My own personal spending review - can you cut 40% ?

[1066gull]

I personally worked out I was spending over £500 on social activities and gambling in the FIRST WEEKEND from payday.

So a visit to the CAB and GA and I decided to work out a plan and own personal cutback

Even small snacks in my local tescos totaled to £60 every four weeks.

So from now on I shall only limit my spending to just The Sun newspaper on a daily basis. I have ringfenced beer and petrol as costs that should not be capped because without it I cannot work. I worked out I can spend only £18 a month on beers as Tesco and Asda both have a offers at different times to each other which can be included in a monthly food bill of £60.


I have now agreed a repayment sum on all my debts of £155 every four weeks alongside my rent of £163. I also have set aside £80 to go towards maintaining my car. And with all this included I have managed to stay within my target of £650 by spending £618. Which totals a 43% cut in my own personal spend.

I will still have money to go spare for social activities, for this month here I have £30 and the spare money can quickly go towards lump repayments to bring down the debt faster

I stress however, it will be tough for all of us
I also hope to have another job if I can get offered one, to maximize the income even more

 

[Gerbil]

WOW what a story.

 

[1066gull]

WOW what a story.

A lot of people will be affected today, some will even lose their jobs very soon so if you do not want to contribute do not say anything at all

 

[Seagulltonian]

A very prudent spending review

Now are you available to tackle Britain's big one!??

(Please note these comments are tongue in cheek, and if anyone is a victim of the cuts, apologies, hope something can be sorted soon)

 

[hans kraay fan club]

Well, good on you for going to see the right people, and actually DOING something about correctling the sitaution.

Good luck.

 

[1066gull]

A very prudent spending review

Now are you available to tackle Britain's big one!??

If George Osbourne really cared about the country and its finances he'll cut all MPs salaries to minimum wage and maybe then we'll see how good some of them stay in their jobs!

 

[sten_super]

Fair play, the lad has made a sensible post for once!

There was an article detailing something similar on the BBC website yesterday...
BBC News -

While I'm confident that, if the worst happened (e.g. I lost my job) our household (me + the mrs) would be able to cut spending by 40%, it's certainly not something I'd ever do out of choice!

 

[Stoo82]

If George Osbourne really cared about the country and its finances he'll cut all MPs salaries to minimum wage and maybe then we'll see how good some of them stay in their jobs!

Yes, cos its all the Tories fault.

 

[highway61]

I get £86 a week, will cut my healthy eating lifestyle back to more benefit friendly foods! So grocery bill etc will be £40 pw. Will stick with Broadband and mobile as need the phone, but am ditching Sky at end of month. Have yet to use heating but will have to soon, so next benefits day its to be a second duvet. Will be a fun winter but Albion will supply me the warmth I need lol

 

[Gwylan]

If George Osbourne really cared about the country and its finances he'll cut all MPs salaries to minimum wage and maybe then we'll see how good some of them stay in their jobs!

When there were two Militant MPs, they both refused the MPs' salary and were paid the national average wage.

 

[Uncle C]

I personally worked out I was spending over £500 on social activities and gambling in the FIRST WEEKEND from payday.

So a visit to the CAB and GA and I decided to work out a plan and own personal cutback

Even small snacks in my local tescos totaled to £60 every four weeks.

So from now on I shall only limit my spending to just The Sun newspaper on a daily basis. I have ringfenced beer and petrol as costs that should not be capped because without it I cannot work. I worked out I can spend only £18 a month on beers as Tesco and Asda both have a offers at different times to each other which can be included in a monthly food bill of £60.


I have now agreed a repayment sum on all my debts of £155 every four weeks alongside my rent of £163. I also have set aside £80 to go towards maintaining my car. And with all this included I have managed to stay within my target of £650 by spending £618. Which totals a 43% cut in my own personal spend.

I will still have money to go spare for social activities, for this month here I have £30 and the spare money can quickly go towards lump repayments to bring down the debt faster

I stress however, it will be tough for all of us
I also hope to have another job if I can get offered one, to maximize the income even more

Just two comments.

To be spending £500 in a weekend on social activities and gambling is out of control and glad you took steps to sort it.

If you see beer as an essential, then you also have another problem to tackle.

 

[deletebeepbeepbeep]

I already stick to a pretty stringent budget and have minimal debts but would no doubt be able to cut back more if necessary but can't see myself needing to.

 

[Scotty Mac]

if i stopped going to watch the albion then i would be ROLLING in it

 

[herecomesaregular]

I personally worked out I was spending over £500 on social activities and gambling in the FIRST WEEKEND from payday.

So a visit to the CAB and GA and I decided to work out a plan and own personal cutback

Even small snacks in my local tescos totaled to £60 every four weeks.

So from now on I shall only limit my spending to just The Sun newspaper on a daily basis. I have ringfenced beer and petrol as costs that should not be capped because without it I cannot work. I worked out I can spend only £18 a month on beers as Tesco and Asda both have a offers at different times to each other which can be included in a monthly food bill of £60.


I have now agreed a repayment sum on all my debts of £155 every four weeks alongside my rent of £163. I also have set aside £80 to go towards maintaining my car. And with all this included I have managed to stay within my target of £650 by spending £618. Which totals a 43% cut in my own personal spend.

I will still have money to go spare for social activities, for this month here I have £30 and the spare money can quickly go towards lump repayments to bring down the debt faster

I stress however, it will be tough for all of us
I also hope to have another job if I can get offered one, to maximize the income even more

that's a miniscule rent. so, basically you're just cutting back on luxuries and paying off debts which you've acrued irresponsibly? boo hoo!

 

[hans kraay fan club]

that's a miniscule rent. so, basically you're just cutting back on luxuries and paying off debts which you've acrued irresponsibly? boo hoo!

Not for a room in a student hovel in WOLVERHAMPTON it isn't.

 

[Milton Keynes Seagull]

When there were two Militant MPs, they both refused the MPs' salary and were paid the national average wage.

And were part of the motley red crew that brought the great city of Liverpool to the verge of bankruptcy.

 

[Danny-Boy]

WOW what a story.

Yes give the man a job in the government....

But work out what you could save by NOT having a car. It can be done..not easy when you're young I know.

 

[Danny-Boy]

if i stopped going to watch the albion then i would be ROLLING in it

Yes might ake falmer a bit overpriced if we're all cutting back next year....

 

[highway61]

I was 60% sure i could never afford to visit the new hallowed stadium. So now i can state its 100% certain...not sure that's a 40% saving though...economists help me out here !!

 

[hans kraay fan club]

I live pretty frugally to be honest. Big night probably only once a month, restaurant meals only once or twice an then nowt posher than Pizza Express! Don't get a paper. Make my own sandwiches for lunch. One holiday a year - almost always in the UK. The £500ish on season tickets for me and my two boys is the one significant 'luxury' spend. We don't have SKy, and work pays for my home broadband, my phone and I have a company car.

The extent that payments out for mortgage, insurances, council tax, water rates make up my outgoings mean that I definitely could NOT cut my expenditure by 40%. Not a chance.