How I live now.

Knitting_Nora

Thanks ladies - that's really helpful.

I definitely need the ability to forecast and track a couple of months ahead. For example, the RAC payment came out this month and I'd totally forgotten about it so it knocked me for six.

So to start with, I clearly need to rejig my spread sheet - though ideally it would be good to have something on the mobile or somesuch so I've got 'real time' info.


I also need to move some of my direct debits as money now comes in at different times of the month, so I need to spread things out accordingly.


I'm swaying towards working on a cash basis month to month, rather than card - I seem to do better when I know I can't spend more than what's in my purse. I'd actually leave the card at home, but it literally triggers massive anxiety if I don't have it with me so at the moment, that's not part of my plans.


In other exciting MSE news, I've had the water meter fitted! So impressed with the service as I only rang for the appointment a week ago! It took the lad an hour to fit in and he left chuckling over the fact that he's never met anyone so excited to have a meter fitted. I may have bounced around a bit.... We actually stood there admiring it for a few minutes after he'd finished fitting it. I did explain that it would halve my water bill, so more to spend on chocolate and wine...


And my BT contract for the Broad Band is up this month - so I'm scouting for a new provider (probably PlusNet) and will remember to check the cash back opportunities this time!


Ooo, and my energy company have been in touch to say they have a cheaper tariff for me, so I'll be sorting that as well. Though why they can't just automatically move me across to it, I'll never know.


Plus I've finally taken the plunge and am selling some things which I don't actually want, but needed some time to adjust to the idea of them going - including some large pieces of furniture and some of my Grandmother's jewellery. The furniture is on ebay as I type (so everyone cross your fingers for good value sales, please!), and I've scouted out a relatively local jewellery place that I'll be contacting this week.


The aim of this is twofold - to raise a little capital to invest in the business and book market stalls, get some extra stock and renew my business cards (I need to change the email address if I'm moving away from BT), and to put the rest back into paying off some of my overdraft.


Oh my giddy aunt - is it me, or does that look something like an action plan?!!


Nora.xx

Knit_Witch

Go Nora! Go Nora! Go Nora!

All looking good there hun!

Eager_Elephant

Knitting_Nora wrote: »

First up - how do you keep an eye on your spends? I know some of you use spread sheets and some have apps. What do you find works best, and why (please).

Secondly - do you physically separate out your money each month into the various 'known spending areas' like shopping or petrol etc.? Or have dozens of different accounts for longer term spends like the car, pets etc. ? (Actually, can you even do that?).

Thirdly - assume I do absolutely nothing with regards managing my money other than worry about it. What tips do you have?

I know some others have already answered but thought I would also chip in....


1. I used to use a spreadsheet but always forgot to update once I was past the 5th of the month so now I have a lovely pink notebook with butterflies on and I have created my own columns and write down my income (just wages at present) and then all the outgoings expected through the month and then as they are taken by DD I write the amount in the box under that month.


2. Bearing in mind we are a family of 4 so this might not work for you. DH and I have separate bank accounts and keep our finances completely separate. On pay day we both transfer into a bank account (my 123 account) a set amount each to cover all the household bills, we also transfer money to another bank account (in my name) to cover food for the month.
We then also transfer a set amount into savings accounts for the animals and household (Xnas and Oil savings come from the 123 account by s/o and live in a savings account with a Building Society that I struggle to access!!).


My spends including petrol come out of my own bank account (separate to the 123 and the food account) and I just hope and pray I have enough money to last the month.
I transfer child benefit and csa into a savings account for the kids and anything they need comes out of here.
I personally have savings 'pots' for medical (glasses, prescriptions etc), Car repairs, car replacement, and some others that I can't remember.


It probably sounds really complicated but it works for me and is quite easy.


When I log into the Spanish bank I can see at a glance my 123 account, my bank account and all the savings pots - it is a joy to see!!


I also do the same for DH, he has neuro issues and is bad with money so I look after his. I have created him some savings pots as well for car repairs and replacement etc.



3.If you knew nothing about money I would say that you need to budget for anything and everything and to do that you need to create a budget.
I do this kind of thing in my job all the time as most people I see who are in debt have never thought about a budget.


It's good that you recognise your income comes in at different times and you may need to change payment dates.
I would write down all my income (and a note about the date it comes in) and then write down all the bills and the amounts(and when they are taken) and then start listing irregular things like the RAC and car repairs and an amount you would like to put away for this (obviously RAC is easy as it is roughly the same amount every time whereas car repairs could be anything).


If the outgoings are more than the income then something has to change. For most people the income can't change immediately whereas some of the expenditure could.


Once you have spare money or are at least balanced on both sides then you need to think about what days you can pay bills and make sure this ties in with income. (At work I see a lot of people who receive Tax Credits - they had never thought about paying their rent weekly as it is charged monthly but of course they never save money each week so they have to find a lump sum out of 1 weeks money. The lightbulb often flickers on at this point!!) Sometimes we have to think outside the box!!


Most banks allow multiple savings accounts that can be renamed so I think this is probably your way forward for saving for irregular things.


If you have any questions about my rambles fire away:rotfl:

Eager_Elephant

I do believe you have an action plan


Great news about the water meter - when we first got ours I was always under the sink looking at it (we have the main meter under the sink and then a box on the outside of the house with the reading on)!!


I am with PlusNet and have been for a long time - they are lovely and helpful. I was with Madasafish but they were brought out by PlusNet years ago but we stayed on our old contract. When DH lost his job I reviewed all the outgoings and changed to PlusNet properly and saved over £10 per month on my broadband.


Great that you are ready to sell some items and the money will come in handy for all sorts of things!!

RosaBernicia

Ooh that does look like a Plan :j

I recommend you have a look at the YNAB web pages, even if you don't want the thing itself - their system is very much designed to allow for income coming in at different times. Oh and I forgot to mention there is a phone app which allows you to see how much remains in your budget categories and to enter new spends. (It won't let you do any reshuffling, you have to do that on the main thing which is probably just as well since it forces me to go home and think it through.)

Very exciting about the business :T. One small thing though - are you going to move to a webmail address or buy your own email/ web domain? Just because you don't want to be stuck with one supplier or changing your email address again if it means new cards.

Fingers and toes crossed for your sales here (and the paws of two black cats, which should be definitely lucky )

Rosa xx

Aaleigha

RosaBernicia wrote: »

One small thing though - are you going to move to a webmail address or buy your own email/ web domain? Just because you don't want to be stuck with one supplier or changing your email address again if it means new cards.



Rosa xx

Rosa just what I was going to suggest

Nora you definitely have a plan there
all fingers and paws crossed in this house (poor Mishka just fell over )

Knitting_Nora

RosaBernicia wrote: »

Ooh that does look like a Plan :j

I recommend you have a look at the YNAB web pages, even if you don't want the thing itself - their system is very much designed to allow for income coming in at different times. Oh and I forgot to mention there is a phone app which allows you to see how much remains in your budget categories and to enter new spends. (It won't let you do any reshuffling, you have to do that on the main thing which is probably just as well since it forces me to go home and think it through.)

Very exciting about the business :T. One small thing though - are you going to move to a webmail address or buy your own email/ web domain? Just because you don't want to be stuck with one supplier or changing your email address again if it means new cards.

Fingers and toes crossed for your sales here (and the paws of two black cats, which should be definitely lucky )

Rosa xx

Thanks Rosa - I'll definitely have a look at the YNAB pages, and the app sounds perfect for what I'm after in the longer term. In the meantime, my new spread sheet is a thing of beauty!

Aaleigha wrote: »

Rosa just what I was going to suggest

Nora you definitely have a plan there
all fingers and paws crossed in this house (poor Mishka just fell over )

Yes to both of you on the email side - it was top of my pros and cons list given the additional cost. I actually own a domain and had set up an email address for it, but when I swapped hosts I don't know whether that sort of thing stays 'up'. I shall have a word with my tame IT guy - who also happens to be a friend's hubby and my webby-hostie-person. If you're getting the feeling that I know nothing about interwebby stuff, then you'd be right!


Now, could someone please pick poor Mishka up?!


Back to the spreadsheet - I'm so chuffed with it. Plus I'm dumbfounded by how amazing it is, and staggered that I haven't sat down and rejigged this before! It's easy to use, informative and gives me a clear understanding of where I'm at. Love it!!


On the down side, according to my spreadsheet, I definitely can't afford to eat, breath or drive anywhere for the rest of the year.... :rotfl:

Knitting_Nora

Eager_Elephant wrote: »

I do believe you have an action plan


Great news about the water meter - when we first got ours I was always under the sink looking at it (we have the main meter under the sink and then a box on the outside of the house with the reading on)!!


I am with PlusNet and have been for a long time - they are lovely and helpful. I was with Madasafish but they were brought out by PlusNet years ago but we stayed on our old contract. When DH lost his job I reviewed all the outgoings and changed to PlusNet properly and saved over £10 per month on my broadband.


Great that you are ready to sell some items and the money will come in handy for all sorts of things!!

Thank you so much for all of your advice about how you budget - I've pinched the idea of a 'spends' book for day to day use, and I really like how you work with the accounts etc.


Thanks also for your experience with PlusNet - it looks like I could save quite a bit with them, and for the most part they seem to come across really well on the customer service and service provision polls.


As for the water meter.... Honestly, I'm so obsessed with my water usage now! I had no idea I was so absent minded about water - at this rate, the whole house is going to be covered in random messages about not leaving taps running! I'm also working on the 4 minute shower challenge - which you'd think would be easy for someone as short as I am...but no. I've decided the main problem is the time it takes to wash my long(ish) hair. *plots shaving head*



Nora.xx

Knitting_Nora

Hello!


I must tell you of the telephone call I've just had with BT. In time it'll become an urban myth, and you'll be able to say "I knew that woman, and 'tis a true tale of intelligent customer vs the scary communications giant".


Settle round, dear readers and I shall begin my tale...


So I've just called BT to get my MAC code and confirm the date my BB contract ends (I'm already out of contract for the phone), and spoke to a lovely chap called Sam.


When I explained I needed to reduce my bb and tel bill, and could do so by half from £40 to £20 with another supplier, he offered to add tv onto my bb and telephone for the same cost as I currently pay.


And I said "No Sir! For I am poor, and verily 'tis simply too much (plus I've just got rid of my tv licence because I only watch one programme a week and can do that using the on demand service)".


Then he offered to reduce my bill to £28 by mucking around with it a bit.

And I said "No sir! For I am poor, and 'tis still too much when I can get the same for less elsewhere".


Sam asked me where I was thinking of going, and when I mentioned PlusNet, he said that BT "sorta owned them". To which I replied "then, Sir, you should be able to match their price and provision, shouldn't you! Tis £20 a month I am looking for."


He said that PlusNet manage traffic - to which I responded "my connection is so slow, it's really not going to make a difference!"


He said that I might not get the fibreoptic service - to which I replied "again, Sir - has made naught difference to the pantaloons speed of my connection since you changed it, so I shall not worry about it"


He asked whether 6 months of free broadband might make me consider staying. And I paused for a moment, before replying "tell me more, young Sir".


So, we've agreed that rather than swap providers, I have a new 18 month contract with six months of free broadband starting tomorrow.


Now, I know that averages at around the £27 per month across the contract - but that six month breathing space right now is a God send. Plus he's recommended that I give them a call back next summer to renegotiate for a 12 month contract.


So, six months at £16.99 purely for line rental... At the end of the six months, my bb will be £15 per month on top of the line rental, which is still cheaper than it is right now.


And all without having to faff with changing providers.


Huzzah! Bring forth the flaggons of ale and carts of chocolate and we shall celebrate this good day!


Nora-the-Intrepidxx


P.S. I didn't actually call him Sir once - I'm way friendlier than that.


P.P.S. In other news, I've taken advantage of EDF's price promise type thing and changed my tariff - so that's now down to £64 per month for gas and electric.

Knit_Witch

Well done Nora, negotiationsRus eh!