Here I am in debt again. 2nd time lucky

YORKSHIRELASS

Hi Steph

I was very much like you - lived in our overdraft for years - in our case the bank kept upping it until it got to £2500. Add on the credit cards etc, it all felt like monopoly money in the end.

What saved me was starting to keep proper financial records. I keep a detailed spreadsheet recording what comes in and goes out every day, all analysed out into different spending areas. The first time I did it I was nearly sick when I saw the totals! Now its an essential part of my life.

My husband is self employed too and his income varies from summer to winter. What I did was take an average of the last couple of years profit, take off the tax he had paid then divide this by twelve to give me an average monthly figure.

Now however much he earns I only take this set figure out of his business account. And in winter when he doesnt earn much there is still money there to transfer across. I have done this for a couple of years now and it really works.

As for groceries, we spend just under £300 a month too and I think this is about right for us. We eat meat every day and I know we could do it for less if we went veggie but my hubby likes his meat! My kids are 12 and 14 too so have quite big appetites.

The old style boards are great for tips on cheap ways to manage the house though.

Good luck - sounds like you are making some good progress.

StressedSteph

Bedsit_Bob wrote: »

There's nothing wrong with brown hair.

I prefer brunettes to blondes.

BTW. What's the going rate for turkey slaughtering?

Hi Bob

I look pretty grim with brown hair, but have no money to go out anywhere so what does it matter .

We do all our own Turkey Slaughtering, plucking and dressing.
Yes its a mucky old job, but Turkeys are selling for £8.10 per kilo round here, so hoping to bring in around £1000.

Trouble is I haven't sold them all so far, think I have 7 more to sell, otherwise we will have a very full freezer.

StressedSteph

YORKSHIRELASS wrote: »

Hi Steph

I was very much like you - lived in our overdraft for years - in our case the bank kept upping it until it got to £2500. Add on the credit cards etc, it all felt like monopoly money in the end.

What saved me was starting to keep proper financial records. I keep a detailed spreadsheet recording what comes in and goes out every day, all analysed out into different spending areas. The first time I did it I was nearly sick when I saw the totals! Now its an essential part of my life.

My husband is self employed too and his income varies from summer to winter. What I did was take an average of the last couple of years profit, take off the tax he had paid then divide this by twelve to give me an average monthly figure.

Now however much he earns I only take this set figure out of his business account. And in winter when he doesnt earn much there is still money there to transfer across. I have done this for a couple of years now and it really works.

As for groceries, we spend just under £300 a month too and I think this is about right for us. We eat meat every day and I know we could do it for less if we went veggie but my hubby likes his meat! My kids are 12 and 14 too so have quite big appetites.

The old style boards are great for tips on cheap ways to manage the house though.

Good luck - sounds like you are making some good progress.

Thanks for your reply Yorkshire Lass.

I really need to sort out a Spreadsheet, but I am useless with Excel and haven't found anything else yet. I do have a Money program on the computer but its not very good and would rather write it all down.

Like the idea of averaging out your husbands income. Hubby being out of work or ill is something that scares the hell out of me, we REALLY need to get a savings pot sorted out asap to cover any disasters but until I tackle at least half of this debt, I can't justify saving any money. Will look at hubbys past tax returns and see what it comes out at.

Thanks so much for your help xxx

rising_from_the_ashes

StressedSteph wrote: »

Have thought about paying our local oil supplier (Darch Oil) but am abit worried I wont get a competative rate. I def need to start a savings pot for it somewhere as its a big payment and very chilly if we don't afford it

If you set up the separate bills account, then you could put the money in there but you'd have to be very disciplined not to raid it - I'm not

I have separate (budgeting pot) that I put amounts into each month for various things.

Oil I had this at my old house and I found that paying by d/debit was easy & convenient (like paying for gas say) but they would bring stupid small amounts to top up the tank when it was cheap but if I did actually need to buy it, then the price would be a lot more .... and a lot more than I could get by phoning around & trying to do a deal:(.

Much better to try to save the money up & buy as needed as you'll get a much better price.

mmmmm I haven't got a turkey yet;)

[Deleted User]

StressedSteph wrote: »

I look pretty grim with brown hair

I find that hard to believe.

We do all our own Turkey Slaughtering, plucking and dressing.

I didn't think you were allowed to do that, if they are to be sold?

YORKSHIRELASS

To be honest I used to keep my bank account records handwritten in a book, that way I could carry the book in my bag and could update them whenever I wanted. Whatever works for you. Just keeping it up to date is what matters!

I dont save either, but we do have a little emergency fund. I would like to get it up to £500 but I am not doing too well at the moment. And I really spent more than I should have done on my sons birthday last week. Not easy is it?

And yeah we are on oil heating too. I put a bit aside every month but try to use the central heating as little as possible. We have a multi-fuel stove but with the price of logs and coal I am not sure it is as economical as it used to be.

Fingers crossed you sell those turkeys!

StressedSteph

Hi all

Not sure about regulations regarding turkeys, but they are only sold to family and friends. We do it in a very sterile processing barn and its alot less stress to the birds being dispatched immediately at home. (i'm not really one for abiding by the rules )

well, I have cobbled together an Excel spreadsheet. Showing all the direct debits that are due out in a month and all the incoming money and it all totals at the bottom so I can see if we are spending more than we are earning :mad:.

Its not much different to a regular bank stateemnt, but just the act of me having to type it in and being aware of what bills are due out will hopefully keep me on the straight and narrow.

Have also downloaded a free spending log app to my phone and I added my small food shop on from today.

Have joined the 20p saver club to hopefully save some money for a treat or pay another bill end of next year.

Have been thinking about bank accounts etc. Think I am just going to go on a big NO SPEND for the next few months until the overdraft has gone and then I might start paying all hubbys wages into a separate bank account. and just pay over what is needed each week to pay bills.

i will draw out weekly the money that is needed for food & fuel as I think looking at the hard cash will help me stay on budget.

I am now gabbling as I have broken open a bottle of Blackberry vodka made in 2011. Lots of ice and lemonade....yum yum. Kids are in bed, hubbys at skittles (on a £10 budget / not happy but tough).

I am off to get more inspiration from the lovely MSEers xxxx

Have a great Friday night everyone xxx

alwaysworried_2

Hi Steph,

have subscribed to your diary. just a wee thought if you have land, do you have any outbuildings? Was just thinking maybe you could rent out the buildings ie stables or something, just a wee thought.

I'm too constantly in my overdraft. The limit is £1500 and I hate being in it. I keep saying I will try to,pay that off first because then I will feel a lot better about being in the black and can see what money I actually have.

looking forward to reading your diary a lot more

StressedSteph

Morning all,

Having a nice NSD today, no plans to leave the house so should be a cheap day. :j.

Dropped my son (8) off at a birthday party at 11am, so just my daughter (5) to occupy today. I asked her what she wanted to do, and she said she wants to go for a walk and splash in muddy puddles like Peppa Pig :rotfl:. I love 5 years olds. (and its free...yay).

So am reading MSE threads till lunchtime and then we are off the get wet in the rain.

I found £2's worth of 20p's around the house so added that to my jar. No luck on the £2 coins yet though .

Plan to have a look at what I have in the cupboards today and try to do a meal plan for the rest of the week. That will be a challenge :eek:.

Hope you are all having a good day, despite the weather. xx

StressedSteph

I AM SO FRUSTRATED....I just took another look at the spreadsheet I have drafted out and it looks like for the third month running we are going to be late paying the mortgage :mad:.

We do not have any arrears, but the last few months, I never seem to be able to make sure enough is in the account to cover the mortgage DD, so they try to take it 10 days later and I have paid it then. Thought what with making an extra effort to not spend money that this would'nt happen again this month but due to hubby getting rained off his job two days last week we are £240 down on his weekly wage.

I am so fed up with running so close to the wire. Just not working 2 days has a disasterous effect on our finances. Heaven help us if it was longer.

If nothing else this has spurred me on even more to get out of this terrible mess. I am also trying to pay some large bills this month = Oil £338 / Littlewoods £440 / Electrical wholesalers £280 (hubbys work). Once these biggies are paid hopefully things should settle down. Typical this happens at Christmas.:(