Budgeting in IVA

[Ruthlyn]

I'd like to ask those of you who have been on this road for a while what tips you've found most useful when budgeting. I've already started writing everything down, shop weekly and have stopped buying unecassary 'luxuries'....any other tips would be most welcome

[Foggy]

I took my monthly housekeeping allowance out in cash and divided it according to how many weeks were in that month (it balances out when spending on longer lasting stuff, which you don't have to but every week)and only took the cash out with me on the weekly shopping trip. Otherwise I was completely cashless (well it works for the Queen). That way I couldn't impulse buy on the odd magazine here, bar of chocolate there --- you could easily kiss goodbye to a tenner a week that way, and have nothing to show for it!

[Foggy]

I might add -- shopping ..... it takes a bit of experimenting, but many own brand goods are as good as the "real thing" ( in fact some ARE the real thing!).

If you use Tesco the points can be useful ( with the doubling up promotions they run you can get quite a bit with them .... I have used mine to buy a suit for my daughter's wedding and little Foggy's school uniforms ---- the uniforms came "free", the suit, shirt and tie set me back a tenner.

[welshwiz]

I also only took my weekly budget in cash when shopping you can not overspend that way. I also ask myself do I really need an item if not on shopping list or do I just want it. You will be surprised how many times you put an item back. Always check k your cupboards and fridge and freezer and make a list. It will get easier to budget. Good luck

[plasticdaft]

Plan meals for the week and only buy whats needed. It takes some getting used to but is the only way to budget properly. The my shopping app is fantastic especially if you have a choice of shops at your disposal. You really can save a fortune using it. Tesco price for 350g of seriously strong cheddar £4-93, asda £3 for 500g!!!

We drink a lot of pepsi/coke and its always on offer somewhere so we look it up before we go.

It takes time but after a few months you will get better at it. The other thing is bulk buying,2 for ones etc. Make sure they really are worth it,because all of the supermarkets are horrendous for making things look a bargain when they are not.

paul

[Ruthlyn]

Thanks folks for the ideas....eldest is off to Uni at the end of September which will help with the food bill!
Bit of a blow with my car though - have to pay out £200 for the cambelt! Over 100,000 miles and not been replaced so it has to be done really as if it goes I won't be able to get it fixed. The car is over 10 yrs old though and only worth a few hundred. Need it for work unfortunately. Oh well, that's our holiday fund money gone!

[plasticdaft]

We found similar problems with our cars. Whenever we had something saved, a car would need a repair costing what we had saved!!!

If it wasnt cars it was the dog or the cooker!!!

It does get better.

paul

[Shining]

I always used cash too for shopping, I drew out my allowance and anything left over on a Thursday before i shopped again for the next week on a Friday was put in a tin and when i had accumulated enough hubby and I went for a 2 for a tenner meal at the local pub with one drink each, it kept us going throughout our IVA as I do believe you need a treat and something to look forward to.

[Shining]

I shop in Aldi now all the time for my main shop despite completing my IVA. I actually enjoy a lot of their things.

[Ruthlyn]

I like Aldi but find it quite limited

[Kelly O]

Recently I have found the apps for your phone which allows you to get money back on your shopping, you can your receipt and then you getting money credited which you can withdraw to your bank account.

http://www.shopitize.com/

http://www.checkoutsmart.com/

and Clicksnap http://www.quidco.com/clicksnap/

[Shining]

Just having a look at them now Assuming you have smartphone they could be handy links.

[Nicpel]

We are 6 months into our iva and still not in a routine. All DDs go out as soon as wages come in, but what money is left just runs out!
Am worried how I'll cope at c'mas.
Advice please!

[welshwiz]

Try dividing money left after direct debits are taken out by number of weeks in month the draw that amount less 10 pounds out and use that to last for the week you will be amazed how much you can save by doing this and the money saved can be used for Christmas and emergency

[Nicpel]

Thank you. I tend not to draw cash as I reckon having it makes me spend more! But would you draw out weeks allowance to include food & petrol etc?