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metalmonkey
27-04-08, 10:53 AM
Well I wrote about this a few months back, I couldn't find the thread well its an effort for me to go through the 900 threads I'm on:D

Well I have managed to cut back my overheads, moving to a cheap house single room just about have enough room to swing a cat in there, (must remember single bed and not too fall out when I flip over) I nearly fell off the top bunk a few years back, but I was very drunk pints of JD and coke will do that to ya:D Got a good deal on my cell phone, can use the train to work as well so that free.

My phone now cost me £20/month for 18 months for 1100 minutes ace:cheers:

I worked out that I cut my out goings down by about £100-120/month may be a bit more not sure until later this year. The next big thing is bike insurance in August so will be looking for a good deal.

So by making some changes to my life and cutting back, its possiable but I'm giving up a hell of lot things to carry on what I want to do. Some anyone out there looking to cut back it can done!

Viney
27-04-08, 11:10 AM
This is all very good, but if you use the train, then sell the bike, saves petrol, tax and insurance...where does it end?

metalmonkey
27-04-08, 11:23 AM
Why would i sell my bike, the whole point of this is I can spend more money on bikes and also save money for other things, what I'm getting across is I'm giving up many other things to able follow my own dreams.

I want to inspire other people to do the same. I have been going through a really rough patch right now, felt really down the other day. But anything is possiable, I guess it depends on how much you want it.

markmoto
27-04-08, 11:37 AM
Also depends on how hard you want to work for how much money! i mean if you can work less hours and have more social time and still live comfortably then why not! Everyone can cut back on stuff they dont realy need to allow them to either work less or spend more on the pleasures of life i,e Bikes :-) well done blue thunder sounds like you have made the right move for you.

husky03
27-04-08, 11:43 AM
Doing the same-garage clearout-stuff on ebay, gonna get one of those meters that show how much gas,electric your using, slowed the driving speeds right down to save fuel, cooking in bulk and freezing so its just a case of micro waving during the week,shopping around for special offers on the food and signed up for discount codes on the internet.
Considering getting a bio-diesel kit from ebay -300 bangers outlay but with the way things are going with the fuel it could look like a good investment-89p litre with new veg oil, 7p litre with used -need to do more digging.

husky

metalmonkey
27-04-08, 11:46 AM
Oh where do you get the discount codes from? Any links I'll go for that. I have no shame:D, I stood by the discount fridge waiting for the guy to reduce some steak in there was a bargin.

Fizzy Fish
27-04-08, 07:43 PM
single bed

even giving up on the ladies in pursuit of money saving? some would say a step too far... ;)

Ed
27-04-08, 07:48 PM
One really good way is to cut up all your cards and use cash. If you get out however much you want ONLY and stick to it, it's amazing all the crap you don't buy cos you can't afford it. Cards give you a false sense of wealth.

Demonz
27-04-08, 08:31 PM
One really good way is to cut up all your cards and use cash. If you get out however much you want ONLY and stick to it, it's amazing all the crap you don't buy cos you can't afford it. Cards give you a false sense of wealth.

Thats a great system. We called it the envelope system. Had an envelope for expenses, food, rent, phone, beer money etc... got me through uni without any loans - worked my butt off though. Also made me better at budgeting and saving.

chakraist
27-04-08, 08:37 PM
I've been doing this recently, my job pays my rent, bills and petrol to work and £80 extra (I do 21 hours a week) and I should be able to clear my student overdrafts before I graduate which is rather tasty.

Blue_SV650S
27-04-08, 08:40 PM
even giving up on the ladies in pursuit of money saving? some would say a step too far... ;)

Lets face it, if he is serious about saving cash, you women have to come off the cards!! :rolleyes:

Besides, just coz he only has a single bead, it doesn't stop any lovin' ... it all depends on the filing system used!! :smt005

rob13
27-04-08, 08:53 PM
I only have one credit card and its well within manageable. 0% until December so will be paid off by then. I need to cut down on my expenditure, particularly the car so thats going first (need to get a good day to go to town on cleaning/polishing it) then we need to remortgage the house as I am one of those 2 yr fixed raters which is up this year (about £150 increase a month likely). Once thats done, then dont know where I can go from there as im pretty tight with cash anyway!

kitkat
28-04-08, 07:10 AM
i agree with the no cards use cash.

write a menu for the week and buy only what is needed on the list. my weekly shopping bill is down to £35 a week average. some weeks its £21 if I dont need washing powder and stuff. Also means I stop eating rubbish and lose weight at the same time. Then sell clothes that dont fit on ebay.

only problem is Im running out of clothes to wear ;)

ricky
28-04-08, 07:32 AM
i had tyo cut back in 2004 from all my spending when i woke up and relised that at 19 i had 26 k debt and not a lot to show for it

4 years on i only have 6k left to pay and now and only now has my payments started to come down so i can start to do a few more things

yes it has been very hard but my answer was i spent the money and i dont want it to be around my neck for the next 20 years.

i will never have a credit card or loan again once this is all paid off

good luck with it mate but you will find what i did, its very lonley doing it as no one wants to know you realy

andyb
28-04-08, 11:02 AM
Does anyone on here around their mid-twenties manage to save any money in ISA's/Savings accounts? I'm just curious as most people seem to find it difficult to get by these days let alone save anything?

plowsie
28-04-08, 11:23 AM
My motto that me and my parents have been using for a while - you have to go down (in your case drop the luxuries) to go up (in your case, to whatever you are aiming for :))

wyrdness
28-04-08, 11:24 AM
I've just worked out that we're spending ?300-?400 (& perhaps more) in supermarkets, every month. We really need to cut that back. We spend a fortune and then realise that we don't actually have much food for meals. I keep threatening Mrs Wyrdness with a diet of tesco value baked beans.

G
28-04-08, 11:33 AM
Does anyone on here around their mid-twenties manage to save any money in ISA's/Savings accounts? I'm just curious as most people seem to find it difficult to get by these days let alone save anything?

I'm 24

I save about £400 a month in a high interest saving account that I cant touch very easily, and put £800 in the joint account I have with my girlfriend :( she puts in an equal amount and that cover our Mortgage, council tac, gas/elec/water and other direct debits like Sky and BT.

The rest that I'm left with is mine which I'm free to do what I like with :cool: although factor in another £300 a month for petrol and parking for work :(.

God its depressing seeing where all the money goes, if I stayed at home I could have a right nice car and a few bikes lol :(

Looking forwards to my payrise kicking in at the end of this month, :( will have abit more to spend on myself finally and may actually be able to afford to get a few more trackdays in. :(

mister c
28-04-08, 11:49 AM
Since my divorce I have gone from being £2000 overdrawn in the bank, having £1500 on credit cards, a loan for a car of £3500 to having my bike paid for, my car paid, nothing on credit cards, a VERY small overdraft and it was all done by saving on the things I didnt need.
Sold the new car, got rid of sky tv, didn't go out drinking, did without new clothes, cut back on food, just didnt buy non essentials.

I also saved on my mortgage by getting a financial advisor to sort me a good fixed rate deal & freeing some capital to pay my debts off. He did it & saved me nearly £60 per month on the motgage I had at the time.
I dont have any savings, because being on my own, everything gets pumped into the house, but I am happy with the way things have panned out :)

metalmonkey
28-04-08, 11:59 AM
Lets face it, if he is serious about saving cash, you women have to come off the cards!! :rolleyes:

Besides, just coz he only has a single bead, it doesn't stop any lovin' ... it all depends on the filing system used!! :smt005

Its not really an issue is it, you will be surpised at my people can fit on a bed....

Being serious again, I will pay off what I owe this month, which £250 on one card, £650 ish (that was my DAS course from last year still there:rolleyes:) on another, the other card I use to pay bills. So thats in one hit, but I will be more less clear. I have 4 credit cards, I could fund a season racing or put a deposit on a hose with em all, but hey that would be dumb.

Credit cards are good if used right, I have money to pay for thing but by using a card, the cash stays in account a month longer so i make money on it:D

However once everything is sorted, I will keep some money in my account to use for food ect, the rest will be put away. Its a matter of planning which I need to do!

For me its like living like a student again, which isn't a problem expect i can't lie in I have to work:lol:

You don't need to have a lot of cash to fun either, I know this as I used to struugle to find money for petrol. Though more you earn more spend, which is true!

Hooligan
28-04-08, 12:56 PM
I could save £120 a week if i stopped smoking that bloody green stuff, could be worth millions if i tried. Maybe one day in the future. NOT. Thats my only big spend, apart from snap on tools.

gettin2dizzy
28-04-08, 01:22 PM
120 a week! That's a bit keen. You're welcome around my house anytime! hehe.

Hooligan
28-04-08, 01:33 PM
I know, but would spend that much on a night on the drink, so may as well spend it on summit for everynight ov the week. Dont drink or anything.

gettin2dizzy
28-04-08, 01:41 PM
A bit of the green does no harm, but an ounce a week seems a bit over the top. You have no other hobbies?!

Hooligan
28-04-08, 01:50 PM
Yeah have tons of hobbies, breaking bikes, riding bikes, everything really, just have green to assit, makes the world go round. My biker mates are all the same so that will probs be why.

Blue_SV650S
28-04-08, 07:48 PM
do you get a bonus BT if you uncover drug addicts!? .. sounds like staking out Hooligan and his mates might be a good career move ;) and get you a bonus so you can treat yourself to a 'king' pot-noodle over the normal ones!! :lol:

wyrdness
29-04-08, 10:19 AM
I could save £120 a week if i stopped smoking that bloody green stuff, could be worth millions if i tried. Maybe one day in the future. NOT. Thats my only big spend, apart from snap on tools.

If you put that money into a cash ISA at 6% interest, after 5 years you'd have over 36 grand.

You could buy yourself a porsche, rather than financing your dealers one.

I'd rather have the cash.