** Wish I was a money fairy **

mooomin

Housework*Fairy wrote: »

However I've not shifted anything to a separate savings account for Xmas / Care etc.. because I thought it would be better off not paying interest on what I go overdrawn on, if you know what I mean? I also haven't withdrawn any cash yet for the work lunches, mum etc...

If you're not shifting any money to another account then you're not paying interest, but you're also not paying attention to what you are spending if you see what I mean?

Maybe get a notebook then and note all the spends in that category? Anything you don't spend will be a reduction of overdraft of that amount until the next pay cycle.

I think that taking money out for Christmas does make sense though - if it's sitting in another place then you're not tempted to go "sod it" and run up the overdraft to treat the kids for Christmas.

Free listing on Ebay this weekend by the way....

And yes, I'm loving calling him Mr Fairy

Housework*Fairy

Spends today

£6.00 - kids football
£1.15 - salad (reduced from £1.50).
£1.00 - DS2 for stupid fancy dress day at school.

Groceries: £1.15 / £350.

I also went online to my Virgin account and have cancelled paper billing which was £1.50 per month.

mooomin

Well done on cancelling paper billing - every little helps and all that

I was wondering earlier....

You know how you said you were going to leave money in the spends account because otherwise you would be paying more interest on the overdrawn balance while having money in a savings account for Christmas/car etc? I think that might be a better thing for you. You've been kidding yourself for a long time about how things are for you financially, and seeing the true overdrawn picture might mean you can't hide from it.

When I first had my LBM I had an overdraft of £1800 (I think, might have been a bit less) and I started budgeting monthly into accounts away from that overdraft and just "sucked it up" when it came to the interest. It helped me see the real picture each month. If you don't use, say, your groceries budget in full this month, pay the leftover into your spends account and then you've reduced the debt by that much.

I just worry that keeping all the money together and not budgeting properly is what's got you into this position in the first place.

Crikey, I'm all about the tough love with you this week. I'd better get back to taking the p!ss out of you on Facebook

Housework*Fairy

flying_fresian wrote: »

Well done on cancelling paper billing - every little helps and all that

I was wondering earlier....

You know how you said you were going to leave money in the spends account because otherwise you would be paying more interest on the overdrawn balance while having money in a savings account for Christmas/car etc? I think that might be a better thing for you. You've been kidding yourself for a long time about how things are for you financially, and seeing the true overdrawn picture might mean you can't hide from it.

When I first had my LBM I had an overdraft of £1800 (I think, might have been a bit less) and I started budgeting monthly into accounts away from that overdraft and just "sucked it up" when it came to the interest. It helped me see the real picture each month. If you don't use, say, your groceries budget in full this month, pay the leftover into your spends account and then you've reduced the debt by that much.

I just worry that keeping all the money together and not budgeting properly is what's got you into this position in the first place.

Crikey, I'm all about the tough love with you this week. I'd better get back to taking the p!ss out of you on Facebook

No, it's fine - you're talking sense, I wish I had someone IRL to take a firm grip of my finances.

Yeah, I can easily transfer money from the spends account into two linked savings accounts. It does make sense to keep them separate.

mustmakealist

There's a weightwatchers thread on here somewhere - not sure how to post a link.

If you can't afford to go to the meetings anymore the folks on the thread may be able to help you stay on track and answer any queries you might have.

Lemon_Tree

sounds like you're making the right moves.

I'm another person who believes in having lots of different accounts, not only does it make payday interesting because i get to do lots of different transfers but as i know certain accounts don't get touched except for certain things it makes accounting for things during the month much easier.
I have:
current account for all house related bills
current account for my DD's/ SO's (OH has his own) - these DD's/SO's then go into separate savings accounts for annual car bills, insurances and rescue cover, christmas, holidays, emergencies, debt overpayments etc.
and then finally i have my normal current account which has my monthly living money in (usually less than £50 per month after petrol has been paid)
i've found that a lot of banks, even the likes of Tesco's do faster payments which makes transfering money around so much easier making the saings accounts much more responsibe and useful. The only bank i've not found this with is Santander.

i hope you got that talk with your OH, it will make things easier if you're both singing off the same hymn sheet.

Oh forgot to say - i don't usually say much about SOA's as i've never been brave enough to fess up to mine but i would recommend a spending diary to track where your spare money is going and i really think you should cancel your newspapers, you can get them online and it's a good place to start along with all the other good suggestions that others have already posted.

Housework*Fairy

afternoon all, and thank you to those who posted since I last looked. Hope you are all enjoying this Hot-Tober day :T

Today I went to the ATM of temptation and withdrew £100 in cash. Took DS1's bus pass to be topped up and he needed £14.50 on there until half-term and he had £5.50 on there already, so I only had to put on £9.

Next stop, Peacocks to take a pair of jeans back that I had naughtily purchased last week, pre-lightbulb. Thankfully I had not worn them so that was something I could get some money back on. I paid for them on the credit card (obviously) so the £16 refund went straight back onto my card. YAY me, I've just paid £16 off my debt.:T:T:T

Following that, onto Farmfoods & Aldi to get some shopping. I think I still need some help in this area as I only went to get something for tonight's tea, and school dinner stuff and between the two shops still managed to spend £31.70 :eek:

I haven't set myself any real grocery goals this week apart from cut out buying cans of Pepsi Max. I don't drink tea or coffee but could drink fizzy pop by the bucket load. I don't like diet coke (or the cheaper version) but can drink PM til it's coming out of my ears. My nickname at work is powered by pepsi. So I am proud to announce I did not buy any cans from Farmfoods and bought a bottle of high-juice instead.

Also bought the Aldi version of Ben & Jerry's Cookie Dough, which is actually called Gianni's cookie dough, which was £2 per tub. Oldest son has a friend staying, so I bought two tubs as a treat for the five of us after tea tonight. I suppose it's hardly an extravagance at £4.

I paid in both shops by cash and I am pleased to announce that I did not spontaneously combust.

Neither child is at home so DH and I are pondering whether we should nip to local pub and treat ourselves to a cheeky pint in their beer garden.

Housework*Fairy

I thought DH was embracing frugalism as he pointed out we would get more alcohol for our dosh if I went to the supermarket so I was duly dispatched to Morrisons where I spent a tenner on cider and lager. My garden is also better than the pub's so I have been sat outside all afternoon enjoying this freak weather.

However DH then broached the dreaded subject of "how much money am I allowed to spend. If I had my way, it would be nothing but he is demanding at least £4 per day on food for work! I said he could have £20 per week on a Monday and he can bulk buy at Asda, but I'm sure I wont be spending £20 a week. He was previously taking £200 cash every month, so I guess I need to think myself lucky if he agrees to £20 per week.

mooomin

Housework*Fairy wrote: »

However DH then broached the dreaded subject of "how much money am I allowed to spend. If I had my way, it would be nothing but he is demanding at least £4 per day on food for work! I said he could have £20 per week on a Monday and he can bulk buy at Asda, but I'm sure I wont be spending £20 a week. He was previously taking £200 cash every month, so I guess I need to think myself lucky if he agrees to £20 per week.

Has he seen the SOA? Does he understand how much of a difference that money could make to your debt-busting?

He's stopped smoking now though hasn't he, so that's something

I have to admit, I do allow myself frittering money every week, as otherwise I'd probably go nuts and spend all my money the second I get paid

Housework*Fairy

He has seen the SOA (the one I did on paper) and he does know how much we owe, and although he is on board, he's not prepared to not have his own money and have to come to me for every penny. Unfortunately he doesn't think £20 a week is reasonable.

Also unfortunately his NIP came today for speeding so that'll be another £60 to eventually shell out.

And yes, he has stopped smoking full stop, and drinking alcohol on weekdays.