Wasting money on nothing(5 Posts)
We have a high household income
perhaps not by mumsnet standards
but we fritter away money and have little to show for it.
We have high outgoings, £1100 mortgage, £160 council tax, high water costs etc and I do switch providers if I find a better deal. I'm a sahm so this means our gas and electricity bills are quite high too.
The problem is that we can't save anything because we waste all our disposable income on tat. DH will spend £7 on lunch instead of taking food from home. I'll spend £150 a week on groceries because I get whatever I fancy at the time.
We keep trying to stick to a budget and we have ynab but we just can't seem to stop wasting money. I'm so pissed off with us both! We worked out that the money we'd wasted on coffee and take out lunch we could have ever taken the children on a lovely holiday. It's shameful
Has anyone turned around their spending? Do you have any tips for getting some self control?!!
Sit down and make a budget.
Write down everything you spend.
Meal plan, write shopping lists and stick to them.
But clothes for DC in sales in the next size up so they fit the next year.
Don't buy branded goods.
Put all spare change in a jar.
Save a chunk of money the day you are paid, don't wait til the end of the month as there will be none left.
Have friends over for coffee instead of going out for over priced coffees.
Cook extra and give left overs to DP for lunch the next day.
Use reward points schemes and vouchers on everything possible.
Take snacks, drinks, picnics on trips.
Check out most of the other threads On here and money saving expert website for loads more ideas.
To be blunt, there is no magic answer, you have to budget. You choose to spend the way you do - you can choose not to.
Before I had children/mortgage, I could afford to fritter my money away, as I had lots of disposable income and minimal expenses. I'd buy magazines, work lunches, cans of coke etc. I've cut back on frittering and we can all have nice things and family trips etc.
The trick is, so think ' smart' so you don't feel deprived. For example, I make myself nice lunches for work and I actually look forward to them, so I don't feel tempted to buy lunch whilst at work. I buy multi pack cans of drink, which work out cheaper and I'll take one to work, if I fancy one.
Don't get me wrong, I'm far from brilliant with money, but I do have a good sense of how to spend better.
I need blunt!
It's ridiculous as we know how to set a budget and a realistic one but we just don't stick to it. It's like going on a diet and constantly failing.
I need some willpower!
I find it helps to use cash. I have £50 a week for lunches, coffee, magazine, collections, tissues, parking, etc. It sounds a lot but I'd fritter away a lot more if I used my card all the time. I also spend less doing the supermarket shop on-line. If you are both working and £150 includes everything and you aren't having takeaways on top, eating out every week, I don't think it's a massive amount but it seems to be on Mnet. You could probably shave £25 off though.
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