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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To be so bad with money?

28 replies

gorgeousflorals · 11/08/2017 17:52

I've alwaya been shocking. I never had pocket money so I never learned to manage it. I also have tastes for 'nice' stuff, shampoo and makeup, and so on.

So I am trying to save which is so hard as I don't have a lot. Saved £450 so far. Rubbish I know.

Any tips?

OP posts:
SittingAround1 · 11/08/2017 18:00

It's good to have a savings goal every month. You haven't said how long the £450 has taken you to save but set a target based on that. For instance £100 a month.
Set up a savings bank account.

UpsyDaisyluvsIgglePiggle · 11/08/2017 18:00

I get where you're coming from. Dh and I are shit at saving. I said no spending this month, but somehow we've managed to spend an extra couple of hundred on unnecessary shit. I'm pissed off but nothing i can do about it now. We can never stick to a budget.

gorgeousflorals · 11/08/2017 18:02

Well, I actually only started this month but I sold some stuff so about £300 is from that. Now I've nothing left to sell!

I do have a budget but it doesn't always go to plan!

OP posts:
LakieLady · 11/08/2017 18:25

I used to be dreadful with money and only really got the hang of it in my 50s. I often coach clients in budgeting and feel like a complete fucking hypocrite.

The first step is to work out where all your money goes. Keep all your till receipts for a month, then work out how much you've spent on clothes, going out, hair/beauty stuff, booze, and incidental shite.

Work out a budget. Add up all your regular, unavoidable outgoings (rent/mortgage, utilities etc). Don't forget the annual ones, like insurances. See how much disposable income this leaves you with.

Then work out how much you spend on food/household stuff and essential fares and deduct this. Out of the disposable income you have left, aim to save 50%. Draw the other 50% out in cash, divide it into 4 and put a quarter of it in your purse at the end of the week. Don't use cards for anything non-essential. When the cash is gone, it's gone, until the next weekend.

Look at your regular outgoings and see what you can ditch. Do you really need Sky, for example. For the rest, shop around, go on comparison sites and find cheaper alternatives. It's surprising how much you can save by getting things like SIM only deals for your phone, changing your broadband provider etc (I've just saved one client £80 a month just from these 2 things).

Stop buying coffee shop coffees and take a packed lunch to work. Don't buy a newspaper, go to the library instead of buying books. Only wear washable clothes to cut down dry-cleaning costs.

If you have debt on credit/store cards, look at doing a balance transfer so you get an interest-free period, but don't reduce your payments. This will clear the balance more quickly.

And just for one month, do not buying anything that isn't essential - it's bloody boring, but if you stick to it you'll be surprised how much money you blow on stuff you don't need.

Coulddowithanap · 11/08/2017 20:08

Definitely get a notepad and write down EVERYTHING you spend.

If you like certain brands then why not try just getting them when on special offer. Also try a cheaper brand, it might surprise you!

Brittbugs80 · 11/08/2017 20:34

Write down all outgoings, write down all incomings. Once everything has been accounted for, I look at what is left.

As an example, if there is £637.72 left I transfer £7.72 to savings leaving £630.00 then divide these between the weeks until pay day plus one. So 4 weeks till payday would be £630 divided by 5 which is £126.

I then transfer £126 into savings, plus the odd £6 from each week (an extra £24). I then withdraw from the bank £120 and that's my money for the week and I don't use my card.

At the end of the week, whatever money is left in my purse, it goes into my money jar at home and I withdraw my next lot of £120.

It helps that my savings ISA is with a different bank so I don't dip into it alongside my current account.

Once you see your savings start to build, it becomes quite addictive. When my money jar fills up, I empty and either treat myself and family with what's in there or put into my savings ISA.

In my jar last year, through loose change and notes I had just under £600 which paid for us to have two days in London, tickets for Impractical Jokers, Tickets for Friendsfest and tickets for the craft show I like.

junebirthdaygirl · 11/08/2017 20:40

Best tip for saving is save first then spend whats left. Have a standing order going out of your savings on payday so gone before you can spend it. Dont have online access to it so you cant shift it across.
Took me until my 40s to do that. Good saver since.

safariboot · 11/08/2017 20:46

I find using cash helps me budget. With a credit or debit card it's very easy to not realise just how much I'm spending, but if I take out £x at the start of the week/month then I can just look in my wallet and see how much is left and thus how much I've used.

Genghi · 11/08/2017 20:54

I set a fixed direct debit for my savings to an account where I can't get it back instantly, treat it like any other bill, and forget about it.

Brittbugs80 · 11/08/2017 21:00

I agree with only using cash. I find I think about my.spending a bit more. If I pay £15 for a jumper, I don't really take any notice if I hand over my card but if I have £20 note in my purse, it makes me think a bit more before spending.

FlandersRocks · 11/08/2017 21:09

Start matched betting and save your profits. Homestly, I started a month ago and am now kicking myself that I ignored it for so long, it's the best financial decision I've ever made!

Brittbugs80 · 11/08/2017 21:14

Start matched betting and save your profits. Homestly, I started a month ago and am now kicking myself that I ignored it for so long, it's the best financial decision I've ever made

I saw this on one of the money boards. I'm a bit familiar with bets, my Dad used to bet around £500 a week and his winnings paid for all our holidays, family car etc.

Is there an idiots guide to it anywhere? I'm easily confused!

gorgeousflorals · 11/08/2017 21:15

I don't want to start gambling. Thanks for the suggestions. X

OP posts:
Bluntness100 · 11/08/2017 21:17

It's always save first, spend second. So work out how much you realistically wish to and can save, then transfer it out as soon as it arrives. Then work out a daily budget and stick to it. At the end of the month, it always needs to go to plan.

FlandersRocks · 11/08/2017 21:19

I signed up to OddsMonkey. If you go to their site, you can read through the basic guides and principles for free to learn how to do it and there are two free guides for your first two matched bets which should net you about £40. You can then sign up for £15 a month if you want.

It's completely spoon fed to you, guide by guide, it's great. I've been doing it 4 full weeks and total profit is £629 so far and I've been doing it at an absolute snails pace to make sure I don't make mistakes.

Bluntness100 · 11/08/2017 21:19

You're right op, don't gamble. You don't know who is posting on line, but I can assure you anyone genuine would not recommend this as such I im reporting that post.

FlandersRocks · 11/08/2017 21:21

Gorgeous matched betting is not gambling. There's no risk. I know before ever bet exactly how much profit it will make me...when you match bet (place two at a time to cancel each other out then claim free bet money), you literally cannot lose.

Aquamarine1029 · 11/08/2017 21:21

The bottom line is that you have to finally understand the difference between "want" and "need", and realize that all those things you want don't really bring anything of value into your life. Fancy shampoo doesn't make up for how terrible it feels to be broke.

FlandersRocks · 11/08/2017 21:22

Bluntless matched betting is not gambling. There is no gamble, there is no money put at risk at ALL.

gorgeousflorals · 11/08/2017 21:22

Betting is gambling isn't it?

OP posts:
Ankleswingers · 11/08/2017 21:26

Good advice there LakieLady

FlandersRocks · 11/08/2017 21:30

Gambling is risking your money for the possibility of making more - you may win, you may lose.

Matched betting is a process you follow, placing opposing bets that net you profit every time because they cancel each other out, leaving you free to claim a free bet. You already know the profit you will make before placing the two bets and there is no risk - hence not gambling.

I was sceptical for ages, I've seen lots of people talking about MB and ignored. Now I'm 4 weeks in and £600 up and I'm still slow and learning terminology and methods etc. By the new year I can easily imagine betting £1k a year.

There's no benefit to me in telling you this, I'm not posting links or anything else...just would recommend reading up on it, it's been hugely beneficial for me.

Brittbugs80 · 11/08/2017 21:31

genuine would not recommend this as such I im reporting that post

There's threads dedicated to it on the money boards. It's not gambling or illegal. It's a bit stocks and shares like as in it's more of a long term than an instant win.

FlandersRocks · 11/08/2017 21:32

Shit netting £1k a year!

FlandersRocks · 11/08/2017 21:34

Ah bugger I'm all over the place.

My post should read 'by the New Year I can easily imagine netting £1k a month' - not year!

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