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Budgeting - where to start.

(15 Posts)
Scarftown Sun 07-Feb-16 16:20:27

Hi all.

I'm looking for tips. I am about to move into own place and will be paying twice as much rent and will only have myself to rely on.

Now I am in the very lucky position of being able to afford this and getting a good wage etc but I haven't ever had to budget before so where do I start?

What are your top tips?

BanningTheWordNaice Sun 07-Feb-16 16:23:51

No advice but looking on with interest- don't have a great wage and will be sharing in London with people I don't know so will need to budget entirely for myself.

PurpleWithRed Sun 07-Feb-16 16:25:00

martin's money tips is what you need

Soapmaker34 Sun 07-Feb-16 16:56:00

Message withdrawn at poster's request.

autumnboys Sun 07-Feb-16 16:59:15

Try the You Need a Budget 34 day trial. We have found it amazingly useful. For example, in the first month, I was slightly stunned by how much we spent in Tesco, meal planning has now helped to reduce that.

Good luck!

TheDrsDocMartens Sun 07-Feb-16 17:17:52

MSE budget brain is excellent. Covers every expense you may ever have and how you can save on it

Scarftown Sun 07-Feb-16 17:36:53

Thanks all. Seems I might have to spend some time with that site.

specialsubject Sun 07-Feb-16 19:55:42

Until you know what you have spare (and indeed after) stop buying clothes (you've got plenty) magazines (wasteful crap), toiletries and makeup (you've got plenty) and books (use a library). Ditto takeaway coffees and sandwiches.

get to know comparison sites for insurance and utilities. Monitor and switch yearly or more often.

never shop hungry!

aim is to build a cushion of six months living expenses.

can you use a spreadsheet and a calculator? Then you don't need to pay for budgeting software.

cozietoesie Sun 07-Feb-16 21:06:12

Do you mean budgeting with a view to saving money or planning your spend?

Scarftown Sun 07-Feb-16 21:38:36

Thanks all

Planning my spending I suppose. I have a cushion but I would still like to save some. I am very aware I am wasting money on something at the moment. So priority is getting that under control.

hownottofuckup Sun 07-Feb-16 21:41:39

Definitely meal plan, go to the supermarket once a week and stick to that one shop. It's amazing how much money you save staying out of supermarkets!

hownottofuckup Sun 07-Feb-16 21:43:12

Also if you have lunch/dinner planned, it stops you grabbing something whilst you're out so you save money there too.

cozietoesie Sun 07-Feb-16 21:51:28

Have a long hard look at yourself first would be my recommendation. Work out what sort of person you are and what's important to you. Then consider how you spend money and see if they match up.

BarbaraofSeville Mon 08-Feb-16 10:43:01

Second the MSE budgeting recommendation. You need to have a handle on how much your essentials are and what you have left afterwards.

Make sure you save up for annual expenses like Christmas, holidays, insurances (cheaper to pay in one lump), car expenses and emergencies.

If you have a pet, it will need to go to the vets at some time. Your white goods will break. If you have a car, it will break down and cost money unless new and under warranty. In budgeting terms, none of these expenses are unexpected, just unpredictable and irregular, but not including them in your budget could lead to hardship and stress.

N3wYear2016 Wed 10-Feb-16 23:19:23

Do not auto renew any yearly bills, check comparison sites eg house, car insurance etc (just saved £100+ on car insurance compared to their auto renew letter & £18 cheaper than last year)

Check best deals for utilities every 6 months to a year

Sometimes paying in full is cheaper than paying monthly

Do not stick with one company, do your research for the best deals, that includes bank accounts - "switch & ditch"

www.moneysavingexpert.com

Use cash back sites

Buy second hand or swap goods with friends

Freecycle, Gumtree

Use points eg Necter, Tesco vouchers

If you dont need it, dont buy it !

Pay off debts before saving

Put savings into somewhere where you cannot spend it eg regular savings account, ISA, peer to peer, pension. You will get used to not spending. Then in future you will hopefully have a little saved
Set yourself a goal and stick to it

Buy reduced food and freeze it

Dont shop in huge supermarkets. Shop in smaller supermarket (less temptation so buy less)

Buy quality not quantity (quality usually lasts longer)

Get a second job or second source of income

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