Taking control and responsibility for one's finances

Love my spreadsheets. Record all financial transactions on them and try to beat my previous end of month balance every month. Like a challenge.........

I keep up spending/ saving/ information on purchases in a small book. Update weekly, same day to week.

I do same to my husband's business, always accountant ready.

New books yearly, all saved, we may need old information.

Bills are by debit. We keep a stash of cash, ready for all eventualities, plus it up monthly. Check on on-goings in case prices change, quarterly. We never spend our money unnecessarily.

I must admit to never getting the hang of spreadsheets, but then I am not mathematically minded, so it is not just a computer thing. I am sure they are very useful.
I have numerous backs of envelopes with notes on, and various documents on my laptop which I keep up to date. There are particular dates in the month when I need to keep a careful check on ins and outs, especially the joint account for bills, but so far so good. I do wonder what might happen if I was taken ill, though most of it is automated with Standing Orders and Direct Debits.

I worship at the feet of spread sheets. Even before computers and excel came in, I had my sheets of whatwas then called 'Analysis Paper', A£ in size and ruled in columns of £sd, about 20 c0lumns to a page and I ran all the household spending on that. I still do.

Although, things have slipped a bit in retirement as we have been better off in retiremenment than at any time, an inheritance from my parents and DH working consistently through retirement, not full time, certainly now he is 80, but it keeps enough coming in to mean that accounting for every penny is not so needful

But if it became needful. I would have it back running at full speed within a day.

suninthewest

LRavenscroft thank you, I agree about the environment and ones own health, it sounds like you are really organised and that is how I want to be

You will be. I bought myself one of those Collins A5 desk diaries and I write everything down in there. Without it, I would be lost - little notes, some bookkeeping pages at the back and any daily prompts like checking the weather forecast for dry days to hang out washing. It becomes second nature but is a bit bothersome at first. Good luck and you have the spring and summer coming up so a good time to see what works for you.

I was widowed at aged 38 with a small child, so I spent the next 10 years buying one house after another and renovating them. It was very dusty and disruptive and hard work but I managed to get rid of my mortgage aged 48 and during that time had also trained as an RMN. Now retired I wouldn't be able to afford to live in my house if it was rented but because I haven't had a mortgage for many years I'm able to live quite comfortably on a smallish pension. Have always had direct debit payments for all facilities..

Bigbertha1 I think anything that improves health is in the long run the best investment as illhealth potentially costs alot of money and good health brings independence for longer.

Bigbertha1 I have been wanting to get familiar with spreadsheets for a while now. Someone I know whose mother is an accountant said she told her to use them and found them good

About 20 odd years ago a colleague taught me to use Excel spreadsheets and we already had internet banking and I have been in control of money ever since looking at my accounts daily. I do like a spend and we live well with as much heating as we need to be warm and what we need weekly from Ocado. A few extras from Waitrose a couple of times a month but not much in the way of going out. I think our golf takes up quite a bit of disposable income but it keeps us fit.

Always sensible never to accept insurance renewals. Our building and contents renewal was £500 this year. I went into a comparison site and found Saga at £145. That is quite a saving. Loyalty these days definutely does not pay.

Thanks tanith, accepting the limits of what you have and making the most of what you have is much better than what I was doing before

henetha, since paying more attention to it I have saved quite a bit of money every month by changing my house insurance company and other such things and I won’t let things just automatically renew very year now. . Was surprised at the difference

I hadn’t a clue about my finances when married to my first husband he took charge of it as I wasn’t earning and at home with my children but after we divorced I made a promise to myself to always keep my finances in order even after my second marriage. Now I’m mortgage free and have a good grip on my finances. I search for better deals on my bills and insurances and do my best to enhance what money I have. Thankfully I don’t have money worries so many.

You’ve done well and learnt as you’ve gone along suninthewest so well done.

suninthewest Well done.
I have a lovely friend and neighbour who is a complete ostrich.
She doesn’t open post, spends money on ridiculous things then has many sleepless nights regarding her finances.
I have created spreadsheets for her (at her request) for income and outgoings but she hasn’t used it.
She unplugged her smart meter because she hated seeing the expenditure, then got a shock when her payments went up.
She won’t learn how to use the internet, will not open bank statements and the biggest sin was she didn’t bother to claim her late husbands pension!
My husband did it for her 4 years after his death.
When 6 weeks had passed after my husband claimed for her and nothing was said he asked if she had heard from the company, she announced there was an envelope sent registered post a fortnight earlier but she hadn’t opened it😬.
She was 30k better off in a lump sum and a nice monthly amount on top.
I will no longer help her as she has to take responsibility and quite frankly I’ve given up.
So I think it’s fantastic that you have taken responsibility, it’s a good feeling to be in control.
👏👏👏👏

I use direct debits for paying almost everything. I'm not bad at controlling my finances but do sometimes wonder if I could do better.

Cabbie21, thank you, yes thats the problem with financial advisors, I have signed up for MoneySavingExpert

thanks Wyllow3, it is easy to get bogged down and feel overwhelmed when there are other things going on too

Well done suninthewest. Everyone needs to get a handle on their finances, especially these days .
I well remember in my early days at Citizens Advice, an elderly lady came in, at her son’s suggestion, for help to sort out a tax refund. She brought a carrier bag of paperwork, so the first thing to do was to sort it out, by year, month, type etc, to get a proper picture. She honestly hadn’t a clue, as she had left it all to her husband but was now a widow.
A bank or building society advisor ‘s job is to make money for their organisation . Their advice is not impartial. I second the suggestion to look at Money Saving Expert website, a mine of information.

Lesson...dont be disempowered by not knowing enough about finances. Mind you, stuff like choosing investments (apart from ISA's, and finding ethical ones) has never been something had to manage.

I've had 2 marriages and its just turned out so its been me managing finances. But in a regular income situation and DD's and enough to cope with present increases its not troublesome.
Never borrowed except house mortgage, cars always brought from savings.

Had a steep learning curve last year as last DH was abusive and started robbing joint accounts when the writing started being on the wall as to us ending: I encountered a great deal of surprising kindness from credit card people and banks nipping it in the bud when I 'fessed up..... Like when he used a credit card at 3am in a morning to buy loads of booze...

As a child I grew up to be aware of money, it did not grow on trees and bills had to be paid before eg clothes were bought.

When married I took charge of the mortgage and all bills and have been on my own since 1988 it continues. I look around for the best saving rates for any spare money I have and I always plan ahead.

I never ignore brown envelopes and sort out problems in the house as they occur. I suppose I am interested in finance and even though I say it myself, I am good at it.

LRavenscroft thank you, I agree about the environment and ones own health, it sounds like you are really organised and that is how I want to be

As I have been single most of my life (except for a very brief marriage) I have always had control of my own finances and never allowed anyone to interfere ot tell me what to do. Even as a very young woman (16 +) I was paid monthly by bank transfer so I never allowed my parents to know what I earned.

The woman next door has dementia and I wonder how she manages as she belongs to an ethnic group where the male usually controls the finances. She has never had a job in the last 20 years Ive lived here. Her husband died december 2021 and her children only seem to visit about every 2 weeks. In the meantime she is on her own in a 5 bedroomed house and wanders about the area in (what appear to be) her pajamas. I wonder how shes coping with the cost of living crisis and shopping, bills etc.

Juliet27, thank you that sounds useful, I will sign up for them now

NotSpaghetti thank you, living alone I know that if anything happens to me - for example I lose my job or I become unable to work due to health there is not another person there to fall back on so it is important to watch what I am doing