Budgetting

I didn't really know where else to put this, so it's here. Move if you feel neccesary (:

Nasically, I'm really impulsive so I struggle with my finances badly. And I have no capabilities of planning ahead in regards to finances. I have a £450 deposit to pay by the end of June (I think) and I just can't seem to be able to keep my bank balance at a suitable level to pay this. If somebody asks for money, I'll give it to them, no worries. If somebody asks me to come visit, I will, no problem. If somebody wants a present, boom. It's theres.

Any tips on how to a.stop spending b.plan a budget (and c.make money? )

In all serious though, I'm scared that when I do get a job, I'll end up in debt or some shit because I'm too impulsive with money and my family have a long history of debt - something I do not want to be involved with.

I used to struggle with this too..

There are a couple of things I found helpful;

1. keep an a4 notebook with daily records of your bank balance and outgoings...keeping a running balance of you bank levels. Only let it get to a certain level.

2. Keep a list of all things you have to pay in the months/three months/six months etc.

3.Get a certain amount out of the bank each week etc - it's easier to keep track if you have the physical cash and only have that to pay with.

4. If you do the above ask someone to hide your card in your room so you don't know where it is but they do in an emergency...obviously they'll have to agree you need your card.

5. Budget visits ahead of time; you can only spend x amount on visits in x amount of time etc.

6. Write out how much you will spend each day/week/month and how much you will have left spare - get the spare money out as cash and only use your card for budgetted things.

There's probably a few more...I get quite weird about budgeting ^.^

It took me ages to learn to keep track of things...needs massive self control.

Also helps when shopping adding up as you go round and have a set limit - get the things needed then go round again for extra stuff - mainly food shopping.

Much love x x x

Mix Tape has many wise ideas there!

If someone asks for money- do you tend to just give it them, or lend it?

And in terms of visits, I think you really do need to just take a step back when someone asks and work out all the costs involved and see if you can afford it. If things are a bit tight maybe say not now, and plan to try to cut back on some impulsive spending over the next few weeks and put money aside to save up for the trip. And in terms of birthday presents, could you go for cheaper gifts? Look out for bargains in shops and brainstorm ideas of stuff you could make yourself?

One thing I find quite helpful is having multiple bank accounts- I have a direct debit that goes into mine and Jodie's joint account every month for rent and bills, and so at the start of the year we worked out that amount, so I don't even have to think about it, I just know that £X goes out of my student account every month and that's the way it is and I can't spend that money on anything else. Leading up to Christmas I used another of my accounts as a present account, and just used the money there for Christmas presents for people; again, portioning out my money so there was less money lying around in my main account to be accidentally mistaken for "disposable income to spend on tic tacs and spoons". Maybe you could do something similar; have somewhere for present and travel money, and somewhere else for vital expenditures that cannot be avoided.

You could also have a money box for coins- having a couple of pound coins in your pocket is just a recipe for impulse buying unnecessary bits and bobs, because 'it's only £1, it doesn't count'; but if you put those few pounds in a money box every week, you'll quickly have enough money for a train ticket or a present for someone.

I hope some of these suggestions are vaguely helpful

^ I like that idea.
I also find keeping receipts helpful, so if you do accidentally buy something you can return it.
Also, don't take your bank cards out with you. Take out a weeks spending money and ration it out.