help in managing my money

[debtfairy]

we are nearing the end of our 1st year in an IVA. although the thought of being debt free in a few years is fantastic we are finding very hard to manage our money! We never seem to be able to stretch it out for the full month! Any hints and tips would be greatly apprieciated.[?]

[MrsKnight]

Hi debt fairy & welcome to the forum.

As your nearing then end of your 1st year of the IVA its a good time to review your Income & expenditure.
An IVA is frugal but its supposed to be affordable to your living needs. Are you able to save for contingencies such as the cars MOT & Service and Clothing allowances?
Not forgetting over the past year petrol costs & food has risen alot & continues to do so.
And going on the past winter being one of its worst household bills have gone up too.

In the first year of our IVA we found it really hard, but mainly due to being set really unrealistic allowances & always going into contingencies for the car. Luckily a pay rise came along & allowed us to swallow up the pay rise with areas that had gone up.
You need to review your Income & expenditure and see which areas are out of balance.

U have done really well to get this far, especially if its been a struggle - the first year always is x

[Shining]

I agree the first year is a struggle, we're mid way our 2nd year and only just settling down to a good I&E. As Lyns says a good fair I&E is vital and hopefully then you'll have some contingency to make things a little easier.

I try and save as much as I can on shopping which I know isn't easy these days but even if it's £2.00 I put it away as when we have £15 we go for a meal to a local pub 2 for a tenner and a drink each, not a lot one might say but keeps us going and it's mostly every 4 - 6 weeks we're able to go for our night out. x

[kallis3]

I think we all have times when we find the money hard to stretch.

We try to economise on food by buying own brands or value stuff, which does help. We are finding the petrol prices are a pain though.

Must admit that anything we save in a week we put away to help towards birthdays and Christmas.

[Julie]

I agree with the others,If you're struggling, take another look at your I&E form..does it reflect what you actually spend? As your review should be due, it would be a good time to discuss any struggles with your IP.

Have a jar for odd change, you'll be surprised how much you can save.a lot of posters find shopping online helps to reduce grocery bills, you only buy what you need.

xx

[kallis3]

I save 5p, 1p and 2p coins in money bags. It's amazing how quickly they build up.

[plasticdaft]

My small change goes into sons savings jar. I want to make sure he knows how to save!!!

[Cath]

I shop to a menu so then generally buy just what we need. My big freezer used to be full but it isn't any more but I don't really miss it. I also make more things from scratch rather than buying convenience foods. You have to be a bit more organised to do this, I am a working mum of 3 and if I can do it, anyone can! HTH

[kallis3]

Our freezer is full and we keep it that way. Whatever we use during the week is replaced when we shop. We don't run to a menu, it's whatever we fancy.

However, we do know that if we are desperately short of money we have things to fall back on.

Hubby does all of the cooking and the majority of things we have are made from scratch. He does lovely home made chips!

[plasticdaft]

We do run to a menu to a degree,in that we have already worked out meals we fancy and buy whats needed,rather than just buying random foodstuffs that we may or may not want!!!

[debtfairy]

Thanks guys 4 all ur helpful tips! All taken on board and v much appreciated x x

[Shining]

I always work to a menu and shop to it too.

I always save my 2p's and 1p's in a tin which you need a tin opener to open.

Jan I love chips!

[kallis3]

You'd love hubby's chips Lesley! Nice and chunky and very tasty!

We generally eat the same foods all of the time but never plan a meal in advance (other than Sunday lunch). Last night was jacket potato with chilli, which was decided yesterday morning. Tonight, I haven't a clue.

The only time we buy anything not on the list is when something we use is on special offer, then we'll buy some regardless of whether we need it then or not.

[plasticdaft]

We have to stick to a set meal menu as the wife would buy things that she fancies and then decide later she didnt fancy eating what she had bought that night(must be a woman thing)!!

[plasticdaft]

Have to say as well that I am enjoying watching my son save up some money,nothing huge but its good to see.