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HBFS
Original Poster
667 posts
60 months
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Anyone got any?
I'm 22 and earn a decent amount of money, my outgoings are very reasonable.
In theory I should have a good few hundred quid left at the end of the month but I never do.
My only real commitment is the car loan (Positive equity anyway.) which I'd like to make some extra payments on so I can pay off early.
I'm in no trouble, I'd just like to be a bit more frugal.
Too much money goes on chocolate, scratch-cards, expensive working lunches (e.g £5), gadgets I don't need.
I am by all accounts a spendaholic.
Has anyone managed to progress from a spendaholic into a frugal being?
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Defcon5
4,056 posts
60 months
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Food at work is a killer, I have saved a fortune by making something the night before.
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Hoofy
47,941 posts
151 months
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Write down everything you spend money on in a month. What some consider "essential" is considered ridiculous by others. So post up your monthly expenditure. But be prepared to have the piss taken out of you. 
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cailean
523 posts
42 months
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Teddye4687
338 posts
17 months
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It's going out on weekends and the odd fiver here and there, soon adds up mate.
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ringram
12,212 posts
117 months
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Yeah post up what you spend your money on.
We will help you hack costs to a minimum.
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wolves_wanderer
7,946 posts
106 months
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I was similar with the odd fiver and tenner going here and there. What I started doing was drawing out what I was happy to spend in a week on "odds and sods" and then leaving the debit cards etc at home. It is a lot more "real" when you are spending cash rather than popping your PIN in.
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helmutlaang
373 posts
28 months
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wolves_wanderer said: I was similar with the odd fiver and tenner going here and there. What I started doing was drawing out what I was happy to spend in a week on "odds and sods" and then leaving the debit cards etc at home. It is a lot more "real" when you are spending cash rather than popping your PIN in. Exactly this^^^^^ It's the odd bits which add up.What we do know is draw out enough once a month for expenses (fuel,clothes ect),leave enough in the current account to cover DD's and other bits and the rest goes in the savings account.cannot remember last time we used the debit cards to make a purchase.
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hornet
5,461 posts
119 months
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wolves_wanderer said: I was similar with the odd fiver and tenner going here and there. What I started doing was drawing out what I was happy to spend in a week on "odds and sods" and then leaving the debit cards etc at home. It is a lot more "real" when you are spending cash rather than popping your PIN in. Absolutely this. As soon as I get paid, everything gets plugged into a spreadsheet with all budgeted outgoings, one of which is the amount I want to save that month. Not having savings as an afterthought made a big difference to my spending, as it flips your thinking from "I'll save what I can" to "I'll spend to my target". Treat the balance after all the planned outgoings as your real cash position and work from that. As above, I tend to draw £x at the start of the week and spend from that. Makes you much more aware of how all the little things add up. Avoiding debit cards also makes you much more aware of your outgoings in my experience. As mentioned upthread, food "here and there" is the real killer, as you just don't notice it. Even without going mad, you're probably looking at £20/week (M&S, Pret etc), so making your own lunch can save you an absolute fortune in a small amount of time. A few well planned sandwich filling purchases, multipacks of nibbles and maybe even leftovers from dinner (pasta is great for this) can go a long way. Coffee was the other big one for me, as I got into the whole Nero/Costa/AMT station habit whenever I was out and about. Add in a flapjacky thing and you're easily looking at £4 a pop. All adds up.
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HBFS
Original Poster
667 posts
60 months
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I've just changed jobs and have a different salary now, but also no use of a fuel-card anymore... There are some things I'm happy with and can't influence much such as mobile bill, fuel usage (Though I do drive a bit more economically now!) £80-120 per month on food in the working week £100 per month on newsagent type shops where I'll get chocolate, magazines, scratch cards £80 - 120 miscellaneous Internet orders (mostly pointless gadgets.) £140 - £200 food shopping £160 fuel £340 rent inc util bills £40 mobile phone £25 health lottery £60 national lottery on-line £10 lovefilm £70 car maint £35 clothes £10 Hair cut Really, I know where I need to cut down. I just struggle with motivation (I/E I don't actually NEED to cut down, I could easily keep going like this.) and self discipline. Honestly speaking, a lot of purchases are through bordem and a lack of social activity. But, they cost money too! Anyway, I think a good way forwards for me could be to quite using the debit cards so much and withdraw some cash every month and leave the cards at home. I hate seeing 3 pages on my page statement with loads of different transactions anyway. I've been playing around with the budgeting tool, and plan to save £600 from 25/04 to 25/04 (Paydays) 
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Mr Obertshaw
1,912 posts
99 months
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I'm a bit unsure what you are actually asking us to do here, from your list it is plain to see for anyone how you could reduce your outgoings...
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jonny70
626 posts
27 months
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You spend £80 a month on the lottery?  Thats a grand a year.
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HBFS
Original Poster
667 posts
60 months
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It's actually more than that, but holy s  t didn't realise it was 1G every year!
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brickwall
1,372 posts
79 months
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Set up an online savings account, with a monthly transfer from your current account. Set the transfer for an amount you know you can afford (I dunno, £300) and set it to go out the day after payday. This way you might perceive saving as 'necessary spending' (in that it leaves your account). It also just reduces the amount of money in your account for spending. If you want to spend it you have to log on an transfer money across.
Also, cut the lotteries. There's probably £100 a month going in them. Think of what else you could do with that money!
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HBFS
Original Poster
667 posts
60 months
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It's actually more than that, but holy s t didn't realise it was over 1G a year!
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Shay HTFC
2,945 posts
58 months
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Think how much you want to save each month, then stick that amount in with your list of expenditures.
And try transferring £500 (or whatever) to a second account as soon as you get paid and consider it "locked away". With me that psychologically stops me spending as much because my bank balance is tighter than before.
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HBFS
Original Poster
667 posts
60 months
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Shay HTFC said: Think how much you want to save each month, then stick that amount in with your list of expenditures.
And try transferring £500 (or whatever) to a second account as soon as you get paid and consider it "locked away". With me that psychologically stops me spending as much because my bank balance is tighter than before. Handily, I do have two current debit accounts which have a card each, and two savings accounts all with HSBC and manageable in the same place. So, the bills will come out of the account in which the salary is paid (All bills are within a few days of payday too.) On payday, £600 will be transfered to the savings account. Every Monday £x will transfer from the salary account into the spending one. Sounds like a reasonable plan right?
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Changedmyname
4,753 posts
50 months
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Maybe to much on the gambling side of things, Lotto,scatchcards etc.
I mean if you cut one or two of these out.....?
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HBFS
Original Poster
667 posts
60 months
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Changedmyname said: Maybe to much on the gambling side of things, Lotto,scratch-cards etc.
I mean if you cut one or two of these out.....? I'm ditching the national lottery altogether, I will be keeping on with the health lottery at a fixed £25. I do like a little bit of excitement. Current spending is beyond excessive though admittedly.
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marcusjames
656 posts
130 months
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With the risk of opening up the "Premium bonds odds aren't great", why don't you put £100 into bonds each month. This is just a little more than your current lottery outgoings.
You're then have a "dog in the fight" regarding the potential of winning some life changing money, and saving at the same time.
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