What’s an “unpopular” spending or money decision that actually works well for you?

[HonestTealPoster]

For me, it’s not budgeting. I’ve tried it before and found it quite stressful, I ended up overthinking every purchase. These days I don’t follow a strict budget. I just spend fairly naturally and because I’m quite frugal anyway, I still tend to save more than I spend.

Is there anything you do that might go against the usual advice but works for you?

We bought our 2 bed terrace in the 90s . We recently paid off out mortgage. Everyone, including us, assumed we'd upgrade to a bigger house but our rooms are generous and we went into the loft.
Ofcourse id love a drive, garage and a utility room (sigh) but being mortgage free is great. and this will be our forever home, it is perfectly set up for elderly living as well!

We do this too, I thought loads of people did it.

We chose not to move when we could have because our spacious but not posh house has nice neighbours and is a 5 min walk from the tube which now our DC are teens is worth so much more than a house in a posher road where we’d have the drive them everywhere.

I'm similar, all my direct ct debits come out at the same time and I know exactly how much they are, I menu plan and have "no spend days", check my banking app every morning and that's about it. So basically I know what it coming in, what is going out, what it is being spent on and what my balance is. Having said that I did my mid week top up food shorp and was horrified at what it cost

We are exactly the same. He prefers to pay 50/50 and over the years our relative salaries have changed (he supported us during my maternity and I supported him taking a cut to retrain). We save together and make all significant financial decisions as a team but have separate accounts for our personal spending and don't pay our bills proportionally

‘No spend days’ can get in the sea. There are plenty of days where I don’t spend money but if I start this ‘no spend day’ nonsense and say I need petrol it gives me the green light to go get petrol…then because I’ve already spent why don’t I get a little petrol station chocolate bar and head over the road to B&M, oh I don’t fancy what I’ve got planned for dinner let’s go to Asda and get something else, might as well get a book or magazine whilst I’m there.

whereas if I just spend money when I need to I don’t have FOMO and overspend.

I cannot imagine my DH and I not knowing how much the other earns! How on earth can you plan for the future, how much to give your DC for uni etc or even get a joint mortgage? What if something happened to one of you, would you know how much you had to survive on your own? Where each others pensions etc are?

We’re the opposite, everything goes into one account and we divide up what’s left into savings pots etc.

We do have some separate investments and accounts but I have a big spreadsheet with every item on it, how much and where it is which I update regularly. I can’t imagine not having this information.

Me and Dh having separate finances.

Also never had a credit card.

We have income from pensions. DH pays for all bills and most meals out, as he has more income. I pay for supermarket shopping. We keep our own bank/saving accounts and compare occasionally verbally and appear to have the same amount but in different products.

💯 I agree and do the same

Some would say that, but i find it really cheap.

I’ve use to have expensive new cars on pcp - then I had a break in and one stolen. It totally changed my opinion on fancy cars and I brought a nice cheap fiesta, clean with low miles for cash. I’ve had it neatly 9 years (so avoided 3 deposits/balloon payments, and no ridiculous monthly repayments. It’s also passed every mot with no expensive work needed (just tyres 😁). Saved me thousands, and really reduced my stress levels.

I did all the right things but critical illness and divorce messed it all up . Living on tenterhooks now which is not nice . But to cheer myself up I often buy expensive shoes that I don't need and don't really go anywhere with them on. Crazy but just surviving day by day and hoping something turns up.

Which cards, if you don't mind me asking?

Stayed in our small house with tiny mortgage even when children arrived and we could have got something bigger. Now they’ve gone, it’s more than big enough. Spent the money on family holidays, cars, nights out, kids uni expenses.
I spend a ridiculous amount of money on handbags and people
are shocked by how much, but they make me happy so I will continue as long as I afford them. DIL will enjoy inheriting them all when the time comes!😃

Lottery/premium bonds. Let luck be your investor.

i did but they are grown now.

Hope you don't squander the rest.

Had an interest only mortgage back in the 90s / noughties and did very well on it. Mortgage paid off early. Then they fell out of favour.

I don’t do meal plans or budget at all yet I probably spend less than most people. I shop little and often, stopping at the supermarket on my way home from work each day and then again on a Sunday afternoon and look for yellow sticker bargains to build a meal around. Meat and fish are expensive so it makes sense to seek them out in the reduced to clear sections and then pad it out with veg and carbs which are relatively cheap.

I've never bought or sold anything on Vinted, eBay or similar. I buy from actual physical shops and when I have a clear out, I give it all to the charity shops.

Why do you pay an FA and disregard their advice. So odd!

Just don’t give them a fee or a % of your wealth especially if you don’t actually rate the advice you are paying for?

I do this too! Well, I give my clothes to my DSis to sell and she always says “don’t you want to sell them?” But I just can’t be arsed! 😂

Paying off mortgages as quickly as possible. For some reason people on MN don't advise it. But I'm all for Financial Freedom and living debt-free.

Usually I don't buy bottled water, take away hot drinks or fast chocolate sweets.. I never pay for parking in the street and have only ever received two fines. I order a hamburger pattie on it's own. I carry cash for everyday use. I pay for quality tyres on my car. I pay my children's car insurance.

Me too! I feel like the odd one out on MN 😅

My life is too unpredictable / spontaneous / whimsical to ever have a budget really. And I like it that way.

I too manage not to over-spend and to save, all without a budget.