Hypno's approach to life, the universe and debtbusting.....

Karmacat

Good luck to all the exam parents.... Hypno, I understand now what you mean about repayments on the "basic" wages .... is there a plan coming on???

turfy6

Morning everyone damp here too! It looked like it would be an improvement on yesterday but maybe not. Off for a cuppa and catch up.

hypno06

Karmacat wrote: »

Good luck to all the exam parents.... Hypno, I understand now what you mean about repayments on the "basic" wages .... is there a plan coming on???

I think the "plan" would be to accept that if no extra money comes in we have to make do with basic payments and be grateful that we have paid off what we have done already.

My SOA based on basic salaries (no second job etc) shows that after minimums ONLY ie no overpayments at all, we have £574.89 to cover all petrol and food for the month.

This should be do-able, but would be rather tighter than I would like, and of course makes absolutely no provision for any overpayments.

That means that although no overpayments are made, so the DFD extends by a month or so, that is not the end of the world, and as long as we can get through the lean times with a bit of care and effort, we have to be content with that occasionally!

Of course, any mystery shopping, ebay, scratchies, dooyoo etc will then either go to overpayments or will ease the tightness of the SOA.....

So, still balancing carefully on a wire......but in a much better position than we would have been 12 months ago, and very grateful that we both have something coming in........

No option to take my eye off the ball and let up though!!

Double_Trouble

My son got into Cardiff to do a MSc in Electronic Engineering I am one very happy Mum.:beer::j:beer:
Best wishes for all those waiting for results

DTXX

Verbatim

Well done DT's son!

turfy6

Hi Hypno, just wondering what with all the talk of the different bank accounts what do you do re emergency fund etc. I have for the first time ever €250 in my first ever pot. Would you separate them all into different pots i.e. haircuts, birthdays etc or just keep one pot?
I think that was just another lbm;)

edinburgher

what do you do re emergency fund etc

I'm not as helpful as Hypno, but what I've always done with envelope budgeting/piggybank budgeting is to find an instant access savings account that makes it easy to open new accounts and also offers a reasonable rate for my emergency pots to earn.

I currently use the Intelligent Finance iSaver (4 pots) as well as their ISA. All can be opened online, the interface is fairly intuitive and unless it's changed recently, it was rated the top 'clean' account on the MSE roundup of savings accounts.

turfy6

Thanks Edinburgher, but over here accounts seem to cost you to open, so I thought of keeping the cash at home IYSWIM. Even my current account has a government charge annually.
Have the option of course to pay it off the cc but I know as soon as I do that something will come up that Ive not budgeted for, so Im trying to be sensible:rotfl:and have something in reserve even if it doesnt fully cover the expense.

taxi73

Well done DTs son...great news!!!
All other parents waiting for results.....good luck...
Hypno....what an improvement in your finances that you can now manage to pay the bills.I'm sure that's a fair amount per month for the rest of the stuff as you are a savvy shopper.I too did minimums for a couple of months.It's a credit to your hard work that your income now covers the minimums.Well done.

hypno06

Well done DT's son!

Fingers crossed for anyone else waiting for news.....

Will post more at lunchtime.....