‘Weekly budgeting’ is a phrase that is constantly thrown around, budgeting 101. It is so obvious but I think it’s rarely really put into practice or at least put into practice effectively. For me, weekly budgeting is something that I have always thought about and agreed with in theory but when I think about it, I’ve never actually, physically given myself a weekly budget to stick to. Although I know how much I spend each month and have a rough idea of where I need to spend each week, I have never set aside a set amount of money at the beginning of the week and then tried to live on just that – until now. This month I’m going to do just that, each week I’ll put a weekly budget into place for everything outside of rent and bills, one that’s realistic and will hopefully get me back on track with my money.
So I’ve split my spending into five categories and assigned a limit for each;
- transport – £35
- groceries (mostly fresh produce e.g. fruit, vegetables, milk etc.) – £10
- meals out – £30
- drinks – £25
- miscellaneous – £10
To explain the categories a little, I mostly travel by train/tube and occasionally walk (which is 100% free). I’ll do a big-ish online grocery shop at the beginning of the month for all my cupboard food and household essentials spending up to £35. Since it’s not possible to buy fresh food in bulk, I will be buying it each week. I don’t eat out a lot, at most it’ll be twice a week if at all so £30 could be too generous. I’m more likely to go for a drink after work and I’m not a big drinker nor am I a fast drinker hence the £25 which again, I’d say is a little generous. The miscellaneous category is more a safety net than anything else I don’t actually know what specific items fall into this category, but I thought it was a good idea to have it there just in case. I’ve tried to be realistic with my budget because I’m not trying to punish myself by being too restrictive, I’ve set goals that I have a chance of achieving.
To do this budgeting ‘effectively’ I’m going to physically transfer £110 into a separate account, my Starling bank account which will also help me see exactly where my money is going right as I spend it. I’m excited to see how I get on with these because clearly I already have some thoughts about how I will fare. Will report back!