Monthly budgeting thread

[Msbouffet]

Anyone up for a budgeting support thread?

I am trying not to spend money beyond food and essentials.

Taking it one day at a time. No plans to spend money today-goal is to avoid temptation to spend!

The bigger goal is paying off credit cards and (ironically) getting a favourable loan for a second hand car.

In the post today I got a nail polish I ordered which is non toxic. It is quite a nice salmon/orange colour for summer (better late than never, my old favourite L'Oreal one got used up). Also a lovely card from colleagues to say thinking of you due to a recent situation.

Welcome @Myfirstcarwasamini. Wow that's a nice email to receive!

@Otterses Great about the work expenses.

I finally sent the item I sold on Vinted. It was a bit of a palava as the buyer bought a Hermes label so I had to find a Hermes point and the first one I went to had a total power cut!

This budgeting is really hard! I had a jumper in my basket again then stopped myself, only because my phone died! Decided I need to sort through my winter wardrobe logically first. Also I am trying to lose weight so it makes sense to wait. I hope we can go shopping like normal again one day and try things on.

Food shop arrived. I'm roasting a whole chicken and turning the remains into chicken curry and bone broth.

Off to meet a friend tomorrow. I haven't really budgeted for it. I guess if I have a big breakfast I might be steered toward a lighter lunch.

Next week I have a few errands which might incur some essential household spending.

It is the last of the 50% off meals from restaurants that chose to extend it so DM and I are going for lunch & visting some gardens. I plan to do a class.

Main goals for the next few weeks are to not spend extra in the supermarket, squirrel away a bit more on the credit card and sell a few more items.

My inclination to pay off all the cards has dropped now I am more worried about having enough savings with the uncertainty of covid, so I'm going to pay off a chunk and save a chunk each month. Will reassess at christmas.

I found another subscription to Fit Bit that I have been paying for 2 months since the free trial ran out! It's proving hard to cancel, I have to call my bank.

Can I join in?

Have been budgeting for around a year now with varying degrees of success. Some months I’m better than others at sticking to it.

My goals are to pay my OH back for our wedding rings (it’s not as bad as it sounds ) and pay off our credit card.

Once our wedding is out of the way I’ll be able to focus on that. Pay day next week.

Thank you for the welcome 😊. After literally more than a year I finally sold something on Vinted... Only £4.00 but its better than nothing. Have released some unworn items to go on there to get some interest.
Will possibly get through my weekend budget with a little bit leftover. I've been tempted many times but have so far resisted from buying stuff I've seen on Instagram (guilty pleasure). Have set up a save the change on my bank account called extra savings which I'll put in to my car savings at the end of the month.

@MsBouffet you've inspired me to tackle my winter wardrobe I'm sure there's lots I could sell. Let me know how you get on.

Not a great start to the month - I forgot I used the bulk of our tax free childcare allowance last month... so our bill was about £100 more than anticipated. Next month will be in full with no top up, so will need to be really strict this month and the next. Already done my meal plan for next week. Will need milk, bread, and stock cubes for soup for lunches for me if I can't find any lurking in the cupboard. Swimming tomorrow, hopefully a nice walk then hot chocolate/film at home today

Sadly we also really need to think about budgeting for emergency travel, we've both got grandparents who are very much nearing the end of their lives. Don't know why this never crossed my mind before.

Since lockdown began I've become a plant obsessive. Apparently its something to do with the nuturing process? Anyways... Last week on week 1 of spends control I allowed myself to spend up to £15 on a plant as my friend took me to a new place shed found and I didn't want to be a killjoy and not buy anything. I spent £12.00 and decided to repot the 2 plants I bought. They were such healthy plants that I managed to split each one so made 2 more plants. Another happy dance!! Also am pla Ming on painting some terracota pots rather than buying new ones and filling my afternoon with some free entertainment. I'm on a roll 🎨😉

Welcome @hotelhelp Ditto re. some months being better than others but the gradual steps adds up to bigger savings. Pay day is a good place to start.

@Myfirstcarwasamini Vinted seems like a long game! I am wondering about reducing a few items or moving them to ebay. I also noticed, when I favourite items people almost immediately come and offer me a discount so you could try this? I think that was how I sold my item. Well done for resisting.

@Otterses That is a sting re. Childcare but at least you are on the right track with budgeting. Sorry to hear about your grandparents , can you put a bit aside in a pot each month?

I set up some pots in my Tesco saver account, you can open as many savings accounts as you like and name them, to cover household costs and car savings. I forgot about an appointment which costs 100 in travel. I should have found out sooner as booking trains in advance is cheaper but hey ho, they gave me the date late. I am a bit overdrawn so I think I need to address this.

@MsBouffet sadly I can't see us being able to save for it until November payday, I mean worst case scenario we can stick it on a credit card, but both of us would rather avoid that. Please don't be sorry, both are well over 90 and have had long, and lovely lives  hopefully it will be sooner rather than later before it becomes uncomfortable or painful for them to carry on.

Won five items on eBay so really do need to sort the wardrobe out now 😂 aiming to at least make back the money I've spent. I had a shuffle through looking for stuff to wear this morning and couldn't bloody see anything in the wardrobe of doom.

Going to use the last of the potatoes I've dug up to make some leek and potato soup for the week later. Found I actually have many boxes of stock cubes while out of date I'm sure won't kill me.

@Myfirstcarwasamini completely identify with this! I became obsessive about growing things. You definitely are on a roll 😁 my avocado seed is erm... doing nothing. It makes me feel like a very sad plant owner. Very jealous of your abundance of plants.

I went through the wardrobe and decided that really I need some bigger size jeans. I can't fit into any of them.

Everything else can wait. I've bid on some jeans on ebay that I know will fit.

Feeling a bit spendy. I bought a reduced price sandwich in the coffee shop, I needed to get out and at least it was half price. Had a lovely day with my friend. Train was less than I thought but I spent more on food, maybe went over by a fiver so not too bad. Had lunch out today but it was 50% off so I don't mind the ten pounds spent. Then went to B&M stores- agh sucked in and spent 15 pounds on household items I sort of needed plus a gift. I also spent 20 on wowcher on an advanced excel course and access to theory test online which I thought would be a good refresher as it has hazard awareness. Contemplated cancelling but they are skills I can learn.

I have learned that going out puts me in the danger zone of over spending and I just need to apply the same 'think twice'/distract myself logic! On good side, I got the money for the books I sold and will get some for the jacket I posted off. I have also scheduled (it's actually quite time consuming when I get down to it) adding a couple of things to sell online each week up until Christmas.

I'd quite like to do the cash only approach to budgeting but I can't with covid as cards are preferred now. Even more will power / planning needed!

Hi all,

I use zero budgeting approach.
On payday I allocate my money to accounts and give every pound a job.

So far so good.

I have Monzo account for food and dog food. I transfer money monthly to this account.

I have starling account for spending: fuel, fun, parking, days out, book or take away. Transfer money to this account on payday and stick to it. When is gone is gone.

I have also got loads of separate pots on Starling account for sinking funds for planned expenses or bills: all I could think off - car insurance, MOT, holidays, tax, dentist, clothes, birthdays/xmas. Allocate amount on payday to each of the pots.

High street bank account for DD. Leave amount for DD+50£ just in case.

And ISA account for savings also transferred on payday.

None of accounts have overdraft.

Also stopped using credit cards.

Works for me!

@MamuleMu Your approach sounds great.

I have pots for car fund, holidays, bdays and xmas, dentist/hair, clothes.

I think my issue is I have a large overdraft on my main account. I was worried about losing my job (still am) so it provided me with a bit of security. The problem is I am 50% into it and need to work my way out of it, but I want more savings before I get rid of it.

I need to join this group and get back into the habit of budgeting and frugality. I seem to have lost control of our household spending this last year and of course with things being the way they are, it's probably the worst time to have done that!

Blimey some really good inspiration happening here. @MamuleMu...your system is amazing. You must be very disciplined.
I collected my £4 from my Vinted sale today and rounded it up to a tenner and sent it to my car savings. Its not a lot but usually I'd spend that on general frippery 😊.

@MsBouffet how is avocado plant? I may have to give this a go myself altho my leaf cuttings have produced not one tiny root so glad I did not spend £28 on a fancy "root cutting station' basically 2 little glass vases on a wooden stand that I hovered over via IG but thought no thats a gimmick. I think I may have been right not to 🙄

I have never been disciplined and was in my overdraft 3 weeks in to the month every month. Money just seemed to fritter away.
I had enough and decided to take over control

Paid off overdraft and cancelled it. Paid off my credit cards and cancelled them except one which is hidden away

It honestly feels so good now when I am in control and I still got the money at the end of the month.

@Myfirstcarwasamini

Blimey some really good inspiration happening here. *@MamuleMu*...your system is amazing. You must be very disciplined. I collected my £4 from my Vinted sale today and rounded it up to a tenner and sent it to my car savings. Its not a lot but usually I'd spend that on general frippery 😊.

Well done on putting some money in to savings!

Payday for me today!

Filled up my Monzo pots which gives me just the most pathetic thrill

Very excited to soon be starting to spend money out of my Christmas pot though to get started with the Christmas shopping.

@MamuleMu we have a very similar approach but you are definitely better at it than me. You have a ‘once it’s gone it’s gone’ approach whereas if I desperately need some clothes or food at the end of the month the Monzo pots are in a hierarchy system and begin to be pilfered from. The only one I never ever touch is the Christmas one.

Must do better
It’s a HELL of an improvement than a few years ago when budgeting to zero for us meant spend every weekly wage my partner brought in then pay all bills with my monthly salary leaving nothing left over for anything

So one out of my four eBay purchases fits me ... I will be recouping my loses by adding the other bits to the pile I need to list on there/vinted this weekend. Also just bought DH's Christmas present which was reduced to £21). Need to sort wardrobe for an interview outfit this weekend (because I'm not doing the usual and going and buying something new!). And I need to seriously get my shit together and look at what Christmas presents we still need to buy, though I think other than our niece and DH's brother and sister we're done.

@MsBouffet I'm very much the same, going out makes it harder to resist spending. It sounds like the selling is going well though.

@MamuleMu it sounds like a really good approach, and one I'm hoping to use in December when our money situation improves

I won the jeans on ebay, hoping they fit .

I bought crisps and a muffin. This weekend I am baking some flapjacks to take out as snacks to stop me doing this.

Bought some multivits for DB as he always gets ill. Very proud I looked round Marks and Spencer and didn't buy anything. Had jumpers and pyjamas in my hand at one point.

I am wearing a jumper I haven't worn in years. I love it. It's going to be my winter cosy. Great find I wouldn't have done if I wasn't budgeting.

I bought a 2021 diary for 15 pounds. I would have bought a cheaper one but it has two columns, one for work and one for home, so I can achieve that elusive work life balance.

My water DD has reduced by 2 pounds! Squirreled another 15 pounds off my credit card.

Think I need to sort out putting some cash into my account so I am not getting charged overdraft interest, but I don't trust myself not to spend it. I have a dormant bank account with no overdraft. Think I will resurrect that at the weekend.

Extending my haircut for longer by getting a fringe trim tomorrow.

Sunday will be a test- going to a Nat Trust place but not spending money...flask and a picnic (possibly back in the car if its cold!).

Food shop arrived. I want to try and cut this cost a bit over the next few months, even 20 quid could be another 100 off the card. Needs planning though.

Also donated 5 pounds to my local theatre, was in a good mood. Bloody social media!

Do you do monthly or weekly? We do a weekly shop (some weeks we don’t get time or more likely can’t be bothered so I end up going to Tesco daily which costs a bomb). This month I’ve bought a couple of things in bulk which should do us for the month and I think I’m going to try and increase that each month. This month it was juice and toilet roll. Does anyone have any ideas of anything else you could buy at the start of the month to last the whole month? Thanks

I start with a big monthly shop, the second is smaller, bits I might have forgot, the third and fourth are fresh essentials only.

I would shop fortnightly but lettuce does not keep. Everything else I could probably manage on. Whole romaine/iceberg lettuce lasts a week so managed to cut it down to weekly.

I buy some long life milk as I always run out. It depends how much storage space you have and what the staples are that you use regularly. I have a second freezer I got off ebay, that changed things a lot.

I also do Tesco delivery saver which is 6.99 a month for unlimited anytime delivery. I still can't believe someone picks and delivers it at such low cost. Saves so much time. You can still check the deals.

Anything essential for a recipe I tick 'allow substitute'. I got 27 loo roll, for the same price as 24 as my substitute this week. Generally pretty good and can save the slots a month in advance and amend until midnight the night before delivery. Love it!

If I went weekly to Lidl I could spend less but I hate Lidl on Saturday and end up going on Monday when the shelves are bare.

As long as I'm not doing the daily supermarket run which I used to I think it's a saving.

I really like the idea of a big shop then smaller ones as the month goes on.

The amount of times we run to the shop midweek for ketchup, loo roll etc if I could do a massive shop of these types of things for the month it would be helpful I think.