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Budgeting. Getting Back to Black

Monday, 18 January 2016

Spending App



Budgeting sounds really simple and easy - spend less than you make - but it's tough to do. Summed up by the Micawber Principle:  

"Annual income twenty pounds, annual expenditure nineteen, nineteen and six, result happiness.  Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery".

Here some things I want to do in 2016 to help me spend less and save more:

Follow the Money.  

The app in the picture - Spending - is a spending diary and helps me track what I've spent.  It also helps me identify where I can cut back and save.  It's a really useful tool and I recommend it or a similar app.

Divide money up into needs, wants and savings:
  • Needs:  Rent / mortgage, utilities, groceries, any loans.  
  • Wants:  Eating out, shopping, holidays, clothes
  • Savings:  Retirement, emergency fund, future purchases.  If you don't have a savings account, open one!
Having read a few money sites, the ideal spending spending breakdown is omething like 50% on needs, 30% on wants and 20% savings.  (The 50% on needs may be difficult to achieve given the price of housing and train transport in the UK).  

Savings.  

Each time I get paid, money is transferred into my savings account.  I don't see it so I'm not tempted to spend it.  But I want to save more, so that means changes elsewhere.

Lists.   

Write down a list of exactly what you need to buy when going shopping.  Stick to it.

DIY.  

Instead of going out to eat, make it yourself!  There are loads of recipes for fake-aways on the Internet.  You use up all the food in the fridge instead of wasting it and you know what's gone into your meal.  If you make enough, they'll be a lunch portion to take into work the next day, saving more money.

Cash not Cards.  

Statistics show that people spend 30% less if they pay in cash.  Handing over actual money makes you more aware your spending so leave the cards at home.  Having tested this, it is true.  I am way more reluctant to hand over cash than a card.


Use the 3-day rule.  

Want something?  Give it three days before purchasing. After three days, you'll know whether or not you really want / need it.  If you still do, then buy it.  Or add it to a wish list for much later.  (I love wish lists!)

No spending days. 

Set days where I'm not allowed to buy anything.  Helps cut unnecessary spending and impulse buys.  But ... 

Allow the odd treat.  

This might sound like a bit of contradiction, but there's nothing wrong with having the occasional treat - a latte every so often or a meal out.  But occasional!  Every day is not a treat.  Moderation is key and means you appreciate it more.  There are lots of treats you can have that don't involve spending money.  Post to follow.

How to you manage your money?

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Posted by Tubbs

28 comments

  1. Jules18 January 2016 at 10:26

    We have a separate account for the mortgage and all of our bills (and an allowance for food) which we have budgeted and transfer a set amount of money into it on payday. This way we don't need to worry about accidentally spending too much and not being able to pay the mortgage! I've also set all of our direct debits so that they leave the account within a week of payday - then when it's the second half of the month we can see how much we have left to spend solely on food, and budget that way.

    Our major vice is eating out. We have managed to cut down considerably though just by making sure we remind each other of how much more it ends up costing when we do eat out, every time we are tempted to do it! #marvmondays

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    1. Tubbs18 January 2016 at 12:49

      That's what we do too. It works reasonably well.

      Eating out is a big one for us too, but we're working to cut down and identify places to go that aren't quite so spendy.

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  2. Coombe Mill - Fiona18 January 2016 at 12:38

    Some lovely tips, a clear account is a clear mind and being in the black is so much more relaxing! #Sharethejoy

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    1. Tubbs18 January 2016 at 21:20

      True and I love the idea of a clear account is a clear mind. We're pretty good but I want us to be better in 2016.

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  3. jeremy@thirstydaddy18 January 2016 at 15:35

    Trying to add more to savings is something that I'm currently working on. Its a hard but necessary process

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    1. Tubbs18 January 2016 at 21:21

      It is hard but worth-while. Good luck with adding more to your savings too

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  4. Moderate Mum18 January 2016 at 16:00

    I don't manage my money! I love these tips though, immediately going to implement three day rule and no cash day. #fartglitter

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    1. Tubbs18 January 2016 at 21:21

      All the best with the no spend days and the three day rule. I find them really helpful an hope they work for you too

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  5. MichelleTwinMum18 January 2016 at 17:34

    I like the 3 day rule, I really need to put that in place to stop needless spending! Mich x

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    1. Tubbs18 January 2016 at 21:23

      It is really helpful. I've found it does make a difference provided I remember to do it. I'm still learning too :)

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  6. Lisa from @intotheglade18 January 2016 at 21:46

    I have learned to manage our family finances the hard way, getting them in order was the best thing I ever did. Our eldest daughter is a student and just getting to grips with managing her budget, she is doing well but I'm going to send her this link, then she might not think I'm nagging. She needs to save to fulfil her summer dreams. Thank you for sharing xx #mg

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    1. Tubbs18 January 2016 at 21:50

      Thank you for sharing your experiences. It's always good to know that you're not the only one trying to do this and people do manage it! I hope your daughter enjoys the post and finds it helpful

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  7. Unknown19 January 2016 at 10:13

    Great tips here. I definitely need to enforce the 3-day rule. I am a massive impulse buyer/very impatient so I think that could really help me! #TwinklyTuesday

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    1. Tubbs19 January 2016 at 21:36

      Good luck! Hope it works for you. I found it really helped me with the same issue.

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  8. Sarah19 January 2016 at 10:15

    Thanks for these great money saving tips. I'm always looking for new ways to save some dough, or spend less!
    Sarah xx
    http://whimsicalmumblings.blogspot.co.uk

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    1. Tubbs19 January 2016 at 21:37

      I hope they help you :) Thank you for commenting

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  9. Su19 January 2016 at 11:20

    I really like the idea of 3 Days rule. I will give that a try. Thanks for sharing.

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    1. Tubbs19 January 2016 at 21:37

      My pleasure. I hope it works for you as well as it worked for me.

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  10. Crummy Mummy20 January 2016 at 11:02

    I can't actually remember the last time we were in the black. Certainly before we were married. I can't wait until we don't have nursery fees anymore! #twinklytuesday

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    1. Tubbs20 January 2016 at 20:55

      I remember those days too. It's hard when they're small and you've got childcare fees to pay. It makes me cross it's so expensive

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  11. Anonymous20 January 2016 at 11:35

    Being on holidays we have been spending too much, with gift shops everywhere and 3 cute kids wanting things, plus yummy meals out. But usually we are pretty good at saving so hopefully we'll get back on track soon. I totally agree with making food rather than buying, eating out is so expensive #mg

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    1. Tubbs20 January 2016 at 20:57

      Enjoy your holiday! I'm sure you'll be back to normal when you're home and I can't wait to see photos!

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  12. Stephanie 139a20 January 2016 at 18:49

    Sensible advice and like eating sensibly, if I record what I spend I know I'll spend less. Buying lunches is something we've been meaning to cut back on for ages now and it's really making a difference, and the food we make is nicer too. Totally agree on a little treat every now and again too, it's a real boost and when it's occasional you really appreciate it. #sharethejoy

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    1. Tubbs20 January 2016 at 20:58

      Thank you for the lovely comment and good luck with the money saving :)

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  13. Michelle Reeves (TheEssexBarn.com)20 January 2016 at 22:30

    Love the 3 day rule - if I fancy something on Amazon that isn't absolutely necessary I often pop it in my basket and then leave it there for a couple of days. Often when I come back to the basket later on I realise I didn't really want it after all! Great tips, thanks for linking up at #sharethejoy x (Michelle from The Joy Chaser and The Essex Barn)

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    1. Tubbs21 January 2016 at 22:21

      That's such a good idea! I'll give that one a go. Thank you for hosting each week

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  14. My Petit Canard24 January 2016 at 17:48

    Great post filled with lots of great tips! Saving and cutting down on spending is definitely something I need to get better at this year, especially with a second little one on the way so Ill definitely give a few of these a go! Thanks for linking this up to #MarvMondays. Emily

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    1. Tubbs24 January 2016 at 18:50

      Hope they help you save s bit of money during what will be a wonderful adventure! Congratulations to you all and thank you for hosting.

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