www.iva.co.uk

I want to be prepared ready for when my IVA starts. In the past we have always struggled to budget effectively. I know people say how important it is to stick to budget, but what is the best way? Should I draw the cash when my wage goes in and stop paying by bank card?? Does anyone have any little gems of advice? Thanks, Gary

hey how did this happen welcome hun.

glad youre so well prepared hun.

i know kal-one of the experts and julie are ace at this stuff and will be along later to advise.

she mentioned on the other day about when she goes in the supermarket and you see these special offers like BOGOF then only buy if you really need the stuff.

it might be an idea to take say your shopping money out.
keep posting some of the others will add to this in a bit x [:)]

When doing a weekly food shop, a lot of people draw up a shopping list before going out and then do a "dummy shop" online at the supermarket's website. That way, you know exactly how much you will be spending when you go out and you are not tempted by all the offers that look great but you don't really need.

i leave the money in the bank ready for bill etc take the rest out and thats then shopping and life money

I've been trying to put aside my contingency monies into a savings account.

When shopping I do a mental adding up when I put things in the trolley and I have found myself switching brands to whichever is on offer.

I have a list of all the DDs and the dates they come out so I always know where I'm at with the bank and what is due out and when.

I tried the taking out cash method but found I spent it more quickly just because it was there.

Good luck, I think it comes to you once you have been budgeting for a while and have a good knowledge of prices, especially when shopping.

I personally now know where all the bargains are in our home town, today I've done the local town shops and walked home with the stuff and tomorrow I'll do the supermarket. I prepare a menu for the coming week and then I stick to that religiously, a little sad maybe but necessary for my budget to work. I withdraw my money and use cash as paying by card here and there I don't realise how much I spend, paying via cash and watching it goes down does make you more aware of the money.

we draw 700.00 cash every month which is our food /petrol/contingency ..pop it in a box and we have a notebook ..pen and calculator in there too...whenever we take money from it for petrol..food or whatever we write it all up and calculate etc...every month if we have any left we use for cinema...meal...or beer..!!

seems very old fashioned and I am sure folk could use a spread sheet etc...but it has worked for us for last 3 years....

everything else that is budgeted etc stays in bank and most is done by SO or DD .....

I can't do the cash thing. I pay myself in cash and I always pay it into the bank so I know where I'm at, everyone's different I guess and whatever works best for you x

I think MTL it's each to their own, I have a fancy all singing all dancing spreadsheet but at the end of the day I've only got my allowance and I have to spend very wisely. If it works for you then that's good enough x

my hubby would do a spread sheet...but I am so NOT techie...hee hee....paper and pen is about my limit...LOL

COYS, I have done the virtual shopping and it does work. We always make a list anyway and do pretty much stick to it.

I do buy BOGOFS, but only for the things we use.

We use cash all the time now and I do prefer it to be honest.

In the early days of our IVA we used to take out the budgeted money, in cash, for the supermarket shopping. If we went through the till and it was exceeded, then we had to put some items back. The danger with cards is that it is easy to be less rigorous with what you buy. We found it quite rewarding when we were able to go through the till with some change to spare. Once it became habitual to only spend our budget or below we went back to cards, which allows stocking up when there are really good bargains on necessities.

My hubby is on incapacity benefit, which we draw weekly from the Post Office. That way we know how much we have to spend and possibly to pay across to the bank to cover the bills.

I agree with you pdd, I honestly can't do cash, maybe it's because my customers mainly pay in cash and I have to bank it, otherwise it would all be spent and the tax man wouldn't be very happy.

I have an ongoing bank balance in my head, so I know what we have available to spend.

Regarding shopping, I never used to take much interest in prices but now I could tell you the price of most things in a weekly shopping basket!

I love cash! Love to have it in my purse and know that it is mine.

I always know that I can't overspend either.