Anyone got advice on the best practice to budget? People have suggested weekly cash envelopes, others use a budget chart..
Any ideas would be appreciated
I use a shopping list and pretty much stick to it. When I started I would do a virtual online shop to compare the prices before going out so I knew how much the bill would come to.
I check my online banking regularly to make sure that all my DD's have gone out and that I have enough left.
Some people use spreadsheets - I've never been able to get my head around those!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
i no_money - I work out what has to stay in the bank for direct debits etc and keep a bit extra so I don't go o/d. we are lucky that we have a safe at home so everything for food / petrol goes in individual pots at the moment. Things like car insurance / tax / tv licence go into my Co-op savings account so I know not to touch them. I normally do a full on-line shop at Asda at the beginning of the month so the only money in the pot for food is for fruit and veg through the month. I must admit I hat taking money out of those pots so I am becoming a bit of a scrooge!!!
I don't keep money in the house - would be too tempted to use it!
We shop every week. Do Asda, local butchers and bakers and use Tesco for top up shopping if we need it.
Otherwise it gets left in the bank.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi, we leave the money in to cover all direct debits, money for dental etc is put in a saving account, i bought a 2nd hand cash box off ebay - we have a money bag's marked wk1,wk2,wk3,wk4 the food& petrol money for eack week goes into the bag with the date it's for written down.
when we take any out ie £30 fuel (each bag has a piece of paper in) we date it and mark down what we took £ for and the balance left in the bag. I know some might find this a lot of work but is working well for us. if you used envelopes you can record date & withdrawing cash on there.
it also means there can be no sneaking off any cash & it helps to look back at a written note when you want to know what you've spent it all on!!
we're strict,don't dib into next wks cash! like Kall- make a list.
good luck x
Nothing stays the same...everything changes..hang on in there!
I have one account where all my direct debits, rent, IVA payments come out of. The I have another account which is my house keeping account & the money that goes in this is for food & petrol. Anything that I manage to save goes into a Savings account.
I do shop around & look at who is doing the best deals, I have been known to go to a few different shops just for one weeks shopping to get the best offers! When I need extra bit of cash, I look at whats in the cupboards to see if i really do need to go shopping a meal. Or if its a frugal week because something has gone wrong & needed to find cash for it, I make a meal plan for the week, then go shopping & stick to it. Dont go shopping hungry! Make sure you eat first! you come back with goodies rather than food!
I only go shopping for things that are needed, I no longer go window shopping, it depresses me!
It is hard to get used too especially in the first year, because it can be daunting having no back up of the dreaded credit card! But you get there & it does get easier.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
We tend to just to replace things we have used during the week. If they are doing a BOGOF on anything we use we'll buy it even if we don't need it at that time.
We stick to the same shops - I'm lucky that I get 10% discount at Asda as daughter works there.
We never meal plan. There's always something in the freezer that hubby has cooked previously that we can eat.
Tonight was the remains of a pie he'd made last week (frozen and then defrosted!) with jacket spud and some onion gravy.
I actually still like window shopping! I even rummage through the clothes in Asda and Tesco even though I rarely buy anything!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I still like to look & often rummage through Sainsburys & not buy anything We dont have a Tesco with clothes & dont have a Asda.
I just dont go wander round the town center shops anymore, which is what I used to do when bored of being stuck at home with the boys, or when I got depressed. I would put them in the pram & go shopping with my credit cards! So I steer away from my old habits, unless Im buying something or helping someone else, thats the only time I will go![:I]
Last edited by MrsKnight on Tue May 17, 2011 7:12 pm, edited 1 time in total.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
I certainly agree with Lyns, I never go into town now unless it is for a specific item, I buy it and leave quickly. I never mooch or window shop and always shop with a shopping list....
The only time I go into our local town is to visit the bank and Poundland!
I do have to walk past the likes of New Look and Dorothy Perkins though (along with a couple of shoe shops!) and I like to look in there but very rarely venture over the doorstep.
Saturdays were our worst nightmare - we'd go out just to have a look round and then I'd always be having to buy stuff in Evans (which I did need at the time!) on my card and it was rarely less than £100! Half the stuff has since gone on Ebay BNWT!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I know what Jan means about BNWT I still have items upstairs like that as I was always going to slim into them!
I use a spreadsheet to budget and use it to run alongside my bank account which works for me, but however you do it, so long as it works for you then it works
You will find your own way and you'll feel comfortable with it, if I'm honest I enjoy budgeting now and this newly learnt skill will certainly follow me beyond my IVA x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
My work boots were bought off Ebay about five years ago - they are Reiker and probably cost me about £20? I wear them five days a week and they are still going strong.
I may have the odd impulse buy now but it's only when it's dirt cheap and I have the money in my purse!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
We dont have a Tesco with clothes & dont have a Asda.
