Budgeting skills - anyone?

[arieliwish]

Hi guys,

I'm trying desperately to do a household budget to plan our savings for WDW next year, and haven't a clue where to start!

Having always had money come in and go straight back out, I've never really had to think about things like this!

But the time has come for us to get a grip and do some serious financial reviewing!

Does anyone have any tips or advice??

Cheers

Lynn

 

[flortlebap]

I know exactly how you feel!

We just moved into a 5 bedroom house as well, (we were only in a 3 bed before) 5 months ago so budget has certainly been tight lately. We didn't really appreciate how much more this house was going to cost us, NOT the best time of year to move with an expensive Disney trip coming up!

Do you have Microsoft Money? That would be a good place to start. You can write down all your incomings and outgoings, and see what you can cut down. Keep your shopping receipts, and see what unnecessary spending you're doing. Use cash and not your cards, give yourself a strict budget, and STICK TO IT. It'll be worth it in the end

 

[AndRu]

Make use of things like Tesco's club card (although I hate this as it's the biggest non-governmental database in the UK - probably the world) as this will save you money on food shopping.

Look for the 2-for-1 (or better) offers and make the most of your freezer space.

Ask for £2 coins when recieving change. Put them in a jar and you'll be suprised at how much you save in short period of time.

Make sure you pay off your credit card bill in full so you don't accumulate interest charges.

Set aside some money each month to enjoy yourselves but stick to it. Any leftover at the end put into your holiday account.

 

[Netty]

Have a look at this site

http://forums.moneysavingexpert.com/forumdisplay.html?f=36

full of fantastic information and also a budget planner

 

[arieliwish]

Thanks guys, have already done a review of direct debits/standing orders and cancelled over £600 for the year, two of these being car ins and breakdown cover - direct line and AA at £348 and £156 each. Just renewed both with natwest to start in october for £409 for both, that's around £100 saving on these alone. The others I cancelled was a local church donation of £120 per year and english heritage at £58 per year - we've used this once in 2 years of membership!

So over £200 saved so far, I like this!!

Oh, and according to my review we should have about £200 per month 'spare' - where the hell is it, coz I never have £200 in my pocket!!!

Cheers,

Lynn

 

[Laurafoster]

Know the feeling! We have just brought our first house so im trying to work out a plan i can stick to without becoming a hermit!