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Original poster

Why am I such a wankpuffin with money?

82 replies

Kellysrs · 12/07/2023 16:03

Is it just me, or is anyone else completely frigging useless with their money!

i’m 39 and reasonably educated with a good job. Other areas of my life are well managed but I’m just so incredibly shit with money. when I get paid I go into this fucking ridiculous “ I’m rich” mindset.

i get paid in 14 days and have £460 left in my account. Don’t get me wrong, £460 is fine as my bills are all paid, however I should have a lot more than that

does anyone else just continually fuck up with money like this?

OP posts:
Pollywoddles · 13/07/2023 13:43

Augend23 · 13/07/2023 12:39

I'm a big fan of moving money into savings on pay day. Stops you feeling rich on payday and therefore hopefully stops mad spend. If you want to you could move almost everything and move a bit back every week.

I've heard it termed "pay yourself first".

This! Preferably to an account where you can’t easily access it.

I sit down on payday and I allocate money to bills, savings, etc. What’s leftover is mine to spend as I want but that’s not a goal, if they’re some leftover by next payday then that goes into a rainy day account.

If you allocate your money for savings and bills first then you get used to living on the remainder.

Hugasauras · 17/07/2023 14:16

BuffaloCauliflower · 13/07/2023 13:22

@Summerhillsquare its a method of budgeting, short for You Need A Budget. It’s an app and on web browser, but underpinned by a method.

@Hugasauras have you tried watching any of the YouTube videos explaining? I found those really helpful when I started

I have come back to say that I take it all back! I sat and watched the videos and have been using YNAB for a few days now and I can absolutely see how it will totally change the way I view and budget money. I think I just needed it to 'click' - I was struggling with the concept but when I finally understood it, it was like a lightbulb moment. Thank you for that push to persevere!

BuffaloCauliflower · 17/07/2023 16:37

@Hugasauras you’re so welcome! Definitely persevere. Do make sure you’re logging and reconciling regularly so you don’t lose grip. Once you’ve ticked over to a new month that will help how you’re thinking about it. I can’t tell you how great it is to get to Christmas, or a car repair, and there’s the money just there waiting.

BlastedSkreet · 17/07/2023 16:41

Me

it’s infuriating.

I have 10 days till payday. £219 in my account.

BUT I have paid everything this month.

A year ago I was 1.5k overdrawn at the end of the month and living in my overdraft.

2 years ago 4.5k overdrawn.

so … yeah, some progress made. But I wish I had a cushion of 2k at the end of the month instead of bumping along the bottom ….

BlastedSkreet · 17/07/2023 16:44

Is YNAB worth 12.99 a month?

Paperbagsaremine · 17/07/2023 16:58

Lack of organisation? Lack of practice?
Drill down to where your "should" comes from. Are you just holding yourself up to an unrealistic standard where you live off oats, lentils and carrots and heat only one room?
Or do you have no safeguards in place to stop mad-spender-you from five hours on a Saturday where you blow the next 3 week's dosh on clothes, snacks, coffees, meal out, and drinks, only 20% of which you will / did use or enjoy?

PS are you getting enough sleep?
I find sensible-me can take breaks if I don't, and undesirable stuff happens when she's off duty!

Munches · 17/07/2023 17:01

Wankpuffin is fucking superb..

Yes op, I hear you. I am shit with money . Terrible even .

Wenfy · 17/07/2023 17:03

Automate your savings for the day you’re paid. I have always paid 50% of my salary into savings the day i get paid. It was this habit that’s helped me buy a house / build a nest egg etc

grannycake · 17/07/2023 17:25

MMorales · 12/07/2023 16:09

I'm the same but with admin.

I'm really good at everything including cash.

But when it comes to filling in a form I fall to pieces. I think its PTSD from when I had to fill out forms for student finance. Still brings me out in a cold sweat.

If I just had someone who could fill out all the forms for me, my life would run so much smoother.

I used to fill in all my best friends forms. In return she sewed all the sequins on my DDs ballet costumes. I think I had the easy job

Worldgonecrazy · 17/07/2023 17:32

If you have autism I can recommend spreadsheets. I have a wonderful spreadsheet which will tell me how much money will be in my account on any given date over the next 5 years. It makes me very happy to see if I spend £x I will have £y on 26 September 2026😎

AlisonDonut · 17/07/2023 17:43

I used to move 95% of my spare cash into a savings account after all the bills were paid. And make the rest last.

I was on a mission to pay off debts and when that happened, to overpay the mortgage and get mortgage free asap. Then when that happened to put money into savings to retire early. Which I did.

Stop being a wankpuffin and stop pissing your spare cash up the wall.

BlastedSkreet · 17/07/2023 17:55

So in YNAB, you assign the money to ‘envelopes’ in the app, and then it sits in your account until you spend it? So say I assign 150 per month to save for Christmas in YNAB, what actually happens is I don’t spend it on anything else? So it sits in my account? And I look at YNAB instead of my bank account to work out whether and what to spend my money on?

Have I understood that right?

pinksheetss · 17/07/2023 17:59

@Worldgonecrazy would love a spreadsheet like this! Did you make it yourself or get it from somewhere?

Lougle · 17/07/2023 17:59

Hugasauras · 13/07/2023 13:02

I really want to like and use YNAB but I have tried several times and just cannot figure it out. Maybe it just doesn't work for our pattern of income or maybe I've just not grasped it, but I've spent a lot of time grappling with it to no avail, while waiting for it to 'click'.

I used to have money coming in monthly, weekly, and four-weekly. As long as you stick to the principles ('what does this money have to do until I next get paid') it's perfectly doable.

I love YNAB.

Hugasauras · 17/07/2023 18:01

BlastedSkreet · 17/07/2023 17:55

So in YNAB, you assign the money to ‘envelopes’ in the app, and then it sits in your account until you spend it? So say I assign 150 per month to save for Christmas in YNAB, what actually happens is I don’t spend it on anything else? So it sits in my account? And I look at YNAB instead of my bank account to work out whether and what to spend my money on?

Have I understood that right?

Yes, that's how I understand it. So checking your bank balance is more about making sure transactions are reflected in YNAB - you use YNAB to make decisions about spending and budgeting.

You can use pots if your bank account has that ability. I use Monzo and you can make pots which are essentially envelopes, if you wanted to have that money separate from your main account.

Lougle · 17/07/2023 18:02

BlastedSkreet · 17/07/2023 17:55

So in YNAB, you assign the money to ‘envelopes’ in the app, and then it sits in your account until you spend it? So say I assign 150 per month to save for Christmas in YNAB, what actually happens is I don’t spend it on anything else? So it sits in my account? And I look at YNAB instead of my bank account to work out whether and what to spend my money on?

Have I understood that right?

Yes. Your bank balance might say £1000. In YNAB you have a category for rent with £500 in it, one for fuel with £50 in it, one for food with £150 in it, one for utilities with £150 in it. You have £150 available to put in 'fun money'.

When you look at your YNAB 'fun money' only says £150, whereas your bank balance will say £1000. Instead of thinking 'I'm rich', you think 'I only have £150 to spend on fun stuff'.

BlastedSkreet · 17/07/2023 18:16

YES! Thanks so much. Yes! This is exactly what I need. Thank you @Lougle

my current issue is that YNAB seems upset that i apparently have about 3k of expenses this month and only 200 in my bank account.

Actually I have already paid the bills this month, and told it the dates due (they are all at the start of the month) Do I get a fresh start next month, or is there a way to fix it? I get paid on 28th and plan to assign my money to the various pots then.

NoSquirrels · 17/07/2023 18:17

BlastedSkreet · 17/07/2023 18:16

YES! Thanks so much. Yes! This is exactly what I need. Thank you @Lougle

my current issue is that YNAB seems upset that i apparently have about 3k of expenses this month and only 200 in my bank account.

Actually I have already paid the bills this month, and told it the dates due (they are all at the start of the month) Do I get a fresh start next month, or is there a way to fix it? I get paid on 28th and plan to assign my money to the various pots then.

Delete the dates for this month. Flip forward into August, and set up the recurring payments or goal targets starting from August.

For July, just assign your £200 to where you will need it before 28th.

Lougle · 17/07/2023 18:32

BlastedSkreet · 17/07/2023 18:16

YES! Thanks so much. Yes! This is exactly what I need. Thank you @Lougle

my current issue is that YNAB seems upset that i apparently have about 3k of expenses this month and only 200 in my bank account.

Actually I have already paid the bills this month, and told it the dates due (they are all at the start of the month) Do I get a fresh start next month, or is there a way to fix it? I get paid on 28th and plan to assign my money to the various pots then.

You can't spend more than you have. YNAB gets very upset.

If your July money pays August's bills, then you can do one of two things:

  1. Get paid on 28th July and start assigning money to your categories in July's budget, knowing that the money won't actually be taken until August. You'll have green positive balances in your categories for July, then in August, they'll zero out as the money is spent.
  1. Don't assign the money in July's budget, but move forward to August and put the money in August's budget, ready to be spent.

Either way, as long as your rent category has £500 in it by the time the bank takes your £500 rent money, YNAB will be happy. It doesn't matter if you add £100 per week in July, ready for it to be taken in August, or if you put the whole £500 in there at the end of July.

SweetSakura · 17/07/2023 18:38

I know that if I have money in my account I will spend it, so I transfer it all (bar some pocket money) out when I get paid, into hard to access accounts (mortgage overpayments, children's ISAs, fixed terms with notice/premium bonds ).

I still spend pretty much all my pocket money each month but thats fine as it's limited.

Hugasauras · 17/07/2023 18:43

That's really helpful for me too, thanks @Lougle . I was wondering similar - I have assigned all my money to the categories but quite a few of them have already been paid for July as I've started mid-month. So I'm right in thinking that if I just leave it, when the month rolls over to August, those categories will stay fully funded until the bills are paid and I can just assign new money wherever else it needs to go, such as to September's bills?

catsnhats11 · 17/07/2023 18:44

I know it's all relative ..but £460 to last two weeks with no bills left to pay, sounds pretty good to me!!

Lougle · 17/07/2023 18:52

Hugasauras · 17/07/2023 18:43

That's really helpful for me too, thanks @Lougle . I was wondering similar - I have assigned all my money to the categories but quite a few of them have already been paid for July as I've started mid-month. So I'm right in thinking that if I just leave it, when the month rolls over to August, those categories will stay fully funded until the bills are paid and I can just assign new money wherever else it needs to go, such as to September's bills?

Yes. You may eventually get to the point where November's money is allocated to January's or even February's bills...it doesn't matter as long as you have enough in your budget to cover your expenses.

If you're not quite sure what to allocate money to but want to build a buffer, you can add a category such as 'unspecified savings' and put any bits and bobs in there. It doesn't have to be precisely ear marked.

I put amounts in my category names. E.g. 'Car tax £20 per month'. I also put the dates of direct debits in the names, and because we get money twice a month, I split my direct debits into two categories: 'Direct Debits - first half of month' and 'Direct Debits - second half of month', with all the direct debits listed in date order within each category. That way, as soon as money comes in, I can select the category and auto assign the money to it.

WeAreBorg · 17/07/2023 18:59

Agree with paying yourself first.

Simply puffin £1000 or whatever by direct debit on payday into a nice high interest account, then freely wank away the rest of it with financial abandon. Increase the puffin amount by e.g. 5% per year. Continue wanking as usual.