I want to stop drowning

[Deleted User]

Morning,

Thought I'd pop on to your thread and say hello

Hope you're feeling much better this morning?

I have subscribed to your diary and will pop in again to see you.

Pm02
x

debtaghh

I have subscribed to yours too, thanks.

Still not feeling great but with three kids think I will have to just get on with it.

elsien

debtaghh wrote: »

Thanks for the link. I can't get it to calculate but think it's my laptop as I managed to do it on my phone but then couldn't copy it onto here. It said -£108 but I hadn't included anything from my online business or any overtime for my husband. Likewise I left a lot blank e.g entertainment, holidays, presents , hair cuts as we don't put anything towards them.

If you're spending on them they need to go in to get a balanced picture, even if you don't put money away every month. It's a record of what you're actually spending, so if you ever buy presents, get haircuts, go out, it should show in the SOA. (This is from the woman who hadn't got a clue how much it all added up to, and was surprised to see how it all mounted up.)

debtaghh

Thanks , will try redoing it and include everything we spend even though we don't save that money but do spend it.

tori.k

The extras do need accounting for even if at the moment your robbing peter to pay paul so not physically putting the money aside each month you are still paying out for them at some point across the year.
Like everything else a true accounting does take some time keep a spending diary for a month, keep all your receipts for stuff paid in cash they should tally up whats in your spending diary, get your bank statement for all the DD and spending on cards this should give you a clearer picture.

As overwhelming as it may feel at the moment you can't take control without the facts, and the first step from going in circles to moving forward.

debtaghh

Ok,so I have redone the calculator and included everything including a small salary from my business and is now showing -98 but that doesn't include overtime from my husband. I'm sure we can easily sort that shortfall out but that is only paying the minimums.

EssexHebridean

The next stage now then is that you MUST set aside the money you've allocated for various things - otherwise it continues to vanish and when a car serve/haircut/birthday present is needed, the money still isn't there so you're back to square one.

Something I found worked brilliantly was to set up a whole series of "offshoot" savings accounts from our current account - online banking is great for things like this! Then you "feed" those accounts via setting up automatic regular transfers from your current account for the day after you get paid. We have them for car expenses, household expenses (insurance etc), holiday, presents, entertainment and more. The money just trots out to where it needs to be at the start of the month and that's that.

100% agree with Tori about a spending diary too - such a valuable tool in showing you where you money really goes!

debtaghh

EssexHebridean wrote: »

The next stage now then is that you MUST set aside the money you've allocated for various things - otherwise it continues to vanish and when a car serve/haircut/birthday present is needed, the money still isn't there so you're back to square one.

Something I found worked brilliantly was to set up a whole series of "offshoot" savings accounts from our current account - online banking is great for things like this! Then you "feed" those accounts via setting up automatic regular transfers from your current account for the day after you get paid. We have them for car expenses, household expenses (insurance etc), holiday, presents, entertainment and more. The money just trots out to where it needs to be at the start of the month and that's that.

100% agree with Tori about a spending diary too - such a valuable tool in showing you where you money really goes!

Thanks, I'm going to change the way I do things. As I'm self employed I don't set myself a payday so I think I will and coincide it with my husband's one. I think before making extra payments towards debt I will make sure I have put money in savings for :


Tv licence- £12
Entertainment- £100 ( this includes my son's special swimming as he has special needs)
Clothing including school shoes- £40
Haircuts-£7
Dentist and prescriptions- £28
Car tax-£15
Car repairs-£45
Holidays-£20
Christmas/presents-£50
Other-£50 including school trips
Contents insurance-£5


Total needed to save £372 per month :eek:


Before anyone asks: the entertainment is primarily for my son's swimming, the clothes money is mainly for uniform and shoes ( £75 on shoes alone today) my son needs to wear certain shoes due to his needs. We buy an annual pre payment card for prescriptions as it works out cheaper which is £104 annually plus money for the dentist. I have allocated car repairs as £45 due to new tyres needed and anything else. I've allocated £20 under holidays for maybe a cheap hotel next year for a celebration or something similar. I've already cut down my present spending. I've allocated £50 for anything else e.g I think my hoover is on it's way out.


I have also decided by the end of the year I would love to clear two credit cards:


Husband's capital one £1522.91 this is the one we pay the highest interest on 12.9%.


My Barclaycard:£4697 this is the one that charges the highest minimum per month 2.25% of balance plus interest.


If we cleared both of these we would be £140 better off all being well!


Let's hope for lots of sales for me as it will be very tough with saving £372 per month and clearing £6219.91 in 5 months and doing the stoozing calculator it was showing a - but that didn't include overtime or much for me as a salary so fingers crossed!

As predicted I spent a lot today.... £150 later but my son needed trainers and school shoes , my daughter stationary and does include £20 post to send my items and other bits. I had money for this from a 0% money transfer we did. We also have money for all the above for this year and a £250 buffer. I will start saving from this month.

EssexHebridean

:T:T:T:T:T

You've really got this haven't you - well done!

You;ll find you either need separate accounts for all your savings "pots" or a good spreadsheet set-up to keep a track of what is in the account for which things. Great idea to set yourself a payday too - definitely the way forwards! :T

The advantages I've found of doing things this way is a massive reduction in stress - knowing that when this insurance or that other bill comes due the money is sitting there is SUCH a huge relief. Also if you're smart, and have savings accounts that pay even a small amount of interest, you end up profiting from the money that's set aside to pay the bills - that's got to be a win! It also really does help stop the frittering too.

debtaghh

I have two savings account, one will be for this years bills etc and another will be my monthly savings and I will log it all on my spreadsheet so I should be ok.

I'm not planning on going out today or tomorrow so hoping for nsds.

I will look in my present cupboard to see what presents I have already bought for the kids for Christmas. I need to check the banks as I'm waiting on some money.

I'm hoping/ needing lots of sales to keep on track of everything ESP as I won't be making money when I go away.

Feeling very tired today so think apart from the normal daily jobs and the above I will just chill and play board games with the kids and I did say to them we would bake today.

I have just ordered that free craft box advertised on the weekly newsletter. Yesterday I got my husband to sign up to bounts using the code on here and I added the app to my phone again as it wasn't working properly last time and just had credit to spin the wheel and got some free points ( it all adds up and is free!).