January 2015 is the beginning

so_very_confused

January2015 wrote: »

Panic over Salary just landed in the new bank account. Phewwwww the sense of relief is amazing - I can go to bed now

Hi January 2015

Just to say....
Been there, done that and have several t shirts but things do get easier.:)
svc

January2015

Ok - so just do some planning for the bank accounts.

We now have 3 accounts:

1. Basic Current Account in my name to be used for bills for direct debits
2. Basic Current Account in DH name to be used for shopping/fuel/day to day living expenses
3. Savings account to be used for the things StepChange say we can have money for that are 'occasional', i.e. servicing/repairs, dentist, optician, emergencies etc. etc.

I was trying to work out how to know how much to put in each from our salary each month but I've had another lightbulb moment (this time on how to work this out:rotfl:)


I opened the StepChange Debt Remedy and extracted the 'Your Budget' page. So now I had a single page PDF document. Then, in Adobe Acrobat I opted to save this single page as an Excel document so I could open it in Excel as a spreadsheet. I then went through each entry and in a separate column noted which things would go into my acount, DH account or savings account. I then just did some SUMIF calcs at the bottom and it worked it all out very nicely for me.:T:T:T

January2015

DH and I both received a small pay rise this month. The increase in take home pay is just over £100 per month between us. I thought about sending copies of last months payslips but we worked out throwing this additional salary at our debts reduces our debt free date by 1 year 3 months which is absolutely amazing so we have declared to new salaries to StepChange

On another positive note I have some additional hours being paid to me next month which is just under £500 before tax/NI. This will all be going straight into our emergency fund

System

Sounds like its all working out well for you now. Well done

January2015

So I've spent some time this morning (whilst watching the Australian Open Tennis Men's Final ) sorting out the jam jar savings account online. I've now transferred from my new current account the amount StepChange say we can have for various things like opticians, dentist, clothing, sundries, emergencies, etc. etc. I've transferred enough for January and February payments so for the first time in forever I actually have 'savings'. It does feel odd

Scaredofdebt_2

Hi January
Just wanted to say that you sound like you are doing so well. I wish I had an ounce of your positivity. Although I know this can only be a good thing, I am still terrified and stressed! Good luck, I'm going to subscribe when I figure out how and let's hope things work out for a better more settled future.

so_very_confused

Hi January

Glad you are getting organised, sounds like a plan.
After a while all of this becomes normal life and aside from the occasional blip it all chugs along quite nicely. Which is how it needs to be as if you consider the emotional turmoil most people experience in setting up a DMP you would be exhausted!

I found I started to suffer from chunnel dmp couldn't think of anything else all the time at which point it's time to stand back and remember the most important thing in life is home, family and friends.

Have a good February!

Svc

Scaredofdebt_2

Chunnel Dmp - that is exactly what I have been suffering from! Think I may be starting to see the light now things have started to take place.

System

I agree, this Chunnel DMP vision is catching....LOL. I seem to have spent the last 2 weeks thinking of nothing else, but now we finally seem to have turned a corner. I have posted more updates in my diary

System

January2015 wrote: »

So I've spent some time this morning (whilst watching the Australian Open Tennis Men's Final ) sorting out the jam jar savings account online. I've now transferred from my new current account the amount StepChange say we can have for various things like opticians, dentist, clothing, sundries, emergencies, etc. etc. I've transferred enough for January and February payments so for the first time in forever I actually have 'savings'. It does feel odd

I agree...isn't it lovely to think there is some spare money...however little it is:)