I'm 3-4 months into my IVA but finding it very difficult to keep to the budget each month. I have gone short every month so far and have had to either do without in the last week or so before pay day or borrow a small amount from a friend to see me OK. I knew it would be hard but didn't realise I would be so short each month. And of course the old habit of using the plastic to ease me through till payday is no longer an option!.
I don't have or want an overdraft and although it's nice to see every penny in the account is mine - can anyone advise on how to keep to this tight budget?. Any tips would be gratefully received. I have started shopping in LIDL as I think the shopping allowance of £200 was being overspent. I have been doing this for 2 months now and have noticed a difference. Is a weekly shop better than a monthly?.
Hi winter_blues,
We find it easier to shop weekly, and plan your meals ahead, the one thing we have found is that we don't buy the extra's tins of things, if we only need 1 tin of beans that is all we buy, so our store cupboards do look a lot emptier than they used to, but we don't spend as much.
The other things I do is buy mince etc on special offer and batch freeze shepherds pies etc for my lunches saves me a small fortune in sandwiches etc.
If life is what you make it, I must have been in a strange mood when I made mine
Hi Winter Blues, I believe it is totally unrealistic to expect to manage on one monthly shop.I would advise drawing in cash a fixed amount each week for groceries/household items as you will need a constant supply of fresh items such as milk atc and you cannot live on the freezer alone.Do you have a Farmfoods nearby? I have been amazed how much cheaper they are for basics ie milk,bread baked beans etc.I would try and buy each week a multi/bulk buy that is cheaper pr unit and build up an ongoing stock of your regular items this way.It is false economy to only buy what you need week on week as the cost per item is higher the smaller amount you buy.Take large packs of chicken/mince and divide into portions yourself before freezing.Frozen vegetables are known to have just as good vitamin content as fresh and by having a selection available you wont run the risk of throwing away unused veg.
If you only spend £50 per week you will always have some left for the next week and you will find yourself being more creative as to how to spin your £50 out to allow for a treat!
Could go on forever as food shopping/budgeting is an art form I have been trying to perfect for years!
Hi there. If you are really overstretched, ask your IP to run through the expense allowances you have again to see where you are adrift.
I get an allowance of £400 per month (actually just over, but I only take £400), for two adults and a young child. I draw tha cash at the start of the month and keep it in a pot. I do a weekly shop and take £100 with me ( just in case), usually spent around £60 - £75 and the change goes back into the pot as soon as I step through the door.
Have visited Lidl -- but not much there appeals to me, food-wise, so my main shop is at Tesco, and I take full advantage of the bogoff's and combo offers.
I have also gone all "Royal" and don't carry cash around with me -- it is amazing how much can disappear in "a £1 here and a £1 there"!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hardest part - most people find is working to a budget - after years of living on the "plastic"
Some people find by making a list/weekly and only having cash for this in their wallet - they are not tempted to overspend. and weekly shops mean you can buy fresh items.
An the occassional bottle of wine is a nice little treat , or for something special ,some people will sell off the old DVD/CDs they never watch, and use the money for that. Unfortunately there is "NOT" a list that says you should do certain things!, but you will find what suits you best.
Hang on in here - you be bomarded with everyone elses thought about budgeting as well
Foggy, your lucky,
We are allowed £251 per month for 2 adults. We tend to spend less than £50 per week, I always draw out £50 and anything over goes into a savings pot to cover a little luxury occasionally.
If life is what you make it, I must have been in a strange mood when I made mine
Hi Winter_blue
I an just in the process of applying for an IVA but have began to put wheels in motion to help with the budgeting, with regards to meals and shopping, I have began to prepare a meal plan for the week ahead, we all sit down with one of my cook books ( which I bought with regards cheap, easy, healthy meals or check the internet) Do this when there is nothing much on telly - which at the minute is quite regular! and we decide what we would like to try for the next week. Whilst doing this write a shopping list of the things that you will need to buy (store-cupboard items, herbs and spices etc won't need to be purchased every week) We also choose a cake recipe that we fancy and make sure we have the ingredients for this too, which we make on the boring Sunday afternoons - Just made Lemon Drizzle cake, which am currently having with a cup of coffee - much better than shop bought. You will be surprised how much less you spend if you know what to buy and only buy what is on the list, keep checking the list whilst in the store, it stops you wondering up and down each isle being tempted by things you don't need. I know planning might sound a bit of a pain but you'll be surprised how much fun you can have and how much healthier you can be too, I have also bought a slow cooker, which has been a god send. Hope this helps, happy planning & savvy shopping.
Going on from Shoestring's post -- we were given a breadmaker a while back and now make our own bread. Cheaper than the processed cotton wool you get in the supermarkets.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Pandy-you are not getting enough of an allowance for food-we-like foggy are allowed 400+ for two adults and a young child.
You shouldnt have to be starving yourself for the iva to succeed-speak to your iva company about a higher allowance-you cannot be expected to survive on a pittance.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
My IP decided my amount, I actually said £200 and they put it up to £251 as hubby has to have lean meat etc due to heart problems, a low cholesterol diet. Not sure where the odd £1 on the end comes from.
winter_blues, I also make my own bread, use my slow cooker for meals can make cheaper cuts of meat into a wonderful casserole, make homemade soup with seasonal veg, batch freeze veg if it is on special offer at the supermarket or greengrocers, managed to get some 2lb bag of carrots for 30p each last autumn, we finished them off today so they lasted most of the winter.
If life is what you make it, I must have been in a strange mood when I made mine
Hi it can take a little while to get in the budget as I know it did me, just recently I've noticed I'm struggling with my food and fuel budget which I expect a lot of us are as it seems to go up every week.
Talk with your IP and see if they can help in the first instance. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
andrea1968, we don't feel we are short on our food allowance we often have some over, I think it is because they were trying to make the IVA viable as we are only paying back 11p/£. I suspect in reality we might have been better going BR but hindsight is a wonderful thing and at least this way the creditors get something. If we find we are stuggling too much we will ask the IP to look at it again.
Thanks anyway for your concern, It is appreciated
If life is what you make it, I must have been in a strange mood when I made mine
Many many thanks everyone!. Some excellent tips I will start to use - especially the cash in a pot and that way I see what i have left. I need to be smarter with meals etc and will look to freeze more and prepare cheaper meals. Will keep you all posted. Thanks again.
We get £400 for two adults and my 21 year old son who is just out of college. When son gets a job, allowance will go down to £320.I must admit we find it tight and so we shop on a two weekly rota,Freezer stuff one week and household stuff the other such as washing powder etc.
