Running out of cash before payday

[Buttonmoons]

Is it just me, or does anyone else become short of money half way through the minth. My bills are paid and the fridge, freezer and cupboards are quite full, but it’s 2 weeks till payday and I’ve got £400 left. I really need to budget better!

aibu to be worrying about this?

When I was very poor my pay just about covered my overdraft (not spent on trips out or holidays, just rent, food, utilities etc) so I had properly run out of money even before the middle of the month. Even now we are comfortable for money, I put money in our savings at the beginning of the month and to have £400 left to spend in our current account in the middle of the month without needing to spend it on a big supermarket shop or direct debits seems quite a lot to me.

I'd be overjoyed if all bills had been paid and I had that much left for two weeks!

Some people have no choice!
You sound very out of touch!

I've got better at budgeting. One of the things I do is take out about £150 to £200 cash each month. I use this for going out with friends, hair cuts etc and any top up items between food shops. I put a small amount of money in a savings account each month which I can easily transfer to my main account if I need to. Then the main account is mainly used for food shops and bills

400 isn't bad, I wish I had this left 2 weeks until payday. I'm on around 1000 a month but mortgage free. We have a week of beans on toast at the end of the month 🤣

I've heard on very good authority that you are the only person on here who has to budget every month, literally the only person, unique, or maybe just a bit tone deaf -:you choose

To be able to do this you have to have a spare £150-200 every month, which so many people don’t. That’s not about budgeting, that’s just not being able to magic up any disposable income.

Well @DinosaurMunch being worried about being only left with what is effectively my entire monthly salary has given me a much needed laugh this morning!
I don't think our coyness around money helps anyone in this country as it leads everyone to think that what they have is normal.

OP if all you have to do is eat and socialise with that £400 you'll be absolutely fine. Fx for no unexpected expenses! Have you started Xmas shopping?

Yes it's a money mind set "living pay check to pay check" rather than "zero balance budget"

£400 is fine but not if you need to spend £ 200 on an unexpected bill. Also not very good if you earn 7K per month!

So I have zero in my current bank account but the "piggies" are full and I can afford anything that need instantly and anything that I have planned to spent too.

Piggies are sinking funds for everything!

Dave Ramsey method is American hence the check/ cheque

DFOD

Every pay day we make sure we stock up our freezer and cupboard as much as is possible with value stuff to get through that hard last week or so. Pasta, rice, frozen veg etc and even freeze a couple of cheap loaves of bread so we have some as the last week when all the bills have gone out there’s just nothing left so I try to plan ahead but it’s no fun. One of my neighbours gave me a gift for my birthday I’d said how much I loved cooking in a conversation once and she got me a set of herbs and spices which has been a lifesaver for the plain meals to make them exciting I don’t think she realises it’s probably the best gift I’ve had in my life !

@FanofLeaves - yes I realise that and have lived hand to mouth before. I'm lucky I have some disposable income.

I also used the cash for travelling to work and to buy clothes although I have cut down on buying new clothes. It still is a form of budgeting for me

As I said in the other thread. I get it @Buttonmoons when you are used to having more and then you suddenly find yourself having less it can be hard to work with but if bills are paid and you have food etc then there’s no need to worry, just lay low and take it easy over the next week or so. You’ll get used to it.

Fair point. Not that I have any choice at the moment, but in the future I don’t think I’ll ever go back to buying new clothes- with the exception of underwear obviously and probably shoes. There are too many good second hand clothes out there I just don’t think there’s any need to buy everything new. It’s good that you’ve worked out the budget of what you need for your disposable spending and can stick to it.

£2000 in your current account? Why? Really poor use of your money when it could be working and earning for you. Funny that you’ve come to humble brag and rub people’s face in it and you’ve exposed yourself as being actually a bit shit with money.

Most people who are able to have that sort of money wouldn’t leave it in a non-interest bearing current account though? Why throw away money?

Also, if your card is stolen, the thieves will have access to money in the current account but not savings.

I think you will find that you are the unusual one here. Many people aren’t able to keep that sort of money in savings and those that can wouldn’t usually leave it in a current account.

Do you use a specific ap? I really need on the go budgeting help

I use the Snoop app for this

Yes I do run out of money half way through the month but having £400 isn’t running out is it? I have about £200 left at the moment and get paid the penultimate day of the month so about 3 weeks. Things will be tight. If I had £400 with two weeks to go I’d be delighted.

To the person with £2k in their current account, why would you when you get 4% interest in an instant access saver? It’s just dumb.

I overpay my mortgage and try to stick some in savings too. I also try to be frugal and not spend too much but it can be tough.

I think you're doing OK. To be honest op I thought similar when I looked at my own bank account last night, I thought I had more than I did. Anyway, I plan to set up a direct debt in the new year, so save x amount each month, and transfer x amount to dc accounts for saving. Maybe review your finances and see if you can make savings anywhere. I appreciate a lot of people aren't in such a fortunate position, with the cost of living crisis.

I think most people don’t realise that if someone has 2K in their current account that they more than likely have way more than that in their savings so they’re not bothered about ‘losing out’ on that 2K, it’s just cash to them.

Yeah maybe although you’d be surprised. But why would you feel you need 2k in your current account? What for, unless you spend £600 a week on food shopping or something.

£200 a week when shopping is £130 and I need a tank of fuel a week at nearly £70 would be tight and would worry me but I would make it work.

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