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JoeBloggs

VIP Member
For me treat money works, money I can spend as I wish. It takes the pressure off from watching very penny. Any spare cash went on debt and savings.

We’ve just paid off a £18,000 loan from my parents (house renovations and a car). We are now saving for an extension which we have budgeted £60k for, we have about half of it but that’s all we have to our name so we need a buffer before we can commit.
 
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Paradisefalls

Active member
Yeah, I agree — I wish we could keep this thread going! I’m passionate about money management now so it’s fun to discuss 😂
I agree would be great to keep this thread going so we can share tips and motivation! Can even use it for accountability if anyone is veering off track.

Maybe we should share our current financial goals - whether it is saving or paying off debt or something else?

I am currently saving to complete my 6 month emergency fund and a big holiday for next year (all being safe and well).

I also have 1 final debt in my life (excluding my mortgage) which is my student loan - been following me around like a bad smell for far too long now! Was going to pay it off in a final lump sum and then the pandemic hit so decided to just leave it to come out of my wages as usual and keep the money in my emergency fund. If my job survives all this 🤞 then I should be rid of it by the end of the year! Woohoo!
 
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Italy2

Chatty Member
Also if you've got a savings account dont put too much in their.

For example, dont put 300 a month in if you need to dip in and take some back out. Try 230.

As soon as you start dipping into your savings it goes down hill.

I agree with this!! Start with a smaller amount and increase your amount every month! Even if you pay £10 more each month into savings is better than paying £300 and then taking £50 out because it would have a negative impact. The idea is to save and be motivated to do it each month regardless of how much you save. Pennies make pounds! You just have to keep going lol
 
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Paradisefalls

Active member
Also I would like to say that I used to have 1 bank account for everything! 1 bank account for wages, spending and saving and it worked! I used to save loads before when I was at uni albeit I had less expenses back then.

So I really think that you don't need lots of accounts or saving apps to save money. You can do it all from 1 bank account. The point is to not spend. It sounds silly but it all just comes down to not spending money.

Of course if you are really good at saving and budgeting then you can have lots of accounts for different purposes and monitor them. Some people are so good at budgeting and monitoring their finances and they can keep track of all accounts each month and save money!

Unfortunately I'm not so good at maths and accounts lol so I keep it simple for myself with just 2 bank accounts now. Do what works for you! If you can keep on top of different accounts then excellent do it! If you think you'll get lost then keep your life simple, keep 1 account.

I know people who have 2 accounts as 1 for saving and 1 for spending and still dip into savings each month. I know I have done this before lol.

It takes patience and resistance to spend those £££ on payday lol and it comes with practice. Remember we are all learning haha!
I couldn’t agree with this more!

It is all about finding what works for you. Some people love having lots of accounts as it makes ales it harder to dip into dedicated accounts for items that are not allocated whereas for others too much complication can mean just throwing in the towel and giving up.

Find what works for you! The important thing is to find a balance - pay your bills, enjoy some of your money (you have worked for it after all) and save some to secure your future!
 
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no-no

VIP Member
Thought I’d bump this thread because a few of us could do with tips. I know I spend hundreds a month in supermarkets. It’s just me and the dog but it is costing £40 a basket (and I go several times a week ☹). I’m vegan and usually only buy on offers but there’s hardly any these days so what I’m spending has obviously shot up.

I think I’m going to be more conscious of meal prepping but that’ll only take me so far. I need to kick the habit of going to the supermarket of a weekend and make an effort to use up what I have in the cupboard. I’m not in a position to save at the moment and have a few BNPL’s I have to clear off before Xmas. This month will be tight 👛
 
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Lurker4751

New member
1. Write down your income and outgoings with all direct debits.

2. Can you get rid of any direct debits eg a gym membership you never use?

3. I have all my bills coming out of my account the day after payday. This means that everything left in my account is 'mine'. You can move your direct debits, you just have to call.

4. I then transfer a set amount of money into a savings account (I have a main account and a savigs account). I also do this the day after payday. I am quite strict with how much I save per month.

5. Anything left is yours :)
 
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For savings I’ve got a Marcus by Goldman Sachs account. It’s free and the interest was really good (until recently!) but it’s a no frills account that I have a standing order setup for. I really rate it!
Me too! Something else that helped me get used to a budget is a regular saver account. You can put a certain amount away each month usually for 12 months. It helps me look forward to a big lump sum at the end
 
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elelliott

New member
The You Need A Budget app has completely changed my life. Takes a little while to get used to it - lots of videos and guides on their website to help. Basically you assign every £ to a ‘job’ and that way you stop overspending and really learn what your money needs to do for you before you get paid again.

I used to really struggle and live pay cheque to pay cheque with a couple of pounds in the bank a week before payday and now I usually have £700+ in my account on my next payday (my salary is £21k with rent/bills etc) and I’ve reduced my credit card by £700 in 10 months I promise you it’s a game changer x
 
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Bae56

Well-known member
Aside from looking at your outgoings to see where you can cut back, log on to your internet banking every couple of days so you know exactly where you are with your money.
Saving might sound crazy when you seem to have nothing left over but it is a great way to actually budget. Open up savings accounts for things you will spend on like Christmas presents, car tax & mot, house repairs, rainy day etc whatever applies to you. When these things come round you'll at least be some of the way there.
It doesn't matter how much you put in whether it's £3, £5 or £20 it all adds up. What usually happens is over time you gradually put in a wee bit more. If you need to dip into any of it, at least it's there.
 
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GiftedNotFree

VIP Member
A blogger I follow has a great budget spreadsheet that I’ve used for years now. It’s changed how I spend money for sure. Most months I save around 40% of my salary and prior to using her spreadsheet I was terrible at money management :(.

If you google “125 budget spreadsheet” (it’s a tumblr blog 🤣) it’ll be the first link returned.

I use that to track all my expenses and it really works alongside using Monzo for day to day spending. I use the pots but only ever aim to have a few hundred pounds at a time in the Monzo accounts because I’m not 100% certain in their banking security. Anyway...

I do love it for the real time spending notifications and the “you’ve spend X today” because it keeps me focussed.

Also, think about what’s important to you and how you’d like to actually use your money. I had such a bad habit of going to Starbucks across from my office (pre covid!) every day for a drink just to get out of the office but decided to cut that out in favour of having more money for other things that actually bring me joy!
 
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Titntat

VIP Member
Also if you've got a savings account dont put too much in their.

For example, dont put 300 a month in if you need to dip in and take some back out. Try 230.

As soon as you start dipping into your savings it goes down hill.
 
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GiftedNotFree

VIP Member
Can I ask about moneybox - why do you use it and how much do you put away each month?
I saw that Debt Camel (Money blogger) had written about it in an article about getting prepared to apply for a mortgage and I’m still unsure whether it’s worth getting an account.

My current financial goals:

- Have 30k saved by next June for house down payment
- Have £3000 emergency fund 🚨

I do have some others but these are the biggies. Just now I’m about 40% there with both.
 
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Lilooooo

Well-known member
I’ve been struggling with how to budget my money and how much to save since I moved into my own place around 5 years ago. I have too much month at the end of my money and can never seem to make my pay last me the whole month - I always end up dipping into my savings which now means i have £0 left in there.

I get paid monthly, and have one account for bills/rent etc, then it’s a free for all with the rest of my money.

How do you budget for the month? How much do you save (a % of your wage, set amount each month)? Do you put aside a set amount for food/socialising? Im struggling at the moment, and don’t know how to budget at all..
 
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Randy77

Chatty Member
All the advice on here is great. To keep you motivated and to stay on track, read MSE forums.
 
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Italy2

Chatty Member
My top tip is to cut down your direct debits. Go through your banking app and cut down unnecessary direct debits that you may have. For example you may have Spotify but do you really use it?

Secondly takeouts. Allow yourself £50 for example for takeouts every week which includes Starbucks, KFC, Chinese, breakfast everything!

Before you go food shopping, have a look in your kitchen cupboards, fridge and freezer and see what you already have. Then make a list of food you may want to eat next week which includes breakfast, lunches and dinners including snacks. If you like cereal for breakfast then write cereal and milk on your list etc and if you want fajitas for dinner one evening, then make a list what you already have at home and what you may need to buy from shops. Then make a list of any toiletries, household items that you may need for the week. Weekly shopping list like this helps save! Also when you go to the supermarket, go through each aisle whilst checking your list and pick items up. I think if I go food shopping without a list and start middle of Aldi or Tesco then I add random junk in my trolley that I don't even need and it adds up to £100s...

Think about any treats that you may wish to buy yourself each week. Maybe a nice jacket or new foundation or a new top for work? Only then allow yourself few treats a week. If you have bought nice stuff for yourself for this week then wait for next week to treat yourself. Remember a treat is a treat which means a nice surprise or luxury not necessity. I know friends who treat themselves multiple times a day which loses the essence of a treat.

Anyway always pay your bills on payday for the month. Then set yourself a shopping/food budget for each week for example £50-£200 depending on the size of your family.

Set yourself a budget each week for treats.

It's really that simple sometimes when you think about it. You can make your finances as complicated as you want or simple as you need. Obviously different things work for different people and this is what works for me 😊

Always bills and direct debit on payday, then weekly shop then treats or takeout. Some weeks you don't need a treat 😉 and obviously give yourself some spending money each month for socialising, birthdays, clubbing or whatever you enjoy.

I always put some money in my savings each month on payday and stick to my weekly spending budget. Take each week as it comes and before you know it, it's the next payday.
 
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petra23

Member
I think I'm just after some advice really... My partner and I really want to crack on and buy a house, we've both rented since 18 but moved back in with our parents now to try and really save. My problem is that I have had to take a lower paid job recently after being made redundant and I think I am still spending as though I'm on my previous higher wage. I have made a Monzo account and thinking of transferring a set budgeted amount into that for spending on food, petrol etc.. my direct debits will come out of my normal bank account as I don't want to have to change that one and then I'll use that to store my savings as well. I am aiming to save around £500 a month as my parents are not making me pay rent (they are desperate to be rid of me🤣)

I have about £600 to pay off a credit card then I am debt free (apart from my car finance but that will be finished in January 2022), my question is do I pay it off in big chunks, perhaps £400 this month and £200 next month and sacrifice this months savings or do I save and pay off the credit card alongside... My only issue is that I want to cut my card into small pieces and never have the temptation again 😂

Also any advice for saving for a deposit would be gratefully received!
 
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Boredinstagrammer29

Well-known member
I agree would be great to keep this thread going so we can share tips and motivation! Can even use it for accountability if anyone is veering off track.

Maybe we should share our current financial goals - whether it is saving or paying off debt or something else?

I am currently saving to complete my 6 month emergency fund and a big holiday for next year (all being safe and well).

I also have 1 final debt in my life (excluding my mortgage) which is my student loan - been following me around like a bad smell for far too long now! Was going to pay it off in a final lump sum and then the pandemic hit so decided to just leave it to come out of my wages as usual and keep the money in my emergency fund. If my job survives all this 🤞 then I should be rid of it by the end of the year! Woohoo!
How good does it feel to be near the end of your student loan!! I paid off some with £500 chunks but this morning decided to put the rest on an interest free credit card.
I just want to money from my wages and I will decide how much to pay each month!
 
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Tiredbones

Well-known member
Guys what do I have to do on Prolific to make some actual decent money... I’ve made like £3.09 in two weeks 😂 what am I doing wrong
You need to constantly be checking it, studies fill up so quickly. Like I said upthread if you're on your computer have Prolific open in another tab, there'll be a number in brackets if there are studies available.
Also make sure you've completed all of the About You section so you can be matched to the right studies.
Alot of it is down to luck of the timing, logging in at the right time to sign up. I check it really regularly through the day, I've made £21 so far this month
 
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Immoslips

Active member
This is how I took control in the last couple of years:

registered with credit karma and MSE Credit club (recently achieved my 999/999 scredit score! 🥳)

joined plum x added a payday saving of £100 on top of the auto saves it calculates for me
joined moneybox
joined chip x I think I added a £100 payday saving to that app too.

I only have a standing order for £100 as a payday saving to my savings account from my current account

plum usually auto saves me about £600 - £800 every couple of months
chip usually auto saves me between £600-£700 every couple of months.
moneybox just builds up my little ISA and I don’t notice the money leaving my current account from any of the above.

everytime my plum and chip apps reach £500 I withdraw the money to my current account and the send it to my saving account which pays a decent interest rate.

Once that reaches £10k I skim off a couple of grand and send it to my big savings account!

I love saving and having money in little pots, but appreciate this doesn’t work for everyone, good luck and I can send you links for plum / chip / moneybox, just inbox me if you fancy giving them a go! 🥰
 
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