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Budgeting is the FUTURE!
Dangle_kt
Posts: 9 Forumite
Hi Everyone,
I found this website when I heard of the bank charge reclaim scheme - which I am in the middle of I hasten to add! I am really enjoying reading the info contained -it is a goldmine!
In the past my wife and I have always had money problems, be it credit cards, loans, going overdrawn regularly. I am glad to say we have turned a corner by consolidating our debt onto our mortgage, which seems to be working well as we are in the process of improving our house which should help absorb some of this debt through growth in equity.
Despite this though we still seem to be going overdrawn every month, so inspired by this site I sat down and worked out a realistic budget, as we both earn good wages and never seem to get anything substantial to show for our red balances!
It took some effort, but it was an excellent investment of my time as last night I finished transfering the last of the bills to the new bank accounts we have set up.
The testing time will be at the start of the month when all the new DD's fire!
The upshot - £350 per month into a new savings account from me and £200 from my wife! We have been realistic but still firm - setting up extra accounts just for our food bill for example to stop what was our largest BLACK HOLE in our finances. I realised if we can't control ourselves we must set up controls that stop us spending - sperate accounts with a "when its gone its gone" for different bills is the key as far as I see it.
I know I am preaching to the converted here but I wanted to a) congratulate you all on your hard work and this excellent resource and b) hopefully further insipre people who like me couldn't be bothered taking control of their finances.
GET IT DONE!
It's boring, but BOY is it rewarding!
I found this website when I heard of the bank charge reclaim scheme - which I am in the middle of I hasten to add! I am really enjoying reading the info contained -it is a goldmine!
In the past my wife and I have always had money problems, be it credit cards, loans, going overdrawn regularly. I am glad to say we have turned a corner by consolidating our debt onto our mortgage, which seems to be working well as we are in the process of improving our house which should help absorb some of this debt through growth in equity.
Despite this though we still seem to be going overdrawn every month, so inspired by this site I sat down and worked out a realistic budget, as we both earn good wages and never seem to get anything substantial to show for our red balances!
It took some effort, but it was an excellent investment of my time as last night I finished transfering the last of the bills to the new bank accounts we have set up.
The testing time will be at the start of the month when all the new DD's fire!
The upshot - £350 per month into a new savings account from me and £200 from my wife! We have been realistic but still firm - setting up extra accounts just for our food bill for example to stop what was our largest BLACK HOLE in our finances. I realised if we can't control ourselves we must set up controls that stop us spending - sperate accounts with a "when its gone its gone" for different bills is the key as far as I see it.
I know I am preaching to the converted here but I wanted to a) congratulate you all on your hard work and this excellent resource and b) hopefully further insipre people who like me couldn't be bothered taking control of their finances.
GET IT DONE!
It's boring, but BOY is it rewarding!
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