payday panic

mwarby

Stevie_Palimo wrote: »

Is that not the point of an IVA though ?
You are basically being let off a large amount of money owed towards your creditors/debts so with this in mind not being able to go out and or buy clothes should be standard, Not wanting this to sound to harsh but when debts are being written off for you then money by rights in your pocket should be living expenses only.

But those expenses should be enough to live to a reasonable standard. Not new clothes whenever just for fashion, but should be enough for new clothes that are needed (good luck making all your clothes last for 6 years). A social life isn't accounted for in budget but many can underspend on groceries for the odd drink out

The object is to get a budget which is workable for 5 years, gives a reasonable lifestyle(not on breadline) and has some left over for creditors

mwarby

Op do you put money into jamjar accounts for budgeting. I for instance save each month for car stuff(repairs, insurance and tax), birthdays and Christmas and medical(prescription or dentist etc)

The idea here isn't to save loads long term, but to smooth costs over the year. Eg you know come MOT time you'll need to spend in repairs, better to put aside £20 smooth than try and find £200 when it fails

My system was
1 account for wages, standing orders and direct debits (no spending)
A few savings as jamjar (funded via standing order)
1 account for spending for day to day stuff (what was left after all the above)

greenbrucelee

mwarby wrote: »

But those expenses should be enough to live to a reasonable standard. Not new clothes whenever just for fashion, but should be enough for new clothes that are needed (good luck making all your clothes last for 6 years). A social life isn't accounted for in budget but many can underspend on groceries for the odd drink out

The object is to get a budget which is workable for 5 years, gives a reasonable lifestyle(not on breadline) and has some left over for creditors

Thanks.

Thats why I think my IVA is wrong but I am worried about saying anything in case it hinders anything. I only have 9 months to go.

There has been a couple of times over the last 4 years were I have had to do such things as cancel my internet service package direct debit and then reset it and pay it later because of things like this. My isp allows upto 7 days before they restrict the service and 14 before they cut it. I was under the impression that the IVA was intended so you could live whilst I understand that going out for drinks and stuff is out I have been left that the only things I do is work and if I am not working I sit at home and not do anything.

greenbrucelee

mwarby wrote: »

Op do you put money into jamjar accounts for budgeting. I for instance save each month for car stuff(repairs, insurance and tax), birthdays and Christmas and medical(prescription or dentist etc)

The idea here isn't to save loads long term, but to smooth costs over the year. Eg you know come MOT time you'll need to spend in repairs, better to put aside £20 smooth than try and find £200 when it fails

My system was
1 account for wages, standing orders and direct debits (no spending)
A few savings as jamjar (funded via standing order)
1 account for spending for day to day stuff (what was left after all the above)

Well I use an envelope system. When I get paid I leave money in the bank for bills etc and I have 6 envelopes I put money for each week into the envelopes i.e 4 if its a 4 week month and 5 if its a 5 week month and I use the other envelope of car bills.

I had just put my final week money of the month into my wallet and did some food shopping and stuff then lost my wallet.

mwarby

It could be the allowances are too tight
It could be due to your income not being regular
Your IP should be able to help with both of these, within limits. Have you spoken to IP about difficulties making ends meet?

The other factor maybe budgeting, made worse by the above. Cars are predictable money pits(they always need money when you ain't got it), you need to save to cover the unexpected car bills

mwarby

greenbrucelee wrote: »

Well I use an envelope system. When I get paid I leave money in the bank for bills etc and I have 6 envelopes I put money for each week into the envelopes i.e 4 if its a 4 week month and 5 if its a 5 week month and I use the other envelope of car bills.

I had just put my final week money of the month into my wallet and did some food shopping and stuff then lost my wallet.

So that's to get you through each month yes ? You need to think year long too if you don't already

greenbrucelee

With my car it is quite an expensive car to service etc luckily nothing major has ever gone wrong with it but since its a fast car then the bills are obviously quite high.

I get paid on a monthly basis.

greenbrucelee

mwarby wrote: »

So that's to get you through each month yes ? You need to think year long too if you don't already

thats how I do each month.

Broadwood

greenbrucelee wrote: »

With my car it is quite an expensive car to service etc luckily nothing major has ever gone wrong with it but since its a fast car then the bills are obviously quite high.

Have you considered swapping to a cheaper to run (and therefore slower) car?

The bills will then be proportionately much lower.

greenbrucelee

Broadwood wrote: »

Have you considered swapping to a cheaper to run (and therefore slower) car?

The bills will then be proportionately much lower.

yes I did early on but wont now since I have 9 month to go. It's the most reliable car I have ever had. Just expensive.