Student finance come in - how to deal with it

abby1234519

ViolaLass wrote: »

Using it to pay off the Vanquis card and save interest seems a very sensible option.

To be honest, I think I am going to go with this. I'm going to work out all my clothing categories, food categories etc - work out the total sum of this up to December and then put that money on the card. I'll have to be really careful how I use the money that I've put on the card though. But I think it will save a shed load of interest, I'm thinking about £100 a month interest

abby1234519

nkkingston wrote: »

Have you considered putting it in a savings account where it's difficult to access? One that requires a request in writing, for example. They usually have better interest rates, and having to take a few extra steps to get the money out outside of your planned budget might give you the extra time to reassert your self control.

Hmmmm that is an idea actually. Maybe not this term as I think I'll try to work around the Vanquis card. But the term after I could do that.

abby1234519

woodbine wrote: »

I have advised my DD who has returned to uni after a 7 year gap,to divide her total income from loan/grant/bursary to divide it by 52

I use YNAB so it doesn't really work that way unfortunately

Puddylove

Ok, forgive the obvious question but if you 'can't handle large sums of money' without it disappearing, then why are you looking after it rather than your husband?

In my opinion, you need three separate accounts - yours, his, and one for bills which you both pay into.

I've never thought joint accounts were healthy; everyone should take responsibility for their own financial affairs.
P x

abby1234519

Puddylove wrote: »

Ok, forgive the obvious question but if you 'can't handle large sums of money' without it disappearing, then why are you looking after it rather than your husband?

In my opinion, you need three separate accounts - yours, his, and one for bills which you both pay into.

I've never thought joint accounts were healthy; everyone should take responsibility for their own financial affairs.
P x

Sorry just to come back to this.

Simply put - my husband wants nothing to do with the finances of the household. Whenever I try to involve him he just drifts off and loses interest. So he is in charge of looking after our son and the majority of the housework - then I do all life admin etc. OH has his own cashcard account which has 3 months of his "pocket money" and his train travel.

And by handle large sums of money I really do mean it makes me nervous and I worry about it. However I did work it out and I've ended up being able to put all of our budgeted categories like car mot that comes up in december on to the card etc, brought the balance down by a lot which means I'll save interest. The rest is in the savings account for when it is required and I have taken food money out in cash and put into weekly envelopes up to the end of December so at least I know we can feed ourselves. Should be fine. I hope...

ViolaLass

I would worry about that amount of cash sitting around the house, but each to their own.