I’m on a mission- Wwud?

[Kate0902900908]

I've decided to CUT everything back.
because the truth is we (couple) no kids are spending far too much.
Its out of control we’re not in debt but have no savings and for what we have coming in that is crazy. I know other people are genuinely going without basics because of the cost of living crisis and I’m so thankful we don’t struggle but it’s definitely time to make a big change.

Ive set a budget for the weekly shop.
I won’t be buying anything in January sales.
Ive cancelled all subscription minus 1 which we voted on to keep.
I’m swapping the car in March (when possible)
Ive even told family and friends we will only be dong parents and kids in the family for presents next Xmas and making a good donation to the local food bank.

I am wanting to take this as far as I can, I’m hoping over the year we can save a nice lump sum

Please tell me what else I should do; I’m willing to put time and effort in to this.

Look for thinks to sell on vinted or eBay. Or hire out items on a hiring website eg sharely

Go "shopping in your wardrobe" when you fancy a new outfit, ie mix & match items you haven't previously worn together. Make charity shops your first port of call if you really need to buy clothes.

Use up any toiletries you have in cupboards, rather than buying more of your favourite brands when they run out. If you're like me you probably have gifts lurking in cupboards. These were a godsend last time I did a "no spend" year.

Set up a separate bank account. On pay day transfer an amount (affordable to you) could be £50 could be £500 into that account. Try to get through the month without it. It will be like you didn't have it. The amounts you take out will become your savings account. Even if you only take out £50 that will be £600 in a year. Obviously if you become desperate you can get it back again but if you can leave it you will start to build a savings nest egg.

make use of regular saving accounts as they lock your money away every month for a year. Visit the charity warehouses like Emmaus. Absolute gem.

Do you have a link please for a hiring website? I've searched everywhere and all that comes up is jobs and houses.

Have you looked at every outgoing and tried to find a better deal? I know you’ve cut out the subscriptions but what about looking at reducing the other monthly costs too? You might be surprised how much you can save. Don’t forget cash back sites if you are changing providers and insurance.

Check out moneysavingexpert - they have some great tips on there.

You may need to think about what you spend your money on and change that? Eg stop buying coffees or limit your ‘spending’ cash per day/week/month.

putting &£ into savings is a great idea

Agree with Bertiebots - the Martin Lewis money saving expert forums are brilliant, have also seen lots of people post their monthly income and outgoings here and had great suggestions of where to trim their budgets.

My personal tip - transfer an amount to saving immediately you get paid, don't wait to transfer what is left at the end of the month. There are some brilliant regular saver accounts at the moment (First direct have been offering 7%, Monmouthshire building society 5.55%)

Analyse what you've spent this year and see where there's scope to cut down.

Eg if you eat out, buy lunch, get coffee a lot it probably adds up to a horrific amount. Vow to cut down by a significant amount, eg if you get a daily coffee, cut back to weekly, reduce a weekly takeaway to monthly, that sort of thing. Look in the supermarket for nice ready made versions that are significantly cheaper.

Also reduce any food waste if that's an issue.

Analyse your bank and card statements carefully each month into categories using a spreadsheet to list ever penny you spend. This can be done historically too.

Double check that there isn’t anything that you can cut back on.
Some of my columns were real etc openers.

Thank you all so much! I am going to spend the day doing all of above and I shall update! 🙌🏼