SC Budget Form

carol1963_2

Afternoon Peeps, I'm in the progress of reviewing my DMP but looking at SC's budget form where do I put something/somewhere for a 'very' small fund (£20) for holidays and a small fund for presents (£50).


Thank you.


I have never put down what I owe to family/friends am I ok to add that too? I was originally told I couldn't add this.

MrsTinks

I don't think just for reference that £50 a month for presents is "small"?... That might not go down too well.

I'm not completely familiar with SC's forms and if family loans are permitted on their forms, but you can always wriggle them in there if you are creative and if it's not excessive payments each month. Up the food budget £10, up the phone bill £5, put in £5 more in travel and you have £20 towards your debts to friends a family. If we're talking much larger amounts then you will probably want to talk to SC about it.

carol1963_2

Hiya Peeps, Do I have to tell SC that I want a emergency fund or do I keep stum and add bits and pieces somewhere else?


Thank you as always.

January2015

carol1963 wrote: »

Hiya Peeps, Do I have to tell SC that I want a emergency fund or do I keep stum and add bits and pieces somewhere else?


Thank you as always.

I seem to remember (from my Stepchange days) there was an option to allocation money to sundries/emergencies. However, add bits and pieces elsewhere if you want to increase the amount you have to save for an emergency fund.

sourcrates

Creative accounting I believe is what they call it !!

fatbelly

carol1963 wrote: »

Afternoon Peeps, I'm in the progress of reviewing my DMP but looking at SC's budget form where do I put something/somewhere for a 'very' small fund (£20) for holidays and a small fund for presents (£50).

I have never put down what I owe to family/friends am I ok to add that too? I was originally told I couldn't add this.

I agree with Mrs T that £240 per year for a holiday is OK but £600 for presents is excessive.

The emergency fund is best established before you start a dmp but say £15 for emergencies is acceptable. The trigger figure for the Common Financial Statement (which SC don't use) is quite generous in this section. It is expected that the figure for the Standard Financial Statement (which SC will have to use from 17/3/17) will be similar.

Debts to friends are still debts and must be included in a formal solution (like a DRO). You should put them into your SC dmp or go the DIY route.