Mumof3.12kindebt .. dfw again ! - 15 dec 2020

mumof3.12kindebt

Morning my beautiful diary friends I've decided that as of next month I'll be going back to cash budgeting. I'll put what I need to in my account to cover the direct debits but everything else will be done with cash. I keep to a budget better this way as it feels more real. I have a purse with multiple sections that I got last year to help with cash budgeting. I'll get something similar for savings too. And then just pay it into the bank as we need it. It will give us less temptation to spend because the money won't he in the bank I'll have to physically pay it in. 

Once we are debt free I need to work on my sinking funds too. 


Nothing new to report. 

Oh we did a small food shop yesterday came to £40 but no other spends since I last posted 

mumtoomany

Morning mumof3. Re the tax credits. When we first movers here nearly nine years ago, our incomes dropped drastically. From one full time wage and three self employed incomes, to practically zero, whilst we tried to get the smallholding up and running. We moved in November, told tax credits immediately. They adjusted our payments the next April! We then got a nearly £2000 payment. Funny how when it's the other way round, they claw it back immediately. So if you've been underpaid, I wouldn't hold your breath. 
Have you looked to see if you'd be better off on universal credit? We wouldn't be, earn far too little now. Hopefully we won't be transferred over, as OH reaches retirement age in 18 months.
Take care, hugs, mumtoomany.xxx

mumof3.12kindebt

Hi @mumtoomany

Yes last year they sent an overpayment because they underpaid us. I've now adjusted my income as they had it sent to the same amount as this year for next year and I don't plan to do as much overtime as I have done last tax year. I've adjusted the budget according to what they are currently saying anyway and if there is any change I'll update again. 

I have looked I think we will be around £50 a week worse off

I'm actually going to look into If I'd be better off reducing my hours. Sometimes it works out like that and tbh some weeks it kills me and I spend all my days off recovering. I need to find a good balance. I'll check the benifit calculator again and see what we would be entitled to. At the moment realistically I can't afford to reduce my hours. 

mumof3.12kindebt

Morning my beautiful diary friends 
Hope you are all well. 

I've ordered a money binder for my long and short term savings goals. I already have a purse with multiple sections for our monthly and weekly spends that I need to find. I'm going back to cash in June. I also have a money box coming for our spare change to go into I could of carried on using the mason jar I've been using but I've had my eye on this money box for a while so I thought I'd 'treat' myself. 

I also still need to pay the cash in in the bank that I have here. 

I've felt really good the last few days. Didn't sleep last night because i had a bad ear ache DP Said I was really unsettled when I was asleep. GP has prescribed antibiotics for an ear infection. 

Need to stop at tesco this afternoon for work. I have a meeting there today. And then ill be staying to do a few jobs. Hopefully will make it home in time for the kids club tonight. 


Currently folding clean laundry 🙃 


Still waiting for the £150 council tax payment. 

There have been wispers we will receive our government bonus In our next pay, I'll believe it when it hits my bank account. 

Also because we are paid 4 weekly we will have two pays in June. The second one I've already allocated so it won't be wasted. I've also already allocated the gov bonus and the £150 when I get it. I like to give all my money a purpose that way It doesn't get wasted.

I've also lowered the amount i put up for car maintenance since our tax credits have lowered. I've canceled some direct debits that aren't needed. 


Hope everyone has a lovely day. 

Hugs love positivity and prayers to you all 

mumof3.12kindebt

Took a trip to the bank this morning 

Paid off the loan. So now we are just left with housing association debt, my student loans (which I'm not bothered about) and the mortgage 

mumof3.12kindebt

Hello my beautiful diary friends 
Hope you are all well. 


No spend day today. 

I've got my cash binders ready for June..

I'll need to withdraw what I have in my monzo pots to go into them. 

I have some money saved in car maintenance fund and a bit in our Emergency fund that I want to put into my savings binder. 

I also have spending money for camping holiday at the end of the month . Which ill leave in monzo as I don't really want cash hanging around in the car or tent. If we have any money left over it will be rolled over for when we go away for a few days in October. 

Tax credits over payed us last year. That's partly why our payments have dropped. The other reason is just that our payments will be lower across the year. The payments will go up slightly in September to what they are now. But not to the amount they were before I think this is because I earnt more last year. So I'll adjust the budget from Sept onwards for the adjusted payment. 


Have a lovely day everyone 

mumof3.12kindebt

Currently trying to work out when it would be best for me to cash stuff my envelopes 

Anyone else only use cash and when do you do it ?

mumtoomany

Hi, don't normally use cash here. Groceries, diesel, etc all go on the credit card, obviously paid in full each month. Most other spends are online, we are nearly ten miles from the nearest, small, town, so online saves on fuel. That way i can keep a tally on what's spent. If your going cash only, I'd fill the envelopes as soon as you get paid, then make sure they last till next pay day. Or, maybe on the same date each month. I think you said you're paid four weekly, that way you'll have a "spare" month. Look forward to seeing how this works out for you, mumtoomany.xxx

mumof3.12kindebt

Hi @mumtoomany
Thankyou. Yeah I'm paid 4 weekly for everything including wages but when I do our cash spends I always budget as if it is a 5 week month. And roll any spare money over each week until the end of the month. And then at the end of the month I move any roll over into savings (as extra) and then I'd do the envelopes again on the 1st for the month but split into 5 weekly . That's how I did it before and it seemed to work okay like that so I'll try that again. And See how I go I can always change it if it doesn't work 

Thankyou 

mumof3.12kindebt

When we get two payments in a month I'd just split it across the 5 weeks for that month so we effectively had 'extra' or I would allocate allocate it too something specific