Had my lightbulb moment!

scottishbrummy

Thanks for the advise,
I think I'm ok budgeting now as I'm back on track and I'm much more aware of what I'm spending. Just need to keep going now. Provided I keep my spending down I should have paid off my credit card and overdraft hopefully in 5-6 months. Was naughty yesterday and overslept so had to get taxi to work...
Will update with any news

ellesbellesxxx

You are clearly making a good, positive start - well done!
Even though you have a year left on your mobile, you can still reduce your payment plan after the first year? Worth a try? I have done that with both the last contracts I Have had! Then when year is up, keep phone and switch to giffgaff.

Any old phones hanging about? Mobilevaluer.com
Sign up with a cashback site such as quidco - all these things make a difference!

nextyeartina

Do you work for Te$co by any chance? Keep up the good work


Tina x

Willowpop

scottishbrummy wrote: »

Just a little update to let everyone know how I'm getting on...

I probably was making excuses re the 4 week pay, however, I do think once you're in a cycle where you're behind with bills it doesn't really matter if you're paid weekly, 4 weekly, or monthly.

I've been looking through the forum and found a really good tip which I've used this week and has been really helpful: take out cash from the cashpoint instead of spending on card all the time. I can't believe how well this has worked for me. I withdrew £30 last Saturday to cover food and anything else I might need. I still have £2.80 left! Yay!
It might sound like I've spent a lot, but when I look at how much I'd normally spend I've saved loads

I'm up to £7 on valued opinions now too, surprised by how quickly it's adding up. I've not been on there that long, so I'm hoping by June I'll have enough to buy a goodish fathers day gift that I can add to with something I can make (no idea what yet!!)

Also, found out yesterday I'm getting a bonus in May (5% of last years pay!) so that will help me to pay down my debts quicker.

Thanks for the feedback so far!

I totally understand, once you're behind it is a bit of an effort to catch up...sounds like you're making great progress there with getting the payment dates moved. It's a great feeling when you don't feel sick about the payments coming out and whether you have the money there yet or not.

Taking cash out has been the big life saver for me. I am terrible for putting a tenner here and a tenner there on a card, but with cash I can see that tenner go out, so it really concentrates me on what I'm spending. It's really helped me keep to budgets...sounds like it might work for you too.

Great news on the bonus too, it all helps, however small !

Keep going, you're doing great.

scottishbrummy

Tina, how did you guess lol...
Cash is definitely the way forward for me, way to easy to spend on card. Just glad to be back under control again

nextyeartina

I work there too and am :j :j:j about the 5% bonus.

Tina x

tealady

Hi
I have a friend who gets paid 4 weekly and they have a separate bills account.
They work out how much in bills has to be paid up to the next payday and that goes into their bills account. The current account is used for other things such as food and petrol. When they get to the next payday they look at what is left in the current account and use that to reduce their debts.
Don't know if this would work for you?

Dobbibill

scottishbrummy wrote: »

So here's where I am at the moment:

Monthly Income:
My salary - £1,350

Monthly Outgoings:

Mortgage - £362.77
Loan repayment - 170
Council Tax - £81
Gas - 20
Electric - 20
TV License - 12
Sky - 39
Phone - 43
Food - 100
Life Insurance - 5
Bus Pass: 60

Total: 912

Hi,

Have you truly accounted for everything, there is nothing there for water rates, Credit card bill or for overdraft fees/charges/interest, haircuts, clothes etc

Try using the SOA page, it will help you calculate for everything.

The other thing to consider [if it helps]. Keep one account for your bills, transfer amount left into a separate account for spending. If you do this every time you are paid then the date of each DD/bill should not impact you as much.

I like your plan, withdrawing cash, this can make such a big difference, well done on the progress you've made so far. keep at it.

anna_1977

Hi, i was just about to post the same as the previous poster about things missing! Water rates, house insurance?

scottishbrummy

Sorry, not been on in almost a week! Up to £9 on valued opinions - hopeful to have £20 worth of John Lewis vouchers by fathers day! Have a longish journey to work and it's a great feeling to earn money whilst sat there on the bus!

Fair point about water/haircuts/creditcard/charges etc.
I've budgeted pretty well this month so shouldn't have any charges next month. This month my bank charges will be: £12 direct debits bouncing, £6 arranged overdraft fee, and £18 interest so £36 in total - just glad that from next month it will just be the £6 overdraft fee!

My credit card minimum was £58. I didn't put these on my SOA but I did budget for them so I knew I would have enough in my account. When I've got my bonus from work the bulk of the credit card debt will be gone.

Haircut wise I do spend £20 per visit. I know this is a luxury, but it's one of the few I have so I'm not giving this up and I don't go every month... they give you a free (I realise it's included in the price) beer while you're there! :beer:

I've been bad this month and have got a taxi to work 4 times! It's only been when I've worked late shift (not home until 11.30) and then had to be in early (back in for 7) - if I get the bus it can take up to an hour to get there. Not often that I get a late into an early, and normally do get bus, but it's been a case of waking up and turning off alarm whilst still asleep then realising I have to be there in 30 mins and won't let myself be late!

Got confirmation of my bonus through the post! £1100 before tax! Will really help get my debt down :j

Sorry for the long post, but it's been almost a week and lots to update