How Do You Do It??

Belnahua

I have 4 accounts that I juggle.

When I get paid I shove a small amount into a saving account at another bank. (£50)

I then shove another larger amount straight into an ISA (these 2 were the ones that cleared the debt, but now free to be used for savings). These are done by standing order so it's gone before I see it!

I let all the bills go out. Most arranged to go on the 1st.

I then shove all but a couple of hundred into a savings account at the same BS where my current account is held. This is the emergency "I need money now", but as it's not in my current account, somehow psychologically I don't see it when I withdraw cash, so it's hidden in a way! And I have to login to transfer it.

Then at the end of the month, provided there's been no extensive credit card expenditure (car repairs etc), the left over also goes over to the ISA.

This was I see a savings account (instant access for dire emergencies, but the card is locked away) and an ISA slowly build up (or previously, debts deminish), and don't see lots of cash in my current account to go mad with.

mintymoneysaver

Why don't you show us a statement of affairs ( see sticky) and we'll see what we can help you with.
Belnahua, I like the idea of sticking a little bit in savings straight away. I allow myself £300 spending money and probabaly do fritter some of it away, if I even put £25 in savings it would help...

eagles74

Having seperate accounts for things is a great idea. And the thing about all bills going out on the 1st of the month is so simple, but i hadnt thought of doing that, but it would make things easier. Just one lot of payments. So simple, its genius!!

I have kept putting things off cos i thought it was too complicated and i dont have a good finanical head, but everything you all have said is common sense and great advice.

thank you.

delboypass

Hi

why dont you contact CCCS or Payplan and get yourself on a DMP

Then it will allow you to cease all interest payments and set up a payment that you can afford..

With that going on it will allow you to establish a working budget...

Then if you take on 2nd job, it will allow you to save a lump sum and perhaps start to offer full and final offering to your creditors and allow you to snowball your debts...

If you go for Payplan they will set up a website to keep track of your creditors..so allows you to easily track them...

Probably aim for 60% full and final although some may be higher some may be lower...

so the plan would be to:
1/ Get on a DMP (if you want)
2/ Establish a working budget + post your SOA (statement of affairs here for people to give advise on) if you like
3/ Earn additional income over top of budget and smash debt apart either by snowballing / full and final or your own methods to kill debt..

good luck..

OliveOyl_2

A DMP as far as I know is not a step to be taken lightly.
It will affect your credit rating.

If you can afford your repayments then pop up an SOA and get more informed advice

eagles74

I am going to work on my soa in the next couple of days, it will be a good excuse to sort out my paperwork and be a reality check!

I will look into contacting payplan, see what they say.

I have 2 jobs at present but will look at all other ways of bringing in more income.
It is normally all or nothing with me, i will throw myself into this. I have made this site my home page so i have no excuse!!