Budgeting & Managing your Finances

[caraf]

Hi.
Looking for some ideas on how everyone looks after their money whilst in an iva ? and how everyone arranges their finances

[cul8tr]

A combination of using prepay debit cards for groceries and day to day expenditure leaving bank account (untouched) to pay for all bills etc.

I keep receipts and check against statements and occasionally use MS Excel to double check income and expenditure.

Regards.

[OPTIMIST12]

If you keep all your money in one bank account then I suggest setting up the Standing Order for your IVA so that it goes out at the beginning of the month (assuming you get paid at or about the end of the previous momth). Once this big payment is out of the way it gives you a clearer picture of what you have left to spend for the rest of the month - and there is no chance of problems paying your IVA later on as it is already out of the way. Doesn't make your money go any further but it works for me!!!!

[keh]

Hi Caraf,

Although my iva is now finished, whilst i was in it my set up was to pay on the 4th of every month, but being paid weekly meant that my finances was all over the shop. I asked my ip if i could pay weekly and they said it was not a problem, so then i knew every week the iva was paid and what was left over (not a lot) just about tied me over.

Hope this helps

Keith

The long and winding road will straighten out eventually....keep the faith

[Skippy]

I'm bankrupt so it's a little bit different for me, but I hope maybe my ideas might help a bit!

I have 2 bank accounts - my salary is paid into my Nationwide account and my IPA and mobile phone direct debit are taken from that account shortly after I'm paid.

I withdraw my share of the bills to give to Dave and also my food budget. As of this month my petrol money will be on my Bread card to keep it totally seperate from my spending money.

When I'm paid I withdraw a small amount of spending money and transfer the rest to my Co-op account.

I transfer my money for car repairs, car insurance and contact lenses into my e-savings account to keep the money seperate.

I also have an Exel spreadsheet where I keep a record of all this, and if I pay for anything by debit card I keep track of it there.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Hi
I think that the secret is to pay all your bills straight away,including your IVA,and then what yo have left is yours.
Life can be very tough in an IVA and if you don't pay all your bills straight away you may find yourself dipping into that money and falling behind
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[emma_t]

Thats what I have done Andy, my iva dd goes through on the day after my wages go into my bank account.
Any other dd's go out the same day, so i know exactly what I have for the month.
At the end of the month any surplus (if any) is transfered into my savings account to save for any emergancies.

Also I have a book I carry around with me and record ANY amounts I spend, and then I can see where i can make any further savings.

I think you just need to find a system that works best for you

[olympic_torch]

I have done similar.
My mortgage, poll tax, and IVA, all come out of my salary, 'ringfencing' our major bills.
The £4.93 that is left is for me to waste as i see fit.

Aucto Splendore Resurgo.
(8 down, 52 to go)

[Martin2011]

I'm set up the same as Emma and Olympic...ay least I never have to worry that the bills get paid, as I know they are, as soon as I'm paid. Every month there is more to send to the IP, so I write a cheque, post it and deduct that amount from whats left. Then my wife takes over the account balance and we manage the remainder very carefully....all monthly essentials purchased in one hit and cash set asside for the usual list of extras.....

Martin

[maxdebt]

Yes I pay all my major bills at the beginning of the month then I know exactly what I have left. I use an old fashioned ledger book to keep track of my finances (never got the hang of Excel) and anyway it’s rather pleasant to open the book and read the amounts(even though the money is all spoken for- road tax, clothing, car maintenance etc) [:)]

3 down 57 to go

[Adam Davies]

Hi
And don't you just love receiving bank statements where you are in credit all the time ???
I used to have a very healthy bank balance pre IVA...the only problem was the OD letters after the figures !!
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[louisa.s]

Hi Caraf,

Thought I'd give you and breakdown of how we break ours down:
Hubby gets paid on 1st and I get paid mid month

All pay goes into joint TSB account. This account is for all bills and they are all paid by monthly direct debit or standing order so no nasty surprises.

Then every payday the housekeeping goes into our Halifax Account by standing order.

Then clothes, dental & sundry goes into Co-op account by standing order once a month

Car maintenance and car tax goes into an Abbey national savings account with instant access again once a month by standing order.

Then at the end of the month any remaining money (if) gets transferred into our internet savings account (runs alongside TSB account) for rainy days.

By doing it all by standing order/ direct debit I can't forget to pay anything and it all organised. Head like a sieve usually.

Then all i have to remember to do is pay 50% of hubby's bonus by cheque each month!!!!

PS Good luck for creditors meeting on 27th!!!!

lou x