There may be trouble ahead......

[Deleted User]

It looks like there may be trouble ahead at work. There have been rumours around for a while, but they're getting louder and more specific about departments affected. I'm definitely spooked.

If anything does happen it's likely to be between now and Xmas. My situation, as at this morning, is savings £0 and debt £9394 :eek:

I have been around on the boards for a while, mostly lurking and reading, but obviously hadn't really had a lightbulb moment. Well, here it is

I've spent this weekend setting up a new spreadsheet for debts and payments. Not really sure about the budget, because blind panic has me just wanting to pay everything off and get some money behind me as soon as possible.

Be back later with a bit more of a plan about how to do that

pidge04

Welcome!

I am really sorry to read about the uncertainty at your work. It must be massively unsettling. My husband is going through the same at work. You feel like life is in limbo.

The good thing is you are here!

What is your plan of action?

All the best.

Scott-Weiland

I work in the financial sector and I will be truthful I am concerned when Brexit goes through that my job may go overseas.

My advice try not to be worries too much, get that emergency savings fund built up slowly.


Re budgets get it done on paper, or do whats called an soa you can get templates for them online.

[Deleted User]

Hi pidge04 and Scott-Weiland, thanks for dropping by. Sorry to hear about the job uncertainties for you both - it is a horrible situation to be in. One minute I'm panicking because of no emergency fund and the next because of the amount of debt - I'm sort of in a headless chicken mode at the moment. I can't say I really have a plan at the moment, I'm still working on my budget (when I can bear to look at it, it's not pleasant reading).

I'd already got a few days booked off work this week for a long bank holiday weekend. Now cancelled all plans which would have included spending money and will use the time for working on sorting this mess out.

Are you doing anything specific to plan and prepare for the possible redundancies?

bln x

Scott-Weiland

bestlifenow wrote: »

Hi pidge04 and Scott-Weiland, thanks for dropping by. Sorry to hear about the job uncertainties for you both - it is a horrible situation to be in. One minute I'm panicking because of no emergency fund and the next because of the amount of debt - I'm sort of in a headless chicken mode at the moment. I can't say I really have a plan at the moment, I'm still working on my budget (when I can bear to look at it, it's not pleasant reading).

I'd already got a few days booked off work this week for a long bank holiday weekend. Now cancelled all plans which would have included spending money and will use the time for working on sorting this mess out.

Are you doing anything specific to plan and prepare for the possible redundancies?

bln x

I have a savings fund, and I have increased the amount of shares I am buying at work per month, work do a sharesave thing and what ever I buy they match. I have about 1500quid in them. Plus if redundancy did come I have worked at my place 14-15 years now.so I would get a lot.

I would if it were me do what you have said get your budget sorted, be honest with yourself when its all on paper. Post it here if you would like upto you. Once its written out sit and think right do i really need as an example

a/b/c/d

ie could i reduce this (look at non essentials ie netflix/sky/iphone packages/itunes/spotify etc


Then look at what you could do too boost your income, ie do surveys online like i do or have an ebay/ziffit/webuybooks or music magpie declutter.


All these tiny bits of extra income can build the emergency fund.

redofromstart

Happy new diary, and full points to you for not just sticking your head in the sand.

I had a few months to plan for my VR. I looked at our spending and got rid of anything non essential (netflix, etc), reduced our contract spends on things we needed (car insurance, mobiles for example) and made sure I minimised the cash that had to go out every month. I built up an emergency fund, and moved our debt to a 0% card before my R was confirmed. I could have cleared it but it was better for us to have access to the emergency find in case we needed it to pay the mortgage which was number one priority. The tedious 'do I need it or do I just want it' question got applied to everything. Dull but effective.

Good luck!

[Deleted User]

No more definite news on the situation at work. Every time we ask our manager he just talks about how it's likely to affect him!

I've very definitely had my head in the sand about my financial situation for quite a while. My credit files are not looking good. I've been overspending for a long time and have been just about getting by with juggling payments and taking more credit. Looking at my budget properly for the first time shows that this month I would have hit the buffers anyway.

I've paid what I can this week, I will need to make some sort of arrangement for the biggest payment as that didn't go, I've very little money left for the month and still need to find some to cover some smaller bills going out during the month. On the bright side, the overall debt's gone down to £8666. Also, looking forward, things will start to look a bit more in balance by November if I can just get through the next couple of months.

pidge04

Sorry to hear it is still so uncertain for you.

Have you thought about posting your SOA here?

Great that your debt has gone down.

I am sorry you have very little money left for the month. It is a really horrible feeling.

[Deleted User]

So, payday juggling done for now. I've emailed asking for breathing space for the biggest loan payment which I haven't got a chance of paying this month, so I'll see what they say.

Latest calculations show I need £115 to pay bits and bobs of bills though out the month, and anything over that for actual living. I've joined the £10 a day challenge (though for £5 a day) to see if I can make enough to get through this month. I'm also starting to go through cupboards at home to see what I've got that I can use up or sell.

Have a good weekend.

bln x

[Deleted User]

Still plodding through the month, trying to make a little bit extra to live and make the last few payments.

The biggest thing this week is that I've set myself a challenge of 100 days alcohol free. This was the biggest expense showing on my spending diary and the habit's sort of crept up on me, so I've decided to try to give myself a break from it for a while.

I've managed 2 no spend days this week, so going to try for 3 next week.

Have a good week.

bln

beanielou

Hope you have a good week too