Grace Carnegie-Brown, 66, is married with a grown-up son and lives in West Sussex. She’s the co-founder of The Country Wives, a lifestyle website for women over 40. Here, she shares her spending over the month and finance editor Kalpana Fitzpatrick analyses her habits.
MONTHLY INCOME
£4,886.02 (including freelance work and state pension)
Her spending highlights:
Week 1 TOTAL SPEND £812.24
Cleaner: £40
Theatre tickets: £150
Night in a hotel: £246
Week 2 TOTAL SPEND £668.87
Tesco shop: £102.90
Wine merchant: £51.12
Gardener: £60
Week 3 TOTAL SPEND £257.73
Birthday gift for friend: £31
Pedicure and tip: £43
Week 4 TOTAL SPEND £556.05
Hair colour: £168
Waitrose shop: £31.21
Tesco shop: £34.42
TOTAL OUTGOINGS
£3,338.34 (including £638.45 mortgage and £405 utilities)
GRACE SAYS:
‘My two spending weaknesses are the supermarket and the garden centre, they’re like sweet shops to me! We’re having building work done at the moment, so I’ve stopped planning our meals as I used to and I’ve definitely ended up spending a lot more on food. I often overbuy, although I don’t waste food because I freeze a lot.
The only thing I sometimes feel a bit guilty spending money on is my hair. I have it highlighted regularly, which is expensive and, because it’s short, I have it cut every four to six weeks. I justify it because I feel much, much better if my hair looks good! I’m definitely a spender not a saver, and I believe in buying the best.
'I'm definitely a spender not a saver'
Having said that, I always know how much is in my account.
I still remember the awful feeling I had as a young woman when I was in my first job and went to the bank to get some money out. I was told I was £9 overdrawn and just burst into tears! I couldn’t bear to be in debt and that’s something that’s really stuck with me throughout my life.’
What I learnt: ‘Keeping the diary made me aware of the fact that I don’t save regularly. I have a nest egg, but I’m not adding to it. Instead of spending on meals out or theatre tickets, I’m going to start making a concerted effort to put something away every month. Some months it might only be about £50, but at least it’s a satisfying thing to do and can soon add up.’
KALPANA SAYS:
◆ Maximise savings
Grace is really missing a trick by not saving regularly. A stocks and shares ISA should give her a stronger return potential, as long as she doesn’t need that money for five years, ideally 10. That said, for short-term savings, a deposit or fixed-rate account is ideal. Shop around for the best possible interest rate at comparethemarket.com or moneysupermarket.com.
◆ Save on beauty treatments
One of Grace’s biggest expenses is beauty treatments. She could save up to 40% using beauty booking site treatwell.co.uk.
◆ Meal plan
Finally, she should definitely go back to meal-planning, as it’s a surefire way to stop overspending on food.
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