Budgeting in IVA

[Shining]

I'm the opposite as it makes me save as I know when it's gone it's gone.

I used to draw it all out and try my hardest to save a little each week in a tin so that it amounted to a night out every two or three months.

[wiggle1]

I always withdrew my monthly allowance out in cash and split it up as the others have said. You are much more aware of what you're spending when using cash.

[carole2662]

We always draw out the cash. In my mind when I see the cash I feel I have 'LOADS OF MONEY' My hubby always sais that we cant possibly need that much but we always seem to spend it.

[Ruthlyn]

That's my feeling.....I want to try to leave some in the bank to cover unexpected bills though. Have just opened an online post office saver and plan to transfer surplus at the end of each month into it as an emergency fund plus save any cash gifts I might get into it

[Shining]

I always have a spreadsheet that mirrors my bank and believe me on paper I should be wealthy, so where does it go.

The savings account is a good idea, when I was in my IVA I had an account where I put oddments in, e.g if my bank account had 26.02, I would transfer the .02...this is still going and it has something like £91.00 in now, but all from bits I've never missed. Might take a while to get me a nice treat but one day I hope it will.

I do the same with hard cash too in a tin, have a fairly large tin here with all oddments in which is nearly full. Might cash it up and put it with the 91.00 account in a few years I may get a holiday.

[carole2662]

When asked what we would like for Christmas and birthdays we always asked for vouchers to go out for a meal. Most pubs will give gift vouchers and it is great to think you can have a nice free evening out once in a while.

[Shining]

Keeps you going and gives you something to look forward to.

[luluj]

Aldi is the best for food shop ... Its fresh veg last for ages and is good quality ... There meat is good too!
Very rarely do I buy in tesco or sainsbury anymore unless its clothes !
We always withdraw our money on a Friday for the next week ... Buy the food and put petrol in both cars ... Whats left is then split between us ...normally £30 ish .... I then put whatever is left in my savings jar until November and then use it for xmas presents !

[Ruthlyn]

I'm actually enjoying the challenge of making money last but I'm sure the novelty will wear off! I am dreading Christmas though!

[Shining]

I enjoy the challenge too and what may seem silly to some is I like to see how many days I can go without spending anything (was going to say a penny!). I can generally do 2 a week.

[plasticdaft]

Keeping a spending diary for a coupke of months is handy too. Account for every penny you use and see exactly where your money goes. Its a little anal but it shows up where little items regularly may he missed.

paul

[esgt1967]

We are now 18 months into our IVA's so last year was our first Christmas in IVA's as well as having my daughter's 21st birthday in December so I really wasn't looking forward to it (I have three kids). In the end it was fine, we stuck to a strict budget for presents for the kids and me and the hubby never buy each other presents anyway - haven't done for several years, so by sticking to our budget for the kids and saving a little bit extra each month in the months leading up to Christmas, it was absolutely fine. I really do believe that some people in this country really do go absolutely stupid at Christmas buying stuff that they really can't afford and for what? We are Christians so Christmas Day is actually quite special to us in other ways rather than spending money on presents that no-one remembers a few days later and we had a lovely day spent together as a family, going to Church and just ignoring the hype that happens every year. Don't get stressed about buying so much food and all the presents, what's more important is the time you spend together and, in the words of a well known (credit card!) ad, that is priceless.

[Ruthlyn]

That's so true - I'm learning to say no when my sons ask me for things, although one is 19 and earns his own money now. It's hard on my 16 yr old and I haven't told them about my iva as I don't think they need to know the details - just that money is very tight

[relieved33]

We are nearly there now, thankfully!!

One tip for Christmas I had when I first found the forum over 5 years ago was to complete online surveys. We do valued opinions and use the vouchers at Christmas in boots when there is a points event and 3-4-2.

We freeze meals we make in bulk and shop at Aldi now and well continue to do so after next month, we have so much in the house that needs replacing that it will be months before we can spend freely!!

Thanks again to everyone for the support and especially to clear debt who have been absolutely fantastic from start to almost finish. Last payment for me this week, one arrears payment to go next month for hubby!

It is a long road but worth it!