Reining it in for 2025 - anyone with me?

[Christmasgonk]

So we’ve had a hugely expensive 2024 following an (almost) full house renovation plus extension. And we have overspent on Christmas (largely because we wanted to go “all out” this year as last year we were living in a damp and cold building site. However, we really really need to cut the spending in 2025 to build up a buffer/save for retirement.

Current plan is:

• quit drinking at least until May (when we go away) - I need to drop about 2 stone anyway;
• meal plan religiously and use as much from store cupboard as possible - we grow a lot of our own veg but obvs not much left this time of year
• stop any mindless spending, particularly Amazon habit!!!

Most of our spending tends to be on food/drink (even though we don’t really eat out anymore) so if we can cut that down we might be able to boost our savings.

anyone with me? What’s your spending weakness?

I’m doing good. I haven’t actually been out though. Put the wrong bloody bin out but apart from that.

I'm joining too!

Two of my DC are in desperate need of new beds. In the past I'd have put them on a credit card. But I finally paid off my cards this year and want to avoid that kind of spending.

So I need to save before I buy. And I overspend terribly on the weekly food shop - it has crept £240 a week for 5 of us - and Amazon easy spending.

I'm in - when we moved we took some equity to do our kitchen but when we got the full quotes, we didn't have quite enough so put it on hold. That was two years ago, and we have somehow managed to spend a good chunk of those savings with nothing particularly to show for it and still no kitchen!

Really need to get a handle on it this year and stop the overspend and try and rebuild savings!

So far so good, helped by the fact that I was about to pop out to M&S to pick up a few bits (wine, trifle and some matcha for DD) as DH had assured me it was open, but luckily I doublechecked and realised it wasn't, so that has saved me a trip (and some ££, and shows I'm clearly not quite in the mindset yet!)

Yep, I'm in. My first steps will be to knock my Vinted habit on the head (ditto with charity shops). I have more than enough 'stuff' and using the excuse that it's 'helping with recycling' or 'a bargain purchase on Vinted' won't cut it in 2025.

I'll also reduce the frequency of food delivery shops. It's too easy to impulse buy (I log into the account to cut down on items but instead end up adding more). Going to a supermarket will make it easier to stick to a list as I hate shopping and will want to get out of there asap.

So January good habits will begin with meal planning, wearing what's already in the wardrobe and taking card details off online sites. Every time I'm tempted I'm going to try resisting and instead will put the same amount into savings.
Good luck everyone - what a positive start to 2025!

My plan is under way, and I hope to enforce it more; with few exceptions, I buy clothes from Vinted, so my plan this year is to fund any Vinted purchase with funds from selling my own stuff on there. This fits in both economically and ethically with my plans.

I’m also flogging or charity shopping what I can. I’ve just advertised an item on a local group for £5 and lots of people want it. It’s just been sitting there for years!

I’ve also just made a start on the kids playroom and filled a bag of toys for charity shopping (all their paw patrol as they are beyond that now!). Hasn’t made much of a dent but it’s a start

This is what I've been doing for a while but was spending my vinted balance a bit quickly. So I've stopped for a bit and left some cash in there as I thought I could use if for beauty bits I actually need rather than more clothes.

I'm in!!! Had a no spend day today as we've stayed home and I've avoided online sales. I like previous posters idea of having 2 or 3 no spend days a week.

Already booked/paid for a few things to look forward to this year (holiday, gigs) so shouldn't have any big things to spend. But I really want to get a handle on everyday spending. I'm great at getting a bargain but end up spending what I've saved on another bargain, which doesn't save anything in the long run.

I'd like to investigate overpaying on the mortgage - maybe that would motivate me to save little amounts? I always thought of overpaying the mortgage as something involving larger sums but is it possible for small amounts? Is there a minimum? In theory I know I could put the constsnt small amounts aside until they're big and pay a lump sum - but I know something else exciting would come up I'd rather spend it on 😄 Might ring our lender and find out.

Re vinted - I withdraw all money from sales and put it in a "pot" in my savings account. We're saving up for a particular thing we want to do as a family (will need circa £500, made almost £300 last year!). It means we're all invested in decluttering and means I have no vinted balance, so if I want to buy something it comes off my card same as a shop, so I think carefully if I really want the item.

I'm in!

We have massive debts. Have put them all on spreadsheet and doing the snowball effect of tackling one card , then once completed will put everything onto next card etc.

It should take us 3 years to clear.... which works out nicely as we need to remortgage and are wanting to release equity in 2029 for an extension.

HOwEVER we are both self employed and so our monthly income varies massively which makes it very hard to stick to regular overpayments as sometimes (often) there is nothing spare that month.

We also waste most of our money on food/snacks. Popping to the shop here and there.

You can do any amount you want. The only rule (usually—check with your lender) is that you can only overpay up to 10% of the original loan amount each year.

Count me in 👋 I will need boards like this to help keep me on track.

Background: me, DH, DS (age 2) and DDog (who is so cheap to keep that he can almost be ignored 😅)

DS is in nursery full time and despite the 15 hours funded, costs a fortune. Mortgage is coming up for renewal in the summer and will jump from £700 (although we over pay by £170 each month) to more like £900/£950.

We have a few things to pay for this year - couple of holidays etc but do need to reign in any excess spending on stuff/takeaways etc.

I'm in. Zero savings and still paying some debt off but hoping for new job with higher salary (not huge increase but maybe £150 a month) and need to drag DH with me

Ok so not too bad a day , went to a NT property as DH was off having worked yesterday. We were given membership from PIL for Christmas so thats some cheap days out this year. I did a big brunch before we went so didn’t buy anything there. Did then go into the city and bought a meal deal in M&S for tomorrow night as I’m working late and Dd is out. I also got a book I wanted from Waterstones but used a Christmas voucher. Did have to pay parking though 😬 and we had a coffee and a cake each but DH’s working all weekend so apart from a food shop on Saturday ( haven’t been since 21st Dec) should be a no spend weekend.
I also sold a top and book on Vinted so that’s £11 which nearly covers the coffee and cake.

On a Friday, I normally do the nursery drop off and then get takeaway coffee & bacon sandwiches from the van nearby, which is about £16 for me & DH.

Avoided it today, and had bagels and tea at home instead. I’ve sold £62 of stuff on Vinted since yesterday. Need to pop to post them later and get milk, but not going to get anything else!

@GiantRoadPuzzle wow £16 a week! Have you put that into the MSE de motivator tool to see how much you’ll save a year? Well done.

@Nearlyadoctor good planning and saving. Think it’s great also that selling something pays for something else.

@GiantRoadPuzzle - well done on both counts. I have sold another book this morning on Vinted so need to post that on my way to clinic in a minute .

We need milk today but will pop in and get it before I pick up the DC - if they come in the shop with me they always want treats!

Butternut chicken and pesto lasagna from freezer tonight plus home made chips made with free potatoes from OLIO. Continuing with series 3 Lincoln lawyer on Netflix so free.

Person collected item for £5 yesterday. Going to re-list some stuff today. If it doesn’t go within 7 days then will charity shop it

Never knew Vinted had a book section so thank you!

May I join?
Amazon addiction!
I've cut out Prime and cancelled Disney+ as kids doing gcses anyway and should help them focus (i tell myself!)
Only me and 2 hungry teens, but I'm trying to get my food bill down to £100/week. I've been living off leftovers since Xmas so that's a good start.

@48wheaties welcome! I can imagine 2 hungry teens are expensive!! Good luck with your attempts - great start!

1.78 on milk (this is a litre - Channel Islands here so milk prices crazy) and 1.26 on dreamies for my friends’ new kittens. Not too bad really.

”big shop” tomorrow but have limited it!

A long walk with friends and still eating up leftover christmas bits so a no spend day here 🙂

Hoping this thread keeps me motivated to keep it up.

So much this.
I don't know what I want to eat in four days.
What I did do today was go the butchers and buy for the weekend. Not the cheapest food but less than one takeaway.
I think my challenge can be described as reducing immediate gratification. For example, I will still go out for a coffee with my friends but I won't have the coffee on the way to work just because I happen to drive past the coffee shop.
I have a fairly large wardrobe of clothes which I tend to wear the same few so I need to take some time and proper gut it and make a list of any bits I might need.
I'm going on holiday in March I won't be allowing myself any new clothes.
I'll be skipping my January hair appointment.