JANUARY MONEY CHALLENGE!

[sparty]

If you are going to keep it you need to make sure you are disciplined enough not to use it. Can you take it out of your purse and leave it at home?! I have taken mine out so I can't spend any more on it and I cut the other one up

I find it hard because I have always managed to make my payments so my credit rating is so good I get offered ridiculous amounts of credit and am always tempted lol.

But new start as of today so I plan to pay as much off as I can this year and save for any luxuries I want to have instead of thinking 'buy now pay later!'

 

[Happy Holidays]

I like credit cards for big purchase, like holidays but i make sure the balance comes out of my bank in full each month, now that stops over spending.

 

[pixie-gem]

Well, just bought a pin board for the kitchen, feeling mildly guilt now as it was unnecessary really.
And just looked at my credit card bill - argh!

Used the last of savings to pay off what I could and hopefully, if I try hard I can pay it all off in three months.

Then I need to decide, do I close the credit card account so I'm not tempted ti spend what I haven't got, or do I keep it for large purchases as I get Tesco Clubcard points with it and it'll keep my credit rating high? X

I would say keep it. I cancelled mine and tried to open another one (a cash back card to be used for big purchases) and I can't get one anywhere
Have Been told that actually paying your card off in full every month makes you a bad customer as far as the banks are concerned as they aren't making any money from you....how crap is that!

However if you think you will be tempted, you could try the freezing it in a tub of water, or hiding it away so that it's not always in your purse maybe? X

 

[Rosielea]

You do not have to buy new stuff to make your house look presentable - most of my furniture are second hand that I bought at fraction of price of new ones. I made my own curtains and cushions and bought various accessories to dress the rooms. I like homes that is lived in and for the comfort/life style of the owner rather than a show home.

In respect of spending money I do following which might be helpful to some of you.

When I get my pay, I ivied it into following portions

50% Necessities - this is used to pay for the bills, food, insurance, etc. I make sure, I do not spend anything not needed.
10% Never touch - No matter what happens I never touch this money apart from investing it say to buy shares or top up ISA
10% give - This can be use for birthday, Christmas, etc presents
10% long term spending - say I want a sofa, then when this has added up to the price of the sofa, I go and buy it. i.e I save to buy something I want rather buying on credit card
10% Education - that could be used for developing my knowledge, including holidays (technically holidays widen your vision and teach you new things and develop new ideas by being in a relax state)
10% play - Can use this for impulse buying, go for a meal, buy a new outfit etc

I have been doing this for a couple of years and works very well for me. If all my money is not in my necessities account then it does not get spent willy nilly. It is saved for a purpose.

You do not have to physically have 6 accounts - I keep money for each purpose in an envelope/ tin with a label (except necessities and Never spend).

I use my credit card from time to time for online purchases but settle in full from the relevant account by the deadline.

Try it for a couple of months and see how you get on. you will realize you have more savings than anticipated.

 

[pixie-gem]

Love that rosielea!
I will probably struggle with necessary spends only get half but I love that concept of it Thank you for sharing x

 

[Rosielea]

Love that rosielea!
I will probably struggle with necessary spends only get half but I love that concept of it Thank you for sharing x

You can change the amount of saving to suit you- for example you can only afford putting away #20 a month, (then you can divide it into the 5 categories and save #4 under each heading). The concept teaches us to make savings for things we like to have long term savings, presents, holiday, save to buy bigger things we want, and impulse purchases.

 

[pixie-gem]

Cool idea

 

[sparty]

Cool idea <img src="http://www.minimins.com/attachment.php?attachmentid=117982"/>

Very cool! Small amounts that you won't miss at the time!

 

[flabtofit]

Thanks all. Think I will keep it then for big purchases but leave it at home.
If it's out of my purse and I see something I want then I'll have to go home, get the card, then go back to the shop to get what I wanted - that's enough hassle to put me off and I'd probably not want it once I've had time to think anyway. Xx

 

[pixie-gem]

Very cool! Small amounts that you won't miss at the time!

Comes to £1348 if I added up correctly

 

[*Emsie*]

Cool idea

View attachment 117982

Good idea, not sure I could do those amounts though. Might think if I can alter it a bit. Did just see a suggestion about mixing up the order so you mix up the larger and smaller amounts but even so that can still be quite a lot.

Might just set a minimum weekly amount to put in, did it with 2 pound coins once and even that was a bonus when December came!

 

[Bunnylush]

Cool idea

<img src="http://www.minimins.com/attachment.php?attachmentid=117982"/>

I'm going to attempt this, I've printed my sheet off. Fingers crossed

 

[Bunnylush]

Brilliant. I'm not with Lloyds.

 

[pixie-gem]

I'm going to attempt this, I've printed my sheet off. Fingers crossed

Cool good luck
I'm still trying to figure out how to make the sheet lol!
Emsie - I think any amount would work, switching the weeks around also makes sense, there are often some weeks when I have more or less than others x

 

[jamjar15]

Subscribing will read through properly later xx

 

[pixie-gem]

Do you think the gym is good spends or bad spends?

 

[Mrs.S.]

Do you think the gym is good spends or bad spends?

I reckon could be either. Good if you'll use it. Bad if not!

Could you do the exercise elsewhere for free (running in the park), or cheaper (Zumba/fitness DVD)?

Can you have a trial period, or find a pay as you use gym? xx

 

[Happy Holidays]

I agree it could be good or bad, do you have a wii? Or could you go out walking?

 

[pixie-gem]

I reckon could be either. Good if you'll use it. Bad if not!

Could you do the exercise elsewhere for free (running in the park), or cheaper (Zumba/fitness DVD)?

Can you have a trial period, or find a pay as you use gym? xx

Well the gym we like is a rolling contract so month by month no contracts, and very good for hubby (well he says he wants it then moans about going lol) I personally like it as they have a pool/spa/bar/restaurant etc but it's £65 a month for both of us and I don't know whether it's worth it. I know exercise in general is the best thing you could do for your health, I guess I'm concerned whether it's a good thing to spend money on when trying to save xx

 

[pixie-gem]

I agree it could be good or bad, do you have a wii? Or could you go out walking?

I walk the dog, but that doesn't really do anything as I've been doing it the last 13 years.
We would like to start doing some hiking this year, we have all the gear but never actually went lol *slaps hand*