How do I curb wife's spending

maman

Pay_no_attention wrote: »

I'm hoping my daughter has now realised we couldn't carry on the way we was doing. Obviously she has overheard the arguments about the weekly budgets. Also she has asked me this morning if I will help her do a spreadsheet to budget her finances whilst at uni.
Also to help in choosing the right student account.
Maybe a corner has been turned.

That's great and feels like a vote of confidence in you and your financial prudence. Maybe she's her father's daughter after all.;):)

Pay_no_attention

maman wrote: »

That's great and feels like a vote of confidence in you and your financial prudence. Maybe she's her father's daughter after all.;):)

Just got to get the wife to understand now.

Pay_no_attention

I woke up last night in a bit of a panic. It's now getting closer to when the tenants leave the UK property.
We will be in real trouble if we can not find a new tenant within a couple of months. I've emailed the agents today and told them to push selling it whilst it is empty or until we get a new tenant.
Without having a chance to discuss it with my wife yet I have reduced the price by 25k:(
If it sold it would be the end of all the debt and a few quid in the bank.
My only fear is will never be able to get a mortgage again especially whilst working outside of the UK.
My credit rating is still ok. My wife's is trashed with three credit cards on payment arrangements. We still have around 9 years left on the mortgage and before we separated it was always going to be our retirement nest egg.

Dimey

Pay_no_attention wrote: »

Just got to get the wife to understand now.

That's exactly what I was thinking as I read your last few posts = One down , one to go.

Excellent work with your daughter.

Pay_no_attention

ViolaLass wrote: »

PAN, I appreciate you may not want to say but if you were to tell us which university your daughter is going to, people here might be able to tell you what the usual accommodation situation is. Apologies if you've already said where.

I don't really want to say the exact university but its London.

Prothet_of_Doom

Pay_no_attention wrote: »

my daughter has asked me this morning if I will help her do a spreadsheet to budget her finances whilst at uni.
.

Did this 2 years ago with my son.

Did it as a weekly cash flow, over 52 weeks,

In column A

List :

Starting Cash in Account

Incoming Cash ie Grant, Loans, Bursaries.

Out going Cash

Rent, Food, Presents, Beer, Cinema, you name it...Include summer holidays in it.

And finally Finish amount in Account.

Play around with the figures... Look if you spend £2 a day more on meals and drinks, you go overdrawn Here....Look if you spend £20 on Christmas Presents instead of £50 you'll just survive until the new year...If use use a bike and not the bus you'll have enough to get you through the summer holidays too.

He's kept to it religiously and he developed a tight grip on cash, without being totally anti-social. Because he budgetted we actually got Christmas Presents..:T

ViolaLass

Pay_no_attention wrote: »

I don't really want to say the exact university but its London.

That's specific enough, and I can help because my university was in the same city. It is very unlikely that she would be offered halls in her second year but it can happen. If she decides to get private rented accom - probably with friends in order to be able to afford it - she won't be able to look very early. I think we tended to started looking around 6 weeks before we wanted to move in. Any earlier and landlords won't be interested.

Good areas - cheaper but still with transport - are east e.g. Bethnal Green, Bow etc. She could also go south, where the transport is bus-heavy but can selectively be OK.

Hope that helps.

jodan

Hi, just to let you know there is light at the end of the tunnel. I was in a similar situation but the debt was in my name only. I was worried my hubby would leave me when he found out the extent of my debt, this didn't happen, but what he did do was to make me pay back every penny of it myself as he had bailed me out before. It was the biggest wake up call ever having to go out and work really hard for the past 4 years, but I'm now debt free after paying back £21,500. I know I will never ever have credit cards, store cards or catalogues ever again, from 2 weeks ago my debts are paid and if I haven't got the money for something from now on then I'll do without.
Out of curiosity does your wife work in case I missedthat in your thread, if not maybe if she did she'd appreciate money a bit better. Good luck with getting debt free.

Pay_no_attention

jodan wrote: »

Hi, just to let you know there is light at the end of the tunnel. I was in a similar situation but the debt was in my name only. I was worried my hubby would leave me when he found out the extent of my debt, this didn't happen, but what he did do was to make me pay back every penny of it myself as he had bailed me out before. It was the biggest wake up call ever having to go out and work really hard for the past 4 years, but I'm now debt free after paying back £21,500. I know I will never ever have credit cards, store cards or catalogues ever again, from 2 weeks ago my debts are paid and if I haven't got the money for something from now on then I'll do without.
Out of curiosity does your wife work in case I missedthat in your thread, if not maybe if she did she'd appreciate money a bit better. Good luck with getting debt free.

First of all congratulations on becoming debt free. I estimate three to four years and I will reach the end of that tunnel( unless we sell our house then sooner)
Yes my wife does work she does approx 30 hours a week.

Granariesgirl

Hi PNA,

Just popped in to say:
Stay strong, don't weaken - you're doing well, so keep up the new financial attitude & remember it won't help you or your wife if you carry on giving in to her!

Remember to praise your girls for their responsible financial attitude whenever they pay their own way - a word of praise from a loved one costs nothing, yet is priceless.