Help! We need to sort our finances out!

immoral_angeluk

The story so far.. my maternity pay has just run out so we're having to live off our tax credit which gets paid every weds and dh's wages which go in the last working day of the month. The majority of our bills go out at the beginning of the month which leaves us living off tax credit each week. Dh is starting a new job on the 2nd July which will be more money each month BUT will be paid on the 20th of each month. We're in a right muddle trying to scrape by on tax credits but it's a nightmare and right now we've got £7 in the bank to last us til weds..... :eek: I need to rearrange our direct debits to make things easier but don't know where to start!! Here's what goes in and out and when...


Last working day £296.55 £5.00 £941 639.45
1 £11.37 £17.18 £104.00 £160.50 346.40
2 £0.00
3 £0.00
4 £15.00 331.40
5 £65.50 £33.00 232.90
6 £108.62341.52
7 £0.00
8 £0.00
9 £0.00
10 £0.00
11 £20 £33.78 287.74
12 £0.00
13 £0.00 £108.62396.36
14 £0.00
15 £30ish 366.36
16 £0.00
17 £0.00
18 £8ish 358.36
19 £0.00
20 £108.62466.98
21 £0.00
22 £0.00
23 £0.00
24 £0.00
25 £0.00
26 £0.00
27 £108.62 575.60
28 £7.41 568.19
29 £0.00
30 £0.00
31 £0.00
Other 30.00 538.19

Total Bills £830ish Income £1,355.26


This is without food, petrol or personal spending and we're struggling! Help!

Edit should've added that our monthly food budget is £200 and petrol is £50.


running total in bold

hypno06

IA, you are Queen of budgets so are far better at this than I am! If I tried to sort things out for you, you would be in an even bigger muddle....:o

So just want to say, things WILL be ok. You will MAKE them ok. I know you will x

immoral_angeluk

I just don't know where to start!! I don't know how to sort monthly bills vs weekly tax credits and then Ste's payday changing and argh!!!!!!!! :wall:

RAS

Hi Immoral

Could you put a running total in a column on the right hand side fo the page, so you can see how much is left at the end of each day?

Only have a few minutes left, so cant start it for you.

hypno06

Can you arrange all the DDs to come out on the 21st of the Month? I seem to recall that we once had a payday that was ridculously early and all our payments came out on the 21st instead of the 1st. Might be worth making a few phonecalls? Often this works out better too, because you pay eg 1st July and then not until 21st Aug so having time in between to catch up and take a breath!

mrsmortenharket

I would call all the companies.

I know its daunting & its lots of calls but changing a dd claiming date isn't difficult so all the comanies should be able to do this.

Do it asap so you are ready.

You are marvellous with money so thats about the only advise I can give you!

Lisa x

LookingAhead

I'm sure others will come along and offer good advice soon but for the moment can I ask, are you doing the usual HM foods for your family and doing everything around the house as old style as possible?

Can you take a really long hard look at your grocery bill and see if there is anything you can make savings on at all?

Of course you probably do this already, but step back a moment and try & look at your situation by order of priority.

Roof over head & children's heads
Food in bellies
Utilities
Clothing & shoes for children

I know it's depressing when there's not much left over but if you've got these covered then you can afford to relax a bit!

immoral_angeluk

ok running total done...... but why hasn't it worked out like that now???????? We've only got £7 left!

sticky23

IA

I agree. You can absolutely do this. The only suggestion I can think of would be to keep two seperate accounts (I think you already do this?) - one where Steve's wages go in, and all bills go out. Any surplus on this account would be his spending money - £80-90 per month. Tax credits could go in your account, and from here you take food and petrol money. With your budgeting skills this would be easy! It shouldn't matter too much when the direct debits go out, as long as you (and Steve) are a little disciplined. Only problem would be the month, where his wages changes over. But as has been suggested, you could use your credit card (they are ok for emergencies, you know) for that month only, and pay back more the following month.

hypno06

immoral_angeluk wrote: »

ok done...... but why hasn't it worked out like that now???????? We've only got £7 left!

Because somewhere along the line you may have taken your eye off the ball? Get that spending diary out.......!

LookingAhead

Dealing with the initial problem first....exactly what do you need to buy between now and Wednesday?

£7 is not a lot of course it isn't...but break it down. Priorities first of course! What do you essentially need? What's in the cupboards? Do you pay gas/electric on meter?