OK so I’ve been trying to plan a budget and manage my money better. I’m winning in one sense and failing in another…as you can see from that lovely red text. I did a bit of an update back in February and my debt was sitting at £4226.85, which is a fair whack in my opinion. But it’s coming down!!
I am now down to £3644.63, so that’s £582.22 off in 4 months, not bad considering the interesting on a few of my debts. Plus we have actually started our emergency fund, which we had a sadly dip into, but it was an emergency and thankfully it meant we were still able to make a dent in our debts! I have also managed to pay off another debt! This means I can now snowball that payment into another debt, two out of the original four debts left! I’m taking that as a bit of a win.
I’ve been using the Everydollar online app for two months in the hope of getting a better overview of where I’m spending my money. It has been a bit of a learning curve to say the least. I’m getting closer every month, but I’m still off. I’ve noticed I’m very much an emotional spender, I will tell myself that I don’t need anything, but I still find myself in a shop buying products I don’t need! I can be in an excellent mood, accomplish something, so my reward is to buy something. The opposite also applies, I feel rubbish, something bad happens and I feel the need to buy something to pick me up. Surely that one little thing won’t make much difference…well do it often enough and it does. I have yet to figure out something to take the place of spending money. Suggestions very welcome.
The Everydollar app is actually pretty good in regards to planning out where you need to spend your money. I’m pretty good at putting any spending into my budget, but I’m still always slightly off. I’m going to sit down this weekend and compare and see where I’ve missed a transaction. If you do decide to use a budget spreadsheet or app, I recommend including the details of each transaction – so the name of the shop and what it was for. It helps when you are either trying to track down all your transactions, or if like me, you want to review your spending at the end of the month and figure out where you can cut down.
I’m starting to feel that I’m getting control over my finances. I’m starting to see patterns in my spending…of course all things beauty are high on that spending, but I have started setting myself a limit each month! That way I can still pick up a few much coveted items while not entirely blowing my budget! Next month I’m determined to hit my budget bang on, it’s only £22 over (I’ve just exchanged $ for £).
Are you trying to get a handle of your finances? Have you any hints or tips you could pass on? Let’s get through this together! A few more months I will without doubt get a handle of things. I’m inching closer every month and it makes me so happy!