Advice with budgeting/saving

[Lilooooo]

The first thing is to sit down and write down all your expenses. Review your last few months bank/credit card statements to see where your money has gone. Group them together in categories so for example I have groceries, work snacks/food (for what I buy at lunch/breakfast at work), travel, clothing, toiletries, fun (can be books, cinema, etc). When you see that your money goes to those different places, you can start looking at where you can make small changes. I put a set amount each week into a separate bank account for me to spend and use whatever I need it for.

For example I saw most of my money was being spent at work on breakfasts. God I love a Pret croissant!! So I found easy fun recipes I could bulk cook and freeze for the mornings.

I will also have a look at annual expenses such as insurance, MOT, christmas, birthdays etc. Think ahead about what you will have to spend over the pay period.

Some people swear by the 50/30/20 budget. This is where you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt.

There is lots of good advice on Money Saving Expert forum. I also found a lot through youtube videos. Mamafurfur is a popular account. There are lots of money bloggers/debt free journey community on instagram too. I enjoyed following people with a similar state of mind which helps me focus putting lots more to savings.

This is brilliant, I have a quiet weekend so I’ll trawl through my bank statements and see how much I’m spending and where the money’s going. Thanks so much for replying to me, I’ll have a look at youtube too! Ive just had a payrise from work and want to be better with money and dealing with it. I feel like money is sometimes a taboo subject and not many people will speak about it x

 

[Tiredbones]

Same, I check it daily but most only pay like 39p a study

It's always worth doing the low paid ones, the amount soon adds up and you never know what bonuses might be available until you do it. I did an 85p one last week and got a £4 bonus

 

[mammaof3]

I use TSB and I use 'save the pennies' on my current accounts

When you use your debit card the difference is rounded up to the nearest pound and this is directed to a savings account

Not sure if all banks do this

Soon adds up


With Save the Pennies set up on your TSB current account, when you make a payment using your TSB Visa debit card, we round up the amount to the next nearest pound. We then transfer the difference from your current account to the TSB savings account you have chosen.

 

[Italy2]

I also put a small amount in my NS&I account sometimes! It is the money that I would have spent on a takeaway or Starbucks that month which may not seem alot but if you keep adding to that amount, it can build up!

I think NS&I saver bond is great because you can put £50 in it every once in a while or whatever you can afford and forget about it. Then one rainy day when you really need it, the money is there. Or you may even use it for a holiday deposit and treat yourself for saving!

 

[ChilliBean]

Yellow sticker bargains are also a great idea for going in the freezer and batch cooking at a later date, asda are great for around 7pm reducing everything to a few pence

 

[JoeBloggs]

I’ve just spoken to the bank, my overdrafts have been getting out of hand with extra charges being added every 30 days with no way of keeping on top of them, but I’ve made a repayment plan with them and had any charges frozen.

I didnt want to admit that I was in over my head with debt, but its like a weight’s been lifted finally. Thanks for all the tips on this thread, i need to get myself and my finances sorted

The hardest part is admitting that, also worth speaking to other people to. Can you reduce your energy prices, spread you council tax over 12 months instead of 10. Moving debt on to a 0% credit card etc. It is always best to be open when you are struggling as there are policies in place to help. Good luck.

 

[GiftedNotFree]

I love saving money. I’m a single parent household and have 28k in savings. I get excited about seeing the numbers go up! I only earn 21k a year and we still have a yearly holiday abroad too. I’m just really strict at budgeting £30 a week food shop. £10 a week into a pot for car insurance which I pay in full every year. My car tax is only £20 a year 15 a week petrol. I don’t drink or smoke and we do loads of free days out like walks/parks/bike rides etc where we take our own drinks and snacks.
I always ask for H&M vouchers for bday and xmas so I can buy my clothes with them. My rent and bills come to £911 a month. I just know where every penny is going which I think is the key. I lived at home til I was 30 though which I know played a big part. I’ve saved from being 18 when I worked 6 days a week. Before i moved out I had the money saved to buy a car in full and to furnish a whole house so I’ve never ever been in debt. I guess this is a major factor too.
A big game changer is taking food and drinks with you to work!

Also once a phone contract is up get a sim card only deal rather than a new phone! Saves loads.

Wow, well done you!! That’s seriously impressive being able to budget and live well on a single salary. Kids ain’t cheap! Do you have any tips for keeping costs down for kids toys / clothes?

 

[Jc456]

I used to love one pulse but it's been hard to get a paid pulse since March.

I cashed out $40 Jan and February and nothing since then

 

[busybody]

Sooo, I get paid 15th every month and I find it so difficult to save! (Low paid job) I have about £100 left until 15th November and I’m terrified of spending money haha but I’m going into a new job soon… I’m just wondering if anyone had any advice to bridge that gap whilst I’m waiting? Im conscious of Xmas coming up and idk how I’m gonna manage it all!! Im trying to sell stuff on Vinted/EBay atm, but it’s slow going. Any help would be greatly appreciated.

 

[Bae56]

Yes it is, I think I'll just try to get rid of that in the next month or two then focus on the saving. That'll teach me to buy a Dyson airwrap the week before I get the sack

Definitely a good plan of attack & then you can concentrate on your savings without the debt lingering. You've made a big sacrifice moving back in with parents so fully take advantage & save every penny you can. Eyes on that end goal. I love saving lol.
Well at least if one good things came from the situation, your lovely hair

Good luck with it all!

 

[Immoslips]

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.

i think to begin with I got it as just another pot to auto save into as I’d already got a mortgage by the time I got it. We already have a house and are looking to buy what will be our third home as soon as possible, so I just have it an a little ISA. Moneybox is the only savings app I don’t skim money off back into my savings accounts for because it has quite good returns, whereas the other two you don’t earn interest on. That being said I don’t put a payday saving into it, I just let it take small amounts each month and watch it grow

EDIT - I just checked and it auto saves me around £45 every week, and I do have a £100 payday boost on it!

 

[Tiredbones]

Does anybody have any good side hustle apps? I see so many people in the debt free community raking it in from them but I struggle with consistency! Good ones I do use are:

Prolific - have made over £200 from doing academic surveys

Just started using Appinio which seems good and cashes out as a £10 amazon voucher.

Shoppix and ZIPZERO are good receipt scanning apps although with ZIPZERO you have to use any money towards a bill rather than being given the cash.

If anyone wants to try any of these, PM me and I’ll give you my referral code (lol @ sounding like an influencer)

I use all those and a few more, most don't make that much on the face of it but I've just got through a terrible time with money so every penny helped! Some months I'd literally be withdrawing 50p from an app to buy a pint of milk. Thankfully I'm in a much better position now so don't use all the apps as much. Prolific is probably the one I use most.

One Pulse is good, but you have to be quick to get the paid pulses. I average £15 a month on there. It pays out in $ so the amount in £ changes.
Vypr is another quick and easy one, I make £5-10 a month on there. Then I use YouGov and YouGov Direct. They are really slow, YouGov takes me a year to earn the £50.

There are a few receipt apps I use, Snap My Eats, Shoppix, Receipt Hog, Huyu and Zip Zero. Money back from your receipts if you don't mind sharing what you buy.

Airtime Rewards is great, you link your bank cards and your phone then every time you use your card in the shops on the app you earn money off your phone bill. I can send you a referral code for that if you want

 

[Itsallaboutmememe]

Well done! Saving does take dedication if it doesn’t come naturally to you. I really wish I had been told from a young age how important it is to put money into savings and be intentional with your money! I’d have not wasted as much of it

Alas, every day is a day to learn and make smart money management decisions

Thank you
i was never taught to save-but I was taught to only rely on myself

 

[Boredinstagrammer29]

I keep it open in a tab. I've made £40 since I signed up in June

Same, I check it daily but most only pay like 39p a study

 

[Bae56]

Is the interest rate higher on your credit card than savings? I would pay off the credit card in that case, tbh I probably would aim to get that paid off regardless as it will hold you back saving & it being gone will go in your favour when it comes time to apply for your mortgage.

 

[orangelolly]

Is Prolific good? I looked on trustpilot and it gets some bad reviews. Don't get me wrong it gets good reviews too but I always read the bad reviews to see what could go wrong.

 

[Scvee13]

Ooh I’ve just downloaded plum @Scvee13 - do you find you don’t notice the money going out? I’m hoping it will help me save up an emergency fund as currently I live wage to wage with nothing to fallback on.

No I haven't noticed it but the more money in your bank the bigger amount it will take, I've been using it since Feb this year and have £369 saved there. No a large amount but it's something that I'd probably have spent on rubbish. I used live wage to wage in my last job, that's when I started tracking all my outgoings and meal planning, doing batch cooking. Most of my outgoings were spent on food