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little chickadee

who is good with their finances?

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We've decided to be really strict with ourselves money wise for a while so that we can pay back Mr Lloyds and Mr Credit cards what we borrowed when we were in the manic stage of moving house and starting up a new business (around the same time - yes we are mad! :oops: )

 

We're writing everything down and talking about what we've spent that day in the evening. Also really thinking about what we buy.

 

We're being really careful with menu planning for the week and clearing out the fridge (making soup) the night before we go shopping.

 

Anyone else keep a really careful eye on what they're spending? I used to be so good when I was a student, but then I met my husband who is not so well trained!!! It feels good to be getting on top of things though

(Probably shouldn't have bought the chickens in October, but I'm glad we did!)

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Have you set yourselves a weekly budget? I used to do this, any money not spent (even if 2p) went into a jar, it soon mounted up and that's how we paid for luxuries.

 

TBH we could do with doing that again now :oops: but it's harder when I do most of the shopping on tinternet, might have a think about this today.

 

How about putting what you owe onto another card? There are usually some good interst free periods.

 

I'd recommend looking at the website www.moneysavingexpert.com on the front page is an item all about how to do this.

 

Good luck,

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I always have very good intentions and by and large our finances are pretty well organised (not enough money usually.............but at least I know where it's gone :roll: ). I am a bit of a twerp though for falling for odd impulse buys, things I didn't think I needed but simply had to have, and then that throws all my carefully calculated financial plans for the month.

For example...............this month I bought a steam cleaner :shock::lol::lol::lol::lol:

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When we first bought the house, we had to be quite careful for quite a while... we hadn't really planned to buy, we were just keeping an eye out in case something came on the market which we really liked... for about two years nothing happened, then one day DH said there was this house for sale... we went to have a look, but didn't think we could afford it, then put in an offer, expecting to be turned down or for better offers to have been put in already... we thought nothing more of it for the next week, then I went in hospital to have my third baby... when I got home two days later, as we were taking our precious bundle out of the car, DH said 'oh by the way, we're buying a house'... I got fairly dizzy!!!

Then we had to gather and borrow money for deposits, taxes and what not, and we had to start budgetting carefully for everything... I had been used to that very much back home as a teenager and student, so it wasn't a problem... no more impulse buying of any kind, no more exotic holidays, strict budgeting of xmas and birthday presents and so on... everything got planned and written down... It went quite well and we are now more relaxed as debts have been repaid and we are doing fine, but I don't regret that time, it really shows you how much money just flies away...

Now the main reason we budget is to plan for our four daughter's education... that sure costs an arm and a leg!!!

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I keep a spread sheet.

 

I have every single household bill on a set direct debit so I know exactly how much they all cost. I allow £75 a week for food. I total all this up for a month and we have a joint bank account where we have monthly standing orders to cover this cost. The rest of the money stays in our own bank accounts and we can spend as we wish on what ever we want, petrol for cars, mobile phones, going out, treats etc.

 

Oh and we also have a standing order of £50 a month into a savings acount, to cover any random expence, like if an appliance breaks or we need to call out repair men etc. And everytime this account gets over £300 we take £150 and treat ourselves to stuff for the house instead if its not been used.

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You see Fee, thats where we are different. I have no idea what my balance is, but I do know its not in credit! :cry::lol:

 

We are the same. Neither of us will open the bank statement when it comes in the door as it puts us in a bad mood, therefore we push it in a drawer un-opened. :lol:

 

I have come to the conclusion unless we win the lottery we will never be well off, im not going to worry and we never bicker about money (its the root of all evil!!) we are very impulsive aswell and if we want something we tend to buy it. :oops:

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I'm good and I'm not. Our finances are a mess. We got hit with a couple of big things that just took it out of us. In 2006 when our daughter was born (early) it cost us a lot but as nothing could have been planned for and I wasnt in a position to control the money (I do our accounts) it just got spent willy nilly as it was needed and wasnt pretty at the end. Day to day though I am good. I check our account every day, and we don't fritter. Once our direct debits have gone out we have such a small amount left anyway that it normally goes on food and important thing slike school uniform. Its taught me to just not spend at all (see no steam cleaner). It does mean though that we struggle to spend our birthday money etc on our selves as theres a constant feeling of guilt and nagging that its not an important enough item.

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We reconcile our bank and credit card balances each month, and keep a spreadsheet with all spending on each card and account. It is amazing how often the balance in the current account looks good but when you look at upcoming outgoings you realise that the money is already spent.

 

I was brought up in a family where every penny counted,but we never owed anything to anybody, it hurts me to have a mortgage and one of the reasons that we have not moved house for 15 years is that we don't want to make our our mortgage any bigger and now it is at the stage of getting rapidly smaller which is a really good feeling. :D

 

We have always lived within our means, but I am lucky that I have not got a materialistic personality, hubby has but then he earns the money :lol:

 

Kepping a record of what you spend is a good way of getting the information to set a budget,you will be amazed how much slips through your fingers without you noticing. Magazines and other impulse buys are a killer.

 

Money saving expert is definately worth a look.

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I use Microsoft Money to keep track of our finances. It means that I always know how much money we *really* have, rather than how much the cashpoint says we have :lol: It's about £18 if you buy it online and well worth it in my opinion. You have to spend a bit of time setting everything up but then it's very easy to use.

 

I also rang all of our bill senders and arranged for everything to come out by direct debit on the 1st of the month - to prevent any nasty surprises later on in the month.

 

I then added up all of our annually re-curring one-off spends (car tax, NT membership, magazine subs, my contact lenses, etc) and divided the amount by 12. We then transfer this amount to a savings account by standing order, also on the 1st of the month.

 

As previously said, http://www.moneysavingexpert.com is a great site for much more information.

 

Rob

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:shock: it must be a new year thing (or the tax man scarring us again, had to find £25,000 in Jan, we did not see that one comming), hubby spends ++++ then worries himself to the point of exhaustion, so last week end I got the bank statements out & worked out how much he can have to spend, we'll see how he gets on, he is already looking at booking a holiday very nice but not sure we can afford Barbados!!!!
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I have never been overdrawn in my life :oops:

 

Neither have I :roll: I always pay my credit card off every month. I was brought up in the school of 'if you want something but can't afford it, then you save up for it' and it sort of stuck. Apart from the inevitable mortgage which is now paid off thank goodness :lol: I couldn't bear to be in debt, it would keep me awake at night :( Most of my appliances are over 20 years old, however I do have a brand new steam cleaner :oops: I just wish my children felt the same way as I do about money, they are both terrible :evil:

 

Tessa

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Interesting thread! Like Tessa and others, I was brought up to budget tightly and have never had an overdraft. I did once let my credit cards build up, and it took me ages to pay off - never again! I have a direct debit set up to pay it in full each month so it can't happen.

 

One of the benefits of being a bit older and having risen up the earnings ladder is that I don't have to count all the time - I can buy a new top or go out for a restaurant meal without thinking twice - but old habits die hard, and I'm quite cautious. I don't buy things on impulse.

 

I've got an offset mortgage, and it's been fantastic for me - I paid loads off my mortgage. I've now taken on a much bigger one, but it was worth it because I could move to a three-bed semi with a 100ft garden and keep CHICKENS! Warning - if you are not good with money, these mortgages are a bad idea - but for me it's brilliant. I have just had the builder in and I'm having a dental implant next week - ordinarily I'd have had to save for months, or take out a loan, but I can just put it on the mortgage, knowing that I will pay it off over the year by being a bit more careful.

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Sound advice! I try and avoid going shopping, because I have never yet gone into a supermarket for a pint of milk and come out with just that.

 

Another tip, and my friends laugh at me for this but it does work, is to stop and think when buying clothes. I have to have three other things it will go with (unless it's a dress or a coat) and three occasions when I might wear it (unless it's for work) - if it doesn't meet those, it doesn't get bought!

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Better still walk to the supermarket too then you buy even less, but that is not possible for everyone.

 

Apart from the monthly drive to the supermarket for the big stock up, I walk to the local shops 3 or 4 times a week. One of the best things I have ever bought is my shopping trolley :lol: it is not a little old lady shopping trolley, but a really cool Rolser and has changed my life :shock: I never need to take nasty plastic bags from shops, and it does restrict how much I buy because I live at the top of a hill, so pulling it up when it is really full and heavy is not something I enjoy doing :( When ever I see women struggling with loads of bags I have to restrain myself from running over and urging them to buy a trolley :roll:

 

Tessa

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I do all the finances in our house (although OH earns virtually all the money :oops: ). We've never been overdrawn and always pay credit cards off in full. I recently took advice from the Money Saving Expert website to rejig my banking and savings accounts.

 

I don't generally keep an eye on day-to-day comings and goings in our account but got a fright yesterday when I realised we were down to £46 :shock: . That's never happened before but this was caused by a huge Christmas credit card bill. Luckily I had a bit in a linked account which will tide us over till we get paid.

 

OH got a payrise and a bonus yesterday - excellent timing :D .

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We use a little notebook, and always have done, to write down our monthly income & expenses. Once all the bills have been paid & we have allocated money for food & petrol we work out that month's disposable income. We get our family allowance & tax credits paid weekly on Mondays, & some months there are 5 Mondays in our budget month (just like this coming month :D ), and that money makes a big difference to us.

We save money in employee share options each month, & also use my ISA for saving for birthdays & Christmas presents.

Our mortgage is nearly down to 4 figures, which is very pleasing, BUT we have run up a big interest-free credit card bill- we put the car on it last January, & so we will need to pay that off soon.

We don't have very much money to spend on clothes & going out- in fact we hardly ever do, & sometimes I feel really poor. When I am feeling this way I think about how much I do have in the global scale, & realise I am very rich indeed. I have a centrally heated, double glazed home,running clean water, plenty of food, a car, clothes- in other words I have shelter, food & warmth-things that are necessary to make my life comfortable.

We sponsor a 9 year old girl who lives in El Savador, & recently sent her a small sum of money- using it she was bought a chest of drawers with a mirror on for her bedroom.

How many of us on here don't have anywhere to put our clothes- I bet none of us on here.

 

Budgeting as a whole is a life-skill, one I believe should be taught to everyone, as it doesn't always come easy to many. It takes discipline & hard work, but the benefits are worth it :D

A good book to read is "The Money Secret" by Rob Parsons

...see here...

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