IA's 'Does my bum look big in this Debt?' Diary

ThankYouAndEnjoy!

Hello IA

First time poster on your Thread - Avid reader Tho

Would it be an idea to assign dates to your income/expenditure?? That way, you know when during the month you will have a Surplus/Deficit

BTW

immoral_angeluk wrote:

£43.30 your lunches

I dont think paying for my lunches is going to help you!! :rotfl: Thanks for the offer tho!

immoral_angeluk

ThankYouAndEnjoy! wrote: »

Hello IA

First time poster on your Thread - Avid reader Tho

Would it be an idea to assign dates to your income/expenditure?? That way, you know when during the month you will have a Surplus/Deficit

BTW



I dont think paying for my lunches is going to help you!! :rotfl: Thanks for the offer tho!

:doh: that's what I get from copying and pasting from the email I sent ste! lol!

immoral_angeluk

floss2 wrote: »

Why not use Ste's wages for the bills, use child benefit & tax credits for "other outgoings", then transfer what's left over each time you get child benefit over into your savings account? And you can add the extra from Ste's wages to that too...?

This is my trouble I'm trying to sort a budget which means I can save everything that we're not spending but it's going to get really confusing having monthly wages.. 4 weekly child benefit and weekly tax credits.. :rotfl:

My head hurts already...

floss2

Ok, use tax credits on the weekly basis as currently, when you get your child benefit add £14 to the current account, and save the rest, and save the spare £145 from Ste's wages too....then all "spare" money is being saved for when it is needed. You'll have to do your regular transfers monthly & 4-weekly then.

BTW, what about MOT / road tax / servicing for the car?

immoral_angeluk

floss2 wrote: »

Ok, use tax credits on the weekly basis as currently, when you get your child benefit add £14 to the current account, and save the rest, and save the spare £145 from Ste's wages too....then all "spare" money is being saved for when it is needed. You'll have to do your regular transfers monthly & 4-weekly then.

£14?

BTW, what about MOT / road tax / servicing for the car?

We tend to pay for those as and when needed out of savings.. lol. while we're paying off debt anyway...

Penny-Pincher!!

immoral_angeluk wrote: »

SOA as of 30th Jan when tax credits drop....

Income
Ste wages - £940.41
Child benefit - £120.80
Tax credits - £81.45 per week
= £1387.01

Bills
£296.45 Rent
£11.61 Tv licence
£17.18 Water
£104.00 Council Tax
£160.50 Welcome Car finance
£6.36 Lewis's insurance
£35.00 Sar mobile-Can this be reduced?
£34.15 Car insurance (Ste and I fully comp)
£55.00 Scottish power (gas/electric)
£34.89 Tiscali (phone, internet, calls and line rental)
£35.00 Ste mobile-Can this be reduced?
£5.14 Home contents insurance
= £795.28

Other outgoings (based on weekly amounts)
£216.50 food
£64.95 petrol
£43.30 band practice
£43.30 Ste lunches-Could Ste take more food in or keep snacks at work?
= £368.05

= £223.68 spare


:think: Now.... how do we rejig that lot into a workable budget when we get tax credits weekly???

The immediate things that stand out are the mobile phone contracts totalling £840 per year! Can Steve take more food into work to save this amount? Could you get a PT job in the new year?

You have cut back brilliantly:D ....well done!

What will be your goal after paying your debt off?....deposit on a house?

PP
xx

immoral_angeluk

Penny-Pincher!! wrote: »

The immediate things that stand out are the mobile phone contracts totalling £840 per year! Can Steve take more food into work to save this amount? Could you get a PT job in the new year?

You have cut back brilliantly:D ....well done!

What will be your goal after paying your debt off?....deposit on a house?

PP
xx

The mobile contracts will be reduced when we can.. we got those deals to get freebies (I got a £500 laptop, Ste was supposed to get a Wii but they had no stock so he got £180 cash instead). I've only had mine a couple months and Ste maybe about 5 months. They're the only luxuries we really have! lol!
Ste's experimented with cutting down but usually the cost of food and snacky things soon shoots it back up again. He's agreed to stick to his £10 a week rather than upping it to £15 though. I'll look into part time jobs but the only trouble is I'm pretty limited because of the girls. Even then it's trying to combine having some time with Ste with bringing in money! HOWEVER... Ashli is 3 in march which will mean she'll get free nursery sessions from easter I think.. SO it may be possible for us to put K in nursery and me go back to work part time to fit in with the nursery hours..

After paying the car loan off the next plan will be our own house

bandraoi

Once a month, when Ste gets paid transfer a lump sum amount into the account to cover the wtc/ctc shortfall.
Then continue as before.

immoral_angeluk

Right well I've started the ball rolling booking Ash into a nursery for her government funded sessions. We're going to see a local nursery at 5.30 (ste finishes at 5 on fridays) as Ash can start sessions from easter for free. Wondering whether it would be worth me putting k into nursery then as well and getting a little part time job to fit around their hours? :think:

immoral_angeluk

bandraoi wrote: »

Once a month, when Ste gets paid transfer a lump sum amount into the account to cover the wtc/ctc shortfall.
Then continue as before.

:think::think: