Need a kick off someone!!!

Tink_04

Ok Phew i just dont know where to begin today i cant find any more paperwork so going to have to write off or call some places up! the APR is still a mystery - i feel so deflated as just feel like i have no plan - ill try and answer some questions about the SOA - the home insurance renewed yesterday is there anything a can do about that? the money for birthdays and stuff is what i save with work for vouchers for xmas but i have no plan for anything else at the moment - i dont know what to do with my money or how to organise it - sorry but i thought id feel better but i just feel lost in all this now!!!!

foxgloves

Hi, It's a really positive start just getting SOA started and wading thorugh all the paperwork. When you've sorted out a budget and are feeling stronger, I think it would be a good idea to come on here or Old Style board and get some ideas for Christmas presents which don't cost a fortune. Or, even, (I know it seems difficult) come to an arrangement that you will only buy for children who are very near relatives, or even just your own children. Depending on your beliefs, Christmas is a Christian, pagan or just a nice old family festival, it shouldn't be something just be endless ker-ching for the cash tills that throws hard-up families into more debt because of the pressure to buy gifts that they can't afford. It needs more brave people to admit that it's now reached silly proportions and to try & tackle it differently. This is the 3rd year running that I have not started the new year in big overdraft because of overspending on presents. I don't think anyone has even noticed I've cut back, to be honest, which shows what a waste of money it was in the first place! Anyway, we can help with Christmas later, in the meantime, I wish you all the best with getting your budget straight. Once you have mastered that, it's a skill for life and you feel in control at last.

Tink_04

ive just opened a new bank aco!!!! not sure what to do now - my debt is with halifax so opened 2 natwest step accounts as i want one for my bills and one for my money but im not 100% sure what im doing still - how do people organise there money? think thats why im struggling as my money is all over the place but just cant find out where to start!!! please help im so confused!!!!

[Deleted User]

Hi Tink_04,

If you are using two accounts have one as your personal account, and the other a billing account. Get your income to go into the first and set up a DD from this account to the second account (billing account) on the day you get paid/day after for exactly enough to cover all bills and essentials (rent/mortgage, ctax, utilities, bus/other transport, and groceries [basically all essential and regular bills - so you could also include DD's for minimum payments to any debts you have]), To include groceries here you need to have a budget and be able stick to it - so if you're not used to having a budget for groceries be carefull that you leave enough in this account to cover, and don't go into the red.

What is then left in the first account is for your own use- ie, pay extra off debts, transfer to a savings account (if you can afford it/for emergencies/enough to cover irregular bills or yearly expenses (MOT/car insurance etc) if you can and want to), do fun shopping and any entertainment - basically all non-essential shopping.

HTH

Tink_04

Thanks foxgloves and Domino9 i just feel a little overwhelmed by everything at the moment and a little unsure so its nice to know there is people out there to help - i now have My account (where my wages will go) a joint account (where all the house bills come out me and OH both put money in to cover these) my 2nd account ( where my bills mobile/cc/loan come out ) then once i have transferred all the money to where is should go what is left is mine - i also have a savings account which i may get to use one day!!!! so that is as much as im doing this month re money and accounts i will see how i manage that then maybe next month join a challenge - i dont want to seem silly but if i do too much ill fail and i need to move loads of bills around at the moment so taking it slow!!!

Ok XMAS you will be pleased to hear that after last xmas i said enough is enough and i have bought all my cards (50% off) wrapping paper (9p in asda sale from £1) and tags (still got off last year) im writing a list of people i must buy for and set a budget and im going to start shopping now for it - just a shame people have birthdays too or id be sorted!!!

Tink_04

oh and i forgot im saving £20 a month with work for vouchers for xmas!

foxgloves

If it helps, I've just done a post to Tomato's query in which I've set out how I organise our money/budget each month. It might sound basic, but we've paid down a lot of debt, so it must work, as we used to be pretty hopeless with money.

Tink_04

Thanks that really helped - needing notebook and calculator now!!!!

Tink_04

Could just cry!!!! im so stupid ive just been sorting more papers out and realised the reason im paying so much on my loan is because i haave a massive amount of PPI added on to it £2096.84!!!! im so stupid ive let this go on so long and had my head in the sand i wont even look at the papers then realise ive just been such an idiot!!!! i cant do this its too hard - i dont know where i am and dont know how i can fix this!!

Tixy

Hi Tink

Sorry you are finding it tough but I'm sure you can do it and can deal with it.

With the PPI - first think about whether you feel you need it - and if its good value. If you don't then you could look at whether it may have been missold - its not an area I know a lot about but there is a section on MSE about it you could have a read of Reclaim PPI & Other Insurance and a forum section where people might be able to advise - Di is very good. Even if it was not missold you should be able to stop the PPI payments going forward and see either a decrease in the balance or in the monthly payments.

I know it feels overwhelming at the moment but it really is a case of just working through things one by one. Maybe write out a list of bullet points of things to do and then work through them all and tick them off as you go. So looking at the PPI could be the first item, calling up suppliers for cheaper deals can be another, start a spending diary etc etc.
Do you have online access to all your bank accounts? if not then I would suggest setting that up and getting into the habit of checking them at least a couple of times a week.