Budgeting Service?

AngelPie78

I'm also a bit scuppered as I have money coming in from so many sources, some quarterly, some weekly, fortnightly and monthly. I just have to balance everything out all the time.

bsms1147

It lets us see where your money is going and suggest ways of improving your situation. There's plenty of people here willing to help. With a bit of patience and work we can help you get on top of things.

http://www.stoozing.com/calculator/soa.php

AngelPie78

Ok thanks so much. I should be studying but am so annoyed at myself that I can't concentrate so I'll do this now thanks x

AngelPie78

Would you suggest that I just average everything out? Just cause all my money is so sporadic and not monthly at all?

Kite86

Maybe the best thing to do is to start again with the bank accounts when you've paid the overdrafts off and keep it really simple with all your income (monthly/weekly/fortnightly) going into one account and all bills coming out of it. That cuts out the need for having to balance things all the time with different income coming in, because you can just forget about this account. Then do everything you can to make sure you can't get your hands on the money in there! Cut up the cards, don't sign up for online or telephone banking, etc. That way you can't borrow from that account, and you have to stick to your spending account for anything you need.


Or maybe just start dealing with cash day-to-day and don't use cards at all. So you just take a set amount of cash out every day/week and when it's gone that's it.


Obviously this all still needs discipline though, which will be really hard to start off with, but you've got a good start in that you want to do something about it. Maybe try rewarding yourself with something every time you get to the end of a day or week without going over your budget. Or just try changing a small thing every week - e.g. if you overspend on snacks then try to cut this out first, then focus on something else once you've got the hang of that.

bsms1147

The first step is to fill in a budget or SOA as I said. The MSE budget planner allows you to input different incomes in weekly, fortnightly, monthly et. totals and it will generate a monthly income total. You need to have an inderstanding of your finances before you can get on top of them, so take the time to fill one in properly;

http://www.moneysavingexpert.com/banking/Budget-planning#tools

Post on the Debt Free Wannabee board as that's the best place for this discussion.

AngelPie78

Ok but, like I've said, it's NOT about my debt. I can't even THINK about paying off my debts until I can manage at least ONE month of paying ALL my essential bills, like rent, water, fuel, food etc...

Surely that's more sensible, than being debt-free???

Ok so I've done the SOA and, going by the monthly average calculation, I have £175 per month left over.

Which I know.

I know I can AFFORD to live, I'm just struggling to pay the bills I need to pay. I have very little/no self control.

Which is what I need the help with. Like I've said.

Kite's idea seem the best. I'll just have to take the time to change all my income to go into my barclays account and get someone to change my internet banking details and cut up my card. Then I'll not be able to access the money, unless I go into the branch. I'll then change all of the direct debits to go out of that account.

Only other problem is that I don't get most of income until I get my student loan at the end of April, so what do I do until then?

My outgoings are £2,257.30 and my average income until the end of April is around £1,060...my rent is £925.

See the problem??

I'm in a vicious circle.I don't have enough to survive on, so I just buy food, petrol and clothes (if they're needed). Then I borrow money - pay it all back when I get my loan and end up with no money again...I do not know what to do!!

AngelPie78

BTW, this is exactly the same situation I was in when I rang all the debt advice lines etc about a year ago. NONE of them could help me sort out my immediate problem, they were all concerned about setting up payment plans and budgeting on my AVERAGE income. No-one bothers to look at your spending habits or how to solve any immediate problems...

AngelPie78

and yes, i know i'm an adult, with children and i should know better. but i'm struggling and am desperate for help and to make some changes. i just need someone to help.

getmore4less

AngelPie78 wrote: »

But I've have LOADS of advice.

"Make a budget and stick to it" is essentially what it comes down to when anyone gives you advice.

Surely, if the "stick to it" part of that doesn't work then you need more help?!

I've made countless budgets. I have enough money coming in, IF I don't overspend.

I overspend, something unexpected comes up, we eat out when we shouldn't, the car brakes, one of the dogs is ill etc etc... I have NO saving, I can't save. Money burns a hole in my pocket. It always has done and I don't feel strong enough to just "not spend"...

Anyway, thanks for your help.

The problem is your not budgeting,

The budget is the plan for where your money goes,

money in == money out
This needs to be for at least a years worth of ins/out preferably longer but a years to start

Every time you have an expense that is not on the list you add it and re balance 99% of spends are not one offs so can be planned some will be guesses on date/size but more than zero so anything in the plan is better than not.

Then you track spending to plan(this is your main problem), you have £X for eating out for the year, once it is spent you stop eating out, most people spread it out with 1/12 for each month to spread it out.

Start a spending diary, record everything you spend.

Categorise everything, the more detailed the better the control.

One thing that can make the process easier is to find some goals that have a higher satisfaction level than just spending.

the SOA as above is a good start if you have not done one before it will be the foundation for a proper budget that is at least 1 year preferably 5+.