Piggybanking

ReadingTim

louby40 wrote: »

I can't start budgeting properly till I get paid next Wednesday. I have about £40 to last me till then.

When I get paid, it will start.

No, it starts now. By working out how that £40 is going to last until Wednesday.

In the meantime, you should also know what's coming in next Wednesday, what will be going out, and what you have left to play with.

If you can't start now, you either have no idea how much you're going to be paid (which I can't believe), or you're not facing up to the problem.

mrsbee17

A popular 'YNAB' statement is "give every dollar a job" (or in our case, pound). I agree with Tim above, what does that £40 need to 'do' for you before pay day? What does your pay need to do for you before your next pay day?


Good luck!

3wisemonks

ReadingTim wrote: »

No, it starts now. By working out how that £40 is going to last until Wednesday.

In the meantime, you should also know what's coming in next Wednesday, what will be going out, and what you have left to play with.

If you can't start now, you either have no idea how much you're going to be paid (which I can't believe), or you're not facing up to the problem.

Sorry to jump in but the bit in bold, why is it unbelievable? We never know what DH wage will be due to his type of job but I agree budgeting needs to start now.

Work out what your monthly outgoings will be. What you've spent in the last months food shops and how this can be reduced. Stock take cupboards, fridge and freezer and get a meal plan together.

If you don't know exactly you may have a rough idea in which case you can figure out the minimum you'll need for xmas and bdays, emergency fund and then debts.

Good luck!
3WM

louby40

Of course I know what's coming in and going out. I have a spreadsheet on my computer and recently downloaded a spending app too.

My maintenance from my ex and my child benefit is going to pay off my current overdraft on my old account. My new account with First a Direct should be up and running by the end of my week, that has a £250 overdraft that is free, anything over that I want to totally avoid.

I've made a list of any 'extra' things that I need to buy and will look closely at what I can buy with the money I have.

I've got 11 items listed on eBay, with one item just sold for £30 and other items hopefully being bid on tomorrow. All money will go into my overdraft.

I've rejigged my 3 savings accounts to each receive a small amount for emergency fund, Christmas/birthdays and school trips.

Please give me some credit ! I have thought this through extensively and have had a few sleepless nights thinking about it. I'm budgeting in my head and have been for about 3 weeks when I had my LBM, but I can't budget physically until I get paid and my money gets assigned to the various pots.

Does that answer your question Tim? I know you're trying to be helpful but your post is very condescending! I do have a brain ya know!!

louby40

I've been meal planning for a long time. I shop in Aldi and have a budget of £200 for 1 adult 2 (very hungry) teenage boys.

3wisemonks

Sounds like you're doing great already then :T I hope you weren't offended, I read it as you weren't prepared to budget yet but you'd had your LBM so thought it best you keep that ball rolling but as you've said you're already organising and budgeting so I misunderstood and apologise for that

I don't think £200 a month is bad for the 3 of you. I have 1 teenager and she's like a dustbin!

School trips pots - this is a good one to have a pot for I've spent over £1000 on these in the last 12 months! I think I might have look into a pot for this.

I'm not brave enough for eBay yet :rotfl: great news youve got sales already! I am using gumtree for big furniture items which has been OK and is free but I'm not sure what it's like for smaller bits.

3WM

louby40

I'm not offended in the slightest - I need all the help I can get.

Unfortunately I don't think things are always clear on these forums and maybe I didn't explain myself clearly.

My overspending has been top up shops at the co-op, so maybe I need to include an extra £20 into my food budget, a monthly manicure which is going to stop, withdrawing cash that just seems to disappear and not being mindful of what I'm spending.

I should have £700 left after everything has come out but once my overdraft uses up £500 of it I'm down to my last £200 and panicking.