Debt Demolisher

motivated · 25 March 2017 at 12:37PM

foxyloxy11 wrote: »

I just use a book myself and work out my own budget system. I have done it for years. If you're reluctant to part with cash, start with paper and a pen. list all your outgoings/money coming in and work out what you have left. That is your budget. Then anything that goes in or out of your bank keep a record and make sure you add or subtract it from the budget. simples !!!!

I may well try this foxy. I've never been good with numbers hence the mess I'm in

I have sort of a weekly budget. I pay our virgin TV weekly I pay a set amount each week then when the bill comes at the end of the month it's paid for.

I top up our gas and electric on a Friday or Saturday pay the TV licence weekly and I pay for the groceries So I suppose it's sort of a budget. (DH gets paid weekly)

I use my salary to pay for the SC payment and whatever's left I add to our emergency fund or the others savings account.

I want to start saving for household things or even a short cheap break away

( would love to be able to do this one) so I may look at opening a third savings account for this and add whatever I can to it however small.

I have a new notebook and pen set so I will use this to keep track of our incomings and outgoings. If I can do it without another bill to pay for such as an online budget then it can only be a good thing eh.
M

boxofpaws · 26 March 2017 at 9:55AM

Good morning Motivated,

I've just read through your last few posts and you sound so similar to me I had to reply. It's been 3 months for me now and I only really feel now like we're getting into the swing if it. We have adjusted and readjusted our budget endlessly. I think the key is not setting ourselves up to fail. Set targets that are achievable. And enjoy it.

Paws:)

motivated · 26 March 2017 at 10:02AM

boxofpaws wrote: »

Good morning Motivated,

I've just read through your last few posts and you sound so similar to me I had to reply. It's been 3 months for me now and I only really feel now like we're getting into the swing if it. We have adjusted and readjusted our budget endlessly. I think the key is not setting ourselves up to fail. Set targets that are achievable. And enjoy it.

Paws:)

Thanks BOP

I do think our budget is a little out of sync with reality. I am trying to save a bit too much each week which doesn't leave much for fun things. I will readjust and hopefully it will sort itself out.

I think I am trying to run before I can walk to be honest :mad: slow and steady is what we need I think if we are going to succeed on this DMP journey and also be able to live a little.
M

Cherryfudge · 26 March 2017 at 10:35AM

I agree with you both - am currently trying for a realistic food budget. That's not easy in a house of four adults! Apart from that things go out on DD and I switch unnecessary electrics off - but I remember Martin of blessed fame said budgets don't work (or words to that effect) - start with what you actually spend and work back from there: it gives much more realistic amounts.

motivated · 26 March 2017 at 10:44AM

Thanks cherryfudge

We have had so may years of buying what we like when we like and thinking oh I'll pay that off next month

Clearly our plan didn't work. Was in that mind set for too long.

I am just sitting here now with good old fashioned pen and paper working out exactly what I need yearly like car tax insurance MOT and Christmas (never go overboard on this one) kids are grown now so no big expenses there.

I can put the funds I need for these out of my salary along with the DMP payment.

The DHs weekly wages will cover the groceries and the gas electric. I will then save a small amount each week from this to save up for treats etc. This is why I am thinking of opening another savings account. How many is too many?

In my head it works out perfectly but reality tells a different story

M

Cherryfudge · 26 March 2017 at 9:39PM

motivated wrote: »

We have had so may years of buying what welike when we like and thinking oh I'll pay that off next month Clearly our plan didn't work. Was in that mind set for too long.

I think I need to reread The Money Diet because I'm pretty sure Martin wasn't advocating that! :rotfl:

It's tricky isn't it... clearly if I had no money I'd have no option about sticking with what's in the cupboard and what the food bank could give me or friends were happy to feed me. As I have money I have to work out my own spending limits, and it's proving less than easy. Trimming the food budget gets sabotaged by the family or I forget something and sabotage it myself. Paint that on a larger canvas and you have your situation where all the budgets have to be set... hope it's going well, there's a lot to be said for a quiet morning with pen & paper.

I remember when we first set a limit to our food spending: I'd been keeping receipts and knew we got through IRO £120 a week. Off the top of my head, and sure it was impossible, I suggested we try to stick to £100 to feed 2 adults and 3 children. It worked so well we stuck to it for years though as time went passed the cleaning materials fell off that budget and onto general spending! Maybe looking at what you've spent, chopping off a percentage and trying from there is a way to go forward?

Paying from next month's pay is the danger point, I think. Next month is a theory that has no substance.

No idea how many savings accounts is too many.

Stb_2 · 26 March 2017 at 10:02PM

Hi, I tried Ynab last year and didn't get it. Then I really really needed a budget, tried it a second time. It's clicked and wow what a difference. After a month or so I'm subscribed and happier with money than ever before. Well worth another look if you think it might help.

motivated · 27 March 2017 at 6:20AM

Stb wrote: »

Hi, I tried Ynab last year and didn't get it. Then I really really needed a budget, tried it a second time. It's clicked and wow what a difference. After a month or so I'm subscribed and happier with money than ever before. Well worth another look if you think it might help.

Hi Stb

If I get some cheeky free time at work today I will have a look again

We definitely need something that we can see in black and white so to speak.
I know some people swear by it

I'll let you know how I get on.
M

motivated · 27 March 2017 at 9:40AM

Have just managed to open a third savings account

I now have:

Main bank account where both wages go in to.
Top up debit card account - This is great as I only put on there what I can afford to spend in the shops etc.
savings account 1 - For Emergency Fund
Savings account 2 - For Yearly expenses such as car insurance, car tax, MOT etc
Savings account 3 - Household things and a short break away (God willing)

I have set up a weekly standing order from our main account into the yearly expenses account. I have worked out exactly how much I need and have divided the total into weekly amounts.
Also a monthly standing order to this account for our SC payment. I get paid on the 15th and the payment doesn't go until the 1st.

I will be adding what I can to the third savings account as and when possible.

Hopefully my plan will work out just fine and I will see the balances growing.

:j 1st Stepchange payment is due to go on Saturday,then I can update my signature

Where was all this organisation years ago. My mum used to say I was a slow starter

Edit: Just received a text from Halifax saying 'don't forget your payment of £xxx is due on the 6th April'. I have a feeling this is the SC payment they are going to receive as the amount is less than my loan's contractual payment and I normally would've paid them on the 15th. I hope it is as I still haven't heard from them regarding our DMP.
M

motivated · 27 March 2017 at 7:54PM

Had quite a good day today. Had 2 texts from Halifax regarding our DMP payments. They were reminding me that the payments are due on the 6th April. Our contractual payments are/were on the 15th so I can only assume that they are accepting the monthly payments put in place by Stepchange even though I haven't heard from them.

On the plus side I upgraded my mobile today and have gone to a SIM only deal. A very good deal at only £16 per month nearly half of what I have been paying so a win win :T

I didn't want a new phone as it's taken me 2 years to learn how to work this one :rotfl:

Debt Demolisher

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