It's a little scary but I've finally done it

poorbabe

Having been in debt for decades I'm finally doing something about it, step by step. I run down food supplies before buying more, I've discovered the joys of vinegar and stardrops, nuts and microfibre cloths. My impulse shopping, whilst not completely tamed (I'm not an Aquarian for nothing *lol*) is so much better than before.

Now I've decided to take another step in money management and have opened another account with my bank so any money left over from bill payments is moved into it to last me til the end of each month (this includes food shopping etc). I transferred £150 into this account this evening and I'm already fretting that I can't do it and will have to use the overdraft facility on my main account near the end.

Lord help me!

KTF

If it looks like you are going to use the overdraft then you shouldnt be moving the money over to the savings account imo.

poorbabe

KTF it isn't a savings account that I've moved the money into, it's another bank account that I've opened specifically to help me see how much money I have left after all the bills etc have been paid.

The overdraft has been useful at times and I've slowly whittled down the number of times I've dipped into it, but recognise that I might need it at some point this month til I get used to my new regime.

dchurch24

It might be an idea to leave, say 10 to 20 quid in the overdraft account over the top of your bills.

That way, it's there for an emergency if needed, and if not, then it will slowly but surely reduce your overdraft and subsiquent overdraft interest.

I just wish I could do the same, but I've very rarely got any money spare after paying all the bills!

poorbabe

That's not a bad idea Dchurch. I'll do that.

Now, if only I could squash my desire for TWO pairs of shoes (different colours) that I've seen in Next @ £16.99 each. I don't need two but but that's not the point!!

yung

poorbabe wrote:

That's not a bad idea Dchurch. I'll do that.

Now, if only I could squash my desire for TWO pairs of shoes (different colours) that I've seen in Next @ £16.99 each. I don't need two but but that's not the point!!

Temptation Temptation, ask youself these question:
can you afford it ?
do you really need it?
are you going to use it and how often?
if the answer is no to anyone of those question forget about it.
since that your trying to sort yourself out with debt you need self discipline.