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Original poster

Debt Free 2007?

551 replies

Flamesparrow · 28/11/2006 17:42

Keep thinking about this since yesterday...

Am thinking that my aim for 2007 is to be in a decent(ish) money situation next Christmas BUT I don't wanna take the swing out of the budgie's cage completely...

I need to work out how to save money, pay all the bills, but still be able to have the odd treat here and there.

I thinking:

  • Decent food budgetting/planning
  • uswitch (I think I am on the cheapest anyway)
  • s/o for savings AND a s/o for treats
  • Work out the birthdays that will be coming across the year and make sure I put aside enough each month to cover the hell months.

What else should I be doing?

OP posts:
asleep · 29/11/2006 14:30

we got a loan from the bank in august to consolidate all the debt we had (over a grand in approved overdraft, 1 loan and 1 credit card). it's so much easier to budget and stay on top of bills now. but... it'll only be paid off in 7 years. and our mortgage, electricity and home insurance have just gone up. on top of that, our car needs replacing.

i'm canceling sky and we were going to go with NTL tv, but i might try to persuade DP to go back to freeview. speaking of NTL, i rang them up about two months ago to ask if we could cancel our phone with them but not the broadband. i was offered a £12 a month discount just for threatening to leave!

Cappuccino · 29/11/2006 14:35

if anyone is used to using Excel I have a bank account/ planning spreadsheet I can let you have if it will be of use to anyone

asleep · 29/11/2006 14:43

sure, cappucino.
can you send it to leenreg at gmail dot com?

JARM · 29/11/2006 14:44

yes please
[email protected]

sahmtotwo · 29/11/2006 14:44

Cna I also recommend signing up to www.moneysavingexpert.com it's brilliant. Make sure you sign up to their newsletter for alerts.The forums are a mine of information especially the Debt Free Wanabe board and the Old Style board. There is also a board about claiming back bank charges. I have promised myself that in the new year I am going to attack our debt and budgetting. So will probably be popping in on this thread.

Original poster
Flamesparrow · 29/11/2006 14:45

Yes please capp!! I'm flamesparrow at gmail dot com

OP posts:
Jelley · 29/11/2006 15:03

I just phoned ntl(broadband) and they reduced from 17.99 to 9.99 when I told them I was leaving.
Thanks asleep.

mustrunmore · 29/11/2006 15:08

wow Jelley!!

asleep · 29/11/2006 17:22

oh that's fab! glad it worked for you too!

ska · 29/11/2006 19:52

found this website with loads of tips, it's american though frugal living

Original poster
Flamesparrow · 30/11/2006 11:11

All enthusiastic now I've done the budget

OP posts:
JARM · 30/11/2006 11:20

done what budget hun?

Help me here

I have sat and worked out all incomings and outgoings and have worked out how much a week I have to spend for the rest of the month.

Just one question - how do i go about putting some away?! I know that what I have each week isnt a lot, but would like to try and put a little away - piggie bank at home too tempting, bank accounts all accessible

GRRRRRRRRR

Original poster
Flamesparrow · 30/11/2006 11:30

I transfer mine by standing order into a cahoot savings account - it takes 5 days to transfer back out again, so I can't just grab it on a whim - if I need it I have to plan iyswim.

I sat and drew up a spreadsheet writing what went into which account when (we use DH's account and joint account), what comes out when, and then set up standing orders to transfer the right amount of money to the right account (I always have to shuffle back and forth).

I then worked out food money (£60 will do a 2 week shop if I do it carefully online and cook sensibly), worked out petrol money, and added in certain dates to do the food/petrol shop - so that we aren't trying to do a food shop the day before money goes in etc. I then worked out what (if any) was left over from the totals in & out, and worked out how much we could afford to put into savings, and set up a standing order for that too (again, set for when the money will actually be in there).

Its focussed me. I has made me realised that we should be a lot better off than we are, and its given me hope that if I stick to it, check the bank accounts every day to make sure the dates haven't been thrown of kilter anywhere, and don't do any spending that isn't on the list (I remembered to set aside extra money for bread and milk that we need during the 2 weeks between food shops), we should be doing ok.

Capp - did you email the spreadsheets? I didn't get one, but I seem to have done ok creating my own.

I think it helps that maths & excel are all very logical to me.

OP posts:
asleep · 30/11/2006 15:02

i:

  • made a list of all direct debits and when they come out
  • made a list of all bills and when they come (eg phone, car tax...) and when they need paying.
  • gave us a budget of £100 per week for food & petrol

then i made this budget sheet which i fill in every week (DP is paid weekly) and it gives me an overview of the next few weeks. i fill in all direct debits etc.
i take the available balance of our account, add his pay and other income, substract all direct debits for that week. substract the food budget. then look at which bills need paying, substract those. the amount left pays for all other things like clothes and presents. plus it is to save for big direct debits later in the month.

hope it makes sense as i'm trying to stop DS from eating the computer!

Original poster
Flamesparrow · 30/11/2006 15:50

Got it capp.. off to play

OP posts:
charliecat · 30/11/2006 17:24

saving tin This is how I payed for driving lessons, insurance and car tax.
They sell then in my one stop for 99p sometimes.
You cant get it out once its in!

Original poster
Flamesparrow · 30/11/2006 17:48

Psycho had one of them... we got the money out with a knife.

OP posts:
charliecat · 30/11/2006 20:07

Ill edit my post then. I dont shake my tin upside down or ram a knife in to get the coins back out...so it works for me

finefatmama · 30/11/2006 21:03

Quit a job i thot was nice for a job as a part-time CSA with london underground. That got us two oyster passes so we get free london travel to work and 75% discount on the portion of our journey that is outside london. Work 3-7 so reduced childcare and can request weekend shift to further reduce cost.

Signed up to quidco et all for cashback (about £200 earned so far this month), filmfirst and moviebeat for free screenings (watched a good year, hollywwoodland, borat and will see last king of scotland), applausestore for audience tickets, costco for bulk purchases on some items. shop weekly on a full stomach/ using the internet reduces our bill by about £200 a month. moved ds1's isa again for free vouchers thru a cashback website, cancelled sky, changed broadband package and moved closer to the station, town centre and nursery so we walk instead of taking taxi's. started driving again too. signed up for lots of free samples and coupons.
Changed PMI company, look at corporate offers and vouchers (4% off asda etc), got more tesco codes and stopped using points to just shop. stopped calling africa on my mobile phone.

Got o2 mobile coz 0800, 0844, 0845 and 0870 are part of my free minutes, the got 0844 and 0870 numbers for calling africa so it's now free.

I really feel stupid about how we spent money before. But am glad we are wiser now before we hit bankrupcy. DH works as a bank manager/adviser and i'm PQ ACCA. that would've meant the end of our careers.

finefatmama · 30/11/2006 21:16

the job also saves me buying workwear (clothes, shoes, hats and coat).

Will get/glue three saving tins - holiday, tv licence and emergency.

charliecat · 30/11/2006 22:50

FFM. You sound well sorted Well Done.
Buses were costing me £36 a week to get the kids to school.
Dp couldnt be persuaded to be a bus driver on a part time basis so I could get free travel
So I learnt to drive and am yet another car on the road. But its cheaper than the bus, which is sickning really.

JollyOldSaintNikkielas · 30/11/2006 23:19

Think I need to join in.Am I too late for a excel budget sheet?
nicola foxcroft@ yahoo.co .uk (without the spaces)

JollyOldSaintNikkielas · 30/11/2006 23:21

I spend much more money at work than at home, any ideas how I can save money on all the cafe trips?

Jelley · 01/12/2006 08:33

FLASK OF COFFE, AND A PACKED LUNCH.[SMILE]

sorry, caps was not intentional.

I've just discovered my dds may be entitled to free dinners at school...
I will also try the saving tin I think.

Jelley · 01/12/2006 08:33

FLASK OF COFFE, AND A PACKED LUNCH.[SMILE]

sorry, caps was not intentional.

I've just discovered my dds may be entitled to free dinners at school...
I will also try the saving tin I think.