Money help, saving tips etc.

[Reevo8]

I keep running past my overdraft limit for some reason, every month I do it. It is getting to really piss me off now.

I would appreciate it if you guys could help me out with tips on how to save money. Ways to organise money. Or anything that you consider helpful in this situation.

I am thinking that maybe I have a certain amount of money sent to a different back account on the 1st of each month to cover my petrol etc. And some more money sent to a third account for buying luxuries and saving.
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05 ZX10R, (**05 WKR)

[G]

Set yourself a spending limit.

You need some discipline here, everytime you spend money on a card or take cash out, write it down on a bit of paper or little book.

Start with your limit (say £100 for that week), then take off everytime you spend or withdraw money.

Once you've run out, you've run out, no "I'll just get another round in because my mates got me one earlier" - if you really have to have some more money, how about borrowing it off someone else, then paying them back the next week, makes you realise a bit more what you're doing.

Alternatively, if you don't do much mail order style stuff, withdraw your £xxx at the beginning of the week and don't take your card out with you.
If you do decide do spend anything on the card, round up and put that money aside and /don't/ touch it - then if it was rounded to £40 say and your limit is £100, only get £60 out next week.

Usually monthly doesn't work, but weekly it's more obvious that you'll miss out on your friday night out if you spend a load of money on a big Pizza on wednesday after getting a full tank of petrol and some other food, or whatever.


In the end, though you do need the discipline to either note down what you're doing, or not take the cards out with you.

[TOM M]

Superb post G
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Now owner of a 1200 Bandit

[Reevo8]

Right, just worked out some money stuff. And have started a direct debit into an Abbey account. I will use this as my allowance sort of thing and just take petrol out of the other account.

I have worked out that I should be able to stay away from my overdraft limit this month coming (Payed every 4 weeks so as of the 23rd) I will try and stay within £100 of my banks balance and lower my overdraft.

I am determined to make this work. £50 a week isnt exactly living rough either so I should hopefully have a fair bit left over by the end of the month. Gonna open a Natwest account tommorrow to put petrol money into weekly.

I appreciate that G, thanks very much for all that info, will get receipts for all my stuff over the next month!
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05 ZX10R, (**05 WKR)

[colin1]

not sure if you live with parents, or what

if you dont live with parents, you can save a lot of money by learning to cook and buying cheap ingredients

if you are used to using ready meals or convenience foods, it can be tricky at first but eventually you will be eating better for a lot less money

to stop spending money, stop buying stuff except cheap food and petrol
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colin1 is officially faster than god

[G]

Eating ready meals I actually save money and don't put on so much weight.

I tend to go too extravegent (or just big) when cooking for myself, so a cheap ready meal not only saves me money, but helps keep me 'in shape'. Will often add salad and cheese to the ready meal, though.

[Paul@125power]

[EllioTT_GiXXeR]

Just work out where all your money is going, i spend about £10 per week.

Easy to save.
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www.gixerjunkies.net www.gixerjunkies.net www.gixerjunkies.net www.gixerjunkies.net

[Rob W]

[TheShaggyDA]

[Noggin]

I've just started trying to sort myself out with money...

I've been in the same situation recently, kept going over my overdraft limit every month. So, I drew up a spreadsheet to look at all my outgoings and worked out that I can have £50 a week; so I take this out in cash every sunday and this allows me to live. Its nice if you say allocate a tenner a week for bike fuel or whatever, then you go out on the bike and pay cash, because then you owe yourself money, and have the joy of taking out another 10 pounds!

Meh, it seems to work for me anyway!


Craig G(Noggin)
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Current bike: kawasaki zx12r 2002
Track bike: yamaha r6 1998
Old Bike: honda NSR 125 1998

[EllioTT_GiXXeR]

[Reevo8]

I try to make my own grub but live at home. Mum doesnt do much in the way of cooking, but I do buy my own foods. From Lidls too, I dont really see this as a big outgoing.
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05 ZX10R, (**05 WKR)

[queen of string]

Writing it all down will almost certainly surprise you as to where its going. I had to tighten my belt for part of last year and was horrified to work out what I was spending on food for starters. G's advice sounds good , good luck with your efforts.
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"Eat food, not edible, food-like items. Mostly plants."

[TheDonUK]

I have found an interesting way to save money, if you are like me and do not make a shopping list, try to go to the supermarket/shop AFTER you have had something to eat, that way you will only buy the things you really need, no "impulse" buying of that discount chicken

[Kickstart]

Hi

Think a lot depends on the person. For me the best method was to only have a cashpoint card (had a credit card as well, but avoided using it almost totally), forcing me to pay cash. And I made sure I only carried a small amount around with me (me + money + 5 mins = me + junk).

Stuff soon adds up. Easy to spend £15~£20 on bike magazines in a month.

All the best

Keith
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Traxpics, track day and racing photographs - Bimota Forum - Bike performance / thrust graphs for choosing gearing

[McJamweasel]

I found that using Ace Money has really helped me to sort my money. It's basically a ready made spreadsheet for your finances. You put in all of your regular transactions (wages, rent, etc.) and then you can see exactly how much money you have/will have. I've set it so that I have a set amount of cash each week which is budgeted for, along with all of my other spending and savings, so that I can now see what effect it will have in 2 weeks time if I just buy that DVD now... It also allows you to keep an eye on exactly where your money is going - you can run run reports and graphs on showing where you spend - it can really help to put things in perspective.

You do need to keep on top of it - i.e. everytime you go and spend £4.63 in Asda you need to put it into the system or it just doesn't work.

Also, try setting up a savings account (I've got 2 with ING Direct) and transferring a set amount on each payday. I've got £10 going to one savings account and £40 into another each week. Because it goes on payday I don't really miss it but it is mounting up. The smaller account will do me for my xmas spends while the bigger one is paying for holidays/bike etc.
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BCF: Be yourself, just don't be an arse.

[numark1]

[colin1]

tv is the poor mans social life
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colin1 is officially faster than god

[veeeffarr]

That acemoney looks awesome!

[queen of string]

Nah colin, bcf is the poor man's social life
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"Eat food, not edible, food-like items. Mostly plants."

[colin1]

i consider myself rich cos i have broadband and a pc, but you are probably right
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colin1 is officially faster than god

[martin young]

[Reevo8]

I do hense my asking! That is the only reason in asking. Better to sort it at 19 than later in life!
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05 ZX10R, (**05 WKR)

[Raffles_Gentleman Thug]

It's a confusing subject. When I was in sales taking home about £2000 after tax i was broke after 3 weeks. Now I'm on less than half that yet I'm managing to save about £400 a month. Go figure.

I think it's because I'm happier, i don't feel the need to go out and spend money.
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"Is sir addressing me or is he masticating on a house brick? Because either way sir loses his teeth."