{"id":14639,"date":"2017-07-14T03:30:46","date_gmt":"2017-07-14T02:30:46","guid":{"rendered":"https:\/\/www.pennygolightly.com\/\/?p=14639"},"modified":"2017-07-13T16:08:03","modified_gmt":"2017-07-13T15:08:03","slug":"2-week-spending-diary-analysis","status":"publish","type":"post","link":"https:\/\/www.pennygolightly.com\/2-week-spending-diary-analysis\/","title":{"rendered":"My 2-week spending diary &#038; analysis"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-14641 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/www.pennygolightly.com\/\/wp-content\/uploads\/2017\/07\/2-week-spending-diary-and-analysis-with-Scottish-Friendly.jpg\" alt=\"2 week spending diary and analysis with Scottish Friendly\" width=\"680\" height=\"450\" \/><noscript><img decoding=\"async\" class=\"aligncenter size-full wp-image-14641 lazyload\" src=\"https:\/\/www.pennygolightly.com\/\/wp-content\/uploads\/2017\/07\/2-week-spending-diary-and-analysis-with-Scottish-Friendly.jpg\" alt=\"2 week spending diary and analysis with Scottish Friendly\" width=\"680\" height=\"450\" srcset=\"https:\/\/www.pennygolightly.com\/wp-content\/uploads\/2017\/07\/2-week-spending-diary-and-analysis-with-Scottish-Friendly.jpg 680w, https:\/\/www.pennygolightly.com\/wp-content\/uploads\/2017\/07\/2-week-spending-diary-and-analysis-with-Scottish-Friendly-300x199.jpg 300w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><\/noscript><\/p>\n<p>Putting money aside on a regular basis is one of the best ways to build up your net worth over time \u2013 but where are you supposed to find the money for this? While it\u2019s not possible for everyone, many of us who don\u2019t currently have savings and investments could start to build them up by cutting back our spending elsewhere.<\/p>\n<p>I\u2019ve been keeping a spending diary with <a href=\"https:\/\/www.scottishfriendly.co.uk\/my-insights\" target=\"_blank\" rel=\"noopener\"><strong>Scottish Friendly<\/strong><\/a> for the past couple of weeks to give you a real-life example of how to find room for improvement, giving you the opportunity to read my confessions and learn from my mistakes. Depending upon your individual circumstances, it might be simpler than you think to start prioritising the longer term over some of the \u2018here and now\u2019 impulse spending that a lot of us do, as I\u2019m about to demonstrate.<\/p>\n<p>&nbsp;<\/p>\n<h1>My 2-week spending diary<\/h1>\n<p>The timing of my two weeks of monitoring fell outside my usual regular bills such as energy, water, insurance, home payments, council tax and travelcard. That means that most of this is discretionary spending, or in other words much of this is non-essential costs where I had far more opportunity to shop around and cut corners.<\/p>\n<p>The spending diary time period runs from Saturday 3<sup>rd<\/sup> of June to Friday 16<sup>th<\/sup> of June inclusive, and here\u2019s what I spent during Week One:<\/p>\n<ul>\n<li>3<sup>rd<\/sup>: Out with a friend for coffee, \u00a32.80 including tip<\/li>\n<li>4<sup>th<\/sup>: Cocktail masterclass (won in a competition), plus snacks, coffee and cocktail, \u00a316.00<\/li>\n<li>5<sup>th<\/sup>: Groceries from local supermarket, \u00a36.80<\/li>\n<li>6<sup>th<\/sup>: Out for coffee, \u00a32.80, t-shirt from Amazon, \u00a33.37 including delivery<\/li>\n<li>7<sup>th<\/sup>: Web hosting, \u00a37.04<\/li>\n<li>8<sup>th<\/sup>: Perfume Genius gig, \u00a320, Pizza Express meal, \u00a314.85 (with voucher code), drinks \u00a314.50<\/li>\n<li>9<sup>th<\/sup>: Groceries, \u00a33.00, editing software, \u00a35.00<\/li>\n<\/ul>\n<p>Not too bad, but some room for improvement. The following week was far more pricey to the point where I might need to have a serious word with myself. See what you think:<\/p>\n<ul>\n<li>10<sup>th<\/sup>: Exhibition at Barbican plus lunch, \u00a314.00<\/li>\n<li>11<sup>th<\/sup>: Groceries, \u00a33.85, coffee, \u00a32.80<\/li>\n<li>12<sup>th<\/sup>: (no-spend day)<\/li>\n<li>13<sup>th<\/sup>: Pop-up restaurant evening including drinks, book and tip, \u00a374.75<\/li>\n<li>14<sup>th<\/sup>: (no-spend day)<\/li>\n<li>15<sup>th<\/sup>: Firedog restaurant, \u00a313.00 (half price food), gig at The Water Rats, \u00a36.00 entry, two drinks, \u00a39.00<\/li>\n<li>16<sup>th<\/sup>: Tea and patisserie, \u00a38.00, free cinema screening, bar food and drinks, \u00a321.85, supermarket groceries for next week (including dinner party), \u00a349.43<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h1>Analysis of spending, and places I could cut back<\/h1>\n<p>Here\u2019s a collated breakdown of the discretionary spending, in simple categories:<\/p>\n<ul>\n<li>Groceries: \u00a363.08<\/li>\n<li>Tea, coffee, cake: \u00a316.40<\/li>\n<li>Tickets, entertainment: \u00a333.00<\/li>\n<li>Web hosting, software: \u00a312.04<\/li>\n<li>Clothing: \u00a33.37<\/li>\n<li>Restaurants &amp; bars: \u00a3170.95<\/li>\n<\/ul>\n<p><strong>Grand total<\/strong>: \u00a3298.84 for two weeks, or a weekly average of \u00a3149.42. That\u2019s a lot more than I thought I was going to spend!<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Where and how could I cut back?<\/strong> That depends on whether you\u2019re looking for easy savings and quick wins, or very strong savings \u2013 I\u2019ve gone somewhere between those two extremes for balance:<\/p>\n<ul>\n<li><strong><em>Groceries<\/em><\/strong>: Serve cheaper food and wine at dinner parties, shop at budget supermarket half the time, keep growing own fruit and vegetables, doing meal plans and taking advantage of offers \u2013 I think I could cut this fairly easily by about a third though (\u00a310.51 weekly save)<\/li>\n<li><strong><em>Tea, coffee &amp; cake<\/em><\/strong>: I sometimes meet people for coffee to save on going out for wine or a meal, so I wouldn\u2019t want to cut this to zero, but no more patisserie for a while (\u00a34.00 weekly save)<\/li>\n<li><strong><em>Tickets, entertainment<\/em><\/strong>: While we\u2019re pretty good at finding free or cheap things to do, we could go to fewer gigs (\u00a313 weekly save)<\/li>\n<li><strong><em>Web hosting, software<\/em><\/strong>: I could cancel one of these or shop around for a better deal (\u00a33.01 weekly save)<\/li>\n<li><strong><em>Clothing<\/em><\/strong>: I have a low spend on clothing anyway, and probably won\u2019t be cutting that back to zero realistically speaking (\u00a30 weekly save)<\/li>\n<li><strong><em>Restaurants &amp; bars<\/em><\/strong>: We had six meals out over the fortnight which is more than usual and definitely an opportunity to cut back \u2013 no more pricey pop-up restaurants this year for us, that\u2019s for sure, and I\u2019m definitely cutting back on the drinks as well. Meanwhile, when we do go out we can look for voucher codes and soft launch discounts more often (\u00a347.00 weekly save, easily)<\/li>\n<\/ul>\n<p>So those are quite a few places where it would be almost completely painless to save money, and that would easily add up to \u00a377.52 per week, \u00a3335.92 per month, or \u00a34,031.04 per year. You could be stricter with those changes and save far more too. Okay, the last two weeks don\u2019t accurately represent our average levels of spending in many categories, but it still gives you an idea of many of the opportunities that exist for cutting back.<\/p>\n<p>Many of us could focus and plan our spending a little more efficiently, and free up some extra cash for saving and investing without a huge amount of effort.<\/p>\n<p><strong>Why not try monitoring your outgoings for a fortnight or more, and look for a few areas where you could cut back to help reach your long term financial goals?<\/strong><\/p>\n<p>&nbsp;<\/p>\n<h5>Full disclosure: Post created in association with Scottish Friendly. All words and thoughts my own, there has been no editorial interference.<\/h5>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Putting money aside on a regular basis is one of the best ways to build up your net worth over time \u2013 but where are you supposed to find the money for this? While it\u2019s not possible for everyone, many of us who don\u2019t currently have savings and investments could start to build them up&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14641,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[570],"tags":[],"class_list":["post-14639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-promotions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>My 2-week spending diary &amp; analysis &#8211; Penny Golightly<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pennygolightly.com\/2-week-spending-diary-analysis\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"My 2-week spending diary &amp; analysis &#8211; Penny Golightly\" \/>\n<meta property=\"og:description\" content=\"Putting money aside on a regular basis is one of the best ways to build up your net worth over time \u2013 but where are you supposed to find the money for this? 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