Time to buckle up, my LBM?

findingthisdifficult

Well done for joining and taking the first step to getting your finances back under control.


Could you open a new account separate to your overdraft with a view to setting up a standing order to your old account to clear your overdraft. Essentially you have a spending account and a clearing your overdraft account.


I started this new year with the mindset that I have to clear my debt so I now have 3 separate accounts. 1. BILLS 2. EMERGENCY SAVINGS 3. SPENDS


I downloaded an app called spending tracker, I use this to track my spends account. I put in my wages and then every time I spend money using my card I input the expense. Every couple of nights I check my bank account online to reconcile and make sure it adds up. At just a quick glance I can see where I am spending money, it soon makes you realise where you are wasting money or where you can make savings.


I don't know if this will help you, so apologies if it doesn't as it seems like a long old waffled message.

Money_maker

If you have a look on the marriages and families boards, theres been many posts with free things to do with the children. If your daughter is in nappies then its unlikely she will remember any of your trips out in a few years time (this is after we dragged our boys round every steam train we could find for the first few years of their lives and they remember none of it!).

Instant gratification tends to be areas where they can run around, parks, playgrounds and picnics.

enthusiasticsaver

A positive that I can see from your posts above is that you want to take control and maybe seeing the entertainment figure there as being quite high has surprised you. I would also suggest the spending tracker app - I use that myself. This would actually record what you spend rather than what you think you spend providing you are disciplined enough to record everything. Your loan is interest free - what a great friend you have, so I would focus on getting rid of the overdraft and then start some saving so you and your partner can get your own home with your daughter. Is she on board with this? If your friend is happy to wait for his money to be paid back then carry on with the £200 per month as he or she is not charging interest. This will give you the chance to start some saving and once the overdraft is paid off you can see that build up for your future.


As many others have said you do not need to spend money to have fun with your daughter. Take her to the library if the weather is bad and read with her. Enlist your mums help and have her back to your house to play with her. Children do not need lots of expensive trips out, they want you to spend time with them and play with them.


You do not have to cut out everything you enjoy doing just cut back and look for cheaper alternatives.

Grapes

Thanks findingthisdifficult, Money maker and enthusiasticsaver!

Opening up a new account seems like a simple but effective step. Hadn't thought of that! My initial plan was to just amend my overdraft every payday by either £100/£150. Would take about 7/8 months this way I'd hope.

That app is downloading as we speak, looking forward to the slap in the face needless spending brings about.

I feel like a big baddie if I don't do anything specific with her, although I don't remember anything I done at her age so makes sense. I'm far too soft on her.

Partner on board! We were talking about a holiday but was quickly shot down (by both of us) as it didn't seem to bring anything but a big gap in spending. We'd both rather our own space, especially for our daughter so all focus is on that.

I'm torn with paying my friend back. I could stick to £200 a month, but once the overdraft is gone, I think I'm gonna up the payments to £300/350 and pay it back before our agreement. Gives me peace of mind and would hate feeling like i'm ripping the p*ss with his gesture. This train of thought is when the overdraft and loan is paid, i'm used to putting aside an amount of £350 every month which will go straight to savings (a separate account as mentioned by findingthisdifficult).

Can't thank you all enough for posting, feeling motivated already.
Time to hit the bank account part of the forum and look at current accounts. If i'm correct, i'm sure there are switching bonuses of £100 which would go straight to paying off the overdraft!

findingthisdifficult

Great that you are sounding so motivated, good luck!

Grapes

It is quite addictive, never imagined I could get excited about not spending money. Hope it outweighs the excitement of spending. Also that app is perfect for keeping track of spends, thanks again.

Good luck on you all through your own journeys too.

girlsmum

Grapes wrote: »

It is quite addictive, never imagined I could get excited about not spending money. Hope it outweighs the excitement of spending. Also that app is perfect for keeping track of spends, thanks again.

Good luck on you all through your own journeys too.

It gets you like that, i have my own excel spreadsheet where i log all my spending day to day that includes all regular bills and i update almost everyday if there is a payment, i know exactly what is going out and what i have left after bills, debt repayment etc, i am great at shuffling things around, fortunately i am in a position now where all my debt is interest free and all will be paid before the end of the 0% term is up i aim to be debt free by Aug.

Good luck

19lottie82

Grapes wrote: »

No need to apologise, I can see how that looks. I didn't think i'd have to breakdown on what is actually spent. The entertainment is high because I enjoy spending time out with my daughter. Swimming, trip to the zoo, days out, treats. Going to the football is mostly the only thing I tend to do myself (which I will cut back on with no real issue to myself). I think the way going forward is looking for vouchers and the like for things to do with my daughter which will cut down the cost?. It's one thing i'd feel really bad on cutting down but I know needs must for now. I don't really want to halt my daughters enjoyment and be stuck in the house, but at this time of the year, a trip to the park or going to feed the ducks is halted by the horrendous weather.

Sorry if I had anyone googling social services! :eek:

Sorry grapes, I assumed from your OP you weren't with your daughters mother, and didn't pay any maintenance, my mistake.

The others are right, a 2 year old doesn't need to go on expensive days out to have a good time, she will be just as happy drawing or reading stories with her dad. Or try baking cakes or going to the swing park.

Spending money to make yourself feel like a good parent isn't necessary and is a slippery slope that doesn't do you, or your child any favours.
My DH has two daughters who have more lovely clothes than they know what to do with, plenty of trips out to the cinema, bowling ect plus all the latest gadgets, but how much has he set aside for their future? Zilch.

rockm87

Hi, and welcome!

my second favourite thing to harp on about is MrMoneyMustache, take a look at his blog. A post he did in particular is about his son, and the things they do together and enjoy, that are pretty much free! maybe worth a look.

Grapes

Thanks Lottie,

Will be setting up some sort of bank account for little one when debts are cleared. (Thinking 10 per week, and back dating it to her birth). £520 a year. Near £9k on her 18th. £40 a month doesn't seem a lot but sure adds up.

Thanks Rockm87 will need to search for that blog and give it a read, appreciate the heads up.

Had a spend free weekend and cashed a cheque (only for £25, better than nothing). Here's to more!