Budgeting and money saving

[Rippedjeanmaybe]

My youngest sister was given £250 from the gov child trust scheme when she was born. My parents opened an account with Asda and literally just left it and made no further deposits. She turned 18 this year and it had grown to 3.1k by just having the profits reinvested back into it. So every little does help.

My other sister also had a family bond from my grandmother which she only received when she turned 21, there was also the option for 25 too.

Wished they’d had stuff like this when I was born, I was a 95 baby and so this wasn’t in place and my mum didn’t have the money to set up a savings account for me.

my mum was very poor and I didn’t have any help with uni, buying my first house, driving lessons, first car etc… I guess it taught me to be careful with money, but free cash would have been welcome also

 

[Icbaaaa]

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.

I agree with this. I never thought of having a cleaner but recently it's something I have looked into and will most likely get in the new year. I've got 2 young kids and back to work full time soon, I always spend at least an hour a day cleaning and it never feels tidy so I try to do more and just knacker myself out. I feel like taking that pressure off by getting someone to do it will help me massively!

 

[grumpy_curry]

So what are everyone's budgeting goals for 2022? I really need to save 4k until march to get my house tanked because I have a damp issue that will only get worse, and another 10k by the end of the year for new windows in 2023 (I hope prices won't jump too much between then and now). Shit's gonna be super tight, so I'm trying to come up with a plan for it.

So far I have the following ideas:

1) have a monthly budget. Fortunately I have some ideas on how much I need per month. I used to follow the money jars method and I want to do that again.
2) ask for a raise. My team lead said 10% should be possible and by the way recruiting is going for us, I can see why.
3) sell a lot of the stuff I have in my basement that I won't use any more. My dad gifted me his PC monitors, but I already have one. So that's a 100 quid right there. I also have his box sping bed but I can't get comfortable with it. Trying to flog that too.
4) cut out unnecessary expenditure. I already have the cheapest phone and internet plan, I don't have any subscriptions but Spotify. I do donate monthly to the local animal shelter. Both of those are super important to me though. And cheaper dog food, too. But that could be more expensive in the long run if she's not well fed.
5) possibly no holiday this year. I only do one week in Croatia every year, that's about 1500 all together, travel, food, hotel, etc. Kind of a shame, I don't know. I would love to swing it, I will wait and see what the budget says.
6) work more, possibly? Idk, that's a hard one, because I am already pretty at my limit and my life feels like it only consists of work at times already. 40 hrs is already more than enough for me.

 

[candyland_]

I went through my finances last night.. I would be able to save £1000 a month but realistically I’ll give myself a set amount to play with for hair and beauty/clothes etc which will be lower some months. This month I’m booked in for hair, brows, lashes and nails etc so next month I’ll only need an unkept eyebrow wax and nail redo.

I’ve already saved £100s by switching supermarkets in mid December and by not nipping in daily after work just to pick up a few bits that turns into at least £20 a time.

Amazon has been cancelled as it’s too easy to order little bits that add up.

We bought our iPhone handsets outright last year so have a good sim only deals but it’s definitely the food shopping that can drain money.

 

[Sheva]

1. Keep tracking all spending in my spreadsheet
2. Do the 52 week saving challenge
3. Buy less clothes and books, my main nonessentials. Books I want to start using my local library more and clothes, I have more than enough already.
4. Get a better job so I can save more

 

[Keikochan]

My 2022 goal is to save €50 a week, every week, 52 weeks in the year and so by end of the year I'll have saved €2,600.
I've also done the maths and added up all the bills each month (rent, groceries, electricity, internet, cat *litter&food, phone credit). Basically that is all the important outgoings each month.
My income - all the bills - savings = leftovers per month
The leftovers are misc money that I can spend on whatever I fancy, like make up, clothes, skincare, bubble tea etc
I feel super organised.
I am also getting ready to start investing this year. Super excited about that.

 

[Sheabutter]

I wish I invested in a microwave sooner. It is helping me ditch takeout. I’ve cooked lentil pasta bowls, baked sweet potatoes, and even a bean soup in the microwave. They’re healthy meals and can take as little as six minutes — max ten. No more delivery meals for this tattler

 

[dancingqueen5678]

I use money envelopes. So idea is, things like food, petrol, necessities, days out/treats all get an allocated amount that you budget and then you pop that amount in an envelope for that specific thing only. You have to be really meticulous and make sure everything is accounted for cause once the money runs out thats it as you're not supposed to take money from one envelope and put it into another. I find it really handy personally as it makes me think of what I'm buying and if I really need it, and it means that I don't go overboard on things like meals out cause I have an allocated amount (I appreciate that seems boring but I have a bad habit of ordering more food than I can eat!)

I make a list on my phone of each person and buy birthday and Christmas presents throughout the year. Usually in the sales after Christmas. I've been known to finish my Christmas shopping by August so I'm literally just waiting for November to buy the cards and that's it. I also shop around and see if I can get things for cheap on eBay etc.

I plan my meals/snacks for the week and then I only buy what I need. I usually don't need a lot cause things like spices, pasta, rice etc last more than a week so I am often under budget which I love at the end of the month looking into my envelope (see above lol) and seeing left over money. I also shop in Lidl and just go to Tesco or Asda for things you can't get in lidl. I find planning means I only have to go once a week which saves money.

I use apps/points systems which does sometimes pay off. I also take advantage of the receipts surveys so for example, if you go to subway, on the receipt there's a survey and then once you've completed it they give you a code for a free drink or cookie. I appreciate it seems like spending money to gain something but if you're going to be spending it anyway for whatever reason, you might as well take advantage of it. Once I had enough subway reward points for a free 6inch and with the app I got a free drink so my whole meal was 69p which was the cost of the cookie I chose to buy.

 

[Slothgang]

I use an app called shoppix where you upload pictures of receipts. I've only had it a month and just got my first 5er from it.

 

[Nora Fenn]

Hi guys, new here! Went though all my outgoings today and cancelled a direct debit I’d been paying to a Trade Union. An easy save of £13 a month. Next up is cancelling Netflix, my sister and me have agreed to share an account.
Have downloaded the Lidl plus app and O2 Priorities, free Cafe Nero coffee and donuts from Greggs, yes please!

 

[rainbowlemon]

That’s a shame about shoppix! Sounds like easy money.

Not necessarily budgeting but it is money related. I’ve started the ball rolling with getting my kids junior isa’s changed junior s&s isa’s. I figured the money will likely grow more being invested rather than sitting waiting for a very small amount of interest. We can’t afford to put large amounts away for them every month so hopefully this will give them a little bit extra on top of what we put in. Ive gone with a fairly risky investment fund, but not the riskiest. I figured over the next 10+ years a loss is unlikely. But I can also change the risk level at any time. Would recommend Wealthify, it’s easy to use and they do all sorts of savings accounts and also a pension.

Love the envelope idea, but I hate having too much cash on me. I would probably end up losing an envelope at some point

My youngest sister was given £250 from the gov child trust scheme when she was born. My parents opened an account with Asda and literally just left it and made no further deposits. She turned 18 this year and it had grown to 3.1k by just having the profits reinvested back into it. So every little does help.

My other sister also had a family bond from my grandmother which she only received when she turned 21, there was also the option for 25 too.

 

[Kmacg]

Hey folks! So like many of you, I am reslly worried about the energy crisis. My supplier went bust last Jan and we got moved to EDF, who put my bill up from £75 to £167. We cant afford that so got them to charge us £100 instead but that runs out in April and god knows how high it will be then.

I already scrimp on everything. Family of 4 (plus cat) with 2 full time workers. We spend £75 a week on shopping/bus fare/lunches and whatever comes up. I put away £200 a month into my ISA, £40 into Xmas, £20 towards my car bills, rent is going up from £595 to £650 (and lord knows how lucky we are for how low that is!) And then bills are roughly £400 a month. Yet we still struggle. I cant cut back on anything else realistically.

Im starting a new job this month that pays slightly more (and zero travel, so overall about £150 extra) but I am just so scared that we are going to fall into debt again (I managed to pay off £4k during lockdowns) with both my kids growing so fast (and 1 starting a new school with blazers, ties, pe kit costing about £300) in september, I dont know how to keep our heads above water without sacrificing our savings that are for our future iykwim?

 

[Rippedjeanmaybe]

So glad I found this thread. I’m on maternity leave and due to drop down to SMP from March. It sounds stupid but it’s only really hit me this weekend how little I’ll be getting each month compared to what I’m used to, plus I’m the higher earner so although my partner will cover what he can, it is going to be a struggle.

To start off I’ve started selling things I don’t use - I’ve got clothes with tags on still that should have gone back at the time, or things that have been barely worn/used. So I’ve started to put those on marketplace and have made a couple of sales already.

I’m also going to call sky about our bill. It’s crept up to over £100 over the last year so I’m calling with the intention of cancelling completely but hoping they might offer me a much better deal.

We spend quite a lot on food shopping too so I’m starting to look for cheaper meal recipes/things I can cook then have leftovers for lunch the next day.

I’ve spent the weekend feeling overwhelmed and to be honest, really anxious and stressed about money. But i’m determined to make some changes to try and ease the pressure.

I would definitely try and cancel the sky if you can! We pay £30 a month for decent Internet and that’s it. We don’t have a phone or tv package as we don’t feel like we need 1000’s of channels! It’s saved us so much money!

food wise. I find making meals plans and cooking from scratch the easiest way to save a bit of money.

Make things like spag bol, don’t buy jars, just use carrots, onions, celery & tinned tomatoes to bulk up the meal and cut down on the amount of meat used as it’s cheaper to bulk out meals with veg rather than meat. Also frozen veg can be a lot cheaper, creates less waste and is just as healthy as fresh!

 

[rainbowlemon]

Has anyone tried buying shares or investing money other ways? If so, how did it go? Was it easy enough to buy shares?

Yes I started last year. I was scared to invest at the start if I'm being honest but so far I have received £63 in dividends and I just wish that I started sooner rather then at the age of 29, but I have also influenced my younger 21 year old sister to get started. I would really recommend the youtube channels: the humble penny and nicole at the frugal cottage. I initially opened a stocks and shares ISA with moneybox then switched that to vanguard as the monthly fees were too high. Something like £1.38 or £1.20 after their initial free three month offer. I still have my vanguard account, but I mainly use freetrade as it's commission free investing so no charges for buying and selling shares. They also let you buy fractional shares for the larger American companies.

I go for companies people will always need.

Food= Tesco is my third largest holding. Sainsbury's my fifth. I have some fractional shares in Starbucks, Pepsico, Starbucks, mcDonald's and Coca cola.

Packages and letters = Royal mail
Insurance = Aviva, Legal and general.

I have also heard of that Buffet saying and also buy shares when they dip. Royal mail for example was trading at £4.20 less then a month a go, now it's back up to almost £5 with the build up to black friday and Christmas looming.

It's also always advised to have an easy access emergency fund first before you start investing.

We also have premium bonds and have won £275 in around 14 months.

 

[rainbowlemon]

I finally got my £5 voucher!

 

[queenamber]

I've picked up some brilliant tips in here already - thank you all!

It's mostly simple stuff that I should have been doing years ago.

Here's what I've implemented so far just in the first few days of January!

Written out every single household and personal expense so I know exactly how much money is going towards what, and how much is leftover.

I've set up automatic transfers on pay day - one into our joint account so bills are always covered, one to pay off my credit card, and one to my savings account (very small since paying off my debt is high priority for this year, but every little helps).

I get paid every 2 weeks so each night before pay day I'm going to check my current account and see if there's any leftover cash I can move into my savings/credit card.

I'm checking my online banking each day - It's surprising how quickly things add up, especially those mindless Amazon purchases...

I've also enrolled in Keep the Change (available through Bank of America for anyone in the US) - they round up all of your transactions to the nearest dollar and put the leftover money into your savings account.

I've switched supermarkets and do online grocery pickups now through Walmart. I've noticed I'm saving about half of my grocery budget doing this! It helps me stick to my list and avoid impulse purchases. I'm also meal planning and going through my pantry before adding anything new to the list. We have so many packets of pasta and canned goods that could be going to some use.

Cutting way back on household and toiletry items unless I absolutely need them. I've gone through phases of following lots of different influencers so my cupboards are full of cleaning products, toiletries, makeup, clothes, etc. Probably what got me into debt in the first place!

 

[Sheabutter]

My goal is to reduce costs where I can. I’m going to use food waste apps to my advantage. My highest bill at the moment is groceries.

 

[Former_Antelopee]

I’ve decided for the 52 week money challenge, I’ve written down 1-52 in a notes app and I’m going to pick a random number each week to save rather than doing it in order. So if I have extra money one week I can save the higher amount but if I have not much left I can save a small amount. Also spreads out the highest amounts throughout the year instead of the start or end.

 

[rasberry spoons]

@littlepup @grumpy_curry Wow thank you both so much for taking the time to reply with all that info, I am now taking notes and will be following the wonderful advice you’ve given me, thank you again.

 

[ChilliBean]

I always wait til September to buy a new phone and then always buy last years model as the price drops when they bring out a new one!
Also recommend Black Friday sales for buying a phone outright or giffgaff are pretty good for doing cheaper contracts