Managing money

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dorothy245
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by dorothy245 » Thu Sep 13, 2018 9:01 pm
i have just had my iva approved, but not sure how to manage money, is it okay for me to draw out any monies left after my diret debits have been paid, as I feel I would be able to manage my money better if I have the cash and ot use my card. do I have to keep receipts for groderies, petol etc. please give me some idea how to manage
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luluj
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by luluj » Fri Sep 14, 2018 5:55 am
I did exactly that then had seperate envelopes for food, fuel etc.. what was left each month I put jnto a savings jar for christmas or birthdays.

It does become easier promise.
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Foggy
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by Foggy » Fri Sep 14, 2018 6:34 am
I, too, did that and dealt in cash only at the start of my IVA .... I had lost the confidence to use plastic (even if debit not credit). Later on I had two cashminder accounts and always kept the essential direct debit money in one and transferred the housekeeping / petrol/ etc allowances to the other.

You do not need to keep receipts for the food shop or petrol --- but keep a tally yourself to make sure you are on track.
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dorothy245
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by dorothy245 » Fri Sep 14, 2018 7:52 am
Foggy wrote:
I, too, did that and dealt in cash only at the start of my IVA .... I had lost the confidence to use plastic (even if debit not credit). Later on I had two cashminder accounts and always kept the essential direct debit money in one and transferred the housekeeping / petrol/ etc allowances to the other.

You do not need to keep receipts for the food shop or petrol --- but keep a tally yourself to make sure you are on track.

when you say keep on track, do I have to spend exactly what my allowances state, I. £200 food, £40 petrol, etc
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dorothy245
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by dorothy245 » Fri Sep 14, 2018 7:53 am
Foggy wrote:
I, too, did that and dealt in cash only at the start of my IVA .... I had lost the confidence to use plastic (even if debit not credit). Later on I had two cashminder accounts and always kept the essential direct debit money in one and transferred the housekeeping / petrol/ etc allowances to the other.

You do not need to keep receipts for the food shop or petrol --- but keep a tally yourself to make sure you are on track.

thank you for your reply, when you say keep track, do I have to spend exactly what my allowances state each month
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dorothy245
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by dorothy245 » Fri Sep 14, 2018 8:01 am
dorothy245 wrote:
Foggy wrote:
I, too, did that and dealt in cash only at the start of my IVA .... I had lost the confidence to use plastic (even if debit not credit). Later on I had two cashminder accounts and always kept the essential direct debit money in one and transferred the housekeeping / petrol/ etc allowances to the other.

You do not need to keep receipts for the food shop or petrol --- but keep a tally yourself to make sure you are on track.

thank you for your reply, when you say keep track, do I have to spend exactly what my allowances state each month

sorry if I am sounding thick, but I want to keep myself right, I had thought of envelopes for car ins, etc, which comes in annually,will they not want to check my bank statement to see where the rest of my money is going, ie the money I withdraw in cash each month.
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MerlinL14
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by MerlinL14 » Fri Sep 14, 2018 10:32 am
Once your IVA payment has gone out, and all your DD's are accounted for and budgeted for then your disposable cash that remains is pretty much for you to spend on 'whatever'. Listing £200 for food does not limit you to exactly this amount, if you draw from another listed expense i.e. fuel then that is down to you. I will get better and you will find you manage quiet easily after a good few months. Any questions then just use the forum to find answers, we have all been through the IVA journey or are still in it and sage advice is always given.
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Foggy
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by Foggy » Fri Sep 14, 2018 10:41 am
dorothy245 wrote:
Foggy wrote:
I, too, did that and dealt in cash only at the start of my IVA .... I had lost the confidence to use plastic (even if debit not credit). Later on I had two cashminder accounts and always kept the essential direct debit money in one and transferred the housekeeping / petrol/ etc allowances to the other.

You do not need to keep receipts for the food shop or petrol --- but keep a tally yourself to make sure you are on track.

thank you for your reply, when you say keep track, do I have to spend exactly what my allowances state each month



Keep on track means making sure that your spending is under control in the main: If you get £200 food shop allowance and one week you spend £160 --- keeping track means you keep the £40 saved for those months when you spend slightly over the £200 .... think Christmas week ! Some allowances are not meant to be spent each month, but allowed to accumulate for when the need arises ( car maintenance, haircuts, medicines etc).
When you send in bank statements they will be looking for income mainly, but also the "biggies" you have agreed allowances on, like utilities, insurance, rent / mortgage. They will not analyse food shopping or petrol.
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kallis3
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by kallis3 » Fri Sep 14, 2018 10:51 am
What I used to do with Christmas and Birthdays (and still do) are online surveys to earn vouchers and these fund everything for me.
Mrs_Brown
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by Mrs_Brown » Fri Sep 14, 2018 12:20 pm
kallis3 wrote:
What I used to do with Christmas and Birthdays (and still do) are online surveys to earn vouchers and these fund everything for me.


I have found an app called receipt hog where I get awarded points for taking photos of receipts. I think of it as money for nothing. Once a week I photograph my receipts and I get points. Since July I have gotten up to having 754 "points" which is halfway to a fiver paid on PayPal. I know its not much, but it's barely any effort and money on something I am likely to throw away.

In regards of budgeting I am the odd bod who prefers to use card payments. I hate having money rattling around in my purse and end up spending odd coins here and there on rubbish, like chocolate bars out the vending machine in the staff canteen. I use Google Pay app on my phone in place of contactless and then each day I list the transactions from the app onto my paper budget sheet, check my bank and cross them off as they go out.

It's all about finding what works for you. I have to admit I found it overwhelming initially to suddenly have money to budget with, after months of living the way I had juggling debt repayments.
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kallis3
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by kallis3 » Fri Sep 14, 2018 12:37 pm
I use Neilson and Shopandscan plus other online surveys.
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dorothy245
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by dorothy245 » Fri Sep 14, 2018 1:54 pm
MerlinL14 wrote:
Once your IVA payment has gone out, and all your DD's are accounted for and budgeted for then your disposable cash that remains is pretty much for you to spend on 'whatever'. Listing £200 for food does not limit you to exactly this amount, if you draw from another listed expense i.e. fuel then that is down to you. I will get better and you will find you manage quiet easily after a good few months. Any questions then just use the forum to find answers, we have all been through the IVA journey or are still in it and sage advice is always given.

thank you so much for your reply, I was so worried. I thought I had to account for everything as in my expenditure allowances. I feel better already. thank you
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plasticdaft
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by plasticdaft » Sat Sep 15, 2018 9:04 am
It gets easier over time. Try if possible to save up a little emergency kitty (not always possible).

The envelopes idea is great if you can control the urge to borrow from them if you are short one month!

Best of luck.

Paul
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dorothy245
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by dorothy245 » Sat Sep 15, 2018 8:06 pm
plasticdaft wrote:
It gets easier over time. Try if possible to save up a little emergency kitty (not always possible).

The envelopes idea is great if you can control the urge to borrow from them if you are short one month!

Best of luck.

Paul

thank you so much for your comments, I really appreciate the advice. xx
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