When you start budgeting you are amazed at how much crap you spend your money on! I think Large has given good advice but it takes a while to build discipline to non spending. I quite like going two or three days without spending anything at all. Be aware that the big money secret is compound interest: If you own shares you reinvest (as much as you can) what dividends you earn, so that over the years the shares grow and grow - so long as you select the right shares of course. Good luck.
Don't think I'll be troubling the stock market anytime soon! The problem,and I'm sure it's the same for many, is when kids come along. Now my kids are by no means spoilt but some months i just find my money haemorrhaging away. I'll pay out for new football boots, or a coat for school and a present for a friend's party they've been invited to and then bang. My car needs two tyres or the washing machine is on the blink. I guess I'm just ranting about life in general and it's just one of those things but there doesnt seem to be a moment's peace before someone is trying to extract more dough out of me. Your right about discipline though.
Easiest way to save money is to take lunch to work. Can cost a fortune otherwise!
True. I've always taken mine in as I'm diabetic and like to know the amount I'm eating. Whenever I do buy it, it makes me realise how bloody expensive it would be if I didn't.
Easiest way to save money is to take lunch to work. Can cost a fortune otherwise!
True. I've always taken mine in as I'm diabetic and like to know the amount I'm eating. Whenever I do buy it, it makes me realise how bloody expensive it would be if I didn't.
Some people at my work turn up with a breakfast and a coffee, then go out for lunch. Must cost over a tenner a day. Fine if that's what you want to spend your money on, but it really adds up
Easiest way to save money is to take lunch to work. Can cost a fortune otherwise!
True. I've always taken mine in as I'm diabetic and like to know the amount I'm eating. Whenever I do buy it, it makes me realise how bloody expensive it would be if I didn't.
Some people at my work turn up with a breakfast and a coffee, then go out for lunch. Must cost over a tenner a day. Fine if that's what you want to spend your money on, but it really adds up
Yep reckon I do a tenner a day on food and bits no problem, just never get round to doing lunch and bringing it in...on the odd occasion info I've eaten it by 9am!!!
Don't underestimate the psychological effect of seeing your finances written down. For me, starting to keep a visual record and seeing the money I have saved actually written down in a spreadsheet and on accounting software (I use Gnucash), instead of just being aware that it's in an account somewhere, actually makes me feel good and drives me on to save more and make it look better.
For all my life until recently, like the OP, I couldn't care less about money and finances. Always had a decent wage coming in and no real responsibilities and just spent what I wanted and never saved anything or bothered about the future. As I'm now middle aged and have started looking to the ever faster coming future and retirement, I've been taking finances and saving more seriously. I find that keeping a visual track of things has helped me improve in an area that my personality is not naturally good at.
Pick a number, perhaps 10%, of your salary and as the first priority put this money into a savings vehicle, without fail, every time you are paid, salary, bonus, whatever......and never use it, ever. The rest is yours to decide whether to spend, gave away or save.
Lots of good advice on budgeting in previous comments. When you do the spreadsheet thing, make sure discretionary spending is no higher than 15% of your net salary. And yes, CAFC is entered in the "discretionary" section
We have 2 bank accounts. Everything goes into one account and all the bills come out of that account. We have a standing order into the other account for x amount each month and that's where our spending comes from.
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She buys it anyway.
The problem,and I'm sure it's the same for many, is when kids come along.
Now my kids are by no means spoilt but some months i just find my money haemorrhaging away. I'll pay out for new football boots, or a coat for school and a present for a friend's party they've been invited to and then bang. My car needs two tyres or the washing machine is on the blink.
I guess I'm just ranting about life in general and it's just one of those things but there doesnt seem to be a moment's peace before someone is trying to extract more dough out of me.
Your right about discipline though.
For me, starting to keep a visual record and seeing the money I have saved actually written down in a spreadsheet and on accounting software (I use Gnucash), instead of just being aware that it's in an account somewhere, actually makes me feel good and drives me on to save more and make it look better.
For all my life until recently, like the OP, I couldn't care less about money and finances. Always had a decent wage coming in and no real responsibilities and just spent what I wanted and never saved anything or bothered about the future. As I'm now middle aged and have started looking to the ever faster coming future and retirement, I've been taking finances and saving more seriously. I find that keeping a visual track of things has helped me improve in an area that my personality is not naturally good at.
could be worse
The rest is yours to decide whether to spend, gave away or save.
Lots of good advice on budgeting in previous comments. When you do the spreadsheet thing, make sure discretionary spending is no higher than 15% of your net salary. And yes, CAFC is entered in the "discretionary" section