How do you all budget post BR

hunt85

Hi all I went BR on 3rd december 2010 and it now looks like i wont be having an IPA and i don't even think the nil tax code will be done in time for this tax year, so won't have to pay any of that either it seems (see my other threads) i've struggled through since december and i've been fairly proud of myself with how i've budgeted (i previously lived off credit for years and always used my massive overdraft) now thats all gone i only did a bit badly in december i under budgeted by £90 which my partner leant me and i paid him back this month after pay day. He is not bankrupt and has no debt and owns the house himself that we live in so i am very lucky. I just wondered how you all set a budget each month, as bad as it sounds i've never done it before! any advice and tips would be great, i've been worrying about my car insurance coming up in July if i'll be able to get a company to take me on to pay it monthly etc. thanks all

andyf1980

I'd say it's a definite work in progress for me. I'm still waiting to hear from the or as to whether I'll get an ipa but I suspect not.

I'm definitely better about my impulsive spending but am still not great about day to day stuff. I know I should stop buying lunch at work:(

As for going out, I'd say not much has changed. Probably only go out once every couple of months but this month will be twice in a week

I have (some) money in my bank account at the end of the month and that never ever happened before :j

IF

Hi hunt85, tigerfeet2006 thread is brilliant. It would be good if we all added our tips too.

Tips for post bankruptcy - Click here

Best wishes
If...x

MikeJO

We've been at it a few months now and it's working pretty well. We're giving ourselves a four weekly budget and going out at the beginning of each to do a big shop, buying offers from two or three different supermarkets, stocking up the freezer and the cupboards and buying any clothes we need, haircuts, birthday presents (token ones really) etc. Then I work out how much we've got left and divide it by twenty-eight and that's how much we have to live on day to day. Sometimes it builds up and sometimes we end up borrowing a few quid (luckily we don't charge ourselves interest).

The current state of affairs is that we have £63.50 to last us until Monday 7th (a day at a time). I know that for a fact. And it's plenty. I've not been this content for years.

andyf1980

MikeJO wrote: »

We've been at it a few months now and it's working pretty well. We're giving ourselves a four weekly budget and going out at the beginning of each to do a big shop, buying offers from two or three different supermarkets, stocking up the freezer and the cupboards and buying any clothes we need, haircuts, birthday presents (token ones really) etc. Then I work out how much we've got left and divide it by twenty-eight and that's how much we have to live on day to day. Sometimes it builds up and sometimes we end up borrowing a few quid (luckily we don't charge ourselves interest).

The current state of affairs is that we have £63.50 to last us until Monday 7th (a day at a time). I know that for a fact. And it's plenty. I've not been this content for years.

Content is an excellent state of mind and vastly underrated :cool:

alastairq

hi..to help 'manage' my regular outgoings...and keep them separate, I have two [Cashminder] accounts....one which has all DD's, SO's, and also takes regular bill money [which I pay manually...CT, water, etc....]... regular leccy money, plus, I place known petrol money into it as well......

The other gets my pay cheque, and...after a 'lump' is transferred to the account above, all that is left is food and incidentals...

Since the latter is my 'running' account, I find I don't spend anything which is unexpected, or not planned for.....

Yup, I have been to the knuckle this past month or two.....but I know that I'm within budget...daily online checks confirm that.

I get paid monthly, so don't have to balance between irregular incomings....

Anything surplus from either account at the end of the month gets potted for savings...for exmpl....money put aside for leccy or [annual] car costs....gets potted in one particular account.....other surplus gets potted elsewhere....often nottalottadosh, but hey ho, yer canna take it wi'ye?

As a starter, I'd suggest filling out MSE's budgeting tool?

It really is surprising how easy it is to 'forget' those small widget payments, all of which eat into the budget by the back door, so to speak.

Stick 'em all on MSE's tool, and it really is surprising how it adds up.....the tool is useful as it allows for weekly as well as monthly/annual payments...thus helping decide how much to set aside..[untouchable] each week or month....

I admit to struggling now...my pay won't increase [as a basic amount] due to government restrictions..[their pay isn't affected by these restrictions...funny that?]....there's always overtime, however, but it ain't a vast amount....I find that now, since MY pay is now under restriction, the actual 'work' value I give to the employer and customer, is now down to basic rock-bottom.....no more giving the benefit to customers, of my [vast, though I say so myself...but so did my employer]....experience and skill.....

no longer do I 'put myself out' to the benefit of customers and country.

hey, Mr Cameron...you are now truly...''getting what you're paying for'.....

Tupperware_Queen

I got paid yesterday, and like alistair, I pay DD's etc out of one account, and have 'spending money' in another, from which I pay food, petrol and any other incidentals.

the plan is, if there is anything left at the end of the month to transfer it to my credit union account....however this month there was only £3.42 left over!!!

Mind you, thats the first time for years there has been anything left before the next pay day, so its a huge improvement!!!

alastairq

however this month there was only £3.42 left over!!!

Mind you, thats the first time for years there has been anything left before the next pay day, so its a huge improvement!!!

OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOWH!

do I detect a 'treat' coming on?

[that would buy 3 boxes of tesco choc ices for the kids...in my house, that's one plain choc ice box, and two milk choc ice boxes.....should last almost a month....much nicer tasting than those from Asda or Morrisons.....]

Tupperware_Queen

alastairq wrote: »

OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOWH!

do I detect a 'treat' coming on?

[that would buy 3 boxes of tesco choc ices for the kids...in my house, that's one plain choc ice box, and two milk choc ice boxes.....should last almost a month....much nicer tasting than those from Asda or Morrisons.....]

bottle of saiinsbugs basics spanish rose, and a box of jam doughnuts!! :beer:

alastairq

you see......everything has its rewards in the end.....?

Other 'treats' I can think of, for that sort of money??

well...how's about downloading some music from iTunes?

Or maybe, a secretly-wanted DVD from Amazon?

Sometimes, popping onto ebay can yield a surprise?

All of which will be so much more appreciated, than when one simply went out and bought , in the heady days of credit-mongering?

dojoman

I use QUICKEN 2010, I find it brilliant, it has all my outgoings and incomes for months ahead and I know exactly where every penny is going/goes.