Money😩😩

[silentbeauty]

Hi everyone.

Im 26 and own a house with my partner. Its a lovely house and we got it for a good price. We both earn a good enough wage with me around £1600 and my partner £1300. (Doesnt seem alot but it is for all our outgoings etc) Realistically we should have plenty of money left over for social activities and even getting stuff done in the house but every month we are so so skint. We have basic cars, our food shop is low and so is our bills.
We have friends who have their own house too and theyve have just spent £10k on a new garden.. how? Another friend also got aome cosmetic work done that was in the thousands and she paid in cash. She has a similar job to me so similar wage.
How do people afford these things and I cant even afford to go out for a meal once a month? Not really a question but more of a rant.

any money management advice welcome x

 

[hol20x]

Where does the remainder of your money go? Could you maybe start a savings account and put some away each time you’re paid?

 

[Ineedmorecoffee]

Write down your outgoings, and income. Then print off the last 3 months bank statements and compare what you should have to what to do have at the end of each month. It should be fairly easy to begin to spot where your excess spending is happening.

Hopefully then you can see where you can start to save for things you want to do. Couple of other things...

1. The website moneysavingexpert is amazing for tips and advice.

2. Don’t assume those around you can simply afford everything as easily as they seem to,

 

[justheretoread99]

Don’t assume your friends who spend a lot of money have a lot of cash spare. They could be in debt. Use credit cards or loans. The girl that paid cash could have had it gifted or inheritance. Don’t compare yours and your partners situation to anyone else, as that will just get you down.

Every month, as tedious as it may seem, do a spreadsheet and list every outgoing compared to your income. Then you can track your finances and compare month by month.

Shop around for different broadband, gas, electric, etc. There could be some cheaper deals out there.

When you do the food shop do you buy branded items? I tend to shop at lidl and Aldi and their own branded stuff like sauces, toiletries are a fraction of the price of stuff you would get at Tesco and Asda.

Follow Martin Lewis’ blog and socials. (Moneysavingexpert)

 

[Vloggerfam]

Hi everyone.

Im 26 and own a house with my partner. Its a lovely house and we got it for a good price. We both earn a good enough wage with me around £1600 and my partner £1300. (Doesnt seem alot but it is for all our outgoings etc) Realistically we should have plenty of money left over for social activities and even getting stuff done in the house but every month we are so so skint. We have basic cars, our food shop is low and so is our bills.
We have friends who have their own house too and theyve have just spent £10k on a new garden.. how? Another friend also got aome cosmetic work done that was in the thousands and she paid in cash. She has a similar job to me so similar wage.
How do people afford these things and I cant even afford to go out for a meal once a month? Not really a question but more of a rant.

any money management advice welcome x

Write it all down. Money saving expert has a good sheet for it.
you’ll probably be surprised to see areas where you can cut down, like changing providers and insurance instead of renewing etc

 

[RandomFrog]

My biggest tip would be to do a budget each month and stick to it religiously. When I first got my house even a take away wasn't had if we'd gone over budget.

Another thing we did (may not work for you ofc) was we pooled all our incomings together for bills etc and then took an allowance for e.g. £100 each a month. The reason we started was because my partner would spend £5 ish a day on coffee where as I hate the stuff! But with the allowance he could buy what he wanted without me nagging about it also made our true household outgoings easier.

Good luck!

 

[Rippedjeanmaybe]

I’d write it all down and work out what is going out and coming in etc as others have said.

I have minimal outgoings, I have my car insurance, petrol, mortgage, house bills and my £10 a month phone contract.

We have no broadband package, just internet and our other bills are just house insurance, contents insurance, water, gas & electric and council tax.

could you look at your outgoings and see if there is anything you could remove? Anything you don’t need?

I also put a set amount in my savings each month when I get paid and then I live off what is left.

 

[Saddlesoap]

Definitely don't compare yourself to friends. Regardless of what you think their salary is, you don't know what else they have stashed away, or how much debt they are in.

I can be quite frivolous with money, some months I can have nothing left so I tighten up and save for a couple, then it starts slipping again. I echo what others have said, go back over your bank statements and write down everything you have bought (harder if you pay in cash), put into columns either necessary or luxury and compare the two.

Do you spend a lot on fuel, do you have kids, or pets, where do you shop, do you pay a lot for mobiles, TV packages or broadband?

ETA; do you meal plan, or buy on whim?

Change saver is great. I don't notice it coming out, but really tops up my savings.

 

[Youre a wizard Harry]

Go through your bank statements and work out your essential expenditure, budget some money for fun and decide on an amount that you can afford to put in savings as soon as you get paid, rather than putting leftover money in at the end of the month.

As another poster has said, please try not to compare your situation to others- they may look like they have loads of spare money but could be in debt. As an example, my mum has a friend who goes on several foreign holidays a year, has a nice house, 2 cars, sculptures in the garden and a hot tub- but has over £25k of debt.

 

[Belulah]

I recommend Plum and Chip. I’ve had them since the start of Lockdown 1 and saves enough for a laptop (around £900) and a holiday for me and my daughter (£1200) and I hardly notice it coming out.
I totally agree with you though. It’s so hard not to compare. I went to a friend’s house yesterday. Stunning new build, new cars in the drive, perfect garden, all kitted out in designer gear! My monthly income is decent and I live with my mum so hardly any outgoings but I could never afford that lifestyle. It seems like everyone else knows this secret way of making their money go further!

 

[Onecandream]

Zero based budgeting! It has changed my life (sounds corny I know!) I use a free budgeting app called Fudget to work it all out

write down all of your income for each month, work out mortgage and bills and put that aside in one main account.

then with the rest of the money direct it all to different categories. You can use cash envelopes or open different accounts to divide the money

here’s an example of what I do after setting aside my rent and all household bills.

£140 food (£35 a week)
£40 petrol
£40 car maintenance
£60 miscellaneous spends
£40 my sons sinking fund ( just means money for future expenses)
£150 debt repayment
£150-200 holidays fund

The remainder gets divided into general savings or towards my private pension

every single penny gets sent somewhere specific. It’s helped me so much.
If you search the hashtags sinking funds or cash envelopes on Instagram there’s lots of inspiration

you could set money aside each money for a meal out and that money wouldn’t disappear somewhere else

 

[In the north 53]

My biggest tip would be to do a budget each month and stick to it religiously. When I first got my house even a take away wasn't had if we'd gone over budget.

Another thing we did (may not work for you ofc) was we pooled all our incomings together for bills etc and then took an allowance for e.g. £100 each a month. The reason we started was because my partner would spend £5 ish a day on coffee where as I hate the stuff! But with the allowance he could buy what he wanted without me nagging about it also made our true household outgoings easier.

Good luck!

We also do this, joint account for all our bills and what we have left is ours. If you add some extra to the joint account for savings or as a back up when you need it that can really help you feel more comfortable but also stops you spending it on stuff you don’t really want.
I’d also second the view that you don’t really know what other people’s overall financial situation is and they might have other credit etc that you don’t.

I always feel like this when I see the amount of clothes other people buy, I only get essentials when I have to but I think it’s just a difference in perception and attitude to what I’d rather spend my money on.

 

[StrawberryCream]

Zero based budgeting! It has changed my life (sounds corny I know!) I use a free budgeting app called Fudget to work it all out

write down all of your income for each month, work out mortgage and bills and put that aside in one main account.

then with the rest of the money direct it all to different categories. You can use cash envelopes or open different accounts to divide the money

here’s an example of what I do after setting aside my rent and all household bills.

£140 food (£35 a week)
£40 petrol
£40 car maintenance
£60 miscellaneous spends
£40 my sons sinking fund ( just means money for future expenses)
£150 debt repayment
£150-200 holidays fund

The remainder gets divided into general savings or towards my private pension

every single penny gets sent somewhere specific. It’s helped me so much.
If you search the hashtags sinking funds or cash envelopes on Instagram there’s lots of inspiration

you could set money aside each money for a meal out and that money wouldn’t disappear somewhere else

£35 a week on food tell me your secret We shop at Aldi mostly and spend between £70-£100 a week on food, that’s for 2 adults a 4 year old

 

[Melian]

£35 a week on food tell me your secret We shop at Aldi mostly and spend between £70-£100 a week on food, that’s for 2 adults a 4 year old

Are you meal planning?

 

[Allypally]

I’m a self confessed budget queen I love a Budget budget budget!! I can’t stress enough how much a budget helps! When you do your budget make sure you count everything to the penny! Never round it up or do an estimate, everything needs to be exact. Have you tried opening a bank account like monzo? You can set yourself budgets for each different category and it notifies you how much you have left in each so you don’t over spend on it. It really helps to see what you’ve actually got left to spend. Make sure your partner does this also, it needs to come from both of you. Don’t compare yourself to anyone, I know it’s frustrating when you see others doing things that you can’t afford but try to focus on you, comparison is the thief of joy.

 

[StrawberryCream]

Are you meal planning?

We meal plan our dinners but not breakfast or lunch, but it’s usually cereal / toast for breakfast and I for lunches baked potatoes/ sandwiches or omelette, I have no idea how to get our food shopping down any more than £70

 

[Rippedjeanmaybe]

£35 a week on food tell me your secret We shop at Aldi mostly and spend between £70-£100 a week on food, that’s for 2 adults a 4 year old

Our food shop is only around £40 a week for two adults! I would expect it could be a bit more though if you’ve got young children.

we always meal plan and we write a list based on that meal plan. We also don’t buy any junk and that cuts our bill down massively!

We also make everything from scratch, no jars and no processed food.

I think if you’ve got a list it’s a lot easier to stick to a budget!

 

[Sunflower91]

I’d definitely say don’t compare yourselves to others- I know plenty of people that in the outside look like they have plenty of cash and are constantly buying new cars or flashy holidays or house renovations but it’s not as a result of their income- it’s things like loans, credit cards and bank of mum and dad. I’ve even known people that brag about buying something and it’s completely fictitious.
I’m a big fan of money saving expert and price comparison sites for bills, insurance etc. If I need to buy something I’ll use hotukdeals, price runner or camel camel camel to look at prices and make sure I’m not spending above the odds. I’m also a member of cash back sites such as Quidco and top cash back.

 

[imnotarobot]

My biggest tip would be to do a budget each month and stick to it religiously. When I first got my house even a take away wasn't had if we'd gone over budget.

Another thing we did (may not work for you ofc) was we pooled all our incomings together for bills etc and then took an allowance for e.g. £100 each a month. The reason we started was because my partner would spend £5 ish a day on coffee where as I hate the stuff! But with the allowance he could buy what he wanted without me nagging about it also made our true household outgoings easier.

Good luck!

From an old married lady whose had more than her share of fights over money - the best thing to do is sit down with your partner, make a list of your income and outgo for at least three or four months. Be honest. Then work out what your goals are - short, medium and long. (short - watch a play or go out for a fancy meal....medium - holiday somewhere nice....long - house deposit. Whatever works for you). Work out how much you need to get to each goal, and put it aside each week (or paydate). Don't even let it touch your hand, get it put in the account by your employer if you can. If you're saving for a house deposit, have an account that is strictly for your house deposit. You will ALWAYS find a way to spend your savings otherwise (there will always be something to spend it on). I've got lots of accounts - christmas savings, kids savings, big bill savings, and they are there for that individual purpose only.

Pay your utility bills each week if you can, putting a fixed amount on it, even if it's only ten dollars a week towards the power bill or water bill it really adds up.

Meal plan, make a shopping list and go grocery shopping once a week or fortnight. Even if you eat well, and don't skimp, it's the impulse buys that will kill you in a grocery store. The less time you're in a shop, the less impulse buys you have. Make your own lunches. Boring but very effective.

Unsubscribe from all the emails that you get sent about sales etc. If you can't see them, you won't be tempted! Stick on your browser also.

Work out with your partner a reasonable 'allowance' amount for both of you. I would have no clue what my other half spends his money on, but that was our main source of conflict when we were first starting out together. I'd think his choices were ridiculous, and he'd question my need for new shoes or whatever. Once we worked out that we each had our own money to do with as we wished, that conflict cleared up substantially. Everything else was paid for as a couple, but that bit of mad money was our own to do with what we wished. No questions asked or answered

Make your money work smarter, not harder. My husband used to buy iced coffee from a petrol station that would cost $5 or $6 a bottle, when the supermarket was right next door and it would cost $3. He would literally not walk the five extra steps to go to the supermarket, so I'd end up buying him them in the groceries and he wouldn't need to get one from the petrol station himself. It sounds so boring but it does add up over time.

Finally, don't make your savings goals too onerous. Or maybe I mean too long, perhaps. If you're planning to save like lunatics for a year for a house deposit, that's great. Make a sacrifice for a year or so, but remember that life is short. It's so important to not let money be too much of a source of conflict between you.

Old lady lecture over.

 

[justheretoread99]

We meal plan our dinners but not breakfast or lunch, but it’s usually cereal / toast for breakfast and I for lunches baked potatoes/ sandwiches or omelette, I have no idea how to get our food shopping down any more than £70

Do you have much waste left over and do things go out of date so you throw them out?
I find meal planning for every meal based on the use by dates really helps. And also meal prepping by making lots of lunches from one massive batch. Freeze them and leave them in the fridge overnight to defrost for the next day.

Not sure if you eat meat but switching from fresh to frozen can be cheaper.

Lidl have an app which you can get rewards and money off your next shop. Sometimes it’s only pennies bit it all adds up

Lidl Plus coupons

www.lidl.co.uk