Money-saving/tips/Budgetting thread!

[aristomeow]

So I am utterly terribad at saving money/budgetting and I really, really need to start being more responsible with my $ and thought I'd start a thread where we could share fiscal advice.

I have a feeling I'll have a tax debt this year and I want to erase that fker as soon as it's issued.. so, kind sirs and ladies of fem misc..

HALP.

edit: things I already do:

*Cut/dye own hair/ do own pedicures
*Buy food that's on special/from Aldi
*Never buy designer clothing
*Hardly drink (still need/want to cut down more)

[levijay]

Start by having 5 minute showers lol

[aristomeow]

Start by having 5 minute showers lol

I don't pay bills, they're included in my rent

[Igmann]

Management/Finance person checking in...

Here's what you do:

1. Save all of your receipts on everything that you buy
2. Calculate (monthly) all of your accumulated expenses
3. Put the expenses into two categories: Essential & Non-Essential

Find out what your non-essential expenses are and figure out ways to cut them out.

Find out what your essential expenses are and cut them down or replace them. Take a cost/benefit approach to these replacements. Consider opportunity costs. For example, if you drive a car and it costs you $500/month in gas, insurance and bank payments, it may be cheaper for you to take the bus. This depends on your time value as well. If taking the bus adds 10 hours a month to your commute, determine what 10 hours is worth to you. In this case, if the bus is cheaper than the car, then replace the car with the bus as an essential expense.

It comes down to writing down ALL of your expenses, figuring out which ones are essential and nonessential. Then replacing the essential expenses with cheaper alternatives and removing the nonessential ones altogether.

[latebloomingmom]

when I was still married I kept a budget ledger month to month
I would list out all my expenses like the mortgage, car payment, any medical expenses, car upkeep and gas, groceries, etc. Then I would also list the expense of each one and the income coming into the house. I would also keep close tabs on my checking account and watch those fees that get tacked on when using my atm card.
Eating out, buying pop or snacks at a gas station or big cups of coffee were things I had to keep a close eye on

[mrshester]

So I am utterly terribad at saving money/budgetting and I really, really need to start being more responsible with my $ and thought I'd start a thread where we could share fiscal advice.

I have a feeling I'll have a tax debt this year and I want to erase that fker as soon as it's issued.. so, kind sirs and ladies of fem misc..

HALP.

edit: things I already do:

*Cut/dye own hair/ do own pedicures
*Buy food that's on special/from Aldi
*Never buy designer clothing
*Hardly drink (still need/want to cut down more)

We have paper towels, but I rarely use them for anything but big messes and to make sure I have all the moisture out of my protein shaker bottle before I put the PP in it...we do have LOTS of dish clothes though, and they work just as well, and if you find some cute ones you can add some fun Wash and reuse

Make my own laundry detergent...unless you get super dirty/greasy when you work, it works great and you can add your favorite oil to smell. My favorite brand of laundry detergent is about $20. I can get twice as much detergent out of one batch and it will last us months for a fraction of the cost. I need to make some more, actually...

I have bought meat in large quantities when it's on sale, stick it in the freezer...around Thanksgiving, I'll buy a couple turkeys when they're on sale and cook them up, divide and freeze...buy whole chickens on sale and make my own broth. LOVE LOVE LOVE Aldi's! I spent about $100 on canned/shelf stable goods there and we (hubs and I) were still eating on them a year later! I don't feel pressured to buy name brand just for the sake of it. Buy fruits in season.

I know there is so much more out there....so I may be back, lol

[latebloomingmom]

learn how to cook if you dont already know..things like dried beans, bags of rice are quite economical. Most of the time, making things at home from scratch is cheaper. Yes, buy your meat on sale or stock up on things you need. Many people use coupons too. If you feel that you just have to have a certain brand of shampoo/conditoner or your hair will turn to straw that is fine but then you must cut out or buy a cheaper brand of something else.


do you make a weekly menu before going shopping? Always shop with a list in hand..never just wing it
I usually look thru the cupboards, fridge and freezer before making the grocery list and menu so I have a good idea of ingredients I already have on hand.

[UnaChispita]

I have no background in finance.

Just homespun wisdom.

I would do what Ignmann says. I have a paper budget that I make every month. I take my paychecks...figure out mortgage, utilities, gas, food first.

Then I take the rest and figure out where it needs to go---put a little away each month to pay my yearly car insurance...take a little out each month to save for holiday presents like Christmas...I "spend" every dollar on paper so I can figure out where it's going.

I also have an emergency fund--money I spend ONLY for emergencies. So, I would suggest you put that fund together first.

For example, this summer the dog got sick AND I busted a tail light on my car. Money came from the emergency fund. All you need to know is Sh*t Happens and it will happen to you so you better have the money for it!

Also, I figure out what I need each week for money. I don't use credit cards, only cash because I think I spend less as a result.

Those are my 2 cents anyway!

[UnaChispita]

Make my own laundry detergent...unless you get super dirty/greasy when you work, it works great and you can add your favorite oil to smell. My favorite brand of laundry detergent is about $20. I can get twice as much detergent out of one batch and it will last us months for a fraction of the cost. I need to make some more, actually...

MrsH,

How do you do this??

I have bought meat in large quantities when it's on sale, stick it in the freezer.

I do this too.

[mrshester]

MrsH,

How do you do this??

http://www.hillbillyhousewife.com/ho...-detergent.htm

I went to Tractor Supply and got a 5 gallon bucket to keep mine in

Others have figured the cost to be about 20 cents per batch.

Edit: One more tip about the soap: Mine never completely turned into a gel, but rather formed like a hardened top, like it had separated. Not sure why it did, but I would just take a wooden spoon or something and break it up really well and stir it up a bit before pouring it into my washing machine.

[aristomeow]

Thanks for the tips y'all. Some great stuff ITT.

I also have an emergency fund--money I spend ONLY for emergencies. So, I would suggest you put that fund together first.

For example, this summer the dog got sick AND I busted a tail light on my car. Money came from the emergency fund. All you need to know is Sh*t Happens and it will happen to you so you better have the money for it!

Also, I figure out what I need each week for money. I don't use credit cards, only cash because I think I spend less as a result.

Those are my 2 cents anyway!

I really do need that emergency fund first. If you don't mind me asking, how much have you got set up in there? The goal for the next six months is to pay off the tax debt and set up that emergency fund.

MrsH,

How do you do this??



I do this too.

2nd that question! I've recently stopped using a laundromat (was costing $12/week) and using the ol' line + dry.

Rice is a big problem for me. I spend a lot of money on handy convenience packs ($2 for 2 servings) because I can never cook it right if I'm only cooking for myself.

[levijay]

After utilities (gym, rent, phone, etc) and food, how much do you have left over per month? divide by 4 then work off that as a budget

inb4 canned tuna lunch and dinners

[latebloomingmom]

if you can afford it buy a rice cooker? they come in smaller sizes. I bought one because my brown rice kept turning out looking more like oatmeal

[UnaChispita]

http://www.hillbillyhousewife.com/ho...-detergent.htm

I went to Tractor Supply and got a 5 gallon bucket to keep mine in

Others have figured the cost to be about 20 cents per batch.

Edit: One more tip about the soap: Mine never completely turned into a gel, but rather formed like a hardened top, like it had separated. Not sure why it did, but I would just take a wooden spoon or something and break it up really well and stir it up a bit before pouring it into my washing machine.

Nice. Thank you!

[mrshester]

Nice. Thank you!

No problem! Hope it works well for you...my grandmother didn't care for it, but she had more greasy clothes to deal with than we do I have read that adding a can of coca-cola (name brand and not diet) to the laundry helps with grease.

[UnaChispita]

Thanks for the tips y'all. Some great stuff ITT.



I really do need that emergency fund first. If you don't mind me asking, how much have you got set up in there? The goal for the next six months is to pay off the tax debt and set up that emergency fund.

I don't mind at all. I own a home, so I might need more in an emergency fund than you (because I think you are renting), I have $1000 USD in a savings account. Not sure what that translates into in Aussie-land

I would save for an emergency fund first and then start putting money away each month to pay your tax debt. Do you know how much you owe?

if you can afford it buy a rice cooker? they come in smaller sizes. I bought one because my brown rice kept turning out looking more like oatmeal

Get one at a second hand store/garage sale, AM. It will be cheaper. Good suggestion. I love my cooker.

[eleanorjane]

Try living on cash. It's easier to save when you see the money leaving your pocket. Like Igmann said, knowing exactly what you are spending your money on is the key.

My husband and I now on our last credit card (down from 3 in the last year, proud but not proud if you know what I mean)

What we did was work out ALL our out goings; rent/bills/laundry/travel/average weekly food shop/prescriptions/insurance/pension/work lotto contribution/EVERYTHING.

Once we have that, set up everything we could on to autopay to go out the account at the beginning of the month, including a relatively tiny savings account contribution, to an account that we can't access with out notice.

Now at the beginning of the month after all the auto pay has been paid, I take all the money out the account. (bear with me here)

This is the money for the month. All other necessary things like the week food shop I put in to envelopes for each week. I also put in to each weeks envelope a budget for pre planned stuff like mates birthday dinner/dog dentist appointment/shows/etc.

Finally, I look at the cash I have left and simply divide it in equal parts for each week. Sometimes it's a lot and I put some extra in the savings, sometimes we have enough to go out for an off the cuff dinner, sometimes it's a busy month and we don't save anything extra at all.

When I did this at first I was kinda shocked how much cash I had. So I took $20 out of each weeks envelope and put it in to my savings. Extra $80 saved and I didn't even notice. After a few months I realised what we where frittering my money away on and no I adjust the budget each month accordingly.

It feels quite good filling my purse on a Friday or Saturday morning from the money draw.

That's my best advise - leave the cards at home, live on cash and get a bank account you can not access very easily so you are forced to save.

I also shop for bargains, use my freezer and make packed lunches which is totally the easiest way to save additional money. Maybe that's another long winded post for another time.

We saved the most money when we where training in a group for a 50k race, because all we did was eat good food and run at the weekend, haha.

I suppose the moral here is just get organised but don't be too strict or you will fail...

[eleanorjane]

Damnit! UnaChispita in before me on the words of cash wisdom!

Anyway, you dont need a rice cooker.

How to cook rice:

One measure rice to 2 measures boiling water. (I use a tea up for me and my husband)

Bring to boil on the stove then turn right down as low as it will go.

Over with a plate to keep the steam in.

Serve when all the water is gone.

[evansanity]

Live with your parents.
Work two jobs
mooch alcohol from your friends


"awww sorry guys forgot to go to the ATM again...I'll getcha next time.."

[UnaChispita]

Damnit! UnaChispita in before me on the words of cash wisdom!

LOL!

I was going to comment on your post about using envelopes!

I do too.

And it's amazing how much less money I spend when I actually have to hand over the cash.

[eleanorjane]

LOL!

I was going to comment on your post about using envelopes!

I do too.

And it's amazing how much less money I spend when I actually have to hand over the cash.

Haha, I'm glad I'm not alone. It sounded extreme to me at first, I was worried my husband would just dip in and out of the envelopes and we'd be ruined but it's blown my mind how much better off we are now.

I totally feel richer now I know I can budget. Looking forward to having that emergency fund when my debt is all paid up

[BrotherWolf]

http://www.hillbillyhousewife.com/ho...-detergent.htm

I went to Tractor Supply and got a 5 gallon bucket to keep mine in

Others have figured the cost to be about 20 cents per batch.

Edit: One more tip about the soap: Mine never completely turned into a gel, but rather formed like a hardened top, like it had separated. Not sure why it did, but I would just take a wooden spoon or something and break it up really well and stir it up a bit before pouring it into my washing machine.

Hillbilly Housewife tips ??

I'd like to see her sex advice write up lol

[BrotherWolf]

This is a thread for Sultana .. she's quite frugal


Aristo i don't know if you have the equivalent of a salvation army but in the US and Canada we have lots of thrift shops like that. S.A. and Goodwill (I 've seen the biggest goodwill in Toronto.. awesome )
go often you can find almost anything for dirt cheap .. including new stuff , lots of chain stores here donate to Goodwill.. target for example ..

And the basic
cook your own food , buy only what you need avoid unnecessary expenses but most importantly set up a saving account or money market , have small amounts deducted automatically from your checking account
$10-20 a week or whenever you get paid , you won't even realize it's gone but it adds up in the long run..

get a roommate I know it sucks but if you need to save money I suspect your rent is the biggest expense .. cut it in half
I don't know if tipping is customary in AU probably not , if it is though get a second job as a waitress.. here in the US is great for cash money

[Botika]

I'm the CFO of our house... this is what I do.

Basically I list of all my fixed expenses that I will incur over a year. This includes mortage, energy, car expenses, gym, insurance, phone, internet, haircuts, kids activities, etc etc. Given you work for the Govt I'm going to take a stab and assume you get paid fortnightly. Since you get 26 pays a year divide your total yearly fixed expenses by 26 to work out your fixed expenses per pay.

Next I work out what my variable expenses are per fortnight. These include food, entertaining, car parking, bus, alcohol, lunches etc. Basically anything that is consumable or not a fixed amount.

Once you subtract the fixed and variable expenses from your salary you will know how much money you have left to save.


Fortnighty Salary = Fortnightly Fixed Expenses + Fortnightly Variable Expenses + Saving


You will need 3 bank accounts.
1. Regular Transaction Account
2. Bill Account
3. Saving Account


Each time you get paid transfer the fortnightly allocation of your fixed expenses to your bill account. Leave this money there and use it to pay all the fixed expenses that you have identified. Resist the urge to dip into it and you should always have money available to pay your bills when they fall due (I set up direct debits to come from this account). Next transfer the amount that you have calculated to save to your savings account. You can use this account to save up for larger discretionary items. What should be left in your regular transaction is the amount you have allocated for your fortnightly variable expenses. You then use this to buy the things you need each fortnight.

I have internet banking transfers set up so all this happens without me having to do anything. I just know each fortnight I have X amount to spend for variable expenses and when that runs out I have to wait until the following pay (or use savings if desperate). I suggest doing food shopping first!

[MyAvatar]

Look OP, I'm gonna cut to the chase and avoid the financial drivel.


Find out what 6-7% of your monthly income is.

Take that figure and divided by four. That is your weekly allowance for any of your "luxuries". This includes going out, shopping,eating out ,etc. Use it however you'd like, but once you run out of your allowance you are SOL. Save the rest for paying debt and building up a rainy day fund.

Once you're debt free and have a rainy day fund (6 months of living expenses), then feel free to up your allowance.


This works for me. Also, take your allowance out in cash. That way you can save up the change at the end of the year and spend it on a vacation. I was able to buy my bros plane ticket and my plane ticket with one year's worth of change that was generated from spending my allowance.

[levijay]

or marry me and ill give you weekly spending money of 2k and i'll pay for all bills and the house and your car to drive in


not srs

[MyAvatar]

or marry me and ill give you weekly spending money of 2k and i'll pay for all bills and the house and your car to drive in


not srs

In.

[eleanorjane]

or marry me and ill give you weekly spending money of 2k and i'll pay for all bills and the house and your car to drive in


not srs

Can I keep my current husband on the side?

[aristomeow]

Look OP, I'm gonna cut to the chase and avoid the financial drivel.


Find out what 6-7% of your monthly income is.

Take that figure and divided by four. That is your weekly allowance for any of your "luxuries". This includes going out, shopping,eating out ,etc. Use it however you'd like, but once you run out of your allowance you are SOL. Save the rest for paying debt and building up a rainy day fund.

Once you're debt free and have a rainy day fund (6 months of living expenses), then feel free to up your allowance.


This works for me. Also, take your allowance out in cash. That way you can save up the change at the end of the year and spend it on a vacation. I was able to buy my bros plane ticket and my plane ticket with one year's worth of change that was generated from spending my allowance.

welp.
So strict.
Yet so much sense.

[broad.stance]

If you're paying for home internet access, then get rid of your smartphone and downgrade to a simple call/text plan. This will eliminate a redundancy and save you $500 - $700 dollars a year in data transfer fees.