How do you pay for 'inforseens' when on a tight weekly budget?

melissa'smoney

Hi all,

As a new DFW and someone now living by what she earns and not whats she wants when she wants it and puts in on CC's....how do you budget for unforseen things?? eg. Car repairs etc

I've worked out my SOA and have a certain amount to live on per week and when it's gone it's gone.

Just wondered if anyone had any advice?

x

skint_spice

Hi Melissa,
I set up a standing order to a building society account for a set amount and this covers MOT with extra for repairs, car tax and service, car insurance and house insurance, xmas and DS birthday.
If you work all the annual stuff out then add however much you usually spend on repairs over the year and divide by 12 it should give a realistic figure.

Just my way but others may have other methods...

Shineyhappy

I have a very strict budget at the moment, I know what is coming out for mortgage, bills etc then I try to spend as little as possible on food and petrol, I have a 2k od facility but only use 1.5k, this was 1k but I had to pay for insurance. I basically leave enough in my od to cover any big bills that I cant afford to pay but if I know there is a bill coming then I dont op my debts as much so there is more money in my bank account.

Everyone has different budgeting techniques, some people have loads of accounts others like me just have a current account. If you want peoples advice on your particular situation then post your SOA and we will have a proper nosey.

floss2

I add up what I have spent on car servicing / repairs / MOT over the previous 12m, add 10% for just in case, then divide by 12...that goes into the savings account, to be used as & when necessary. I save for the road tax & insurance monthly too.

taxi73

Hi and welcome i agree with the others as ins,repairs should be put away in your budget as they are not unforseen..then you will have a real idea of how much you have really got to spend

esthomizzy

As others have said I divide the yearly things by 12 and put the 12th aside each month in a separate account so I can get it whenever I need it. This account mostly has between 300 and 500 quid in it at any one time depending on what big bills have recently gone out. I also have in my monthly budget £50 for emergencies (what constitutes an emergency is arguable, especially as since I have no budget for haircuts, if it's getting towards payday again and I haven't had a more important emergency I sometimes use it for a haircut). It also gets used sometimes if it's a friends birthday or a wedding or something like that that I just don't have money for any other way. In real dire emergencies I sometimes take from the yearly payment account if I don't have any money anywhere else for something desperately urgent. If it's just a small amount I need I just take it but if it's a big amount which might mean the account can't cover stuff it's needs to then I'd try and pay it back.

It sucks to be skint and I'm feeling depressed at the moment thanks to some horrible antibiotics I was on (Ciprofloxacin, if you get offered them avoid like the plague, they are not kidding when they give paranoia, anxiety and depression as well as sickness and diaorrhea listed amongst the side effects). And (this is a laugh a minute) they say if you feel like harming yourself or others while on them you should consult your doctor again apparently (astonishing) more so in that stupidly I didn't read the piece of paper with the side effects on until I'd taken 3 days of them.

Anyway sorry to digress onto my problems. Good luck with your budget Melissa

consultant31

esthomizzy wrote: »

It sucks to be skint and I'm feeling depressed at the moment thanks to some horrible antibiotics I was on (Ciprofloxacin, if you get offered them avoid like the plague, they are not kidding when they give paranoia, anxiety and depression as well as sickness and diaorrhea listed amongst the side effects). And (this is a laugh a minute) they say if you feel like harming yourself or others while on them you should consult your doctor again apparently (astonishing) more so in that stupidly I didn't read the piece of paper with the side effects on until I'd taken 3 days of them.

Ooh this sounds very unpleasant. Fortunately only a very few people seem to suffer the side effects, but it sounds like this is one to go on your 'avoid' list. I hope you're feeling better soon:)

esthomizzy

thanks I've been off them for a week (finished course first) but am not really back to my normal self yet. Tommorrow I'm going to wake up and it'll be a bright new day (well I hope).

consultant31

esthomizzy wrote: »

thanks I've been off them for a week (finished course first) but am not really back to my normal self yet. Tommorrow I'm going to wake up and it'll be a bright new day (well I hope).

It will be - got my fingers crossed for you