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Advice on budgeting

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
I've recently started my first proper job and I'm finding it hard to budget.

I always seem to have run out of money by the last week before I'm paid and end up going into my overdraft every month.

I don't know where all my money goes as I don't think I spend much, I don't smoke, I don't go out that much, I don't buy expensive things. I'm also trying to pay off my student overdraft, not sure if I have to pay back student loan yet (don't know if I earn enough) but am finding it really tough.

I want to start saving for a deposit on a house but don't have a penny left over. Does anyone know if there's any help or have any tips of budgeting? I earn just over the boundary to get council tax benefit or housing benefit, and as I'm not 25 I can't get working tax credit.

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Get your self a cash book from Wilkos for 25p and write down EVERYTHING you spend, keep every receipt and stick it in. Check your bank balance every night online and reconsile your cash book with it. Should soon show where the extra moolah is going. Good luck
    x
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    i posted my reply to another thread and it ended up in here :confused:
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    er, and might the money all be trickling down your neck this weekend? lol
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    katralla wrote:
    Get your self a cash book from Wilkos for 25p and write down EVERYTHING you spend, keep every receipt and stick it in. Check your bank balance every night online and reconsile your cash book with it. Should soon show where the extra moolah is going. Good luck
    x

    :yes: very good idea.
    Then you can keep track and see where it goes and determine what you need to do to spend less. What you can cut down on and even elimanate.

    Also, get a second bank account. PUt a little in there each pay time. Even if its just like 25 a month, it will add up, and you'll always have that extra money if something happens and you really need it.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    if you have access to a computer, use excel its great and easy to use for stuff like budgeting.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    Personally, I find a great start is using the MoneySavingExpert.com Budget sheet

    Click that link, theres lots of tips on budgeting and a link to their handy Excel budget planner.. its superb. :thumb:
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