07, 9:03 AM
    Slightly off subject, but as a motivation not to spend I think of how much I earn per year and times that by the number of years I've been working - which equates to quite a substantial amount. Then I think about how much I have in my account or what I have to show for all those years of working. This usually puts things into perspective :rolleyes:
    • miss_phish
    • By miss_phish 10th Oct 07, 10:11 AM
    • 585 Posts
    • 23,453 Thanks
    miss_phish
    Another point purely on the motivational front - if we are trying to get away from something (ie get away from a scary debt) then our motivation naturally declines when we are a safe distance away from it (ie when we're not getting regular red bills through the door) and we tend to lose interest in it and it becomes easy to go back to our old ways.

    However if we aim towards something (like a goal of having a savings account with 100 in) our motivation is strong until that goal is reached, where we then set another goal.

    Hope that helps!
    Piggypoints - 207+10 * Quidco - 95 * Tesco - 1095 * Sainsbugs - 4237
    I SHALL be debt free!!!!!
    • Cheery Daff
    • By Cheery Daff 10th Oct 07, 11:54 AM
    • 8,322 Posts
    • 41,704 Thanks
    Cheery Daff
    I'm motivated by knowing that the less I spend, the longer I've got to finish my PhD without having to get a full time job

    And when I've done that and I'm working full time, I'll be motivated by knowing how good it feels to have enough to pay for things in advance!

    To keep track I have a small cash book that I take everywhere, and have a page (or two) for each separate budget (food, van, presents, unnecessary, allotment, clothes, etc) with the amount at the top. EVERY time I buy something, I write in what it was, the date, the amount (rounded UP for everything other than unnecessary spends), and take that amount off the total.

    I also keep a running total of how much overall I have for the month (not including bills etc, keep track of that separately), and write down how much I've spent each day on everything, so I can see overall how much I've got left, and whether I can occasionally afford to overspend a little on one budget, and take it out of another.

    Hope that makes sense!
    Mortgage over payments since Feb 2018 = 558.25
  • joeyjac
    Another point purely on the motivational front - if we are trying to get away from something (ie get away from a scary debt) then our motivation naturally declines when we are a safe distance away from it (ie when we're not getting regular red bills through the door) and we tend to lose interest in it and it becomes easy to go back to our old ways.

    However if we aim towards something (like a goal of having a savings account with 100 in) our motivation is strong until that goal is reached, where we then set another goal.

    Hope that helps!
    Originally posted by miss_phish
    That is a great way of looking at it, I was losing some motivation now my biggest debts are paid and could feel myself starting to slip.

    I'm going to set myself a savings target to keep up the good work.

    Thanks
    Life isn't a dress rehersal


  • The_ODonnell_Boy
    May sound ridiculous, but the best thing I ever did was get a little USB stick to carry around with me

    On it, I keep a list of my expenditure for that month and delete as applicable once the outgoing has been paid

    It's been a massive boon to me and helps me keep track of everything

  • moanymoany
    I'm motivated by knowing that the less I spend, the longer I've got to finish my PhD without having to get a full time job

    And when I've done that and I'm working full time, I'll be motivated by knowing how good it feels to have enough to pay for things in advance!

    To keep track I have a small cash book that I take everywhere, and have a page (or two) for each separate budget (food, van, presents, unnecessary, allotment, clothes, etc) with the amount at the top. EVERY time I buy something, I write in what it was, the date, the amount (rounded UP for everything other than unnecessary spends), and take that amount off the total.

    I also keep a running total of how much overall I have for the month (not including bills etc, keep track of that separately), and write down how much I've spent each day on everything, so I can see overall how much I've got left, and whether I can occasionally afford to overspend a little on one budget, and take it out of another.

    Hope that makes sense!
    Originally posted by Cheery Daff
    There is no doubt that keeping track of every penny is a vital part of budgeting. The spending diary is the easiest way to keep track.

    It can seem that one coffee won't matter - but it will. The cost of one takeaway pizza will feed you for two or three days.

    Go onto the moneysaving oldstyle threads, fight your way through the female stuff and you will find threads of meals and menus that cost very little and are healthy. There are ideas for packed lunches and hundreds of ways to save money.

    I would recommend you buy a copy of the 'Tightwad Gazette' series if you want to save in large amounts. It is available second hand from Amazon.
  • moneykaizen
    I think like this:

    How many hours would I need to be chained to my desk to purchase this?

    E.G Is a Playstation 3 really worth going to work each day for a week?
  • Angel 21
    Hi berserker, I have no suggestions myself, as I have only joined recently, but will watch this space for any tips. In fact I'm SO new you are the first person I have 'talked' to, so it will be interesting to see what happens ...!!
  • moanymoany
    I think like this:

    How many hours would I need to be chained to my desk to purchase this
    E.G Is a Playstation 3 really worth going to work each day for a week?
    Originally posted by moneykaizen
    Absolutely, and more often than not the answer is NO!

    It is the ease by which things can bought - no thought attached - simply hand over the little piece of plastic.

    It is only when you look more closely and work out the hourly rate that the item becomes less desirable!!!
    • cat4772
    • By cat4772 14th Oct 07, 8:26 PM
    • 2,454 Posts
    • 4,347 Thanks
    cat4772
    If we are trying to get away from something ... then our motivation naturally declines when we are a safe distance away from it ... However if we aim towards something ... our motivation is strong until that goal is reached where we then set another goal.
    Originally posted by miss_phish
    That's a wonderful way of understanding how motivation works and the role perception plays! though I must remember to always set antoher goal rather than spend too much time applauding myself for achieving a goal!!!!!

    Cat.x
    DFW Nerd Club #545 Dealing With Our Debt
    never attribute anything to malice which can be adequately explained by stupidity, [paranoia or ignorance] - ZTD&[cat]
    the thing about unwritten laws is that everyone has to agree to them before they can work - *louise*

    March GC 113.53 / 325
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