Day 1 of our new budget...

[OnTheUp1976]

Well our IVA got accepted on Friday last week and as its now payday and the beginning of the month tomorrow our new budget kicks in! Im actually quite excited! We have opened various savings accounts for the various things we need to save for each month, clothing, haircuts, contingency, house repairs ect and I have just moved all the money into the various accounts. We have a decent contingency fund as back up too. It feels so good to have money set a side and available for things such as clothes, car tax and breakdowns we have not been able to do this for years! It will feel so good knowing when we are now buying things that will be from money we have earnt not money we have borrowed. We are having a modest mothers day dinner with our young boys at pizza hut paid for by £40 of vouchers i have gained through online surveys and shop and scan in recent months so thats going to be delightfully free too Any money we have left over we are going to plough into my husbands credit card bill to get rid of that as soon as possible. Im feeling so good about our finances again, we know we will have enough money for food each month and clothes to us now feels like a treat! It will be great knowing we have the money for our sons school uniform come September instead of having to rely on the grandparents buying it! Having an IVA is a long term commitment I know but its going to help me and my family lead a happier yet controlled life where we live from now on within our means .

[Shining]

I can remember the excitement of a new budget and how I just focussed on that one month and didn't worry about next month so long as I got through the month with a little bit in the black I was happy as I knew the allowances were there for the next month.

You sound very organised and ready to tackle this head on. Enjoy your Mothers day treat and what a lovely positive post.

[Skippy]

Good luck with your budgeting!

I'm a little confused though. You say 'our IVA got accepted' so both you and your husband in an IVA? If so, why are you making payments to your husband's credit card?

[Shining]

I think ontheup is the one in the IVA and hubby's wages were only taken into consideration I don't believe he is.

[OnTheUp1976]

Thats correct its my IVA but from now one we pool our money so even though its my IVA it kind of feels like ours! My husband has a loan and a credit card and we aim now to clear them as soon as we can by the end of my IVA we both need to be debt free not just me!

[Skippy]

Ah right, that explains it! Good luck to you and hubby - my husband I don't pool our money (apart from bills) so what's mine is mine!

[Shining]

All the best for your new joint budget and I'm sure that you'll both come out of this debt free in the end. x

[OnTheUp1976]

I think skippy thats where it all went wrong! I spent all the money , he was sensible and I got us into debt! I so do not trust myself anymore to the point where im handing him over all the control and i dont even have a debit card!

[OnTheUp1976]

Im hoping the next 6 years teaches me a thing or two!

[Skippy]

I'm sure it will! I wouldn't like having to ask hubby for my money - he knows what I've got but I like to control it myself! He might want to know how much I spend on things!!!

[esgt1967]

I have been paid today and am just entering our 3rd IVA month and I still actually enjoy budgeting like you - I know I need to get out more but I can't afford to! It really does feel so good when you get paid and you still have some money in the bank which isn't overdraft money and is actually yours! We do have to budget very carefully and I am very strict with recording receipts and debits/credits on my budgeting spreadsheet but it is a fantastic feeling. All the best.

[OnTheUp1976]

Thank you It feels good

[Shining]

It is nice to be back in control.

[mothergoose]

Congratulations you sound very organised its not easy managing we havnt saved anything yet every month its all gone..But i think it may sort itself out soon I think the first few months must be the worst so i keep getting told..

[OnTheUp1976]

I think for us things may be a little easier than for others as its only one of us on the IVA. My husband has surplus income which he is allowed to keep once he has paid his share of the household bills and as he is on a good wage it looks like things may be a bit easier for us. He pays more a share of the bills than I but overall he has a bit left once his own commitments hae been coered so it gives us a bit of a chance to save a little for a modest Christmas and the kids birthdays...well in theory anyway!