Wanderer returns

Penny2myName

After a day of constant blow outs with DD, I made her come down here and read a thread, The how did you get into debt one. I also gave her a full print out of our (my) financial position and showed her that even though I have these debts I am still sticking 25% of maintenance into savings accounts for her and her brother. I also explained what each of the saving tubs where for (jam jar challenge for her and bros' Christmas spending money) £2 coin tub for Christmas presents for her and bro, as well as the any other end of week money tub) and showed her how i have to try and pay £200 out of £65 towards holiday:eek: yes impossible I know, but she realised that £65 is not just spare money.

I then after full bore showing her here and now, went on to explain about her savings why it was being done in accounts that cannot be touched and showed her my full plan.
She really wants to go to uni (only 12 now) so I had to show her what just be basic costs of accommodation and course fees where at the cheapest one going (Sheffield i believe) I explained the pitfalls of overdrafts that the banks love to trap students with, she still doesn't quite follow or understand about them).
On the whole I think we ended the night on a positive note, but will defintly now have to involve her in the complete climb out of the sh*te I got myself into. I even showed her my three accounts online plus the ISA with silly £9 in.
I explained about bank charges and bounced DD's how not only the bank but sometimes the company that the DD is due to, charges you, so for a £30 missed DD you could end up paying upto £80 for it, all cause an account was a few pence short (yeap happened to me a few times till me and mum played musical accounts with our money other year, good side of it, brought me and her a lot closer than we were before hand).

Think i will now have to break it all down into smaller digestiable chucks for her to take in fully, but she now has a rough idea that her I want it now attitude and keeping up with jones image has to go.

Lucy1982_2

Well Done for discussing it will her.

Hopefully with a mother like you she will never find herself in this situation. Teaching her now that she needs to be careful with money is one of the great gifts you will ever give her.

Well Done!!

Penny2myName

Ok maybe I am taking things too far now, I decided this as I have just spent the day Cross Stitching my essential household bills under the heading Home Sweet Home, and stuck it near where the kids sit by their pc. It has the total outgoings; for if I was working, and the total outgoings I pay whilst on benefits. This is along side the more complex saving schedule I have for my kids, which I am also cross stitching to stick in my daughter's room for decoration. Ok most mothers cross stitch winnie the pooh or a flower faerie for their child's bedroom. My daughter's does have the saying, Every Cloud Has A Silver Lining, then underneath that there is lots of figures to confuse her:rotfl::rotfl::rotfl:

SarahNeedle1872

Hi Penny... Have just read ur thread from the beginning afetr it appeared on the front page and I have to say I think u are fantastic! U have such a positive outlook!!!

I love the fact that u are discussing ur financial situation with DD, I think that is a really god way for her to learn to maange her own finances when she's older - she will know exactly what it's all about...

Well done Penny, keep up the good work, I look forward to reading more updates

Sarah x

PS - I love the cross stitch budgets, what a good idea

Penny2myName

Well my sister called around today whilst I was working on DD's savings cross -stitch. She saw the household one which she laughed at (in a kind way) and DD told her about the evening financial lessons I am giving the kids. Sister said she may send my youngest (but lives with her) down here for them.

Anyhow, main thing that has come out of her visit, is that The Cornwall holiday I am so stressing over finding the other £200 for by August, she said I can save it towards Christmas for her, so that gives me some breathing space this month now. Also showed her my box for the Orange phone I got, with the 2-1 cinema tickets, and she mentioned she works near the cinema that does the £11 monthly pass (which the orange one can be used in conjunction with) and said she may sign up for that, and then we can both go on a Wednesday giving me a night out each week. She is on about going halves for the subscription but it means i get out for £1.38 a week:T.

So now I am going to go through the savings section of site, and decide weather to do a Halifax web saver for this holiday/Christmas money or open a different on-line saving account for it.

Never thought I would see the day when my sister was impressed with me. Not only was she impressed with my new grasp of finances, she was shocked speechless (miracle) over how far I have gotten with my gardens and the house in general.

She still made a snide remark over my clothing ( been gardening so in paint splattered lightweights and a fleece) but hey after 33 years, she needs one thing to still pick over...:rotfl::rotfl::rotfl:

Penny2myName

Ok, tried to open a Halifax Web saver, not sure if it did it or not, going to have to check tomorrow. God I am so thick when it comes to on-line do it yourself account opening

Penny2myName

Ended up having to call the Halifax to open the web saver for the holiday/sister's Christmas money. I have always hated money, but since being here I seemed to have become obssessed about it. Its all I talk about.:o

ZTD

Unfortunately, like it or hate it - it's vital. So it's better as a slave rather than a master.

Penny2myName

ZTD wrote: »

Unfortunately, like it or hate it - it's vital. So it's better as a slave rather than a master.

Have to agree with you there. Said as much to mate earlier this morning, I am determined to make the money work for me instead of the other way around, once I am totally debt free. Till then its just a case of babysteps all the way
Bank account 1 Household bills £220.80 goes in £202.05 will come out as of August
Bank account 2 Debts £564.04 (min) goes in, £371 comes out for debts , £120 transfered over to account 3 & £59 into 3 savings accounts.
Bank account 3 £120 for shopping and everything else

Savings 1 Daughter's £12 a month (saving ahead for her first year livings costs if she goes uni)
Savings 2 Son's £12 (same as above)(these are the 10%interest halifax child regular savers)
Savings 3 Sister's £35 christmas money aka August holiday she has paid for. Later to be turned into a new furnishings savings account come Jan.

Isa which has all of £9 in it, but will get what ever money is left over at end of month transfered into it.

Penny2myName

YESSSSSSS I just got my final contract bill from T-Mobile and I like it, £8.18. Then no more, nadda nil nothing. I've escaped them.