Budgeting wallets?

[domton]

I have been poorly on and off, and this has impacted my finances. I have a small amount of debt, and am just about to start a job which is a huge decrease in wages from when I last worked, but physically suitable.

I have a very strict budget I have drawn up for the next 6 months, still allowing for coffees out etc, so that I can pay off my credit cards. My aim is, that should I ever need to take extended time off in the future I will be covered.

I am looking for a wallet with different sections I can label, in order to be able to keep this on track...otherwise realistically I will not take petrol money out of petrol and social out if social etc.

Obviously I don't want to spend huge amounts (😂) but I wondered if anyone knew of something suitable? At a first quick glance tonight isn't helpful unless I want to spend £40 plus, but I was thinking a tenner or so. I will make my own if I can't find anything. Thanks.

Could you put the money in different accounts and then use the cards to pay for the relevant items? You could label or write on the cards if it helps. You won't then need to buy a new wallet, which is a bit of a waste of money if you are on a tight budget.

You could use the accounts that you already have, or it is easy enough to open new ones - for example Starling is an app based bank and it is really quick and easy to open an account. Monzo is probably the same.

Both also categorise your spending, so automatically split up petrol, coffee etc, although you do have to stick to the category limits for it to work, so that's where it might be easier to have a few different cards, so one is petrol, one is groceries, one is social spending like coffees and drinks etc.

wallet and labels sounds like a waste of money tbh...unless they have wallets on freecycle?!

wouldn't it be easier to write it down when you go out for a day - e.g. have a note that say "£10 petrol day, £5 coffee today".

do you spend money every day, I mean in terms of handing over cash? If it's only at weekends then it would be even easier to just do it that way.

I just use envelopes and bulldog clip them together. I have the "use" on the front and a list Jan-Dec that I tick off every month when I fill them with the correct amount of cash.
I have one extra envelope that I transfer any left over cash into.

Basic but it works!!

Hmm. Some good ideas. Envelopes may be the easiest way to go. I don't spend cash every day, I use my card, but from the end of April I'm thing to use cash only.

Either envelopes or a notebook to write things down sounds like the best plan, maybe with a wallet in the back for receipts. Thanks for responses. I'll have a think.

How about something like this? There’s a pocket for each month? And one spare :-)

www.wilko.com/en-uk/wilko-cheque-size-document-wallet-with-13-pockets-assorted-colours/p/0261327

@ATowelAndAPotato thank you. That is the sort of thing I was thinking of..I'll check when I pop in. Ta.

How about using a spending tracker app on your phone like "receipt box? you can create different categories and keep a track quickly, might be easier than keeping track of wallets/sections with different cash amounts.

Decided. I looked at teachers and stuff as per suggestions but I don't think they'll be for me.

I bought a 50p notebook and stuck an envelope in the back. Receipts in each day, then go through receipts and make a quick note in each category every few days to keep track. Hopefully this will work. I won't get paid until the end of April, so will start then. Thanks for suggestions.

www.amazon.co.uk/Pack-of-100-Dinner-Money-Envelopes/dp/B003F9VES0?tag=mumsnetforu03-21

Cash is a faff as far as I'm concerned.
I have instant access savings and current accounts with the same bank. I move all my money into savings (after rent and bills are paid). Every time I spend money I have to move it from savings to current. It means I can see when I'm spending money and also that I have to transfer the money so can budget more effectively and if I over spend decide if I want to move more money over, put something back or find a way to economise.

I think that would be more of a faff for me. I'm drawing out £300 cash each month, and that's petrol, car savings, car repair savings etc. and I can see it going down.

(My car has just gone around the clock, and had some repairs for MOT in October hence the car things).

I have 3 bank cards.
A) treats and unnecessary
B) Food and fuel
C) Bills.
Considering a fourth
D) animal costs

That looks like a good, workable idea PH, as long as you can't overspend on the cards?

For bills, I would have an account that all the direct debits come out of, that hardly ever gets touched otherwise. You just have to check on payday that there's enough money in to pay a month's worth of DDs and then leave it alone. So no risk of spending the council tax money on some thing else.

@BarbaraofSevillle
I make sure i keep a float of additional money in there. The bills one is easy really as i know my direct debits etc.
I am very aware of my money though and check daily at least once. I was subject to credit card fraud last year and had found it before it even went out it was just in the reserved funds bit.

I have a pre paid credit card for groceries, toiletries etc - I just transfer x amount on to it each month, and that's it. I have an app so I can see exactly what has been spent and what's left. It's really made me think about my spending, which was way out of control!