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  • FIRST POST
    • CHlHlRO
    • By CHlHlRO 8th Feb 18, 3:14 PM
    • 72Posts
    • 29Thanks
    CHlHlRO
    Budget Nightmare!
    • #1
    • 8th Feb 18, 3:14 PM
    Budget Nightmare! 8th Feb 18 at 3:14 PM
    Trying to draw up our budget but itís turning out to be a complete nightmare! The issue is mainly that we go to several different shops for our supplies of food/drink/toiletries etc, so separating out our spending is impossible because we havenít got receipts! Iím trying to go from our last three months bank statements but a £50-odd spend in Tesco might also include clothing, or Christmas presents. A fiver in Aldi could be hubby grabbing lunch or a bag of nappies, I just donít know! Obviously if I add it all up itís going to make our food/household essential spending look far too high, and itís inaccurate because it includes some ďluxuryĒ spending, like lunchtime meal deals, clothing and gifts. Any advice? I need to give figures to our mortgage advisor but I just donít know where to start! Help, please!
Page 1
    • Flobberchops
    • By Flobberchops 8th Feb 18, 4:46 PM
    • 703 Posts
    • 508 Thanks
    Flobberchops
    • #2
    • 8th Feb 18, 4:46 PM
    • #2
    • 8th Feb 18, 4:46 PM
    The only way really is to track your spending across several months, preferably 6 or more, to eliminate seasonal spending like Christmas. To break down supermarket spending into food/clothes/household/luxuries, either go through your receipts with a fine tooth comb one month to be able to make a reasonable estimate, or just make a guesstimate. Safe to assume food will be the majority of your shopping costs. Do they actually require the breakdown to be much more detailed than that?
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • CHlHlRO
    • By CHlHlRO 8th Feb 18, 5:34 PM
    • 72 Posts
    • 29 Thanks
    CHlHlRO
    • #3
    • 8th Feb 18, 5:34 PM
    • #3
    • 8th Feb 18, 5:34 PM
    That!!!8217;s the problem!!!8212;we don!!!8217;t have receipts! Should I go back further to eliminate the seasonal spending? Even though I!!!8217;m still only guessing that up to x amount at Tesco was probably hubby grabbing lunch and over that him picking up extra bits like bread, washing powder etc? The sections I can!!!8217;t fill are only labelled !!!8220;housekeeping!!!8221; and !!!8220;other!!!8221;
    • Robin9
    • By Robin9 8th Feb 18, 6:02 PM
    • 2,454 Posts
    • 1,597 Thanks
    Robin9
    • #4
    • 8th Feb 18, 6:02 PM
    • #4
    • 8th Feb 18, 6:02 PM
    Forget about the past - start now and keep a record of every single £1
    Never pay on an estimated bill
    • tempus_fugit
    • By tempus_fugit 8th Feb 18, 8:33 PM
    • 402 Posts
    • 360 Thanks
    tempus_fugit
    • #5
    • 8th Feb 18, 8:33 PM
    • #5
    • 8th Feb 18, 8:33 PM
    Are the purchases with cash or with a debit/credit card? If the latter then you can still download statements from your bank. This won't help with the extras bought along with the groceries of course, but you'd at least get an average over a few months from which you could estimate an amount for clothing, luxuries etc. But as Robin says, the best option would be to start keeping a note of all spending on a day-to-day basis as from now.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • No_6
    • By No_6 8th Feb 18, 9:39 PM
    • 594 Posts
    • 121 Thanks
    No_6
    • #6
    • 8th Feb 18, 9:39 PM
    • #6
    • 8th Feb 18, 9:39 PM
    IF !!!! you have a old laptop you can run MS Money on IT
    enter ALL your spends, ALL your incomes !! and any...any... thing you can !


    then you will find out !! if you have any money to spend next week,
    next month or YEAR

    it's YOUR money look after IT....no one else will
    • Kim_13
    • By Kim_13 8th Feb 18, 11:34 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    • #7
    • 8th Feb 18, 11:34 PM
    • #7
    • 8th Feb 18, 11:34 PM
    If you are prone to losing receipts going forward and have a smartphone, you might like to download the Receipt Hog app, available on iOS and Android. It offers a small amount of rewards but the main plus for you would be that once the receipt is snapped into the app, it saves a copy and you can go back and see what you've spent.

    You can use it to go back to when you started using the app, even if you change phones. You just log in on your new phone and all the history is there.
    Sealed Pot 11 #520 ~ /£100
    VSP 2018 #9 ~ £19.55/£180.00
    CCCC 2018 #1 ~ £20.75/£180.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • Mnd
    • By Mnd 9th Feb 18, 1:58 PM
    • 471 Posts
    • 535 Thanks
    Mnd
    • #8
    • 9th Feb 18, 1:58 PM
    • #8
    • 9th Feb 18, 1:58 PM
    All you can do is best guess for today and then start next time you spend to build up an accurate picture
    • CHlHlRO
    • By CHlHlRO 9th Feb 18, 10:29 PM
    • 72 Posts
    • 29 Thanks
    CHlHlRO
    • #9
    • 9th Feb 18, 10:29 PM
    • #9
    • 9th Feb 18, 10:29 PM
    I!!!8217;m keeping receipts. It was doing my box in! I did an estimate after going through the ones we found for the past week. I used to account for every penny back when I was digging myself out of my overdraft; even though I no longer have one, it seems like the right thing to do. Thank you for the suggestions re: apps, I will look into them
    • No_6
    • By No_6 10th Feb 18, 10:29 PM
    • 594 Posts
    • 121 Thanks
    No_6
    Do receipts ever other day, into yours or a spread sheet.

    ARE people so lazy to not look after their money.
    Then moan when they in deep s..!

    you get what you deserve
    • datlex
    • By datlex 11th Feb 18, 2:25 PM
    • 1,598 Posts
    • 1,489 Thanks
    datlex
    I think things are being over complicated. Pop on Tesco.com and pretend to do a shop as if you had used up everything in your cupboards and needed a total restock. Allow for toiletries, kitchen rolls, loo rolls and nappies. That is your worst case scenario for a grocery shop. Then cross check with other websites where you actually shop to see if you would pay more or less for the items to get a more accurate figure.
    Do same with clothes for your family.
    • DCFC79
    • By DCFC79 11th Feb 18, 3:11 PM
    • 31,446 Posts
    • 19,859 Thanks
    DCFC79
    I think things are being over complicated. Pop on Tesco.com and pretend to do a shop as if you had used up everything in your cupboards and needed a total restock. Allow for toiletries, kitchen rolls, loo rolls and nappies. That is your worst case scenario for a grocery shop. Then cross check with other websites where you actually shop to see if you would pay more or less for the items to get a more accurate figure.
    Do same with clothes for your family.
    Originally posted by datlex
    Or use mysupermarket to get see if Asda is cheaper.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Linton
    • By Linton 11th Feb 18, 3:19 PM
    • 9,331 Posts
    • 9,455 Thanks
    Linton
    Why do you have to go to that level of detail? What I do is to pay for everything above £10 by debit card. Then its simply a matter of downloading a bank statement every week and automatically assigning a general category based on who was paid, for example "Groceries", which includes cleaning products, for Tesco. Any large unusual items can be assigned by hand. There is another category, "cash" which is simply the total of all cash withdrawals which covers all minor cash expenditures.

    It doesnt make sense to me to split out "luxury" components from "essentials". You are used to a standard of living, what you spend is what you spend. If you need to cut down you can work in detail trying reduce the largest categories.
    • No_6
    • By No_6 11th Feb 18, 9:43 PM
    • 594 Posts
    • 121 Thanks
    No_6
    You obviously don't budget with a spread sheet,
    as all of the above can be broken down to where it has been spent.

    but if you don't want to know data ?
    • Anthorn
    • By Anthorn 11th Feb 18, 10:34 PM
    • 3,574 Posts
    • 924 Thanks
    Anthorn
    Trying to draw up our budget but itís turning out to be a complete nightmare! The issue is mainly that we go to several different shops for our supplies of food/drink/toiletries etc, so separating out our spending is impossible because we havenít got receipts! Iím trying to go from our last three months bank statements but a £50-odd spend in Tesco might also include clothing, or Christmas presents. A fiver in Aldi could be hubby grabbing lunch or a bag of nappies, I just donít know! Obviously if I add it all up itís going to make our food/household essential spending look far too high, and itís inaccurate because it includes some ďluxuryĒ spending, like lunchtime meal deals, clothing and gifts. Any advice? I need to give figures to our mortgage advisor but I just donít know where to start! Help, please!
    Originally posted by CHlHlRO
    Money Dashboard - if they support the bank and/or credit card you use for spending. They support a lot of U.K. providers but not all of them. For example they don't support Starling Bank which is my main bank account. Basically it's a free personal finance manager. You give them your login details for your bank(s) and credit card(s) and they track your spending and aggregate it. There's also a mobile app on Android and iOS which can be used for planning spending.

    Here's a couple of links which might help:
    Supported providers: https://help.moneydashboard.com/hc/en-us/articles/215853983-Supported-Providers
    Home page: https://www.moneydashboard.com
    • suki1964
    • By suki1964 11th Feb 18, 11:20 PM
    • 10,866 Posts
    • 28,890 Thanks
    suki1964
    My own bank app allows me to assign categories to spends. If I draw out cash I can manually break that down into spends I don't need to see how much I spend on loo roll or shampoo, but I do need to know how much is being spent on household shopping as a whole
    if you lend someone £20 and never see that person again, it was probably worth it
    • No_6
    • By No_6 13th Feb 18, 9:28 PM
    • 594 Posts
    • 121 Thanks
    No_6
    There is still nothing that will tell you !
    what YOU want,
    unless,,,,, YOU enter all your data.

    IMHO
    • No_6
    • By No_6 17th Feb 18, 9:25 PM
    • 594 Posts
    • 121 Thanks
    No_6
    @ c-o

    how's the budget going ?
    always nice to get a update.
    • CHlHlRO
    • By CHlHlRO 21st Feb 18, 5:34 PM
    • 72 Posts
    • 29 Thanks
    CHlHlRO
    Thanks for all the tips everyone!!!8212;it turned out I was completely overthinking it! My rough figures were fine. I suppose it!!!8217;s because the last budget I did was when I was trying to negotiate with creditors, so I did have to account for every penny!!!8212;every takeaway latte, every newspaper, every little luxury so I could see exactly what I could afford to repay. I guess that mentality hasn!!!8217;t left me, and the fact I have money to spend still hasn!!!8217;t sunk in! I do appreciate the advice though
    • Bravepants
    • By Bravepants 21st Feb 18, 8:02 PM
    • 399 Posts
    • 433 Thanks
    Bravepants
    Yes, don't worry about so much detail for a mortgage application.
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