you know when all you lovely people give advice...

tesuhoha

As to your retirement fund, well when youve done your college course and sorted out your career that will sort itself out as well.

ZTD

tesuhoha wrote: »

Try to make her go PAYG.

Well there is no "try" really. If you stop paying, it stops working. She can go PAYG or have a nice shiny paper-weight.

That particular choice is hers.

tesuhoha

ZTD wrote: »

Well there is no "try" really. If you stop paying, it stops working. She can go PAYG or have a nice shiny paper-weight.

That particular choice is hers.

I am going to stop paying. This is crunch time. However, Im not sure if she is tied into the contract, thats why I said 'try'. I dont know how you can get out of a mobile contract, although would love to. Its in her name so I cant do much

tesuhoha

Also Pap, I meant to say, youve had a tough time in the past. Thanks for telling your story.

tesuhoha

tesuhoha wrote: »

I am going to stop paying. This is crunch time. However, Im not sure if she is tied into the contract, thats why I said 'try'. I dont know how you can get out of a mobile contract, although would love to. Its in her name so I cant do much

All I can do is cancel my direct debit.

postingalwaysposting

tesuhoha wrote: »

Pap, how's this for a financial plan

1) Long term savings - £50-£100 month - not to be touched (high interest, notice account -ISA maybe)
2) Short term savings for holidays, car etc - more money to go into this account but can be withdrawn when needed.
3) Normal Christmas savings
4) Spending money - £100? More generous than before.

Think the reason youre dipping into your savings is that you're not allowing yourself enough money to spend on pleasure. Allow yourself a more generous amount but then be strict with yourself and never go over it. Once its gone, its gone.

aww tes you are a star...

i hope all works out well for your daughter, sadly the world of finance/cash/money all need to be learned... once she relises herself they way money works for her then maybe she shall change, hope that day is sooner rather than later

above looks like a great plan, thanks however i am a little scummed as my bank has caused me so much hassle this past month also icesave grrr... i short my accounts are a mess... totally and utterly and i think this is somehow not helped in my lets blow it all its sat in my current account why not?

at the moment i have ~
bills account ~ all direct debits go here ~ 0.10% aer
spending account ~ all my monthly spends come from here ~ 0.10% aer
cash isa ~ limited except £200 (bank transfered my savings out and in due to technical difculties :rolleyes: they wont restart my allowance) ~ £1.57 in there ~ 5.30% aer
ing ~ empty ~ 5.00% aer
esavings with bank, directly onto my current account, still being set up ~ 5.00% aer

so i am guessing ~
1) Long term savings - £50-£100 month ~ ing (requires 4 days notice)
2) Short term savings for holidays, car etc ~ esavings once set up
3) Normal Christmas savings ~ isa or seperate pot on ing, i doubt i will save more than £200 for xmas this year i have £140.00 so far included in all my total savings... see it gets worse

Also i class some of my bills as spending money so that doesnt help, i seem to be in a huge pickle and i dont understand why, i seem to have lost my direction?

august soa ~

Incomings
wage ~ £770.00 after tax, ni, union and pension
(this is the min the same as i had last month, i am no longer allowed to do overtime as my boss thinks other employees in my department are taking advantage :rolleyes:)

outgoings
£100.00 ~ mum/rent
£65.00 ~ BT
£11.00 ~ house insurance
£3.28 ~ bike insurance (ends sept)
£48.00 ~ bus cards
£80.00 ~ driving (one hour per week now)
£9.50 ~ wlr (classed as a spend but is a direct debit)
£20.00 ~ esavings account
£9.72 ~ mag subs ~ october (classed as a spend)

total ~ £336.78
savings ~ £280.00 (dont know how to split this?)
spends ~ £153.22...

however £40.00 is weekly spends unless its a 5 week month, this then leaves me £113.22 except for when i pay my mag subs... but this works on paper but not in reality... also i am slipping back into treating mum... this month i have put £10 credit on her phone, £10 petrol, £5 ciggarettes and £10 meal :rolleyes:

I dont know why but i seem to have lost my buzz... it was great paying off debt as you saw the total going down and you knew if you didnt pay it there was consiqueces however with saving its different :rolleyes:

also i have been asked today if i have booked our holiday in may what shall i do lie?

postingalwaysposting

tesuhoha wrote: »

I am going to stop paying. This is crunch time. However, Im not sure if she is tied into the contract, thats why I said 'try'. I dont know how you can get out of a mobile contract, although would love to. Its in her name so I cant do much

tes is the contract registered under your address, because if she doesnt pay (ie you cancel the direct debt) they (ie vodaphone) will let the bill run up and then cut her off, at this time she could have debt letters arriving at your home... just a warning

can you sit down whith her and explain and say that she must phone her provider and cap/reduce the contract, or change it to more time less txt (or simaler to suit her needs) as if she doesnt and the bill does not reduce you will stop paying the bill? Maybe that may shock her into understanding?

postingalwaysposting

forgot to add if i go through and buy the furnature at 0% i will need to use £40 per month from my spend money to repay that :rolleyes:

tesuhoha

Right firstly Im going to have a chat with her when she comes home. She sent me a text saying she was trying to have fun and could we sort this out later. So with that attitude I am going to cancel the dd immediately. I will then offer her a certain small amount each month towards the bill and will discuss the options regarding her phone with her. I will even go to the 02 shop with her to give support but thats where it ends.

As to you Pap I think you need to treat your savings like debts in a way. The long term savings account you could set up a regular dd and then just pretend that its a loan you are paying and you cant touch it. If you have £280 a month to spare for saving then maybe you should save £100 in the long term savings and £180 in the other.

As for booking the holiday for next May well you could leave it a lot longer and save for it before booking. There are lots of good last minute deals. Where are you going? Speak to your mum and say you want to save for it and ask her for a regular amount each month towards it. Tell her youre not getting into debt over a holiday. As for the giving her money youve got to give yourself a slap on the wrist Pap, (literally speaking) and remember that youre not well off. Im a bit of a hypocrite saying this I know but she is the adult here.

Your finances are becoming complicated as you want to do so many things at once. I think you need to print out your spreadsheet and have a look at it in front of you and decide your priorities. Some things may need to be kept on hold till you can afford them. That £400 you have saved will go in a flash if you're not careful. Sorry to nag but dont want to see you back in debt. Please save for the holiday first though before booking. Its not necessary now to book and get some money from your mum towards it. Why should you pay for it all.

tesuhoha

I think you should add up all your regular bills, then your savings, then take this total off your wages. That's what's left for spending. If there's not enough for all you want then you will have to reduce your savings but the long term saving should be last to go i think.