Would love some help and advice please

Mandamoo_3

Hi there

I have lurked around in the shadows of these forums for some time now but having seen how kind and supportive people are, I am looking for some advice.

I had my LBM last March and have been on a DMP since then. I am a student nurse (aargh) and also work. My main question is I feel like I am still being quite wasteful with the money I have each month. I am struggling to budget as I have money coming in, in dribs and drabs ie
Bursary 3rd Fri of month
Child Tax 4 weekly
Child Benefit 4 weekly
Wages 24th month
Child Maintenance 28th month.

I always feel as if I cannot get my money in order because it just feels like its all over the place. Does anyone out there have any tips please? I feel I am at a point that if I was more careful i could pay extra into my DMP and therefore get out of debt a little bit quicker.

Thank you all in advance and sorry if this post is a little bit rambling

daviesalie_2

Hi Mandamoo, I'm in the same boat, weekly, four weekly, monthly, etc. What I find works is allocating a set amount of your weekly money to certain bills, use your 4 weekly money for food shopping, etc. Most important thing is to get it all down on paper, know what's coming in and when, and try to stick to what you've allocate it to. I also use two current accounts - one for my direct debits/standing orders and the other for food, petrol, spends, etc. That way you can transfer money weekly, 4 weekly, etc, into your Direct Debit account and know they're all covered. Does that make sense? I know what I mean in my head, but putting it into words isn't so easy lol.

Here's an example of how I work out my money.

Weekly £105:-
Overdraft Interest - £5
Child care - £60
Food - £40
(Transfer the OD Int and Child Care straight into your DD account ready to pay at the beginning of the month - leave the £40 for food in your usual account)

4 weekly: £75
Car Insurance £25
Petrol (for 4 weeks) £50
(Again, pay Car Ins straight into DD Account ready for the beginning of the month - and keep petrol money in usual account)

I get my wages paid into my Direct Debit account and I know that the DDs are covered and anything left gets paid off my card.

Or alternatively and probably easier, get everything paid into your Direct Debit account and transfer out enough to cover food, petrol, spending money, etc. I do tend to complicate things for myself lol.

Mandamoo_3

Thank you so much, that sounds like something to try, I just always seem to holding out until the next amount of money comes into my account!

Mandamoo_3

Thank you Hannah, it is a real juggling act isn't it? I don't write anything down so am thinking that is the way forward. I am beginning today to put together an excel spreadsheet as well. I'm not complaing but DMP seem to have been really generous in some areas of budgetting and I am convinced that if I can get to grips with a weekly amount than I should be able to top up what Im paying them.

PS I quite like spiders:rotfl:

Mothermercury30

Mandamoo wrote: »

Hi there

I have lurked around in the shadows of these forums for some time now but having seen how kind and supportive people are, I am looking for some advice.

I had my LBM last March and have been on a DMP since then. I am a student nurse (aargh) and also work. My main question is I feel like I am still being quite wasteful with the money I have each month. I am struggling to budget as I have money coming in, in dribs and drabs ie
Bursary 3rd Fri of month
Child Tax 4 weekly
Child Benefit 4 weekly
Wages 24th month
Child Maintenance 28th month.

I always feel as if I cannot get my money in order because it just feels like its all over the place. Does anyone out there have any tips please? I feel I am at a point that if I was more careful i could pay extra into my DMP and therefore get out of debt a little bit quicker.

Thank you all in advance and sorry if this post is a little bit rambling

Hi there Mandamoo.

I SOOOOO understand how you are feeling-let me explain, and hopefully make you feel a little better.

I too am a staff nurse, and it wasn't that long ago that I was a student nurse, either! It was tough work, and although my wife was bringing in a wage, it was still bloody tough. I got married within three weeks of starting my training, and my child was born slap bang at the start of year 3; to cap it all off, the child tax credit idiots underpaid us to the tune of £2700.

As you can appreciate, debts mounted- and not through recklessness. I was borrowing money to survive, also bringing up 3 stepchildren with my wife (Gosh looking at this, I'm amazed we all came through it!), but never really did anything to stop the waste, but to be perfectly honest, I firmly believe that had I taken a grip of things, and had my "Light Bulb Moment" in 2004 or thereabouts, I wouldn't be in debt management now, or rather, I would be, but with a hell of a lot less debt.

Maybe the first thing to do is talk to the college counsellor or your personal tutor, and organise a day or two off, to go through the finances with a fine toothcomb. If you tell them this is going on, they will be sympathetic.

Secondly, you need, if at all possible, to organise all your expenses (Inc. the DMP) to leave your account at the end of the month, so that your dribs and drabs have the time to accumulate.

Thirdly, why not, after you've taken the time to assemble a FULL statement of expenditure (You'll find lots of help on this site), post it on this forum, and let the converts rip it apart for you? Martin Lewis is on here, saying something along the lines of "There's nobody worse than a convert"- most if not all the people making their way around "Debt Free Wanabee" are in debt, so they will be able to suggest ways you can save and cut the budget.

I have just entered into a new DMP with Payplan after being totally ripped off by a debt management company. This made me very miserable and depressed, but instead of moaping about, I have my "dfd", contacted paypan who were very helpful, and despite the fact that the next four or so years may be tight, I have a debt free date in sight. This forum is really helping me, and keeping me motivated. You've arrived at the right place. Keep us posted as to how you're getting along.:rotfl:

Mandamoo_3

Thank yo so much Mothermecury I am attempting to do a SOA now to let everyone have a look. Well Done on becoming qualified, it seems a very long way off for me

I shall keep you posted and thanks again for the message of support

Manda

Mothermercury30

You are very welcome! And the training goes quickly, trust me!