Tips on being more frugal!?

[imamearcat]

We have a decent income but a lot of outgoing to match. We have never saved money - we always spend everything or over spend and then end up having to pay off debt. We have invested on our homes which has paid off so we do have equity and some money in the bank - but we haven't 'saved' a penny of it!

Anyway, planning to put 2 kids through private school, I have a horse that I would like to keep and want to go on holiday etc. I'm all of a sudden very aware of how slack we are with money!

Has anyone got any ideas on how we can reduce overall outgoings to try and 'save the pennies'?

So far I'm thinking:

• eat out less, maybe once or twice a month
• free days out with the kids, e.g. walk / picnic instead of theme park
• packed lunch for work
• not buy the kids random junk
• next car more modest and HP rather than PCP
• camping instead of hotel holidays

Any ideas?

Already got some good ideas there. Perhaps look at your food bill. We spend about 400 or 500 for six of us. Aldi helps.

My cars are good quality Mercedes and volvo but they are 9 years old, we service them and look after the no reason to buy mroe just for newness.

We go camping it can be so much fun with younger children.

Shop around for your I surances, pet insurance can vary especially.

Beach days and parks for days out.

Take lunch witb you on days out and to work.

Sat up a standing order for savings

Sell unwanted toys etc.

Shop in charity shops for clothes for Jfor money and the other reason ethical there are shops full of lovely clothes I hardly ever buy new

Look at every single utility bill, insurance, phone, tv package etc and check you are getting the best deal you can. I do this once a year and always manage to get my outgoings down by a couple of hundred pounds a month by either changing suppliers or threatening too.

never mind the horse, the trip and the kids - how stuffed are you if one of you loses a job? It can happen to anyone. You need six months expenses stashed.

next car buy outright. A £3k car will do several years
stop buying all adult clothes until you run out of something. This will also take several years
no magazines (all crap), books (use the library), takeaway coffees (it is possible to walk without coffee, learn to do it), takeaways full stop (wasteful packaging)
needs a loan? Don't have it.
shop around for everything. 60% of the population are on the expensive energy tariffs. This is great for the rest of us but don't be one of the 60% fools. Ditto insurances etc.

“Money saving expert” is a good source of lots of information so check that out. Log all your expenditure either on an app or a spreadsheet and see where your money is going. Check all your utilities are the cheapest deals and your mortgage is the best rate. Review your food expenses and work out how much could be saved by incorporating some easy changes and meal planning. Allocate monthly amounts for the savings before the “ fun” money. I have set up an Monzo account and have various pots allocated for my priorities - childcare bills, Christmas costs, etc etc. ( you might not trust Monzo as it’s pretty new but consider the idea). I have other savings accounts for longer term saving - I pay in by direct debit. Buy secondhand where possible - explore what kind of market places there are out there. ( apps like Depop for example )Look for horsey kit etc sold locally secondhand. Reuse and repair items - don’t throw them away. Sell unwanted items.

Definitely yes to the library - take your own cup to coffee shops for a much better deal or get an insulated travel mug and take it with you. Explore food & drink deals online - find discounts and coupons for restaurants Look for 2 for 1 deals on attractions and days out but don’t think you need to go frequently - it’s ok to be a treat. Look for free experiences nearby - museums etc. Cinemas have cheap kids showings ( my Odeon is £2.50). Make it a challenge to yourself.

No take out coffees
Take a packed lunch to work and tea / coffee supplies to make your own
Switch energy suppliers, it is amazing how much you could save

Writing down spending is really important. Do a proper budget.

Just 'no'. You don't need it. Avoid buying clothes unless for a specific need. Never shop as a leisure activity or relaxation. Meal plan and make simpler food, meat and fish less often. I would say it is worth having decent Tupperware and waterproofs, then cafes can be a thing of the past. Buy fewer snacks and always pick your own amount not the amount the supermarkets think you should buy. Markets, libraries and swapping books/clothes with friends. Don't eat out at all unless you're invited and it would be rude not to: have people to the house instead. Avoid subscription services like the plague. Turn alcohol into a treat again.

Could you ride a horse for someone who hasn't got time, at least for a while?

Private schooling for two children will be expensive. When will this start? You need to work out whether cutting back will be sufficient to fund it. Remember that there are likely to be extras on top of the fees too.

Get a bank app like Munoz

List all outgoings - don’t forget kids clubs

Also look at what the kids are spending, £5 hear and there adds up - say no for a month.
Friend did this and was £600 better off!

Look at deals online rather than just spend in one shop.

Save for Christmas - even £20 a month adds up.

Reuse what you can. Do you want something or need it?

Take a look at Dave Ramsey, Moneysaving Expert and the Barefoot Investor sites for inspiration. Dave Ramsey is especially good for getting rid of debt. Also take a look at the YNAB app for giving every penny a job.

I’d set specific saving/spending goals, otherwise it all gets a bit woolly. Eg: at least 10% off the food shop by brand/shop switching or a few cheaper meals p/week. Three x packed lunches per week each. Only one paid/pricey kids’ outing p/week. Limit on birthday present spends. And banking these savings immediately in a designated account. Things like car purchases are a bit of a piece of string exercise imo - we’re on a high six figure income but always drive a banger, because we buy wisely and drive it into the ground with no regard for the status factor. Obviously not everyone is like that or BMW would go out of business!

It's aimed at Americans but the main points still stand. Pay cash for your car: www.daveramsey.com/blog/the-truth-about-car-payments

Hi, fill this is in, may take afew goes until it's completely right!

www.lemonfool.co.uk/financecalculators/soa.php

Then look at every line - can you reduce / get rid of the outgoing?
make sure any debt is costing you the least possible eg. swap to interest fee credit card.

look at changing to a bank account that pays rewards

use topcachback.co.uk for all online shopping / insurances /hotel booking etc

get addicted to reading moneysavingexpert.com - site and forums

make shopping lists after stock checking your cupboards and meal planning.

stick £100 in an emergency fund on pay day, budget after this is done.

could you somehow make some money out of having your horse?

good luck

Some great tips, thank you.

DD already at school at DS is starting in September! I'm picking up an extra day at work when DS starts so that will pay for one of them but longer term I'm feeling a bit nervous about us struggling to pay the fees and it having quite a big impact on our lifestyle.. I don't want to sell the horse and ride someone else's. I guess I could in the future if we get desperate.

Having said that I don't want to completely change our lifestyle, but want to cut down where it's just spending for the sake of it or where a cheaper / free alternative would be just as good.

I really hope we like camping!

We find having friends over for a buffet/tapas and drinks just as much fun as going out for a meal and saves really a lot of money. Even more so if we get an invite back.

Set a budget for all types of food and drink prepared by someone else and stick to it. Whether it's takeaways, family meals out, school dinners, adult packed lunches, cafe lunches while on days out at the weekend, they all cost far more than food brought from home.

Any way of reducing what your horse costs you? Hiring to a riding school, doing more work yourself instead of paying for livery, sharing costs in exchange for letting add someone else ride, etc?

YY to changing utilities, insurance, TV/broadband packages etc.

Cut the food budget if you currently just buy what you fancy. Use aldi or lidl, eat less meat, if you buy fish or fruit, swap to frozen as much cheaper.

Look at what you are spending your money on and question every cost. Be aware that regular small expenditures can add up significantly if you do them every day. Even a £3 daily coffee when at work can be hundreds of pounds a year.

Don't spend a lot on Christmas. No or minimal presents for adults. Only buy for your own DC and other relatives that you are close to, reuse decorations, don't buy into all the add ons like December 1St boxes, elf on the shelf etc, opt out of buying stuff for 'hallmark holidays'.

Be pretty mindful of high your fixed outgoings are. If these are very high then no amount of "being more frugal" is going to help if one of you gets unwell/loses their job. I always try and make sure our fixed outgoings (mortgage, council tax, bills, essential direct debits, classes etc) are well under one of our salaries. So we could "just about manage" if one of us was out of work.

Being more frugal -buy less "stuff", find cheap activities or discount vouchers, only replace clothes when they are essential, set a firm budget at Christmas.

Try to keep away from the shops (physical and online) as it is too easy to move from browsing to impulse purchases.

I tend to drop things in an online basket and leave it there 24 hours, most of the time I have no idea what I was thinking and delete them

I wouldn't say We are excessive with shopping generally, I'm not anyway, DH is more into buying stuff. Tech etc. We probably buy more stuff than the kids need clothes wise and are a bit silly with treats and expensive days out.

Coping without one of our salaries, could manage ish without mine but no way without DH's! He worked as a contractor for years though and never went without work, I'm confident he would pick something up if the worse were to happen!

You've had some great suggestions already. I try to stretch out a meal and plan ahead.

For example:
Day 1: I'll cooked a roast chicken and have a meal with lots of veg
Day 2: chicken sandwiches, chicken curry and/or chicken ceasar
Day 3: Make the carcass into soup and use up any remaining veg

Buying meat/fish in bulk can be cheaper. Also cutting back on the meat and adding in more legumes and veg.

Do you have a pressure cooker? Cheaper cuts (oxtail, beef cheeks, ham hocks) can be cooked till tender and taste delicious. Equally, dried legumes are very cheap and great in a pressure cooker.

I bet if you halved the treats and days out your DC would hardly notice.

I agree @Lippy1234, we can have just as much fun doing something free or cheaper.

For example we used to go to splash landings at Alton towers (local), it's 45 quid and that is with DS being free as under 3. Been to local leisure centre today, was only a tenner and just as much fun, plus did more actual 'swimming'.