Help managing money

[Bobbins43]

I am totally useless with money. Always have been. I need to be less useless as I don't have a lot coming in. I have a DMP set up and a budget that works on paper.

Can anyone help me out with ways of sticking to a budget when my income comes in dribs and drabs over the month? And how I can keep track of which bills need to be paid and when?

I'm embarrassed to be asking this at my age but I can't live like this any more.

Any and all advice appreciated

Use cash. I know it's annoying but it is so much easier to manage.

I take out our food/petrol/spare cash for the week on a Friday. Buy the food, put petrol in car and whatever is left can be spent on junk.

Easy to keep track of, I feel switches don't always feel like real money and easily forgotten.

I use a spreadsheet App on my phone. I keep a budget each month on my phone of howmuch my budget it and when things need to be paid. I log into my internet banking to see when something has been paid and then mark it off. I keep a list of everything I spend and my spreadsheet tells me how much I have left to spend.

Thanks for the tips. I find keeping track of it all really hard. I think I probably overcomplicate it

Is the money going in and out (all be it in dibs and drabs) regular amounts on regular days?

Spreadsheet should be very easy to use to follow - you write it in a list with a few columns so it looks like your bank statement. Ensure that you leave enough in the bank to pay all the direct debits and use cash for everything else.

Do you actually know what you have available for a month/week after all commitments such as rent, repayments, council tax, utility bills, mobile phone etc?

It is regular amounts on regular days, yes.

It's just that some of it is weekly, fortnightly, four weekly.

I've done a spreadsheet and budgeted it all out, with transfers theoretically set up so a little bit goes into a separate account for bills and occasional spenskng which someone set up for me.

I just can't figure out how I access, say the £208 budgeted for food every month.

I find maths and money stuff quite hard to get straight in my head. Plus, I keep spending money on things like bags that I cannot really pay for. Not because they are expensive but because I don't have the money for them.

I really should be better at this by now

I have a separate "bills" account. I've worked out how much all my bills come to and then divided or by 12. I then transfer the money each month by standing order. Then I know whatever happens, all the DDR are taken care of.

All that's left in my current account is money for petrol and food. I draw out my food money once a month and divide it into weekly envelopes. I seal them up and don't open the new one until shop day. Hope this helps. I've used this method for years

I'm willing to try anything at the minute. I just want to stop worrying about whether the bills are going to get paid and whether we can eat this week

All money into one account for bills

Standing order set up to transfer

X to long term savings account
Y to holiday / gift / Xmas fund account
Z to personal spend account

Worked out in such a way that there is surplus in the main account to build up for emergency contingency

If you find it hard to keep to a budget for food shop - meal plan and shopping list always and take just your food budget out in cash leaving cards at home so you are not tempted

I've recommended toshl before but there's other similar apps. I think you'd need to upgrade to toshl pro at $12. There's also one called daily budget. There's loads though.

You put I. All your regular incomes and expenses and it tells you how much you gave to spend left per day. You can put in your current account and any other accounts and cash and it gives you your total.

I found it very motivating for not spending on crap that you don't need. Concentrates the mind if you put the cost of some unnecessary in and the amount you gave to spend per day to the end of the month drops to zero or minus.

I like the way it works over the month, I know regularly have money left over and can see it building up.

Also look at money saving expert website. Great demotivator tool and lots of tips.

Spreadsheets never worked for me I needed the visual approach of an app.

I just can't figure out how I access, say the £208 budgeted for food every month

Well you could either take it out of your account in cash, or you could just split it into weekly amounts and make sure you only spend that amount on your card at the supermarket.
Stop buying things like handbags until you've got a handle on the basics. Once that is sorted you may be able to allocate yourself a 'treat' budget.

It's more spending money on non essentials and on Amazon and eBay tbh. Think it's time to delete the apps

I can't take £208 out in one go, I think. Gargh. This is why I find this so difficult.

Oh and think. About stopping any non essential spending for a couple of months and see the difference. I was spending about £2k on clothes a year that's gone down to £70 so far this year.

Delete the apps and the emails. There job is to sell you stuff that you can't afford.

It helps to find the switch in your head that turns the spending off. I never go down town just for a shop anymore and I write a lisr before going to the supermarket.

Well then split the £208 into 4 (or however often you shop!) weekly amounts and take that out each week. Or just put it on your card but make sure you stick to your budget. I shop online as I can see how much it costs as I go along and can make sure I don't go over budget.

Ok I get the issue.

In your list of outgoings and income are they in straight date order? Also do you have a balance after each transaction?

Each week - say on a Friday put in a line as cash withdrawals so you can estimate what you think you can take out that week and visually see what is going to happen for the next full month.

Absolutely delete apps use only your once were week cash withdrawals and everything else is for monthly/regular bills. Have a savings account for birthdays/Christmas/annual insurances.

You can also ask to change your direct debits to come out in the days after your largest amount of income.

Does that make sense? Some weeks you may only be able to take out £10 others £120 but the only managing you have to do is in cash for a week.

It isn't apps, it is spending less.
Rules

• no new clothes unless you actually have no knickers
• no accessories
• no magazines
• no takeways or drinks - carry a bottle of tap water
• no Amazon
• no eBay
• no books ( use library)
• no food waste

Shopping is a chore, not a recreation.

Oh, and stop all adult gifts.

I really appreciate all the advice. Do keep it coming if you think of anything else

Definitely time to delete the apps .
Set up a budget app or even a book, write down all the outgoings direct debits act and tick off when paid.
I use the envelope system so I withdraw money to pay certain things in cash and keep it in envelopes until ready to be paid. You could do this with your weekly shopping . Or even get a shopping delivery.
I also put money away every month for Christmas, unexpected household expenses (just 20 a month but it soon mounts up) , I save for the next years aa membership.

Stop and think - do I need this?

Otherwise you just get the pleasure of buying without needing the item

Walk away - think about it - the next day you will have forgotten what you were even looking at!!

You are bombarded with 'stuff' being advertised continuously in TV apps family friends - it's difficult to shut out.

You don't need stuff -

First month I did this I wasn't over drawn - second moth I paid a chunk into the catalogue account - keep going

Only operate in cash. It makes it harder to spend as you can physically see it going.

You should know how much you have spend on necessities each month if you have done your budget. Work on the principle that some months are 5 week months and some are 4. So you need to work out how much you have per week.

Calculate all fixed expenses for the year and your total income for the year. So then work out your left over yearly allowance for food, petrol and other unknowns. Divide that by 52. Take that out each week in cash Spend no more than that. If you can spend less then the difference can be rolled over to the next week and so on and you might be able to buy that bigger thing you have your eye on. You will be able to see that little pile of cash either growing or being wasted on rubbish. It will help focus on what is really important.

As pp's say make sure you buy the food and petrol and anything else that is non negotiable at the beginning of the week so you don't leave yourself short. NEVER NEVER dip into the next weeks cash allowance.

Oh and fixed expenses should include a set amount for christmas, holidays and every other expense that you know will definitely happen.

Really agree with the whole - you don't need stuff - thing.

I've really cut down on spending and am now seriously saving rather than worrying what is happening at the end of the month.

Everyone has to be on board though.

Stuff like taking you own lunch to work really makes a difference.