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Big Thread of Budgeting and Saving Tips

The Dividend Experiment

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What is your best budgeting and saving tip?

I used to like to pay in cash directly, it made the money feel more real and when you hand it over you really knew it was gone. Nowadays I rarely use cash (if at all) so I can't use this tip and I am sure my budgeting has gone downhill since...

I have also heard of people putting their credit cards in a block of ice so they have time to think about their decisions before they can spend it but I can't be bothered with all that!

What are your best tips and tricks for keeping to your budget?
 
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Smart Finance

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What I've been doing is once i get paid i work out where i want my money to go. I shuffle my money to other accounts which have the bills attached. with any money left in the main account is my spending money, the only card I carry is the one for the spending account and it makes it less likely you are going to spend any other money. I have also heard with some banks you can make pots, so visually splitting up your money can help.
 

The Dividend Experiment

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Feb 23, 2021
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What I've been doing is once i get paid i work out where i want my money to go. I shuffle my money to other accounts which have the bills attached. with any money left in the main account is my spending money, the only card I carry is the one for the spending account and it makes it less likely you are going to spend any other money. I have also heard with some banks you can make pots, so visually splitting up your money can help.
Yeah I heard Monzo can do that, not used it personally yet though
 
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Dividend Investor

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I think the most important step is understanding where you’re spending your money. How much on utility bills, food. Are you buying the most expensive loaf of bread, or a well known brand which you can get exact same product for .50p cheaper. Once you do your calculation from the day you are paid to how much you spend until the very next pay day, you will automatically start budgeting (IF) you have a reason to save your money. Generally, people won’t budget or save money for no reason if they don’t have a clue where to spend it.
 

GeordieCoder

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I think the most important step is understanding where you’re spending your money. How much on utility bills, food. Are you buying the most expensive loaf of bread, or a well known brand which you can get exact same product for .50p cheaper. Once you do your calculation from the day you are paid to how much you spend until the very next pay day, you will automatically start budgeting (IF) you have a reason to save your money. Generally, people won’t budget or save money for no reason if they don’t have a clue where to spend it.
Couldn't agree more with this. I like to break down my monthly income into categories with a planned percentage for each, meaning I know exactly where my money is going, if I am on budget per category and identify those areas where I can reduce costs.
 
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Gandalf

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I totally agree with all the above comments. you have to identify where you are spending more. be it your utility bills or even your consumables. you can save quite an amount if you can do some research or even leg work and try to find outlets selling cheaper. With current outlook not very encouraging each penny counts.
 
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Dividend Investor

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I totally agree with all the above comments. you have to identify where you are spending more. be it your utility bills or even your consumables. you can save quite an amount if you can do some research or even leg work and try to find outlets selling cheaper. With current outlook not very encouraging each penny counts.
Exactly, spot on!
 

JoeCool

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What has helped me to save the most is budgeting. Personally, I find it very helpful when I know exactly how much money Im able to spend each month in certain things. Besides that, simple tweaks in my daily activities such as buying food in bulk or share rides when possible. Let me share with you this article where I found useful tips to save money. Hope it helps!