I've managed to knock about £10 off my grocery budget this week by cutting down on alcohol. I have started exercising every day so I thought that I might be undoing the good work by drinking too much!
How To Budget Your Money
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OP
OP
I've managed to knock about £10 off my grocery budget this week by cutting down on alcohol. I have started exercising every day so I thought that I might be undoing the good work by drinking too much!
Well done. You're right to reduce your alcohol intake as it isn't healthy to drink on a daily basis.
My goal for this coming month is to reduce my grocery bill.
I will just put this here for a laugh.Why are families earning £50,000 broke at the end of the month? | Daily Mail Online I have been reading about this article all over the place over the last week.
AeryFairy
Anachronism
I will just put this here for a laugh.Why are families earning £50,000 broke at the end of the month? | Daily Mail Online I have been reading about this article all over the place over the last week.
My main takeaway from that article is that kids are expensive
(Obviously, I already knew that, but it's frustrating as hell that even people on the average UK income can't afford the average number of children without running into financial problems)
My main takeaway from that article is that kids are expensive
(Obviously, I already knew that, but it's frustrating as hell that even people on the average UK income can't afford the average number of children without running into financial problems)
Hmm, I had a far more judgemental attitude when I first read the article.
ETA - Most of them could make a lot of savings if they wanted to. Isn't that ridiculously high for the first family, per month?
UTILITY BILLS (including gas, electric, home phone, mobile phones, broadband, insurance and council tax): £1,180
AeryFairy
Anachronism
Hmm, I had a far more judgemental attitude when I first read the article.
ETA - Most of them could make a lot of savings if they wanted to. Isn't that ridiculously high for the first family, per month?
UTILITY BILLS (including gas, electric, home phone, mobile phones, broadband, insurance and council tax): £1,180
It sounds high, but without a breakdown it's hard to tell exactly how that figure's made up. Obviously council tax isn't controllable. Various insurances can also add up. Although it's definitely a hell of a lot more than I'm paying per month.
I pay approximately $602 (453 in pounds) for utilities but that does not include insurance or taxes. It's for oil, electric, cell phone and cable which includes tv, Internet and home phone. My insurance and property taxes are rolled into my mortgage payment.
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I sort of budget, in that I usually make a budget, but I sometimes veer from the course. I calculate my yearly expenses based on the previous year's expenses, such as rent, utilities, food, gas, car insurance, potential car repairs, rental insurance, etc., and then adjust for possible increases (the rent typically goes up 3% to 5% a year). I even build in some extraneous spending (things like dining out and buying birthday gifts for people). I then take my paycheck and multiply it buy 26, as I get paid every other week. I have tried to make saving money a priority by considering it another bill, and it worked for a bit, but I got sidetracked as usual and haven't been saving much of late. The good thing is, before I bought my car I had zero debt. I, too, enjoy eating out (too much, lol) and traveling and whatnot, so while I don't have debt except for the car now, I'm not the best saver.
I haven't done much for retirement, and I'm starting to panic a bit, lol, so I recently upped my contribution to my 401(k) at work.
I do shop for deals; I rarely pay full price for anything.
I also use coupons when I can and shop in season for fruits and veggies as much as I can.
I buy dried beans, mostly chickpeas, which turn out cheaper in some cases than canned, as I can get quite a bit out of a 1 lb. bag of chickpeas.
I also don't have cable TV (only cable internet), so I save a bit there. But I just bought a smartphone, which adds a good 35 bucks a month to my bill on account of having to buy a data plan. It's still cheaper than a land line would be, but the cellphone isn't the big savings it was initially.
I am sure I could cut back on groceries a bit, though, and not buy so much Gardein and Daiya products. I need to make seitan more regularly, as that would cut back on my desire for things like the beefless tips and 7-grain tenders. I'm hopelessly hooked on the fishless filets, though, hehe.
I got a really good interest rate on the loan for my used car, and I took out a 5-year term, but as there is no penalty for paying it off early, I plan on paying it off in three years. I have at least gotten out of the habit of buying Starbucks every day and being lazy and buying lunch at work. If anything, I supplement my lunch on occasion, but I have built that in to my weekly allowance. I had been hitting the ATM more than once a week a year ago, but I now pay myself just once a week and stay away from the ATM.
If I were to live like a hermit, I could save plenty, but I just haven't been willing to do that. I did actually skip my annual hiking trip on account of buying the car, so that was something, at least. And it appears the annual trip to Puerto Rico is off because my family is afraid of the Zika virus. I suppose I can understand that, as P.R. is one of the worst places for the virus. And there are several nieces and nephews who likely will be having more babies, so I can understand not wanting to risk birth defects. I may just try to do more local trips and save on air fare. I heard on the radio on the way home from work that prices are likely to rise again. *sigh*
I calculate my yearly expenses based on the previous year's expenses, such as rent, utilities, food, gas, car insurance, potential car repairs, rental insurance, etc., and then adjust for possible increases (the rent typically goes up 3% to 5% a year). I even build in some extraneous spending (things like dining out and buying birthday gifts for people). I then take my paycheck and multiply it buy 26, as I get paid every other week. I have tried to make saving money a priority by considering it another bill, and it worked for a bit, but I got sidetracked as usual and haven't been saving much of late. The good thing is, before I bought my car I had zero debt. I, too, enjoy eating out (too much, lol) and traveling and whatnot, so while I don't have debt except for the car now, I'm not the best saver.I haven't done much for retirement, and I'm starting to panic a bit, lol, so I recently upped my contribution to my 401(k) at work.
I do shop for deals; I rarely pay full price for anything.
I also use coupons when I can and shop in season for fruits and veggies as much as I can.
I buy dried beans, mostly chickpeas, which turn out cheaper in some cases than canned, as I can get quite a bit out of a 1 lb. bag of chickpeas.
I also don't have cable TV (only cable internet), so I save a bit there. But I just bought a smartphone, which adds a good 35 bucks a month to my bill on account of having to buy a data plan. It's still cheaper than a land line would be, but the cellphone isn't the big savings it was initially.
I am sure I could cut back on groceries a bit, though, and not buy so much Gardein and Daiya products. I need to make seitan more regularly, as that would cut back on my desire for things like the beefless tips and 7-grain tenders. I'm hopelessly hooked on the fishless filets, though, hehe.
I got a really good interest rate on the loan for my used car, and I took out a 5-year term, but as there is no penalty for paying it off early, I plan on paying it off in three years. I have at least gotten out of the habit of buying Starbucks every day and being lazy and buying lunch at work. If anything, I supplement my lunch on occasion, but I have built that in to my weekly allowance. I had been hitting the ATM more than once a week a year ago, but I now pay myself just once a week and stay away from the ATM.
If I were to live like a hermit, I could save plenty, but I just haven't been willing to do that. I did actually skip my annual hiking trip on account of buying the car, so that was something, at least. And it appears the annual trip to Puerto Rico is off because my family is afraid of the Zika virus. I suppose I can understand that, as P.R. is one of the worst places for the virus. And there are several nieces and nephews who likely will be having more babies, so I can understand not wanting to risk birth defects. I may just try to do more local trips and save on air fare. I heard on the radio on the way home from work that prices are likely to rise again. *sigh*
I'm pretty good with the groceries. It's the eating out, traveling, concert going, book buying and clothes shopping that do me in, hehe.
AeryFairy
Anachronism
I'm pretty good with the groceries. It's the eating out, traveling, concert going, book buying and clothes shopping that do me in, hehe.
Same here!
Well, pretty much says a lot about me, doesn't it! I hardly ever eat out, I don't travel or go to concerts, I don't read...so my hobby is eating! Lololol
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OP
OP
I don't know how retirement works in the US as they system is different in every country. All that I have learned (common sense) is that when you reach retirement you should be mortgage/rent free to be able to maintain a decent standard of living. As you won't have a pension, what kind of insurance do you have in the event of becoming a widow ? You also have the option to downsize which many people do after a certain age.
You could also 'housesit' instead of going away on holiday. Some people prefer to leave their homes to a responsable couple rather than empty during the summer months.
It's always a good idea to put into place some kind of saving plan for retirement.
You also seem to have many senior discounts in the US in various shops and restaurants. This is just unheard of where I live. We don't even get free bus fares until the age of 70 !
Can you deduct Kelly's expenses from your income tax ? If you still have a child under your care perhaps the local council could help with summer camps expenses etc. It's always a good thing to call around and ask local authorities what kind of help is possible.
OP
OP
I haven't used YNAB myself, but I have heard really good things about it. I went old school and just started writing down every expense with pen and paper at first and then tried to reduce what I could.
This thread is actually a helpful reminder to me as my grocery budget has crept up over the past year. We were saving up to move house and when we didn't our savings rate dropped.
These are some good early retirement blogs and I regularly read a few of them. The Best Early Retirement Blogs They obviously focus on ER but the advice can apply to retirement generally.
It was actually a thread on this forum that gave me the idea about retiring early. I had it in my mind as something to focus on one day and then my husband got cancer and I started taking it very seriously. The rule for the number you need is 4% or 25 x your expenses.
US - Meet Mr. Money Mustache, who retired at 30. | Vegetarian and Vegan Forums @ Veggie Views
I have a cousin in the US who retired when she was only 53. However, she received a huge amount of money from her firms stocks and also had 2 inheritances. I don't know whether she is now entitled to a state pension as I don't know how the US system works. However, she has no financial problems and is studying to have another career in a different field.
OP
OP
I don't go out but still travel. I only ever eat out when I'm in the US or UK. I would consider traveling much more if I had the money. This is my first year that I will not be visiting Vancouver Island and I miss it very much. I'm trying to find a way where I could do some kind of holiday/job and go there when I retire.
I also certainly like good food and spend too much money on groceries. My goal this money is to save money of my food bill, however, it doesn't seem to be working. The only way is to eat less….
I have so much to do recently plus working that I have not even had time to place an ad for odd jobs.
There is a social security system in the US. I don't really know the ins and outs of it.
I think it seems easier to retire early in the US (compared to the UK) as there are more vehicles for investment there. I have ended up reading a lot about the US system as most people on the retirement forums are American. There is the big issue of the cost of health care there though, of course.
I will put MMM here again as there is so much helpful info on there for people in the US.
Frequently Asked Questions
OP
OP
We also get state pensions over here but not a 100 % health insurance coverage. Lots of the elderly pensioners have to fork out extra money for health insurance and are quite poor, especially woman.
It's usually executives that have higher pensions compared to office workers.
When I applied for my pension over here, I was told that I would have to wait until I was 65 to be able to claim the UK pension. I have previously worked in the UK but am not sure what kind of sum(if possible) I would obtain.
I'm not sure what happens when people work abroad for some of their life, but you can now check your UK state pension forecast online. Check your State Pension - GOV.UK
OP
OP
I dont think that it'll be much as I used to work part time when I was a student. The French pension dept said that they would be contacting the agency in Newcastle within the next few years. I am not counting on getting anything.
In the meantime, I have set up a savings account ( 2.9 % interest minimum) and am saving like mad…… well sort of.
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