Budgeting and savings help

[BoyFromTheBigBadCity]

I'm moving out soon (WAHOO) and looking to save as much as I can, and make a realistic budget. I'll be living off my PhD grant, with any wages from a part time job going straight into mortgage repayments (my parents are my building society, in effect). I'm trying to be frugal but realistic. Any tips would be gratefully received - how to find half decent cheap furniture and also day to day stuff etc.

I have found the Money Advice Service budget tool really useful - build up an idea of your regular incomings and outgoings and figure out how much (if anything) you have to play with.

The MoneySaving Expert website is also brilliant - I consult it for anything to do with banking, house and home finance, savings etc.

On a personal note, recognise that spending your money is about making choices - decide what your priorities are, spend money on the things that matter to you and save on the things you care less about.
For example, I couldn't care less about new furniture so our entire house is furnished with 2nd-hand stuff. But I hate being cold, so am happy to switch the heating on if it's chilly. I don't buy books and use the library instead, but I do take my library book to the coffee-shop and spend my money there! Spend your cash on the things that are important to you, don't waste it on the things that aren't.

If you're able to specify a bit more exactly what kind of thing you need help with, we may be able to give you a few more tips.

Thanks! Specifically, I struggle with seeing my friends. I have chosen to now if we go to the npub or whatever to have one pint then the rest line and soda, but I do find socialising hard!

My best tips are

• However much or little you earn, transfer a bit of money each month into a savings account right after you get paid so that a) you build up a buffer of emergency cash and b) you don't miss it
• Make a clear distinction between 'essentials' (utilities, insurance, rent etc) and 'non-essentials' and make sure that, whatever else happens, the essentials are always covered first.
• Find a good personal finance app or software package, or create a spreadsheet, or write it out longhand in a notepad and make sure you know exactly what you're spending/receiving at all times. Recording = controlling. Check your bank and credit card accounts regularly for the same reason.
• Make full & regular use of comparison sites so that you're getting the best deal on regular expenses
• Groceries are often a big chunk of any household budget. Discover the wonders of making & eating soup. You will never starve and you will always have cash in your pocket. :)

I don't think you need to live on soup! You need to shop intelligently and waste nothing; which is how everyone should live.

you have plenty of clothes, because everyone does. Don't buy any more except new underwear when and only when you are running out because the old stuff is worn out.

books come from our wonderful libraries. Magazines are all trash and should not be bought. Find something more interesting to do with your friends than being in the pub.

I am looking round my living room at the moment. ALL the furniture is second-hand and it looks and is perfectly acceptable. All hail ebay! Why pay thousands for sofas, let other people do it and buy what they had before.

Some great advice from Cogito there.

When I make money-saving decisions (like drinking lime and soda when I'd really like a pint!) I try and think of it as 'buying' myself something else because I've saved the money to spend another time. Last night DH and I had £20 to go out for dinner and decided to have a smaller dinner (under a tenner) and save the other tenner for another night out. Rather than feel deprived, we actually felt like we'd bought ourselves another dinner out and felt really good about it! When you go to the pub, deciding to have soft drinks is essentially buying yourself another night out - alternatively you can blow it all in one night and that's fine too if you want to!

Have you thought about cheaper ways of socialising? Since a bottle of wine at home is the same price as a glass in the pub, we often buy a bottle and invite friends over for a film/games/dinner. Might be an option if you're spending loads at the pub?

Thanks all

I do make soup, I love cooking and so that's an aspect I'm ready for (I save veg peelings for stock etc). I like the idea of not having something buying you something else, I'll definitely begin making a note of that (I like lists). Also I will do as you re. essentials and luxuries. I'm honestly excited because it means some more independence which is obviously A Good Thing.

Another tip for frugality.... Shops are a bit desperate for customers at the moment what with business rates being high and everyone shopping on line. Remember that any price ticket on an item is hiding a big old profit margin so always be cheeky and ask for a discount. You'd be amazed how often you succeed.

OP
well done on becoming independent .... there is a thread on here I started that has spreadsheets about budgets and credit cards
many of the categories will not apply to you (yet) but if you are aware of their existence, less things will jump up and bite you.

Hello

May I suggest Freegle, great website

Some shops have days when they reduce food that has reached its sell by date, but still ok to eat. In my area this is monday evenings, fill up your freezer with bargains !

Carboot sales good to buy or sell

Local market, go near to closing time, get lots of food bargains

If you have even a little outside space grow your own veg, collect rain with waterbut

Invite friends round for a clothes or games swap night etc

Make packed lunch, dont buy bottled water

moneysavingexpert.com

You could try swapping tasks for food or money eg if you are good at computers, baby sitting, driving, gardening etc

good luck !

HTHelps