Give great money saving advice but in debt myself - HELP!!

mousegirl

yes, less said about husband at present the better! anyway, went straight over to banking and sent 120 off to credit card debt
have used ISA money before, when we needed to get a new car, so would rather pay off monthly and leave that where it is as it's hard enough to build it up

dentist was for a wisdom tooth out, and yes I do get free dental treatment, youngest now 1 but as we get working tax credit I get it free anyway, the 60 quid was for the sedation, I've had a wisdom tooth out before (only had a tooth out with gas before then when I was about 10!), and wasn't keen on the experience, didn't like having to go to dad but glad I did and had the tooth out today and am feeling ok

will go on the threads advised

also will do some menu plans as the worst thing is thinking of what to cook, not the actual cooking - for me anyway

mousegirl

reply to onedayiwill

it just didn't work for me before when I paid it out of my savings, I struggle to put some away as it is and need to see that grow to give myself some satisfaction

mousegirl

dizzy_lizzie wrote: »

Hi Mousegirl. Just to say if you go on ask and put in frugal living, websites come up that give brilliant ideas for kids parties and celebrations on a budget.
Also if you don't do already. plan a menu for the week and use this to do your weekly shopping from. It does work and stops you from over spending and you know what you're having for tea. I need to do this more often than I do. Grocery shopping is where we can make the most savings. Also go on the Boots thread on the forum. This gives great glitches and can save you loads. Hope this helps.

how do I go on the boots thread - haven't figured out yet how to best use this site!

whatatwit

The boots thread is on the Grabbit now board, it's further down the main list of the forums....sorry I can't do a linky thing.

For some good meal plans and recipes, have a look on the moneysaving old style board, they do a monthly grocery challenge. I found it helped me, if i gave myself a monthly shopping budget.
It made me think before I made a purchase.

onedayiwill

Hi mousegirl,

I appreciate your need to see your savings grow...

For me, I needed to see my bank balance in the black at the end of the month instead of repeatedly ending up a the limit of my overdraft every month (I lived in my overdraft). Having a positive bank balance throughout the month has made a huge difference to me and my attitude to money or lack of it. I love my positive bank balance, I love checking it to see if I can afford to pay more off my CC etc etc. It's very satisfying!

I personally feel that your savings can grow very quickly once you are out of debt and living to a sensible budget.... the money you currently use to pay off your credit card, for example, can be put straight into the savings.

I found myself actually looking at ISAs and stuff the other day and shocked myself at how quickly things have turned around for me. It struck me that I was looking at ISAs to put my current CC payments into when the CC card is paid off, so that I can save to paying off my loan early. The fact that I am thinking so far in advance about my money shows how much things have changed for me. When I told Mr OneDay I was researching ISAs he said "Wow. That's proper grown up stuff!" and gave me a big hug Hehehehe. Gotta love him.

Anyway, my best advice is:

1. Spending Diary - for me, the act of having to write down every spend makes me question whether I really need to spend the money in the first place. So since I started doing this, I have found I spend very little.

2. Really work out your budget. You have worked out that you have £321.89 for food, paying off your credit card and other spends, and this is without entering your overdraft. You need to work out what you are going to do with this money ... so that you don't think it is "available" when it isn't. So, when you've figured it out, let us know and we'll make sure you stick to it

I have my budget in an excel spreadsheet and I actually check it every day to remind myself.

Take care.

mousegirl

Thank you for support. I have put my bill outgoings into a spreadsheet, which enabled me to ensure I was transferring correct amount so no worries on bills not being paid. I have to know that my bills are being paid! After sending £120 to my cc I panicked a bit, not much left to spend on overdraft, this is really the area I need to work on, can't do much now till tax credit money arrives at the end of the month, or rather can't do much other than not spend!

Saw a friend today who after being a stay at home mum with no money has now become a child minder and she has money to spend. Made me realise even more how I've wasted money, our situations have swapped, am pleased she's finally got her 'own money' instead of having to rely on handouts from partner. Don't want my partner to feel like she used to though.

Am writing a meal planner list so that if I'm stuck for what to cook I can look at the list and hopefully find inspiration!

Car insurance due, so partner's going to have to take this money out of his ISA, hate doing that, but needs must, at least we've got most of the tax sorted as we collect post office savings stamps at a fiver a go and we're only about £50 short, so should manage most of this in next couple of months. If anyone else needs to save for this, post office stamps are brill, we started just by saving change, it's surprising how it builds up.

Aim over next couple of weeks is to get more stuff on e-bay to sell. Friend has said she might buy bulk baby clothes which would be great if that comes off.

Thanks for help, support and advice makes me feel so much better.

mousegirl

hello if anyone's listening in

spent 98p on potato and had a lovely dinner from food already in, having roast beef tomorrow, lasagne (already made and frozen down - from party when it wasn't needed), and jacket spuds with salad the next day, so menus going ok, though not sure how long it will be before I run out of steam - or ideas, need to keep going with it as baby eating our food so better if it's made by me - it's just always down to me all the time

have more time now in the evening as baby going to bed earlier - hooray! though he was up at 6.30, still I'd rather have the early mornings

am going to walk with kids down to local Netto tomorrow and go to car boot at same time, need salad, fromage frais for kids and even though it's a hike it's cheaper so don't mind - but there again I don't know what the weather will be like, got drenched and boiled in parts on today's walk but was still fun

can't stand this waiting for tax credit money to arrive in my bank, it's so depressing and strange accounting for ever penny, though elder kid (with help from me) found 9p in total today, not bad going, pity it's not in pounds!

oh well, think I'll read for a bit before Parky comes on

bye for now - if there was anyone there of course!

onedayiwill

Hehehe. I'm here - seems like I'm always on this forum these days. Every chance I get - but I think it helps me keep focussed.

it's so depressing and strange accounting for ever penny, though elder kid (with help from me) found 9p in total today, not bad going, pity it's not in pounds!

It is strange accounting for every penny in the beginning. But try not think about it being depressing. Think about it as a positive ... it will enable to you have a more comfortable life with fewer worries in the future.

As for 9p.... check my signature. Pennies Make Pounds. A few pennies here, a few pennies there ... it all adds up remarkably quickly (applies to spending as well as saving so be careful!).

So, you have figured out your budget yet?

The one of things like car insurance, birthdays, christmas, tv license etc should be included in it(annual cost divided by 12) and the monthly money for this put aside (mine goes into a linked savings account - can transfer instantly online when I need it) so that when the payment comes up, the money is available and you don't have to go scrabbling around for it. Then a set amount for food... you get the idea.

Let us know when you've done it Writing it down and publishing it will help you stick to it ... sense of shame and all that

Take care.

piglet6

Hi Mousegirl

Just a thought - I understand that you want to save as much as possible to give your kids a headstart in life later on (and I applaud you for this!:T), but as it sounds as though your kids are quite young at the moment, I would seriously consider stopping the £20/month as Lynz suggested earlier and paying it off your debt for now. This will save you lots in extra interest. I suspect you are paying more in interest charges per month on your debt than the £20 is making in interest for your children...

Then, when you are in a better (debt-free) position, why not pay £15-20 into each account each month, rather than the £10 you pay now. You won't notice this amount once you are debt-free as it will still be less than your current debt re-payments and, that way, you will quickly recover the "missing" £10 per month that you would have been paying, and then gain some extra, too.:j In the long run, your children will have more in their savings accounts, you will be debt-free much quicker, and the banks will take less money from you in interest...

An all round winner, I would say...?!

Piglet

mousegirl

credit card I've just transferred to is interest free on balance transfers for 13 months, so at least am just paying off what I owe without adding anything else to it, thanks