Am I mad to want to be a Debt Free Wannabe whilst on income support?

Ames

Be careful with a monthly SOA, I've always got into trouble with it because it looks like I have more money than I do most months, so things always got tight. Now I do a four weekly one, then on extra pay months I've got a bit spare. It means doing a new one every four weeks, but it's the way that works best for me.

Memory_Girl

Kay.Samuels wrote: »

Hi memory girl think I cross posted with you there. I have had colour in and tick charts in my kitchen cupboards before when dieting so think I will do that! :rotfl:

I have also just written out my budget in weekly format so I can plan my money better and am thinking I could draw cash out on a Wednesday for example, pay bills, do grocery shop, and then cash after that can go on debts. Is this what you do?

Yeah!! Its exactly what I do. I operate on a cash-only kinda basis -with different tins for saving up for different things like big utility bills.

I find thatin my head it's easier to think - "I've blown the food budget for the week, no more spending for 3 days, use up whats left in the cupboards"

than a

"oops!!! overspend!! no more spending for 2 and half weeks:eek:.

Good luck and keep us posted

Memorygirl

SuzySu

Kay.Samuels wrote: »

Does anyone know if NPower would consider a payment plan for me to pay the bill from my old house? Would be more manageable than trying topay £200+ all at once. I think I will give them a call too on Monday.

Yes they should Kay....I owe a similar amount to NPower and they are very happy for me to pay £10 a month. Having said this, I had not made any payments towards this debt for quite some time, but at least they don't charge interest!

Good luck and let us know how you get on tomorrow.

Ames

Npower let me pay an old bill back in installments, I think it was £10 a month. They even sent a payment card to make it easier.

Kay.Samuels

Oh that's a relief about NPower, will definately call them Monday then thanks

property.advert

Ames wrote: »

Be careful with a monthly SOA, I've always got into trouble with it because it looks like I have more money than I do most months, so things always got tight. Now I do a four weekly one, then on extra pay months I've got a bit spare. It means doing a new one every four weeks, but it's the way that works best for me.

Very good advice. I count my month as rent day to rent day but I've built a spreadsheet which automatically adjusts to show what I have in cash, on my pre paid card, in the bank, in the Post Office, any vouchers I have etc. It also shows what I will receive before that rent day and shows what will come in the next week and within the next 2 weeks. That way, I know what there is and what there will be. My bills are done the same, accrued daily for things like water which I pay every 6 months.

Take child benefit. You are paid 13 times a year but if that £80 for the next instalment comes after the day you need it or if you average it to £87 a month, you can find it isn't there and if you are trying to run your spreadsheet or mental balance mirroring your bank account, you could find that you go overdrawn because of the differences in payment dates.

property.advert

If you can, get off prepayment meters as they are the worst rates you can get. If I didn't get the best deal for my electricity, it would cost me around 40% to 50% more compared to the worst and that saving is about £30 a month.

TV license - £24 ? really ?

I know you get other benefits but is the Income Support figure correct ?

I don't know if this is a practical solution for you but what about "forgetting" one of your benefits or having it paid into a new clean account where you don't have an ATM card ? Perhaps your Child Benefit ?

I do this and try to live without it, knowing it is there, but budgeting on the other income I have.

Best of luck.

Kay.Samuels

That's a good idea seperating my child benefit I may well do that thanks for the tip.

I can't switch off my prepayment meters yet, but when I renew my tenancy agreement in 12 months and landlord is happy I am reliable he will let me change to normal meters, I am happy with this as they (landlord and estate agent) were very helpful in getting me moved in, waivering fees and deposits. I have switched to cheapest prepayment supplier which will go through soon hopefully onto Ebico.

TV licence shocked me too, apparently I am having to pay for TV Licence fo this year within6nths, then after 6 months will hve to start in advance on next years! I asked if this was the same if I paid by DD rather than payment card and they said yes the same! :mad:

Yes I am worried about being caught out by payments going out before benefits come in, I'm ure I will soon get into the swing of things and know what's what.

I have done my debt chart in boxes of £10 each and stuck it in my cupboard - I would be amazingly proud ofmyself if I can approach xmas 2010 and be DEBT FREE! :j

Kay.Samuels

Oh,the income support figure is correct, it is lower as carer's allowance is classed as income and knocked off my income support.

Ames

It's right about the TV license, it's pants though! At least it'll come down in 6 months.

For clothes, check out ebay, charity shops and car boot sales, also freegle. I wear monsoon clothes at primark prices because I buy them all on ebay. If you're a 'normal' size (I'm plus size) then charity shops and car boots are great. Even I've had a few great bargains from charity shops though.

For entertainment, check out the grabbit and freebie boards on here. There's often free cinema tickets to be had, and other good deals. I don't know what his disability is, but there's currently an offer for bowling for 1p, possibly not good for him though. You can often get free triels for dvd rental clubs, where you watch them at home and send them back. Again, check out freegle, people often give away games and things so you could have a games night in, do a home made pizza or something.

Sorry I'm not too good for the ideas, I don't have kids and doubt they'd find my social life (book clubs and cheap theatre tickets) very fascinating!