Need help with money (not a begging thread)

[Brainisfried]

I really need some help with sorting out my finances, I've used a few different apps bit they couldn't do what I needed which is probably impossible. I find it so hard to keep track of what I can and can't spend.

I work shifts, different hours every week and get paid weekly so my pay fluctuates a lot week to week. Dp is self employed so gets payments here there and everywhere and doesn't know when he will eventually be paid. He's always chasing people. Bills come out all throughout the month.

I find myself constantly making calculations to see if we can make it to my next pay day and if there is enough money left to spend. I want something else to do the thinking for me.

Is there a basic amount that you always earn? If so, would that be enough for all the bills?

(a) try and get your bills all on one day. Write to each company and get your DD dates altered.

(b) can you open a second account? that way you have all your DD's coming from one account, and you can make sure X pounds are in it to cover them. Then what is left in the other account is yours to spend - what I call the cash purchases - eg food/clothing/petrol/trips

If I work it out on just my contracted hours it's not enough to cover the bills. The bills aren't including petrol and dinner money or food either.

You need a seperate account for bills. Calculate how much your bills are and work out how much that is per week (and a bit extra just in case) and set up a standing order for that amount to go into the bills account every week. That way you can actually see how much you've got to spend each week.

The problem with that is that my wages alone aren't enough to cover the bills and DP gets paid so randomly it's so hard to plan. My brain is fried trying to work it all out.

I would get all your bills together and make a note of how much month to month you have to pay.

Also for things that only come up yearly or every 3 months etc I would add up how much they are in a year and divide by 12.

Then you have an idea how much you have to pay out each month.

Would it be possible to open an account where all your bills and Dd are paid from.

As you get paid you can put the amount plus to begin with a little extra until you have a month in hand in the account and then anything after that you earn is for you to spend on day to day stuff and save a bit if it is possible.

I use a credit card for shopping and stuff then have my account for all Dds and bills then pay credit card off each month.

You have to ask yourself do you need things.

I occasionally keep my receipts for a month then add up what I am spending on different items to see if I can reduce outgoings.

We buy about 50 bottles of fizzy water 25p per bottle each month.

Found a place that sells it for 17p so buy it in bulk each month.

I would also go through every payment and DD and standing order to see if either you need it or could it be reduced by shopping around on the comparison websites.

Hope that helps.

I also have a book that I write down how much I owe each month then once per month I take off what I have paid, then the new balance so at any point in time I know exactly how much to the penny we owe.

DP doesn’t need to be paid regularly though, once you are “ahead” he just needs to pay in advance not in arrears. Work out what you need and pay either weekly or monthly or quarterly in advanced.

I’m in a sort of similar position in that mine is weekly pay, dp is every 4 weeks but never knows what he’ll be paid exactly. Our bills are spread out across the month too. Even though it’s harder to work out that way, I prefer it to one bill day as it gives a bit of breathing space if you we won’t have all the money in the account for that day.

I find it easier to have a physical copy rather than apps. So I’ve printed out an annual calendar and marked the bills and pay dates each month, with a minimum amount expected. I still need to look at it regularly but atleast I have the outgoings already calculated so I know e.g £500 coming out of next weeks wage. It makes it easier to plan for the non bill spending too.

It might not be the easy option your after but it has helped loads past few months and we’ve always got money to save now, as I know which week is ‘good’.

How does your dp monitor his jobs, invoices etc?

If your salary isn’t enough for the bills once you have made sure you need them and you are paying the least amount then you have to put your salary in an account for bills. Less what is needed immediately then you know precisely how much Dp needs to put in there each month to cover bills. Then when it reaches that amount add the extra bit you took from your salary so next month you can put in the same amount or less so you can build up some money for everyday shopping out of your own regular money.

Iyswim

Hi
Take a look at YNAB www.youneedabudget.com/

You design your budget categories e.g. rent, gas bill, school dinners and saving for a sports car and only funds when you receive money in real life. You can add funds as often as you need.

E.g. you might get paid and add £200 to “rent” each week so you know there will be £800 at the end of the month or £50 to “gas and electric” because it goes out this week. You can clearly see what is funded and what is not so you know what still needs to be funded. If a bill is due and you haven’t funded it but have money elsewhere you can change your priorities like taking £30 from “saving for a sports car” to fund a “school trip”.

There is a free trial of the software but even if you go on and decide not to pay for it the principles might help you with your budgeting even if you decide to do it on paper.

Good luck

Cleo is a free app on messanger. I was already great with money but it has revolutionised our budgeting, spending and tracking money in (me monthly but DH weekly and random amounts week to week) and out.

Have you tried a monzo card/app? You can divide your money into separate pots for food/bills etc and keep track easier.

I will have a look at the ynab later once the kids are in bed. That sounds like it might be what I'm looking for.

I looked at the Cleo but I wasn't too happy giving a FB app my bank account details.

I am self employed so have similar issues.

I do it all in Excel spreadsheets. I list my 'projected income' - roughly what I think I have coming in over the next few months. It sounds like you can't predict this accurately, but you can guess based on what jobs DH has lined up, and what extra hours you think you are getting that month.

I then list my monthly requirements - bills, mortgage etc. - per month, on a rolling basis of three months. I can them map out whether I think my income over the next month or so will meet the requirements. Anything I earn over and above those monthly requirements is squirrelled away to help in the leaner months.

Hope that helps!

Another issue is I don't have my shifts very far in advance so can't project too far.