Does money burn a hole in your pocket?

If you get paid from work (or get your pension) and you have a little to spare for casual spending, do you feel the need to spend it as quickly as possible on anything you can think of?

I'm terrible. I'm straight on Amazon buying clothes or DVDs or looking for concert tickets when I should be holding on to some of it to get me through the month.

Are you good at saving money or are you a little frivolous with it?

Re: Does money burn a hole in your pocket?

That's what happens when folks don't see cash anymore, one day, all the Credit/Debit Cards will end up in the Oceans.

Re: Does money burn a hole in your pocket?

I used to be very irresponsible - especially where craft stuff and DVDs were concerned. Once I realised it was becoming a problem I sought advice from a fellow OFF member. I followed the advice I was given - and it proved to be an eye-opener. I still have the occasional 'frivol' - like buying the the complete set of "The Professionals" DVDs last week but I am definitely more in control of my money. In fact - it is works pension day today and there is still £30 left in the housekeeping budget from last month - quite an achievement for me!!

Re: Does money burn a hole in your pocket?

I've always been really good with money (some may say tight ) so no, I only buy what I need and very, VERY occasionally what I want.

I don't know whether it's age or just being a boring old fart but now that I'm comfortably off there's nothing I want at all

When I was actively trying to save I felt a huge sense of achievement every time I managed it, I miss that feeling.

Re: Does money burn a hole in your pocket?

I’m also now following advice from my brother and SiL, in which they draw out weekly money and put bits in envelopes for different things. I do my own weekly budget list and set aside cash for spends like food, electricity, petrol, miscellaneous (Wilko, Ikea etc), Pets at Home, dog grooming, dog day care, my weekly newspapers, and if I need to use the launderette dryers, and weekly dog class. Each Saturday I draw out that budget from the P.O., request certain notes and £1 coins, put the money aside...and try and stick to that budget.

I used to be frivolous and was amazed at my cash book entries of the debit card and had to nip it in the bud. Been doing this about a month now and enjoy sticking to the budget. When electricity is due I can pay it off on my Energycard at the P.O.

Each week, any spare cash from food and miscellaneous goes into another pot, for unexpected spending, or treats. As an example, my weekly budget is just £130, £50 of which is for food, and £15 misc.

My spending has been out of control, and though I can afford to do it, out of my monthly pension income, I wasn’t saving much. My brother and SiL inspired me to follow their example, but I’ve been keeping a daily spend and cash book diary for many years now.

Re: Does money burn a hole in your pocket?

I did go off budget last week when buying the box set of The Detectives in Sainsbury’s for £20, a bargain as it was all 31 episodes. So yes, I can do it occasionally, and oh flip....I’ve just realised...I could have used my Nectar rewards to get the DVDs. Argh!!!!

Re: Does money burn a hole in your pocket?

I tend to save a bit, and spend a bit, I’m fortunate that I can buy something if I like it and not have to worry too much whether or not I can afford it, within reason of course,

Re: Does money burn a hole in your pocket?

Money is very tight in our House, as we only have 1 State Pension coming in for the two of us and that only started last year, so after we paid big bills, there is not a lot left, so we have to be careful, we still have a bit of savings, so if we do want to buy something we will.

Re: Does money burn a hole in your pocket?

Good thinking, Jazzi, my left-over £30 could be used start a new budget - specifically for craft stuff - rather than being subsumed int the housekeeping.

Re: Does money burn a hole in your pocket?

I'm lucky that I don't really have to worry about money.... having said that I'm not frivolous with it I do shop around for the best price on things.

Does it burn a hole in my pocket? Not at all as far as spending is concerned but if I had a sudden wind fall I know for sure I would give it to my kids.....not sure if that is classed as spending it.