Sick of money managing me not other way round

[HelloBoys]

I feel awful posting this but want to do it sooner than later.

I overspend (keep to a budget for mortgage and bills etc but overspend otherwise.

I get panicky reading online statements and sometimes guess my balance (often I'm almost right).

I have savings (tied up no easy access) but lately seem to transfer most of this to current account on a month by month basis but at rate if eg couple or few hundred pounds.

Anyway I'm sick of being an ostrich about this and want/need to change. Any suggestions/support/stories of hope from other MNers who've taken control of their finances?

Thanks

My advice would be to figure out what you overspend on first. If it's things like clothes and makeup you could set yourself a small bu?get for this each month and stick to it. I find clothes are my achilles heel.

Definitely story of hope. A long time ago I was plunged into poverty because of a marriage breakdown and necessity meant getting to grips with my finances and spending or I'd have ended up homeless. I found a simple bit of software already on my PC (MS Money if you're interested) and started using that to record everything coming in and going out. Every transaction got logged & balanced up at the end of the month. Statements were opened and read rather than stuck in a drawer! Debts were gradually paid off. That was the start point.

Some people use spreadsheets, others a spending diary and I expect there are apps these days for the same thing. But record it whenever you withdraw cash, use a card or make a deposit and - just by being conscious of it - that will slow down your spending straight away. Good luck

I use YNAB -an envelope budgeting method and software. It's only £7.49 on steam at the moment. this is the first year I've enjoyed Christmas instead of worrying.

You can't really keep to a budget for bills and not for everything else.

You have savings - good sign.

You just need to be honest with yourself about what you really spend, particularly on stuff that doesn't operate on the same schedule as your income (e.g. termly children's activity fees, haircuts, Christmas including postage for cards and the Secret Santa for work).

Two particular things helped me on my ongoing recovery from money-crapness. 1. Just because it's a present doesn't mean you can bust the budget on it. 2. Money spent on travelling to see friends and family is still money and you need to budget for it.

Oh thanks lougle! Saw that earlier and will invest.

Thanks to everyone else too.

We have a ynab thread going in money matters, come and find us

will do lougle find the ynab thread!

Here it is

joan - I hear what you say but I have no kids and don't live with partner yet, so it's me myself and I. used to be a Credit Card addict but not now got small balance on one. but that will be gone soon.

I do have savings but they're tied up or investments. I am just too generous re presents etc and should really do the envelope money saving thing if I do want to spend money there so I save for that.

that's the thing I do have a budget for bills and everything else - so I don't really go over it a lot I just seem to be OD more often than not, not majorly. I budget eg for lunches (make my own sometimes), tea and paper every morning etc - but would be loathe to give them up and after 9 or 10 teas I get a free one!

I am trying to get a new job as earn £10K under what I should be earning which does hurt.

thanks!

Sadly, you have to be quite brutal if you want to knock the OD on the head. I don't know how much lunch, tea and newspapers costs you daily but, grossed up over a week, month or year it could be a sacrifice worth making. Treat yourself once a week instead of daily.

Yeah - have a think about the free coffee...

My DP is a Starbucks addict, gets rewards in the form of free shots/drinks but he has to spend a FORTUNE to get a free drink.

I'd rather he just bought a nice coffee less often.

I've seen those ceramic drink cups last time I tried taking own tea I used metal cups and they tasted bad plasticky etc.

Going to make butternut and celeriac (2 different soups) for next week today. Got all ingredients.

I got a wrap and yogurt with Boots points yesterday and don't always spend on lunch just sometimes.

Read Dave Ramsey's Total Money Makeover. I have transformed our family finances since reading that book. It's American and there are bits that aren't relevant (some of the investment stuff) and also bits that are (for me) irritatingly god-bothery but they are easily ignored. The rest of it is sound advice.

I'd recommend Alvin Hall's Your Money or Your Life

How big is your overdraft typically?

My overdraft right now is about 200/300 GBP at most.

I do have an Alvin Hall's money book around somewhere.