I waste so much money... and I need to do something about it!

[Notcontent]

I am lucky enough not to be in debt but I should save more. I used to be more careful with money BUT now, because I have very high outgoings (mortgage in London, bills, etc) I feel like “why worry about spending £7 at Pret when that’s nothing compared to everything else”. But that’s a terrible attitude as if all adds up. My main areas of waste are good (too much on meals out) and buying things for my dd that she doesn’t need... oh, and clothes for me...

Anyone else!?

I periodically have a complete spending ban as a way of resetting things because it is too easy for these little extravagencies to be get out of control and they do indeed mount up.

So for a week, or a month, or for lent, I buy nothing but basic foodstuffs and petrol and spend nothing on eating out.

Once in the mindset it's surprisingly easy and I don't really miss all the stuff. I tell myself i'll buy it once the "fast" is over but I don't usually bother

That’s an excellent idea Bestseller.

Interesting Bestseller. What do you do with social arrangements? Eating out tends to be our way of catching up with long distance friends / family (did it the weekend just gone and will do it again next weekend). Do you have exceptions or re-arrange, or not go?

I don't really have any advice myself other than checking what you're spending on, and maybe setting money aside for various things (DD, clothes, 'fun' etc), so you don't feel bad when you do spend on these things.

Maybe as a challenge try to set yourself a no-spend month, see how much you're up at the end compared to month before. If it's £10, then no point in depriving yourself. If you're up £400, that's £5200 by end of the year you could have taken off your mortgage (for instance). A healthy balance between some spend & no spend is usually about right.

One thing that can help is to keep a notebook ( paper or on your phone) of everything you spend, and I mean everything. Do it for a couple of months. See where exactly your money is going.

Try ‘Kakebo - The Japanese Art of Saving Money‘. It’s a book that helps you see where your money is going. I’ve found it very helpful.

I'm similar OP, I use to be so good as a lone parent on low income. However as dd has gone flatting, I seem to be spend £££ on coffee etc and buying her dumb treats.

Need to snap out of it

Yes, you're right Carrie, I don't let it affect social engagements but we do too much eating midweek because we can't be bothered to cook.

I am exactly the same as you OP. I make myself a bit depressed sometimes!

I’m the same, OP. Mortgage is £2,500 (for a small house in a stupidly expensive city) so a £6 taxi drive when I’m feeling lazy feels like a drop in the ocean.

I find using cash only helps. I’ll put £20/£50/whatever in to my wallet, leave my debit card in my bedside locker, and just budget from the cash knowing when it’s gone I have no more until next week.

When you are socialising think of alternatives.
Meeting later when you have eaten.
Having a bring and share meal.
Ordering a takeaway.
Meeting for an event not food such as cinema or walk..

That makes sense @bestseller. I can give in to buying lunch at work, when if I'd just been slightly organised, I've got a fridge full of food!

Try you needs budget.com

AMAZING!! I struggle with how much to spend on treat stuff but find if o do this I can maintain a healthy balance.

Use cash. Take a certain amount out a week and use that. Do not use cards. Make shopping lists and only buy off the list. Do not be tempted by special offers etc. Do not browse online shops online and stop following stores on facebook etc.

Take packed lunch an coffee from home Monday to Thursday and have a Pret lunch on Fridays?

Buy ingredients to make it at home yourself. I love their halloumi and falafel wrap, but actually prefer the one I make at home myself.

Try the Moneysavingexpert demotivator which calculates that £7 a day is about 2 grand a year and not to be sniffed at.

Yes it’s so easy for spending to creep up.

I have ‘no stuff-spend months’ every now and again where I don’t buy anything from amazon, no clothes, no things for the house - except actual obviously essentials.

It’s amazing how many of the things I go to buy, remember it’s ‘no spend’ and think I’ll get it next month if I still need it, and I don’t ever need it.

Pret - I had to ban myself from buying any food there. Only the 49p filter coffees are allowed now (with your own mug). So I treat myself to the expensive single serve size pots of Greek yog to have with a banana at work for breakfast. Because although this is more expensive than decanting from a big pot, realistically I’m probably not going to do that and this is cheaper than Pret!

I went through my bank statement for the last 3 months and categorised the spend - TfL, Pret, supermarket, eating out, gym classes or math fees, clothes, holidays etc.

It was really illuminating where I spend my money (mainly on living in the house and holidays TBH)

I have attached an instant access isa to my account. I put £100 a week in it and forget about it. Oh pays the bills from his wages and we spend whatever is left out of both of our money on whatever is needed. We still get treats but the 100 a week is left untouched. We are now using the saves for Xmas. After Xmas we will just leave it as is. If it's not in my bank i won't be temper to go Amazon mad and buy crap I dont actually need .

Take lunch to work. Saves a fortune.

I set up a standing order £300 monthly to be transferred to a savings account after the day after payday. I arrived at that figure my going through my bank statement and adding up the money I wasted on meals out & unnecessary spends. Then every three months I buy premium bonds with the savings to prevent me from spending it on rubbish. This method works for me but look at your lifestyle & see where you can cut down & switch to better deal to spend money.

To save money

@flowerycurtain that’s a link for car rental?

Like Maccycheesefries I've always set up a standing order out of my account on payday (amounts varied over the years) for savings, so it is like tax, or nat ins or pension (or student loan for those that have them) - you never have it so you never miss it in the same way - never have a 'decision to make' about whether you should save it or take it into Pret or the clothes shop - it was just 'never there' in the first place. (I bet most people can tell you what their 'net' income is each month, rather than their 'gross' income.).
You build into your budget a certain amount for treats - if you can afford it - but you gradually start saving a set figure each month without relying on having it left over at the end of the month. Of course if you have a bad month financially, you can still take it out of your savings account, but you have to make a considered decision to do that, and are then less likely to.

It was meant to be you need a budget not a car dealership!