Fed up of being the family's Money Muppet

FalseEconomist

just shifted some more money about. been bothering Mr F all day with texts and phonecalls about our money situation. It's back in my hands now.
Going to try from next month (well this month really) the revolutionary idea of putting money to cover bills into one account and any surplus into another and then......only spending the spending money!!!

what is this crazy talk?

FalseEconomist

So some financial jiggery -pokery went on yesterday. Got a money transfer from an empty Virgin card at 0% to pay off my overdraft (350) OH's overdraft (1000) and my loan (settlement figure 516).

Currently we are paying around 150 a month on those 3 things! So will be able to make repayments of 100 on a direct debit no problem. Then in six months the interest free amount ends and we will transfer to the Barclay card. Settling the loan now will save 97 in interest so more than covers the rather steep transfer fee (4%!).

Once the money hits our accounts we will phone up and cancel all overdrafts. It's a good time to do this as oh gets paid on Friday. The money earned is therefore the money we have to live on.

I'm really hopeful that simplifying matters into money /no money will help adjust our spending habits. E.g shall we get a pizza tonight? Well, we have 65 pounds left in the spending account for a week and a half. Let's not.

As far as possible I'm going to budget ahead for days /nights out and take the money in cash. Once it's gone it's gone.

Day to day I'll still use the card as it's helpful to be able to see where the money is going

FalseEconomist

oh my god. Just really embarrassed myself.

In the playground this morning at drop off I saw my ds (6) go over to two of his classmates to play with them, then I saw them really unkindly push him away several times and say 'Go away H, go play with your mum and your sister!'

Their mum's were close by chatting but clearly either didn't see it or didn't see a problem with it.

I asked to speak to his class teacher before school (very frowned upon, the headteacher was I'm sure giving me daggers!), and broke down as I explained what I'd seen. In fact she had to ask me to repeat myself. so embarrassing. I just wanted her to reassure me that she would support my son to play with people who would be kind. Class teacher was lovely.

Part of me thinks I'm one of those helicopter parents, and that life deals these blows to kids, but I know if I had seen my son treat someone like that I would have told him off and explained about kindness.

We're big on kindness in this family.

Anyway. How embarrassing.

In other news, that money still hasn't hit the current account, I'm so impatient to get this sorted!!!

kittycatfan

Hi well done for coming back and restarting your debts i have been up and down forever with debt but have made last payment on bank loan today yippee , also you did the right thing talking to your sons teacher i work in a school and some kids are not very kind and good mums care so dont feel embarrassed

FalseEconomist

Congratulations on making the last payment! That must feel awesome

Well, money has gone in..... and straight away gone out!
Personal loan closed. Overdrafts all paid and been cancelled!

Money we would be using to tread water in our overdrafts (between 100 and 150 a month) will now be used to pay down interest free debt.

Going to have to be so bloody careful now about direct debits coming out etc as there isn't any wiggle room without a planned OD.

Its funny, I was going through online to cancel one of the ODs and it asked me to click a link to look through all the options before cancelling, so I did and started to read.... then I thought 'What the heck am I doing?' If I keep any sort of overdraft it will let me spend money I don't have. So back to previous page and click... all gone.

I've transferred a bit over so OH has twenty pounds in his current account and I have access to about 60. Payday is tomorrow so should be more than enough, but I thought I'd give him a buffer as he is away with work and coming home tonight. I didn't want a pork pie and coffee on the train to suddenly rack up unplanned overdraft fees

There's also an outstanding £32 to pay on dd nursery fees, I'd like to do this today as it will bring us up to date if that makes sense? So much of one month is often spent catching up on the last month and I'm a bit sick of that.

Also think I'll go and set up a DD for virgin credit card straight away. Then it can go in the month's budget and be forgotten about.

FalseEconomist

I. am. such. a. nobber.

Text through from Buckleycard. You have missed your payment yayayada..

What???

Yes, turns out I had FORGOTTEN about a balance transfer card I did in December??

£2000....

okay......

rang up in a panic. Apparently I was set to paperless billing....

So. Nice man accepted a payment to bring me up to date (sorry nursery, maybe tomorrow!). He has also ensured there is no late payment marker and I am still on my promotional rate.

I have now set up a direct debit.

What a twit I am. Who forgets???? When I told my husband he was kind and said I have a lot going on and at least it's sorted now.

So. Total debt has just 'jumped' by 2k.

(who forgets???!???? I had an uneasy feeling that there was something else but I had literally no paperwork to hand. Still don't know where that has gone)

I had a brief to chat to my husband, saying 'I need you on board with our spending cuts' and he was great actually. I complained about how much we had spent in co op recently and he was incredibly helpful and realistic with suggestions. e.g clear out our chest freezer properly of all the extraneous cr*p which we never seem to eat, then he can take responsiblity for picking up 7 or so 6 pinters of milk from aldi each week which we can then freeze and use. If we don't need to go to co op for milk then chances are we won't be buying much else there.

FalseEconomist

Tee hee. Hubby's bank has just called asking to speak to him (they can't, he's away).

They NEVER call. I'm guessing they're freaking out at losing his overdraft.

Else it's a fraud check

'Mr E, we're concerned, there has been some unusual activity on your account..... Someone is paying money IN to it'......

scotdebs

Hi Fe just de lurking to say good luck with the debt busting -- like you I had mini LBM took eye off the ball then ended up with even more debt - also like you I was always looking for that dress/pair of jeans/top that would make me look fabulous ....... Then I realised that the only thing that is actually going to make me look 2 stone lighter is ..... Shock horror losing 2 stone ( that part is still working progress:D)

FalseEconomist

Thanks scotsdebs!

Just back from tkd with the forms for our grading in a couple of weeks. 30 pounds each! Oh how soon our disposable income is going to be disposed of this month.......

FalseEconomist

Well this morning has been busy!!

woke at 3 and couldnt get back to sleep, so decided to check if dh's wages were in (usually paid at midnight). They weren't, cue a panicked me refreshing bank webpage every few minutes, convinced they weren't going to pay him.


Spent other time playing around with spreadsheets and downloading YNAB.


wages went in at 7 and so have been busy shuffling money to and fro.

Now, have enough in both bills accounts to meet monthly direct debits (hopefully, there's always something to throw you off) and the rest is our 'spending' money. Which includes food etc before you start thinking that all sounds rather nice. currently that is at 500 and I should get another 600 or so this month (bit less than usual as OH has been away for a week so I've had to take a week off work).

Have allocated the council tax money against premierman this month. Debated whether or not to hang on to it/put it in savings etc but high interest debt has to be a priority. So PM now stands at £70 odd, and I'd like to get that gone ASAP.

Need to do a grocery shop today. Haven't done one for over two weeks and the cupboards are bare! Will take out 80 in cash. Hope that will cover it. If it doesn't I'll still have my debit card on me, but this way the balance goes off my bank account immediately. I find aldi is quite slow to process transactions and I'm getting fed up of things sneaking up on me.

Another one this morning, amazon digital for 7.99. I'm sure my kindle unlimited books used to be included in my prime membership - not any more! Got straight on the phone and got that cancelled and the money refunded.

My husband thinks I've turned into Donald Trump, but as I explained to him, I'm being manic now so that for the rest of the month he doesn't have the stress of his bank constantly texting him to tell him he has gone over his limit.

We've a holiday booked in June, and have already paid about £230 for it, balance of around £300. I was planning to pay this gradually off over the next few weeks, but instead I'll move money into a side account. If, when push comes to shove (e.g. balance is due) we can't afford it, then we will only be losing that money rather than any more. Not just the cost of the holiday but the cost of BEING on holiday, rarely less than £500 for a week for us.

Husband seemed a little resistant this morning, and it turns out he is worried that we will end up like my sister and her husband. ds is incredibly tight with purse strings. It does mean they have a lovely house and a good budget, but brother in law is not allowed access to his own money, he is given an allowance, think it's around £10 a week?!?

OH was worried I'd get like that, but I explained that spending money goes into our joint account which we both have debit cards for, and as long as we sit down together and discuss how much we'd like to spend on each thing then there shouldn't be any need to police each other.

looking at debt snowballing again this morning, but for now my goal is to finish this month with money in hand and savings/payment goals met.