The grand plan for Catzpaws ... can it be done?

Catzpaws

Fire_Fox wrote: »

How joint to you want to be? Some people are happy to put their wages into a single joint current account, then spend from that as required, others do the same but both draw a modest amount of 'pocket money' into their own accounts for agreed non-essential spending (boys toys, clothes, magazines, etc.), others prefer to maintain separate money but the male puts more into the joint account than his partner whilst she is on maternity leave ... you already have a joint account so you are halfway to wherever you want to go.

Banks will often do a lot of the legwork of switching wages and direct debits for you BUT it's wise to check internet banking daily whilst the process is going through. Ask your current account provider if they offer a switching service and if they will waive any charges for a given period (A&L do for example). I would be inclined to move all standing orders and direct debits to right after payday so that you can't spend money 'earmarked' for a particular debt
.

To do this properly, for us, I think that it would be best to have one joint account and then have 'pocket money' siphoned off to our own accounts monthly. Wow, never thought I'd want that!

Previously, the thought of doing this was quite scary (losing independence), but I think it would be sensible to join things up now. TBH, we mainly spend money on stuff that we do together in any case...

I will check with Barclays to see what I need to do. OH has agreed this is a good idea. Great, I love decisions getting sorted! Good tips about the switching.

Catzpaws

Oh, had a really lovely day walking dog with OH. Managed to run back to the car when it started raining... crazy weather.

Took a picnic (very moneysaving) and only spend today has been on two bottles of ribena and a bottle of wine. £6 for a fab day. Not bad :-)

Ah, and an Aldi has opened up within walking distance from the house. Ridiciously excited... bit sad really!

Snowdonlily

Hi Catzpaws........good luck with your diary and saving for a baby. I'd been thinking about starting mine for ages before I plucked up the courage. Its amazing how much better you feel when you've come clean and laid it all down in black and white and you know you're doing something about it.

This is the first time I've ever posted anything anywhere and I'm already hooked.!

Catzpaws

Dear Diary

Today, my plan is to have a NSD. :money:

Sadly, OH and his rubbish teeth will be spending (again) at the dentists. Ah well, he can't exactly allow them to rot away.... I suppose :p

Driving into work today, I have been thinking further about what I/we want to achieve - whether the aim is to become totally debt-free by the time we have the baby. Or, whether we just want to reduce them significantly.

Looking at the figures, unless it takes a very long time to fall pg, I think it'll be pretty hard to pay off £27k in these kind of timescales. I'm sure some of the MSE diehards might be able to do it (fair play). But, I know my limits...!

So, my top priority ones are:

To pay off credit card by August 2010 (or earlier)
To pay off student loan by Feb 2010 (when this is due to finish anyway)
To pay off A&L loan in July 2010 (by downgrading car next year to free up some cash)

I have a holiday in a couple of months, so will be saving for spends for that. OH put the whole holiday on his credit card (which accounts for the inflated balance), so I need to give him some cash for that soon too. This has been hard to do as my monthly salary was down last month due to being off sick.... :mad: Still sore about that one!

On the subject of changing banks, I rang Barclays (as much use as the proverbial choc teapot/fire guard) and HSBC. I *think* that I need to go into a Barclays branch and get them to help. A trip into town this Saturday, I think.

Also, I want to [STRIKE]get[/STRIKE] encourage OH to buy into this financial planning/budgeting malarkey more. He admits he makes like an ostrich when it comes to finances - which can be pretty frustrating as this is for our future, not just mine! I've suggested that we have a 'meeting' once a week to keep on top of stuff - which he's said he's happy to do. Any tips/suggestions welcome.

CP x

Catzpaws

Well, just a good thing I'm nosying through paperwork at the moment. Looks like OH's credit card is reverting to the standard APR next month. Interest will be £85 per month :eek:.

Need to find a new card... hope there is something suitable out there... I know we've both had lots of different cards over the years

Okay, have done the snowball calculator and it tells me that I will be debt free in 39 months (more or less). That's November 2012. <sigh> Will need to update my signature to say this. Of course, that's based on two incomes coming in.... sooooo, need to take advantage of having 2 incomes while it lasts...

CP x

Catzpaws

Another day closer to payday. Woo hoo! I'm currently running close to my O/D limit, so it will be GOOD to get paid.

I've arranged to go into town this weekend with OH to sort out bank accounts. Hopefully once we've pooled together things a bit more, we can keep a closer eye on what's going where. It's ridiculous that we've racked up so much debt. The more I think about it, the more I feel angry with me/us for ignoring our mounting debt and think it'll sort itself out. :mad:

OH's work will be announcing redundancies soon. This is the second lot (he survived the first lot). Was really worried last time, but, for some reason, surprisingly calm this time. Figured it's kind of outside my control - kinda have a different perspective on this now since the ectopic pregnancy.

On the money front, another biggie has cropped up: my sister's birthday. Her husband has booked a surprise weekend at a cottage in a couple of weeks. We've been included in the booking - think it'll be £150-£200 in all. Then, there's present (£33) from me and one from OH (about £20). We also owe OH's dad £90 for his big birthday celebrations.

For the next few months, I will need to exercise better self discipline as we're supposed to be saving for our holiday. I probably sound very extravagent with all these weekends away and a holiday, but we go on holiday every two years. It's weekends camping generally the other times. It's the many birthdays and occasions that seem to cost a lot of money. That's the thing of big families - lots of presents and celebrations.

CP x

Lemon_Tree

hi catz and welcome to the boards, just one quick question, as you're joining finances with your OH why not join gift giving? To be honest if i had to pay £150 - £200 for accomodation for my sisters birthday she would be getting a bar of chocolate or some such. I wouldn't be able to afford that and then a gift from me and another one from OH. Maybe this is the time you draw a line in the sand and go with joint pressy's. Just and idea which you're free to ignore
sorry to harp on but as you've got a big family maybe you need to sit down with everyone and agree on spending amounts or buying for children and not for adults, you can easily explain you're saving to cover smp if you didn't want to mention your debt and i'm sure they'd all understand, and if you didn't want them to know you're trying for a baby you could cite possible redundancies and wanting to get some savings behind you incase of OH losing his job.

ZiggyStardust_2

I agree, I'm sure people would expect a gift from the both of you as a couple anyway and would be very happy with this

Catzpaws

Lemon_Tree wrote: »

hi catz and welcome to the boards, just one quick question, as you're joining finances with your OH why not join gift giving? To be honest if i had to pay £150 - £200 for accomodation for my sisters birthday she would be getting a bar of chocolate or some such. I wouldn't be able to afford that and then a gift from me and another one from OH. Maybe this is the time you draw a line in the sand and go with joint pressy's. Just and idea which you're free to ignore
sorry to harp on but as you've got a big family maybe you need to sit down with everyone and agree on spending amounts or buying for children and not for adults, you can easily explain you're saving to cover smp if you didn't want to mention your debt and i'm sure they'd all understand, and if you didn't want them to know you're trying for a baby you could cite possible redundancies and wanting to get some savings behind you incase of OH losing his job.

The accomodation is £100 for both of us. I think it'll be another £50-£100 for both of us for food, drink, celebrations, etc. etc. I was torn between going and not going as I'm a little skint at the moment (hence diary!). TBH, I explained that I was really watching my pennies to my sister's OH and was planning to let him know whether we were going or not at the weekend. Then, he went ahead and booked it anyway (had to book it before it got booked up). After this, I could hardly say no! He said that I can just pay back at any time. Anyway, the decision was then made :rolleyes:

Re: the prezzie... well, this is actually a present from my sisters and myself. As they're both single, I felt it was a little 'off' to just include him in on it - especially as everyone gets him separate presents.

I sound like I'm making excuses, don't I????! I think this is a big part of the problem. We feel we 'ought' to do/buy stuff for our close ones - I feel mean/tight if we don't. <sigh>.

Am I burying my head in the sand?

ZiggyStardust_2

Catzpaws wrote: »

I sound like I'm making excuses, don't I????! I think this is a big part of the problem. We feel we 'ought' to do/buy stuff for our close ones - I feel mean/tight if we don't. <sigh>.

Am I burying my head in the sand?

No I understand that, I could never not buy for my close family. It does get really difficult knowing when to stop though. And the weekend thing is annoying... This happened to a friend of mine recently, said she'd think about it and ended up being booked in (spa weekend) which was £100 then food and drinks added on top... I think people get carried away wanting loved ones to be there but it's tricky if you're trying to save money