Budgeting and money saving

[Satisfying Click]

I'm really glad this thread exists!

I do zero-based budgeting, if I don't give the money a place to go, it'll do it for me... I work on a ratio of 50/30/20 needs/wants/savings

Little 'weird' things that have saved me money
- Bringing my own coffee to work. I worked out that by buying my usual coffee once a day, I was putting almost £700 a year down the drain (though I didn't factor in leave etc). That's money that now goes into my LISA and other investments.
- Stopped buying books (minus birthday/Christmas gifts) - everything now from the library
- Mending clothing unless it's beyond repair
- Putting a 48 hour 'hold' on new purchases. By giving myself some time before buying, most of the time I realise I don't actually need the item. It really helped with my impulsivity
- Unfollowing all social media influencers/flashy people

 

[Bitofthebubbly]

I’ve been on a bit of a budget kick this week so I thought I’d start a thread where we can talk about the things we do to save or even make a little bit of money.

I’m fed up of struggling and with the cost of so many necessities going up I felt like I needed to take control of things either by making immediate savings or by doing things that will make a difference long term. So far this week I’ve:
- done a balance transfer on the credit card. Was sick of paying a stupid amount every month and barely making a dent on the balance. Found an offer where it was 0% interest for 29months and we should easily be able to pay it off in that time. Will save us a few Bob on interest and get the debt paid off quicker. Annoyed that I didn’t do it sooner but I just wasn’t aware it was a thing.
- Switched mine and my partners phone providers to cheaper, better value deals.
- switched internet providers at the end of my current deal. Getting double the speed for 99p less!
- Switched my current account to nationwide to get the switch bonus, as I already have a nationwide account I should get £125 instead of £100.
- plan on switching my partners bank account around a bit to make use of all the switch offers. If all goes to plan we should get around £500 out of it. Can’t turn my nose up at free money for doing basically nothing.

Feel free to share your budgeting/money saving tips and hacks. I usually steal my ideas from Martin Lewis not gonna lie With the cost of living rising so much I’m sure lots of people will be looking to make savings where they can. Comparison websites make life so much easier when it comes to finding the cheapest deals, Dunno how I’d manage without them!

 

[grumpy_curry]

I have started marking opening dates on longer lasting items like contact lens liquid, laundry powder, washing up liquid, soda stream etc so I can get an idea of how long things last me and budget for them in a more spread out fashion.

Last time I found that the big box of laundry powder lasted 10 months! Not bad for 7 quid.

 

[AnonyGoss]

As others have said, a budget spreadsheet has done wonders for my finances.
In 2020, I had hardly and savings. I have been working since 18 years old (now in my 30's), so it was so embarrassing that I hadn't saved much over all those years! But started a new job in 2020 and saved LIKE CRAZY and have a good amount of savings now. I have turned my finances around and in a good place now. SPREADHSEETS are the best.

Another tip: put money aside as soon as you get paid, BEFORE you spend on other things (obviously get the bills out of the way first). But before I used to (stupidly) spend first, then save the rest. Never do that, you must save first then spend the rest. I got it the right way round now

Third tip: don't go out much. Lmao, literally. Stay home and save the money (boring, I know). Or if you go out, do free things/ cheap activities.

Remember women, we must be financially stable! It's especially important for women. So that we can support ourselves if anything happens to us.

 

[PenelopePitstop]

I would genuinely rather be broke than have a full week of misery eating what Evers left in the cupboards, every month

My cupboards are pretty well stocked, so I just go through and see what there is example green curry paste and coconut milk and rice = Thai green curry, always chicken in the freezer or fish...tinned tomatoes = chilli or Bolognese or even a fry up..

 

[JoeBloggs]

I second a spreadsheet. Have had one for years, I don't track my spending but do for my bills.

I budget for all big costs, Christmas, insurance etc and have them sitting in separate accounts ready to be paid out. I am very money focused and this had enabled us to save well.

Bills always get paid first, then we have £400 each to do as we please each month.

I'm a big advocate that money should be taught in school. My mum has always worked in a bank, always good with money and its been invaluable. My husband on the other hand, knows nothing and his parents are both in significant debt.

 

[saltandvinegarcrisps]

Last year I was made redundant straight after maternity leave and returning part time. I was in about £15k debt from various sources and had been paying minimum payments on my credit cards during my maternity leave year. I am now working full time and have been since March '21. My credit card balances are now just under 10k (£9745) I have them all on a fixed term zero interest deals and paying approx £1000 a month aiming for the fixed rates that run out sooner... once I've paid off another 5k I'm planning to save £500 a month and pay my credit card £500 a month to build savings while I pay off the balance in the fixed term transfer window.

I buried my head in the sand and hadn't realised how bad it had gotten. I feel such a relief that it's finally under £10k and I'm determined to be debt free by 2023. Loving all the tips on this thread. My biggest advice for being in debt is check all your balances, identify the highest interest and check if any of your cards offer balance transfer so you can reduce your interest and focus on paying the balance without high interest getting lumped on every month.

 

[PenelopePitstop]

Love this thread.......my mortgage was 450 a month with a year to go before my 5 year deal ended... I got a new deal with HSBC now paying 340 a month and saving myself an extra 80 quid in interest too.. however this did come at a cost.. of 800 to end current deal which sounds a lot but overall 170 a month.. I still pay 450 a month so I am chipping away.. there is also a mortgage calculator as I want to pay my mortgage off 10 years early so I am currently 3 years into this so will be finished at 2030 ish. I shop at Aldi, also shop for spices etc at Chinese supermarket they work out so much cheaper and you get so much more for your money. I make soups for lunch in the winter and batch make lunches of tuna salads etc in the summer..

In lockdown... I made use of all beauty products using bath products as shower products.. had 6 different ones and almost through them all.. have not bought any make up and using what I have... still plenty left..

clothing wise.. I always keep the tags on clothing until I am ready to wear it.. if I change my mind I can sell it and get more with it being brand new, same with kids clothing..

I love Oliver Bonas but it’s very expensive I buy scarves 2nd hand for a fraction of the price..

Lebara have been good for cheap mobile deals £10 for 10gb, I have Netflix just the 1 but use it on my sons tv.
CD keys is good for x box and PlayStation deals.
I have a dodgy box from eBay 25quid and use cyber ghost and watch my American Dramas, pop telecom for internet.
I have it all on a spreadsheet, and I also try to only go shopping 3 times a month and leave one week to eat down the cupboards, freezer and things that need using up.

 

[ChilliBean]

Love reading stuff about personal finance and have been on my own money saving journey the last few months so looking forward to this thread!

I created my own budget spreadsheet on Numbers - it took a few hours to set up but now I copy it over for each month and I can track where every pound goes!

I set very personal savings goals for specific things and have reached my goal 3 months early this month

One of my top money saving tips is if you have a NowTv subscription then go to cancel it and they’ll offer it to you half price! There doesn’t seem to be a limit to how many times you can do this either. I’ve only ever paid for nowtv full price for one (the first) month always had the rest half price!

Also always pay your pension, future you will be grateful

Edited to add- the Instagram personal finance community is a great resource too. I follow millenialsaves blog and find it so helpful! We really ought to be taught more about personal finance and budgeting in school

 

[katyazamo]

I've always struggled to get a handle on money but I've tried to really knuckle down and get myself sorted over the last few years. I've had a chequered work history and would really worry about putting money into savings incase I needed it, but I've got myself out of that mindset and focused on building an emergency fund in an easy access savings account.

• Get a handle on EVERYTHING that's leaving your account on a monthly basis.
  • Go through your direct debits and subscriptions with a fine tooth comb. We've probably all signed up to free trials we've forgotten to cancel, that's how these people get you!
• Use a cashback site for everything, especially things like utilities/phone contracts, the cashback amounts on those can be really decent. I switched my broadband provider in June and got £40 cashback and also cut the bill down by £5
  • On that note, always look for a better broadband deal when you come to the end of your contract, whether that's calling up and saying you're going to cancel (they usually bring your cost down) or just move to a new provider! You'll always save a few quid
• Swap to Aldi/Lidl. Doesn't need to be for every single thing, but the prices are significantly lower. Used to love going to M&S but I'd end up spending £30 on dinner for that night and a few snacks, it was wild. Part of the fun of Aldi/Lidl is finding alternatives to your usual brands!
• Get out of the habit of ordering takeaways every weekend and make them an actual treat - if you can genuinely afford it then great, but if you're spending £120 a month on takeaways and wondering where all your money is going then it's time to cut back
• Have a clear goal in mind for saving, whether that's a holiday or deposit or what have you. It's easier to save when you know what you're trying to achieve and have a fixed number in mind, instead of just throwing money into an account whenever you remember

 

[Elles20]

Pret a manger do a subscription which is £20 a month for pretty much unlimited coffees/any drink. The first month is also free! Cancel any time.

I know bringing your own drink is cheaper but if you currently buy a coffee every morning then this pays for itself. The limit is 5 drinks a day. No limit on what kinda drink, so get your extra syrups or espresso shots, or alternative milks, specials like pumpkin spice latte etc. Or have a tea/hot choc/iced frappe or smoothie.

 

[emmer_moans]

Yeah, I work a lot, I have a dog to care for, I have to clean and do laundry, I need to renovate so much still, just had windows replaced and the company is messing me about too which is just tons of energy for nothing.

I also suffer from depression, and while I have it under control most weeks, some weeks are just extremely exhausting. So eating frugally just goes out the window.

I'm really tempted to get a cleaner to come in once a week but then again that feels so bad since it's money that could go towarda savings or my mortgage.

To be honest if you feel like hiring a cleaner will improve your mental health and free you up to tackle something else like the renovation then that's a good investment. I think what a lot of us struggle with is having so much to do all the time and then we get into cycle of exhaustion and overwhelmingness.

 

[Lucyxxxx]

I joined vinted 2 weeks ago and have made £130 and it's really helped! I've got a few more things to sell hoping to save the money and use it towards something nice!

 

[grumpy_curry]

Idk, my pantry leftovers are great. Stuff like curry with rice, stews, tortillias filled with whatever is still in the fridge (the original purpose of a burrito), I bake fresh bread and use up hummus and jams and all sorts. Nothing miserly about it. Sure, it needs creativity and time, and sometimes I have neither so I eat a can of cannelini beans with lemon juice, salt, pepper, olive oil and a slice of bread. Not the worst meal either.

 

[Sheabutter]

I got a good milk frother (Instant Pot) and the thought now of ever spending money at a coffee shop is horrifying to me. My mornings now come with a side of smug over the money I’m saving

 

[butterfliesandhurricanes]

Twice a week I take the bus to my local Asda superstore specifically for the final reductions. Rarely does it let me down. Went tonight and managed to get some fantastic reductions, quiches, fish cakes, pizzas, ready meals all 20p each, cookies and muffins from the bakery all for 20p. Things like this are a lifesaver we would not be able to afford nice bits like that if they were full price. Also helps that it’s very quiet in the shops right now, people are probably still away seeing family or just have enough food to last. So there seems to be more stuff left over in the shops which is such a help for me

 

[littlepup]

Guys, I would be so grateful for some starting tips, now on mat leave about to have our first newborn but so stressed about money as I’m already having pay deducted. Going to apply for UC later but as we both work doubt we’ll receive any help, really need to start budgeting and saving as I don’t want to spend the first few months of baby’s life worrying about money

Biggest thing I can tell you for when you’re expecting a baby is that no baby ever knew if it had second hand items and you need about 1/4 of what you think you do clothes, bottles, books, toys etc
wise.
My baby was 10.5 months at Christmas, her fave present was the tub of bits my Nan got her from the charity shops and a bubble wand.
Pretty much all of her toys bar Christmas come from charity shops in general and they’ll go back there when we’re done. Nappies and wipes differ baby to baby shapes but generally Aldi’s are excellent. You don’t need any lotions or potions for bath time - maybe one Wash and one moisturiser when they get a bit bigger but you certainly don’t need a balm, an Oil, a shampoo, a wash etc etc
The library is a great resource for books but also free story time classes.
Please never feel guilty for cutting costs with baby because actually it’s being smart and not being mislead to believe what the con merchant marketeers will make you believe you need. You are absolutely not letting baby down if you don’t have this or that, you are doing your best and providing a stable future.
But things that make your life easier or provide necessities for baby but other than that, everything Is optional and baby won’t know anything about it.

We are wealthy, we can afford to buy whatever but I chose not to and my baby hasn’t suffered at all. Even with the main travel system pram, two small prams (one for Nannies and one for nipping out), two car seats (one being £230+ But used a voucher), a brand new cot and mattress we still haven’t spent as much as the cost of the same travel system brand new and no one would ever know.

 

[queenamber]

Happy to have found this thread! I'm 11k in debt and I'm aiming to be debt-free by the end of 2022. Off to read through these threads now!

 

[Spicyburrata]

I moved home recently to save for a few months as I am currently trying to buy a flat at the moment (wish me luck ).

In the process it has forced me to have a clear out and I've just been putting loads on Vinted. It's mostly clothes, shoes and unopened make up/cosmetics but it's things I might have thrown out in the past. Depending on the item it may only be a few £s but it does add up and I put the money from it straight into my savings account.

You would be surprised what others are looking for and willing to buy and better for have a few pounds in your pocket than nothing!

 

[WilmaHun]

Jumping in here!

Just bought a property. This weekend I’ll be sitting down and going through finances, setting up a DD for the mortgage need to sort all utilities and internet. I can’t believe I didn’t think of cashback! Done my life and property insurance before completion, think I got £75 Amazon voucher from it but now wondering what else I might have got! Downloading the app now.

I am massively worried about gas prices. We have been quoted £250-£300 A MONTH for gas and electric!!! It’s a 3 bed house, we have moved from a new 1 bed flat with electric that was £90 a month so this is obviously eye watering. Barely any energy deals because of the gas crisis, Uswitch only shows 3 deals. I’m lucky I have no children, I worry for families about to go through winter, mum and dad working, paying for childcare and trying to keep them warm and fed.

We are also saving up for renovations. Anyone done this and got any tips?

I'm currently renovating a house I've just bought. For things like bathrooms, we found it's cheaper to buy the bath, sink, toilet, taps etc separately rather than in one of the big bundles! So we went round Wickes, B&Q and the like and picked out all the things we liked. Rather than buying in store, we done click and collect online through Quidco so we got the cashback! B&Q have a members club too and they're always sending vouchers through, so definitely sign up to that! They had 20% off everything for members only this weekend just gone so it's worthwhile!

If you're plastering anything - DO NOT buy good paint to go fresh on the plaster. It will suck it in for the first 2 coats and you'll wonder why you bothered. Buy a cheap paint (we got a 5l tub from B&M), water it down to a 50:50 mix and put 2 coats of that on fresh plaster before using your good paint! That way paint won't get wasted being sucked into fresh plaster.