How do I do this

jennpett

Hi

I am trying to sort my finances out and I am struggling with a few things and I wondered if you could advise me the best way to go about things.

My wage is paid into my partner's account, as I have a loan, credit card debt and an overdraft with the bank,(CAB negotiated repayments for these last year) but now we have run up an overdraft on partners account. How do I start to reduce this and where do I put it in the balance sheet. What I am thinking is, if I open various accounts as recommended, whatever is left will be for the overdraft, but that will not be a lot, and they may get twitchy and ask for it all in one lump sum, which I cant afford.

Ive looked at changing my Gas (supplied by British Gas) and Elec (supplied by Npower) and the best saving is from London Power on line. it looks like they send me bills, as opposed to email bills, which I want, but what I am not sure about is if I can transfer bills in my name, for payments from partners account? I dont know why but I feel nervous about messing around with my accounts, I am in credit with both Gas and Elec. but it took me ages to get there. On the other hand Im paying something like 900+pounds per year for this. I dont understand how it works, do I read my own meter and email them the readings?

To be honest, I havent a clue how to go about all this, The sad thing is Im a 52 year old woman who has never really grasped the nettle and dealt with my finances, but I think its about blooming time I did.

If anyone can just give me a bit of advise I would be very grateful.

Thanks for reading

xx

canny_yorkshireman_2

well stay posted on this site and you will sort out yer finances.
It looks to me as you are paying well over the odds for your gas and electric so sorting that out should be a priority.It does not matter what account you set up payments for but I would have thought that you would be well advised to sit down and work out all the outgoings and set up all the payments from 1 account it may even be easier to open another account alongside your partners for your wages and then manage both accounts for the bills etc.(this can be done with on -line accounts and is very easy to administer)Once you have sorted that the savings you should make can help to pay of the overdraft but as I say the best thing to do is not to spend more than you earn which is really why you have run up an overdraft so a little pain now should be gains in the future.
hth

skintchick

You need to do the budget planner at the top of the page - and if oyu then post it all here, we can advise on where you can save and what you shoudl do. But £900 annually on gas and leccy is massive! I pay £35 a month for both, so definitely swap.

Are you and your partner working together on this?

System

skintchick wrote:

But £900 annually on gas and leccy is massive!

Depending on your circumstances. I pay around £900 a year for my gas and electricity too. Theres 5 of us in a semi but we are a high tec family and living on the top of a hill doesnt help either cause the house is always cold. (At least i dont have to worry about flooding though.):snow_grin
I have shopped around and cant get it any cheaper. Mind you, i do keep looking.

magentadreamer

Your gas and electric does sound rather alot! You'll find that like normal you'll have someone come read the meters. Having the gas/electric in your name won't make a difference regarding who pays for it but your partner will have to sign the DD form

Have you looked at other stuff like household insurance/car insurance -you might be able to cut back there by shopping around.have you got the cheapest broadband? Also look at how much you spend on food/going out/sky tv packages etc it's amazing what you can cut back on without really feeling you are cutting back.

Good luck

inkie

Have a look on the old style board - lots of potential there to cut back on household/grocery expenditure etc, as this can make a bigger hole in the budget than originally anticipated. One of the things that you may like to try in the grocery challenge.

You've taken the first step in trying to sort this out by posting on here, and so follow this up by posting again with your details after doing the budget planner and I am sure there will be lots of useful advice to follow.