When it comes to managing your money, even those of us who make a living from blogging about personal finance can fall off the wagon. In this post I want to share with you where we have gone wrong recently, and what we are doing to go back to basics. This post is the first in a new Monday Money linky series, and we would love for you to join in!
What has happened with our finances lately?
Whilst I don't feel out of control with our finances, I know that we have come off track in a few areas.
Recently a few changes have taken place, meaning that we have a few more outgoings that we weren't quite willing to accept. For example, going out sourcing items for our eBay store means that we often need to have lunch away from home, resulting in extra spending. Although we have been doing this for awhile we haven't adjusted our budget accordingly to allow for these expenses.
Some of our spending has also got out of control lately. Supermarkets are the worst. We are always popping in to get freebies from apps like Shopmium
or things to sell on Amazon
, but then we often spend anything from £5-£35 on extra bits, just because we are there. This is on top of our weekly food shop!
We have also had a few bills increase – our council tax has increased by £20 per month, and we have a new car with a higher monthly payment.
All of these things mean that we are spending more money than we want to, and our budget is out of date.
Setting our new budget
The first, and biggest step we are taking to take our finances back to basics is to set up our new budget.
This budget is going to reflect the adjustments that we need to make due to increased bills, but also adjust our groceries and eating out budget accordingly.
I want to challenge this from now until the end of May, by trying to spend as little money as possible. There are some big expenses that we have to pay out for between now and the end of May, so cutting back in other areas will help.
The first step it to meal plan and use up food we already have in the house. Over Easter we got a ton of reduced meat from Sainsbury's, so our freezers are full. We should only need to buy fresh fruit, veg, bread and milk regularly. This will make a significant difference in our grocery spend.
Whilst our business is growing, one area taking a hit recently is my side hustling. This includes things like matched betting
and selling our unwanted items on eBay.
I have started a new 1% at a time sheet
to side hustle £1,000. Every time we reach £1,000 we transfer this into savings. So far this year we have completed 2 sheets, and we are at £124.46, and I can't wait to see this grow again! I want to dedicate at least 5 hours a week to side hustles again.
As you can see, there are some steps I am taking to take our money back to basics.
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