I really need some help with budgeting & managing my money as everything right now is all over the place!
A little background:
I’ve recently started full-time work, um in May… where I was getting peanuts. But I’ve just moved to a better paying job so that’s why I’ve finally decided to properly save.
Monzo is now my main account. My salary will be getting paid in as of this month, and all my spending will be done through it once that happens.
I have a Nationwide 5% account which currently holds around £200… that’s my savings so far.
I don’t really know how to go about setting a budget as each month is different and I find budgets really restricting, but I do want to save as much as I can - just not sure how to go about that.
I’ve just started the 1p challenge, £1 a week challenge & £5 moved every time I buy takeaway/lunch at work etc - to stop me from buying food. (That’s my main issue!)
I’m currently able to save around £300-500 a month without really thinking about it. I have very few bills & live at home.
Here’s a breakdown:
- £150-300 a month on rent
- £10 student loan repayment
- £7 pet insurance
- Credit card: usually £120 a month (but will be using this just for petrol now, as I don’t have to pay for the tube anymore, so probably a little less - like £50 a month?)
- Netflix: £5.99
- Spotify: £4.99
- Amazon Prime: £3.99
That all equals roughly: £400 - rounded up, give or take!
That leaves me with £1,200 - now what?!