A Thread for After Debt?

Little_bit_dizzy

Morning everyone, hope you've all survived the weather!

Hello LianneH, congrats on being so close to debt freedom. I hope the next few months continue go well for you and all the DF plans fall into place...

I had quite a productive day yesterday, all things considered. I made all list of all the accounts I hold and closed 2 plus a credit card. Still a couple more to go but progress has been made. I think I might get a copy of my credit report too. It's something I've not done for a while and at least that way I can check that any old accounts are actually closed, not just dormant.

I investigated the 8% deal with FD, but the deposits need to be made from one of their own current accounts. It would be nice, but I'm closing accounts not opening them so that's a no go.

The revised budgets haven't materialised yet, but I've made some sketchy targets for savings plans. Hopefully all that will be finished today, but I need to create excel-wizardry with this. I bank with NW and they don't do the 'pot' system for savings as some banks do, but I'm not going to open more accounts with different banks just to benefit from that. Does anyone have any ideas / advice on how theirs are set up? It would be appreciated if you have.

Think thats enough for now. More coffee is required

JulieGeorgiana

Yesterday I sorted out my head, and I have organised my money for 2 Regular savers accounts, while maximising my interest using my ISA's

I also did an SOA which DH and I reviewed and made a few minor changes (he cut back his 'hobby' pot).

I contacted southern water because they put in meters to the whole villiage about 4/5 months ago and i've had nothing... ends up I have a joint supply and they 'forgot' to contact me with regards to fitting an internal water meter!!! So hopefully that will save me money. I am getting a free home check next friday

I then spend a while sorting a few budgets on my spreadsheet too!

So yesterday I had a very productive day and my finances are looking really very good overall.

This month is getting really tight, DH just told me we have no frozen veg, so I need to find £5 to replace it all! I also know I need a tin of £7 olive oil soon (aggggghhhhh) I used to be so organised about this stuff, but since we eat different meals due to the pregnancy and the fact I have pregnancy brain I am kicking myself!

It's going to take a lot to fix my Food shopping and start bulk buying and thinking ahead... but I just can't do that when I spend £10 a week of chicken for my dinners and £9 a week on milk for me and we only have a £50 a week budget! So we will have to hope Roo will come soon, so I can organise my life again!

I go on! I think I am panicing because we have £10 in the emergency fund for 3 weeks (I normally have £40 for a month!) for things like this! And DS needs new school shoes soon (I am upset because he managed to ruin them in 1 term rather then grow out of them... he never does that!), they will have to wait for next month now!

Dizzy Well done on what you acheived yesterday :T

With regards to Excel (I LOVE excel!!! My Spreadsheet would scare most sane people!) but you really don't need to go crazy. Write a list of the 'pots' in one column and a figure you have in each pot in the column next to it. Add it all up... and that's how much should be in your 'pots' savings account.

Try and keep it simple

I wish I could show you... my DS just had me teach him how to budget and forcast his pocket money and this is what I told him to do to. I am a very proud mum, because I showed him Jan-April, made him make his own... few days later it went to December and he had predicted his expenditure and everything

Little_bit_dizzy

JulieGeorgiana wrote: »

I wish I could show you... my DS just had me teach him how to budget and forcast his pocket money and this is what I told him to do to. I am a very proud mum, because I showed him Jan-April, made him make his own... few days later it went to December and he had predicted his expenditure and everything

How old is DS? Unless he's about 26 you have every right to be a very proud mum!!!

JulieGeorgiana

Little_bit_dizzy wrote: »

How old is DS? Unless he's about 26 you have every right to be a very proud mum!!!

He's only 9 :j

Little_bit_dizzy

JulieGeorgiana wrote: »

With regards to Excel (I LOVE excel!!! My Spreadsheet would scare most sane people!) but you really don't need to go crazy. Write a list of the 'pots' in one column and a figure you have in each pot in the column next to it. Add it all up... and that's how much should be in your 'pots' savings account.

Try and keep it simple

Oh flippin' heck! Thank you so much... I spent so long yesterday doing it, changing it, inserting columns, getting cross, changing it, taking columns out, getting even crosser! I think I was trying to make it far more complicated than it needed to be

Perhaps I could borrow your DS - he'd have it sorted in about 5 minutes for me! What an amazing 9 yr old, and well done you for teaching him about budgeting at a young age. If he learns to think ahead now, it will serve him well in years to come.

Sorry to hear that your budget has gone a bit awry this month, I hope that things work out eventually for you. January is always such a long and dreary month, but you have Roo's arrival to look forward to so must be very exciting in your house!

JulieGeorgiana

Little_bit_dizzy wrote: »

Oh flippin' heck! Thank you so much... I spent so long yesterday doing it, changing it, inserting columns, getting cross, changing it, taking columns out, getting even crosser! I think I was trying to make it far more complicated than it needed to be

I do this ALL the time! I go overboard and make it so complicated I give myself a headache! So once every few months I 'weed' the financial spreadsheet and try and simplify the whole lot. If I can show the spreadsheet to DH without him going crosseyed then I know it's weeded enough

Perhaps I could borrow your DS - he'd have it sorted in about 5 minutes for me! What an amazing 9 yr old, and well done you for teaching him about budgeting at a young age. If he learns to think ahead now, it will serve him well in years to come.

Thank You. I make sure DS knows about money, he knows about the fact that both DH and I have been in debt too and we are open about the implications of it all. We started giving him £10 a month (and his Dad gives him the same) and he has to buy his own things (toys/games etc). He pays half of his school trips, his spending money when he goes anywhere. If he wants a specific top/shoes then I will give him the money I was going to spend on the basic item and he has to pay the difference. He also has to top up his own mobile... he's got £7 of his £10 he put on 7 months ago (he used up his free 100 texts in a weekend to me... and after that reined in)!

Well he never buys sweets or magazines now. Buys games from charity shops and saves. He has his own account, and a small change spending pot at home. He buys his dad, me and DH birthday gifts, and is aiming to save £75 for our holiday to Norway in July!

In 2011 he asked for money for his birthday, and saved enough to replace his trampoline (and then refused to buy it until the price came down!!!! it cost £125 in the end!)

Oh, and if he wants to borrow money from me... I charge 100% interest :eek:

Sorry to hear that your budget has gone a bit awry this month, I hope that things work out eventually for you. January is always such a long and dreary month, but you have Roo's arrival to look forward to so must be very exciting in your house!

I am sure things will work out fine, I may just have to drive a little less and try and skim £10 off the petrol budget (I hate doing that though!) but we'll make it work

I cannot wait until Roo is here... Everything is ready and waiting... and I just want a cuddle...! I have been planning Roo for 3 years, and after 3 losses in the 9 months before Roo was concieved... Roo is very much awaited

AlyBaly

Nice to see lots of people getting their budgets etc sorted out.

Yesterday I put away £90 I had left over from this years Christmas budget away in a wee glass pot I know it would be better in some sort of bank account but not got that far yet. Thats my 3 nephews birthday and Christmas2012 covered. I had also got great perfume bargains of the grabbit thread but it looked like they were cancelling a lot of orders so wasnt too hopeful but got my dispatched email so that my 2 sister in laws sorted.

My next plan is to try and do a SOA now that we have cleared our debt I would like to work out how much we should be putting away each month to cover things like the road tax, MOTs, dogs haircuts etc
that way I will be able to set up a regular DD to a saving account for anything left over. This will be a big step for me.

Sorry your budget is tight this month Jg I am getting better at bulk buying and buying when things are on offer, especially washing stuff an cleaning stuff. I have nearly converted hubby, he now doesnt keep asking why we have cupboards full of toilet rolls etc

Oh well I better get sorted for work. Have a great day

ps is it ok to feel excited about all of this debt free thing because I am !!

pps hurry up baby roo , your mummy is waiting on you xx

JulieGeorgiana

Aly Well done on having money leftover from Christmas! Don't forget you can post your SOA on the boards even if you are not in debt (I did this a year ago and got some great feedback on places I could cut back still) you can delete your income and overall money left for savings... and just ask for advice on where to cut back your monthly expenditure.

yes it's fine to be excited about being debt free and saving. It's the reward for getting wrinkles for worrying for years about your debts!!

Little_bit_dizzy

JulieGeorgiana wrote: »

In 2011 he asked for money for his birthday, and saved enough to replace his trampoline (and then refused to buy it until the price came down!!!! it cost £125 in the end!)

JulieGeorgiana wrote: »

Oh, and if he wants to borrow money from me... I charge 100% interest :eek:

Wow. He'll learn quickly!

AlyBaly wrote: »

Yesterday I put away £90 I had left over from this years Christmas budget away in a wee glass pot

You had money left over??!!!!! I'm really impressed with that. I'm ashamed to say that I didn't budget at all. Last time thats happening though.


It's gone seven and I think someone's forgotten to turn the sky on this morning. It's still pitch black out there and blowing a hooligan (as my old Gran used to say).

JulieGeorgiana

Little_bit_dizzy wrote: »

Wow. He'll learn quickly!

Martin Lewis even blogged about it >>> 12% Savings, 100% Interest Debts, that'll teach 'em