Beginner's Questions-Now Shirlgirl's updates

StuartGMC

shirlgirl2004 wrote: »

OP of about £150 so a total of £650 for this month. I don't know if I'll do anymore. We'll have to see when the OH gets paid again, he's not sure yet and I'm not taking any chances!

Nice big OP; I think if you've got variability income dates then a cautious approach would indeed seem sensible. Do remember to use the credit cards for spend and thus limit the need for cash, this will then give you a bit more flexibility around the current a/c.

shirlgirl2004

He doesn't normally have a massive variation in when he's paid but after working for the same company for over 20 years he still hasn't bothered to find out exactly when he gets paid :rolleyes: . Never mind.

Anyway we know his pay date for next month and because of xmas the pay month will be a short one and the January one a long one so I need to make sure we have plenty to see us through.

I don't like using the credit cards too much because it is too tempting to almost see it as not spending money because the bank balance doesn't fall. We do use them for food and petrol shopping though so we get the cash back and then they are paid off in full at the end of each month by DD so there is no temptation to make a smaller payment.

StuartGMC

shirlgirl2004 wrote: »

He doesn't normally have a massive variation in when he's paid but after working for the same company for over 20 years he still hasn't bothered to find out exactly when he gets paid :rolleyes: . Never mind.

My flabber is well and truly gasted!

I can't imagine not being certain to know when I am due to be paid and that they do so; good job you're there to keep him on the straight and narrow!

shirlgirl2004

Aside from xmas when he's paid early they have a simple rule as to when he is paid. It is always a certain day of the week and the one before a set date e.g always a Sunday and the Sunday before the 1st of the month unless the 1st is a Sunday. He just couldn't remember what the relevant date was. Normally we are in the fortunate position of not having to worry about when he gets paid because there is always money in the account but I have been trying to OP as much as possible .

EssexHebridean

It's a nightmare the way pay varies around christmas isn't it - mine's never affected as I get paid mid-month but Mr EH gets paid at the end of the month so they always fiddle with it in December and we have to remember to take account.

Re the credit cards - I take it that you use cashback cards for any spending you do use them for? We have been using this method for a while, coupled with a DD set up for paying the full balance each month, and have found it fairly easy to be strict with ourselves with the spending. The rule is that if it would otherwise have been paid for on a debit card, it goes on the cashback card instead. Any large purchases are made on the cards and the money then transferred from savings, but it is by far the most cost effective way of doing things, I find. Remembering to transfer the money about from account to account can be challenging though!

shirlgirl2004

Yes we have an Egg card and mainly use it to put food and petrol on. They are fairly consistent in their monthly totals so it's easy to make sure I put that money by and don't get caught out with a big bill we can't clear.

StuartGMC

As always Shirlgirl, you have all in hand and well planned!
Keep at it.

shirlgirl2004

Just made a £750 OP so the amount owed has now fallen below £30,000 :j

EssexHebridean

Well done ShirlGirl - nice to have another milestone smashed through! :beer:

setmefree2

shirlgirl2004 wrote: »

Just made a £750 OP so the amount owed has now fallen below £30,000 :j