My Budget Quest

IVAs explained

2009-05-15T07:48:00.000-07:00

An IVA (Individual Voluntary Arrangement) is a debt solution designed for people with particularly large debts - usually £15,000 or higher. It can allow you to avoid bankruptcy by agreeing to repay a set percentage of your debts to your lenders over a pre-agreed time period (usually five years), after which the remaining debt will be written off.

As with any major financial decision, it's important to understand what an IVA involves, and what the consequences are if you fail to keep up on the agreement. Here is a quick guide to how an IVA works.

How an IVA works: step-by-step

#1: Speak to a debt adviser
Before you can apply for an IVA, you will need to speak to a professional debt adviser or an Insolvency Practitioner to discuss your situation. It may be that another debt solution is more appropriate for your circumstances - a good debt adviser can let you know whether this is the case.

If your debt adviser thinks an IVA is your best option, they will refer your case to an Insolvency Practitioner, who will work with you to draw up your IVA proposal. This details how much you are able to pay towards each of your debts, based on how much you can afford after your essential costs have been covered.

#2: The IVA proposal is sent to your creditors
Your creditors will be invited to approve the IVA proposal. This gives your creditors the opportunity to 'vote' either for or against the IVA terms. For the IVA to go ahead, creditors accounting for 75% of the total debt must approve the IVA.

#3: The IVA begins
If your creditors approve the terms, then the IVA can begin. You will make a single monthly payment to your Insolvency Practitioner, who will be responsible for distributing the agreed amounts between your creditors on a pro rata basis (based on what proportion of your total debt is owed to each). This will normally continue for five years.

Since an IVA is a legally-binding agreement, both you and your creditors must abide by the terms: you must keep up your payments for the duration of the agreement, while your creditors cannot pursue any further action against your debts. Interest on your debts is frozen, meaning they cannot continue to grow.

#4: Equity release in final year
If you are a homeowner, you may be expected to release some of the equity in your home in the 54th month (half way through the final year) of your IVA.

#5: 60 months - the IVA is complete
Once you have made your final payment (usually in the 60th month, but this depends on your terms), the IVA will be complete. Any remaining unsecured debt (in relation to the IVA) will be considered written off, leaving you to get on with your life as normal.

However, be aware that an IVA remains on your credit report for six years after it begins - so even once your terms have finished, the IVA will be recorded for a further year. This will make it more difficult to obtain credit until this period has expired.

Managing debt - with the 'nice decade' behind us

2009-01-21T01:32:00.000-08:00

Following Mervyn King’s warning that “the nice decade is behind us”, debt management company Gregory Pennington reminds borrowers that any major change in circumstance, whether personal or national, should prompt them to review the way they manage their debts. “Even in good times, managing debt isn’t always easy,” says a spokesperson for the company, “but the Governor of the Bank of England reminds us that those good times could be over – and that the economic worries of the nation will directly affect us all as individuals.”

For individuals, the actual transition from ‘good times’ to ‘bad times’ can be a particularly difficult period: “Many people have grown used to making monthly debt repayments that take up their entire disposable income. It’s a dangerous balancing act which can easily be upset by any change in their disposable income, whether it’s due to reduced income or to inflationary price increases.”

“Anyone in that situation today will remember 2008 as the year that demonstrated the dangers of over-commitment and the importance of considering the worst-case scenario before taking out credit. In the short term, however, they’re looking for an immediate solution to their debt problems – and for many of them, we believe our debt management plan may be that solution.”

Like any debt solution, debt management doesn’t exist in a vacuum. Creditors are all too familiar with the effects of the credit crunch and the uncertainty in today’s housing market. They understand that debt consolidation may no longer be an option for many people. At the same time, they understand that a debt management plan offers them something which insolvency doesn’t: complete repayment of all monies owed.

“From the borrower’s perspective, debt management can deliver the flexibility they’re looking for. Our clients depend on us to keep payments at an affordable level by renegotiating with their creditors if their disposable income shrinks. This is always a major benefit of our debt management plan, but the current volatility of the financial world makes it more valuable than ever.”

Debt Consolidation Rule Number 1: Know Your Debt

2008-12-17T08:44:00.000-08:00

At a time like this, it’s no surprise that many borrowers with debt problems are looking to solve them with a debt consolidation loan. What is surprising is the lack of ‘debt awareness’ which people seem to exhibit: in a survey by CreditExpert.co.uk, only 26% of respondents were able to ‘accurately state’ how much they had left to pay on their loans.

Tackling a problem is never easy when we don’t truly understand it – not just where it came from, but exactly where we stand today. So it’s particularly worrying to note that fully 10% of respondents admitted to having no idea how much they owed. Without understanding the debts in question, it’s hard to know whether consolidating them is even the right debt solution!
After all, debt consolidation loans aren’t the only solution to debt. Many people in debt could be better off looking into debt management, for example, or an IVA (Individual Voluntary Arrangement) or Trust Deed (for residents of Scotland), rather than consolidating their debts. Someone whose debts are truly out of control may even need to talk to a debt adviser about bankruptcy.

And debt awareness doesn’t end with identifying the right debt solution. Even someone who knows that debt consolidation is the best way forward still needs to understand the differences between the various debt consolidation loans available. According to the survey, an alarming proportion of the populace don’t know the APR (Annual Percentage Rate) they’re paying for their credit cards, loans and overdrafts. Even though the majority know what their overdraft limit is, 36% of people ‘are unsure what APR is’ – something which makes it almost impossible to choose the most attractive debt consolidation loan.

“As with any financial decision, it’s extremely unwise to consolidate debts without first ‘doing the maths’,” said a spokesperson for debt consolidation experts debtadvisersdirect.co.uk. “By reducing someone’s monthly payments, a debt consolidation loan can turn an overwhelming debt problem into something they can deal with. However, it’s important to weigh that immediate benefit against the long-term consequences. If someone arranges to repay a debt more slowly, it stands to reason that they’ll be paying interest for longer – unless the consolidation loan’s APR is significantly lower than the original debts’, this can actually increase the total amount repaid. Clearly, someone who understands the importance of APR figures stands a much better chance of finding the best consolidation loan on offer.”

But that doesn’t mean it takes an honours degree in Finance to find the right loan. “A professional debt adviser can help borrowers make sense of their debts and their options, from understanding the small print to drawing up a budget. At debtadvisersdirect.co.uk, we’ve been helping people with financial difficulties for 15 years. In fact, we were one of the first companies to offer free debt advice to people in the UK. When people phone us, we don’t just assume that debt consolidation is right for them – we can review their financial situation, take them through all the debt solutions available and help them make their mind up about which is the most suitable.”

Debt consolidation v IVA?

2008-11-14T07:07:00.000-08:00

Why do people consolidate their debts or enter into IVAs (Individual Voluntary Arrangements)? People in debt may be looking for a debt solution that can reduce their monthly debt repayments and help them get out of debt at a rate they can afford.

Debt consolidation loans and IVAs can both do this, but they’re very different debt solutions, suitable for people in very different situations. Neither is better or worse than the other – it’s a question of which is more suitable for the individual in debt.

So, first of all, there’s the issue of eligibility. As a formal debt solution and a form of insolvency, IVAs are only available to people who genuinely can’t keep up with their repayments to their unsecured debts.

Debt consolidation loans are, in theory, available to anyone – everyone has the right to take out a new loan that’s large enough to pay off their other unsecured debts.

Second, there’s the total debt to consider. IVAs are normally only suitable for people who owe at least £15,000, although this figure isn’t set in stone.

There’s no minimum amount that makes someone eligible for a debt consolidation loan – if they think it’ll improve their financial situation, they’re free to consolidate their debts if they want to, as long as they can find a loan.

Third, there’s the impact on the individual’s credit rating. By simplifying their finances and reducing their monthly debt repayments, a debt consolidation can help them avoid late / non-payments, which should help them keep their credit rating from suffering.

An IVA, on the other hand, is a form of insolvency – it’s not regarded as being as serious as bankruptcy, but it will have a serious impact on someone’s credit rating, and probably make credit harder to obtain and more expensive. It’ll stay on their credit report for six years, although this won’t really be an issue for the first five of those years (the normal length of an IVA), as people aren’t normally allowed to borrow money while their IVA is in progress.

Fourth, there’s the potential impact on the borrower’s home (if they’re a homeowner). Many people choose to consolidate their debts with a secured loan, securing their new loan against their house. This should get them a better rate of interest than they’d get with an unsecured debt consolidation loan, but they’re potentially putting their home at risk – if they don’t keep up their monthly payments, the lender could repossess their home (although lenders do see this as a last resort and will try to find another solution to the problem).

IVAs can protect a borrower’s home. Unlike bankruptcy, an IVA is very unlikely to require the homeowner to sell their home, although they are likely to have to free up some of the equity in their home towards the end of the IVA, so they can pay off more of their debt.

Fifth, there’s the question of writing off debt. With an IVA, the individual basically agrees to pay off as much of the debt as they realistically can over the next five years. They commit to making regular, fixed payments – the maximum they can afford once they’ve taken their essential monthly expenses into account. In return, the creditors agree to write off any outstanding debt at the end of that period – as long as the borrower has kept up with their payments.

With a debt consolidation loan, there’s no question of writing off any debt. The individual is simply borrowing enough from a new lender to pay off their ‘old’ lenders, so there’s no reason anyone should agree to write off anything!

If you’re wondering whether a debt consolidation loan or IVA could be the debt solution for you, contact a professional debt adviser.

Economy still uncertain despite base rate cut

2008-10-20T08:13:00.000-07:00

Debt management company Gregory Pennington have warned that the economy remains uncertain, despite a number of signals suggesting a potential recovery, and have advised anyone facing severe financial problems to seek professional debt advice as soon as possible.

The Bank of England Monetary Policy Committee’s announcement on Wednesday that the base rate would fall to 4.5% was intended to calm fears surrounding the money market and increase lenders’ willingness to do business with one another, subsequently increasing liquidity and boosting the loans market.

A number of lenders announced cuts to their mortgage rates following the base rate announcement – which may come as a relief to prospective homeowners or existing homeowners looking to remortgage, following many lenders’ reluctance to respond to the last base rate drop.

Meanwhile, petrol prices recently fell to as little as 103.9 pence per litre, while food price growth slowed by 0.2% in September, according to the British Retail Consortium (BRC) – arousing speculation that overall inflation has hit its peak and will now begin to slow.

However, a spokesperson for Gregory Pennington commented that while there are encouraging signs for the economy, there is no guarantee that further difficulty for the economy can be avoided.
“The first thing to bear in mind is that while the base rate cut is intended to help the economy, it was brought in as an emergency measure,” she said. “The threat of a severe economic downturn is still looming and there are no guarantees it can be avoided.

“The fall in oil and food prices are very encouraging, but both are heavily affected by external factors, largely outside our Government’s control.”

The debt management company spokesperson was keen to emphasise the continued need to take care over finances and manage debts effectively in the coming months. “There is still the possibility that things could get tighter in the near future, so it pays to tackle any financial issues now, rather than waiting to see what happens next.

“People who are struggling with debt are especially at risk, because their finances are already stretched – and any further rises in costs of living could make those debts unmanageable.

“As always, we advise anyone struggling with debt to seek expert debt help as soon as possible. Leaving it too late could allow your debts to grow, which is particularly dangerous if costs of living do continue to rise.

“There are a number of debt solutions to help with various financial situations. A debt management plan is a flexible means of getting out of debt in which your repayments are based on how much you can afford, and in some cases interest and other charges can be frozen.

“Debt consolidation involves grouping your debts into one convenient monthly payment, therefore simplifying your finances, and your debt can also be spread out over a longer period of time, meaning monthly payments are smaller – although this can mean you pay more interest in the long run.

“For more serious debts of over £15,000, an IVA (Individual Voluntary Arrangement) might be more appropriate. These work by agreeing with your creditors to make payments based on what you can afford for a period of five years, after which the remaining debt is considered settled.”

Debt Management and Rising Inflation

2008-09-23T09:19:00.000-07:00

What makes debt management a good way of getting through a financial downturn? In a word: affordability. A well-thought-out debt management plan offers borrowers a chance to bring their expenditure back in line with their income – something that’s particularly important when the cost of living is on the rise.

In August, the official inflation rate (CPI – Consumer Prices Index) reached 4.7%. In other words, the cost of living is going up quite quickly: nowhere near as quickly as it was in 1975, when inflation hit 25%, but a lot faster than a year ago, when it was under 2%. It’s normal for things to get more expensive, but when prices rise faster than salaries, people simply have less money left over (disposable income) once they’ve paid their essential bills. For people already struggling to manage their debt repayments, any decrease in disposable income can have serious consequences.

This is where debt management can help: when someone finds they can’t keep up with their monthly debt payments, they may be able to re-negotiate those payments. Basically, there are two kinds of debt management.

There’s what some people call ‘DIY debt management’. A borrower can call their creditors, explain why they can’t afford to keep on paying as originally agreed, and see what the creditors suggest. They might, for instance, agree to accept lower payments, freeze interest or waive charges.

Many people with financial problems prefer to ask debt management experts to talk to creditors on their behalf. Professional debt management organisations, after all, should have much more experience in this kind of negotiation. They may have long-standing relationships with creditors, which could help them reach an agreement that reflects both the individual’s needs and the creditors’.

There’s no universal agreement on which kind of debt management plan is better. Some people want to handle the negotiations themselves, and see no need to talk to debt management professionals. Others are happy to get them involved, whether it’s because they’re not confident discussing finances with their creditors, or because they want help budgeting and drawing up a repayment plan that creditors are likely to accept.

Either way, it’s important to realise that creditors don’t have to agree to any changes. They’re free to consider legal action if they think that’s the best way of recovering their money. But if the individual obviously can’t keep up with payments as originally agreed, there’s a good chance creditors will decide it makes more sense to amend the repayment plan. This is the point of debt management – the individual can bring their repayments down an affordable level, and creditors get their money back (even if it’s more slowly) without resorting to legal action and/or debt collectors.

Read more about debt management and other debt solutions such as debt consolidation & IVAs at www.debtadvisersdirect.co.uk.

Debt and the Changing Face of the Credit Market

2008-08-29T02:57:00.000-07:00

Food prices up, repossessions up, house prices down… these are troublesome times, especially for people whose monthly debt repayments are taking up valuable funds they need to cope with the ever-increasing cost of living.

After years of easy access to credit, many households have grown used to the idea that they can consolidate their debts, effectively spreading their repayments out over a number of years to reduce their monthly repayments. It may end up costing more, but it’s a tried-and-tested way of making debt repayments more manageable, keeping debts from snowballing into a serious debt problem.

Today, however, the credit market has changed, as the Bank of England’s latest Credit Conditions Survey proves. Covering (among other things) secured and unsecured lending to households, the Survey shows what lenders in the UK have noticed in the last three months, and what they expect to see in the next three.

In 2008’s Q2 Survey, lenders revealed that they’d reduced the availability of both secured credit (from secured loans to mortgages) and unsecured credit (from credit cards to unsecured loans). What’s more, they expected to see further declines in the availability of both secured and unsecured credit in the next three months.

For secured loans and other secured credit, Q2 seems to have seen the worst actual reduction in availability (around 45%). Availability is expected to go down in Q3 as well, but by only about half as much.

The availability of unsecured loans and other forms of unsecured credit came down by around 25% in Q2, and it’s expected to drop slightly more than that in Q3.

For secured loans and unsecured loans alike, lenders are basically tightening their credit scoring criteria, which means they may well refuse loans which they would have granted a year or so ago.

When it comes to secured loans, they’re also ‘decreasing maximum loan to value (LTV) ratios’, which means they’re being more cautious about securing loans against the value of a property. According to the Nationwide House Price Index, the typical house is worth £15,000 less than it was a year ago, so it’s difficult to be sure how much equity a homeowner will actually own 12 months from now.

There’s no question that this is worrying news for people who were thinking of consolidating their debts. Now that lenders have become so much more cautious about lending money, there’s no guarantee that they’ll be able to get a consolidation loan (either secured or unsecured).

However, it’s important to realise that loans – both secured and unsecured – are by no means unavailable. It’s true that some people may find it difficult to find the debt consolidation loan they need, but it’s often a case of finding a loan provider who specialises in helping people in their financial situation.

Plus, a consolidation loan isn’t always the best debt solution anyway. Many people in debt would be better off with a debt management plan, an IVA (Individual Voluntary Arrangement) or a protected Trust Deed (for residents of Scotland only).

Each debt solution comes with its own distinct benefits and drawbacks, and identifying the most appropriate solution requires an in-depth understanding of the credit market, as well as the of debt solutions themselves. It’s never advisable to choose a debt solution without first talking to an impartial debt adviser who can explain the details of each and recommend the most appropriate one(s).

To read more about different debt solutions such as debt consolidation & IVAs, visit http://www.debtadvisersdirect.co.uk

Debt Terms & What They Mean...

2008-08-12T08:00:00.000-07:00

I found this the other day & thought it was worth sharing with all of you. It was written by http://www.gregorypennington.com, a UK based debt management company.

Whether in debt or not, you’ll probably be hearing quite a lot about the world of personal finance at the moment. It’s an industry traditionally surrounded by complicated terminology, and it’s not always the easiest to understand. Here, you’ll find ten debt-related terms you should have in your vocabulary (or at least understand):

Arrears
Arrears are any overdue payments on a debt. If you have mortgage arrears, for example, it means you have not made one or more of your mortgage payments as set out in your mortgage agreement.

Bailiff
A bailiff is a person (either a court official or employed by a private firm) authorised to enter a property and seize goods that can be sold to repay a debt.

Bankruptcy
Bankruptcy is a legal process for individuals and businesses that can’t pay their debts. Their assets are handed to the official receiver who sells them and distributes the proceeds amongst creditors. The bankrupt usually has to pay an additional monthly sum for a period of 12-36 months until they are discharged. Once the process is over, all outstanding debts are written off.

Charging Order
A charging order secures the value of a debt against a property, ensuring that the debt is repaid upon the sale of the property at the latest. Creditors can apply for a charging order on failure to make a CCJ payment.

County Court Judgment (CCJ)
If you don’t repay a debt, your creditors can ask the County Court to issue a County Court Judgment. If the County Court grants the CCJ, they will order you to repay the debt in a way you can afford.

Debt Consolidation
Debt consolidation is the process of taking out a single, larger loan to pay off some / all your existing debts. Simplifying your finances, this can reduce the interest you’re paying as well. Debt consolidation can also reduce your monthly payments by spreading the loans over a longer term – although this could well increase the total amount you end up repaying, as well as the time you spend repaying it.

Debt Management
Debt management can help you repay your debts in an affordable way without taking out any further credit. It involves negotiating the terms of your debt (such as interest & repayments) with your creditors. Some people do this themselves; others ask debt management professionals to do it for them.

Individual Voluntary Arrangement (IVA)
An Individual Voluntary Arrangement is a government-backed debt solution available to people who:
a) owe more than £15,000 to two or more creditors,
b) cannot afford their monthly payments,
c) can afford to make regular fixed payments for the next (usually) 5 years.

In essence, it’s a legally binding agreement between the individual and their creditors:
a) The individual agrees to make fixed monthly payments – as much as they can afford once they’ve taken essential living expenses into account.
b) In return, the creditors agree to write off any outstanding debt when the IVA is successfully concluded.

An IVA can’t go ahead unless creditors accounting for at least 75% of the individual’s debt agree to it.

Insolvency Practitioner (IP)
An Insolvency Practitioner is a person professionally qualified to handle insolvency cases, such as bankruptcy, IVAs & Trust Deeds.

Insolvent
A person or business is regarded as insolvent when their assets (what they own) are worth less than their liabilities (what they owe).

Debt Consolidation - to consolidate or not to consolidate?

2008-07-30T08:47:00.000-07:00

I have been looking into various debt solutions recently (for a family member, not for myself). I didn't realise there were so many! Typing 'Debt Solutions' into Google returns what is almost like a supermarket isle full of different products! Debt Consolidation. Debt Management. IVAs. Remortgages. Trust Deeds... the list goes on.

And with each of those products comes a range of different brands each offering that respective product. Some are cheap like the supermarkets own-brands, some are more expensive. Yet like a supermarket own-brand, does the price reflect the quality? Hmmm...

Anyway, after much deliberation, debt consolidation seems to be the one jumping out, saying "Pick Me!". It doesn't seem as drastic as some of the other options - just another loan, really. I am thinking of suggesting this to my relative, as they are not in any SERIOUS debt - I think they could just do with a few extra quid at the end of the month.

Before I do, I am putting this out to you, my readers. What do you think? Is debt consolidation a wise choice for someone who can meet their debt repayments. They just want to consolidate (pardon the pun) them into one easier to manage loan. They are certainly a far cry away from bankruptcy!

I found the most convincing information about debt consolidation here at DebtAdvisersDirect.co.uk. Have a look yourselves, and be sure to check out the blog too.

I'll wait a week for your responses & then it's either debt consolidation or... well, I don't know yet!

Thanks in advance :)

Debt Consolidation Loans

2008-07-30T02:20:00.000-07:00

Debt consolidation loan; a need for debtors!!

If you are unable to manage your numerous debts and is missing your payments with different interest rates, debt consolidation loans is the best option for you. A debt consolidation loan is a personal loan that you may get while you want to opt for debt consolidation.

You may opt for debt consolidation, when you are unable to manage your several debts with different interest rates. There are some symptoms when you can opt for a debt consolidation loan:

1. When you are missing payments and becoming a defaulter
2. When you want to lessen your total payable amount
3. When you are facing trouble in paying different interest rates and want to pay a single interest.

To qualify for the debt consolidation loan you should have:

1. A stable income
2. A document listing your monthly budget.

You may also require some more information, according to the requirement.

Basically, debt consolidation loan has a lot of advantages:

1. It helps you to get out of debt.
2. It helps you to clear your pending debts.
3. It allows you to make a single payment against your multiple payments.
4. It allows you to make reduced monthly payment.
5. By opting for a debt consolidation loan, you can deal with a single creditor than a number of creditors.
6. It lowers or eliminates your interest amount.

However, there are several limitations of debt consolidation loan.

It allows you to pay low monthly installments and interest rates, but it involves a longer repayment period. And you pay more to become debt free as a result.
If you fail to make payment on time, you can loose your assets (if you have kept your assets as collateral).
It gives short term relief to a borrower, it never stops from taking multiple loans, or cure his bad spending habits.

Mortgage rates - are you worried like me???

2008-07-14T09:02:00.000-07:00

I'm on a fixed rate mortgage at the moment which ends fairly soon. Because of this, I have been keeping an eye on the mortgage market & the rates. I found this interesting article the other day which I thought I would share with you. It reveals how the Bank of England base rate affects your mortgage.

Not as expensive as expected

2008-07-14T08:54:00.000-07:00

Thankfully, last weekend wasn't quite as expensive as I had thought. A quiet night in on Friday, day trip to Wales on Saturday & tea out at a friends house made for a fairly cheap weekend. I didn't even have to pay for the petrol to get to Wales... :)

Spent: £46.37

Remaining: £116.91

June result & July update

2008-07-08T01:48:00.000-07:00

As planned, June ended just inside the budget (£3.36 left in my pocket).

July has started well. 7 days in and I have spent £36.72. I may have an expensive weekend approaching though, so it is a good thing I have had a cheap start.

Remaining: £163.28

In other news, I was reading an interesting article on Gregory Pennington's blog, a debt help site, about the cost of entertaining the kids over a year & how to budget this expense. The average total is an amazing £5000!!! With two kids myself, I was interested in working out my own average spends & looking for ways to save. Read the full article here >

Payday looms

2008-06-25T07:25:00.000-07:00

Payday is right around the corner, and I am still in the black!

Two days to go, £12.80 left, things are going swimmingly!

Check your pockets for free money!!!

2008-06-13T02:59:00.000-07:00

Ok. So it's not exactly free, but it may as well be. Our friend DailySpends has just made an interesting post about finding money in his pocket. Check it out & then check your pockets!!!

In case your interested, I found £1.73 in a coat pocket that I haven't worn since last winter. Yipee!!!

Pre weekend update

2008-06-13T01:39:00.000-07:00

Ok, so i've spent a little more than usual this week, but after such a good start to the month, i'm not overly worried & still under budget.

Tue -Thur Spent: £23.60

Remaining: £153.20

Pizza Price Index Update 1

2008-06-10T02:44:00.000-07:00

Well, I think it's time to update my Pizza Price Index. It's been over a month now so it will be interesting to see if there has been any changes. DailySpends has reported an increase of over 8 pence! Here goes...

Ingredients Prices (as of 10/06/08)

ASDA SmartPrice Plain Flour: £0.12

ASDA SmartPrice Chopped Tomatoes: £0.11

ASDA Mozzarella: £1.79

Onion: £0.04

ASDA SmartPrice Chicken Breast Fillets: £1.14

ASDA Thick-Cut Unsmoked Bacon: £0.64

My Pizza Price Index as of 10/06/08 = £3.84

There you have it! My total price has actually decreased by £0.14. When you look at the details, you see that most ingredients have risen slightly & a few have stayed the same. It is only the bacon that has fallen dramatically. I contacted DailySpends regarding this & it seems that everything in his pizza had risen too, with the exception of ham - which had fallen.

Tip for the week: Eat pork. It's cheaper!

Post weekend update

2008-06-10T01:58:00.000-07:00

Friday 06th June 2008
Fish, Chips & Mushy Peas: £3.20
Magners x2: £4.00

Saturday 07th June 2008
Mcdonalds for family: £7.40
Pint of lager: £2.80
J2O: £1.60

Sunday 08th June 2008
£0.00

Monday 09th June 2008
£0.00

Total: £19.00

Remaining: £176.80

After almost 10 days, that is fantastic!

Return of the Ma..BudgetQue...... I'm Back!!!

2008-06-05T01:56:00.000-07:00

Sorry to all my dedicated readers for the delay in this post. You will be pleased to know that I am now officially back!

Last month wasn't so great. I overspent by £7.34. It's not that much, but I am more upset that I wasn't able to keep a good run going. Even so, this has made me even more determined this month. So far I have managed to spend only £4.20 - an excellent start.

Here's to the rest of the month...

Thursday 22nd May - Bllleeeeeer

2008-05-22T03:30:00.000-07:00

I needed a few beers to get me through that Champions League Final last night but I did very well and kept spending to a minimum. Staying in certainly helped and a homemade pizza topped off a perfect evening:

4 x Beer - £2.99

Z to the E to the R to the O!!!

2008-05-20T01:03:00.000-07:00

Well, I'm going to need a few more of these to keep this month's budget in tact. I'm bringing breakfast & dinner to work every day & I will have to stay in on the evenings. There are 1 & 1/2 weekends remaining, so I can't afford to spend any money during the week!

Monday 19th May 2008
£0.00

Total: £0.00

Remaining: £47.06

It's Monday... I feel #*!%

2008-05-19T01:57:00.000-07:00

Have I broke the budget? Not yet, but this weekend hasn't done it any favours.

Friday 16th May 2008
Pint of Stella x2: £5.20
Large white wine: £3.40
Coke: £0.90
Takeaway curry: £25.00

Saturday 17th May 2008
Bulmers x 3: £4.00
Strawberry trifle: £3.40
Mr Kipling cakes x2: £2.00

Sunday 18th May 2008
Fish & Chips x2: £5.30
Chocolate: £1.70
Bottle of wine: £5.20

Total: £56.10

Remaining: £47.06

It's Friday... I'm in love!

2008-05-16T04:26:00.000-07:00

This weekend could make or break the budget for this month. It is hanging on a fine thread & any overspending could throw out the rest of the month. If I can keep it sensible, I will be in a great position...

Thursday 15th May 2008
£0.00

Total: £0.00

Remaining: £103.16

Yesterday's spending

2008-05-15T01:32:00.000-07:00

Wednesday 14th May 2008
Ham & pineapple pizza: £2.25
Meat feast pizza: £2.25
Chips: £1.00

Total: £5.50

Remaining: £103.16

Budget Questing Across the Universe

2008-05-14T04:21:00.000-07:00

Tuesday 13th May 2008
Sausage, chips & gravy: £2.20
Chicken fried rice & curry sauce: £4.10
Pint of stella & a coke: £3.70

Total: £10.00

Remaining: £108.66

The dawn of a new week....

2008-05-13T01:17:00.000-07:00

Monday 12th May 2008
Toast: £0.80
Subway 'Sub of the Day': £1.99

Total: £2.79

Remaining: £118.66

The end of the weekend as we know it

2008-05-12T01:51:00.000-07:00

Friday 09th May 2008
Ice Cream: £1.20
Magners x2: £6.00

Saturday 10th May 2008
Ice Lolly x2: £1.60
Bottle of Coke: £1.00
4 Pack of Becks: £3.60

Sunday 11th May 2008
Southern Fried Chicken Wrap: £2.20
Pot Noodle: £0.80
2 x Crisps: £0.90
Twirl & Mint Aero: £1.00
Bottle of Water: £0.70
Bottle of Ribena: £1.20

Total: £20.20

Remaining: £121.45

Curse of the Flu Bug

2008-05-08T05:14:00.000-07:00

I thought you were supposed to get flu over the winter - not during spring!!! Anyway - we've got a bit of catching up to do. You'll be pleased to know that I was left with £24.67 last month, which went straight into the savings. This month, I have spent £58.35 so far, leaving £141.65 remaining.

2 more days to go....

2008-04-28T01:11:00.000-07:00

Looks like it's going to be another successful month. Just today and two more days to get through & that'll be another month chalked off! Here's what's happened since my last post...

Wednesday 23rd April 2008
Pint of Stella x 2: £5.20

Thursday 24th April 2008
Ham Salad Sandwich: £1.80
Jam Scone: £0.80

Friday 25th April 2008
Tomato Soup: £1.20
Hot Dog: £0.90
Coffee: £1.00

Saturday 26th April 2008
Admission to play centre: £3.00

Sunday 27th April 2008
Takeaway curry: £24.00

Total: £37.90

Remaining: £30.52

My Pizza Price Index

2008-04-23T07:14:00.000-07:00

Wow, you lucky things! Two posts in one day - whatever next???

So... I bet your wondering what in the blue blazers is a Pizza Price Index!!! Well, let me explain:

Our friend DailySpends has created the Pizza Price Index to help measure the rising (and not so often falling) costs of the food market. It's basically a fun way to keep up to date with the market via our beloved pizza. I won't repeat what he's already said - just mozy on over and take a look for yourself: Pizza Price Index

My Pizza Price Index

Pizza Type: Chicken & Bacon Supreme

Ingredients: 500g Plain Flour, 1/2 Tin Chopped Tomatoes, 300g Mozzarella, 1/2 Onion, 1 Chicken Breast, 2 Slices Bacon

Ingredients Prices (as of 23/04/08)
ASDA SmartPrice Plain Flour: £0.12
ASDA SmartPrice Chopped Tomatoes: £0.10
ASDA Mozzarella: £1.78
Onion: £0.04
ASDA SmartPrice Chicken Breast Fillets: £1.08
ASDA Thick-Cut Unsmoked Bacon: £0.86

My Pizza Price Index as of 23/04/08 = £3.98

Another zero day!!!

2008-04-23T01:38:00.000-07:00

I could get used to this... :)

Tuesday 22nd April 2008
£0.00

Total: £0.00

Remaining: £68.42

P.s. Did you spot the deliberate mistake yesterday...?

Mondayn

2008-04-22T05:08:00.000-07:00

Monday 21st April 2008
£0.00

Total: £0.00

Remaining: £0.00

Hello again, dedicated readers

2008-04-21T03:38:00.000-07:00

Hope you all had a good weekend! Here's a summary of mine:

Friday 18th April 2008
Cheeseburger: £1.99 (naughty)
HotDog: £1.99 (very naughty)
Sugar & Lemon Crepe: £1.20 (tut tut)
Takeaway Curry: £9.60

Saturday 19th April 2008
Helium Balloons x4: £4.00
Chinese banquet for two: £24.00
Pint of Stella & a lemonade: £4.95

Sunday 20th April 2008
£0.00

Total: £47.73

Remaining: £68.42

That Friday Feeling...

2008-04-18T02:42:00.000-07:00

The weekend is upon us. I have had a very successful month so far. Things are good!!! :)

Thursday 17th April 2008
£0.00

Total: £0.00

Remaining: £116.15

This is a title

2008-04-17T01:15:00.000-07:00

Wednesday 16th April 2008
Typhoo tea bags: £2.45
Chinese take-away: £7.30

Total: £9.75

Remaining: £116.15

Budget's 'n all

2008-04-16T01:17:00.000-07:00

I was thinking about how successful this quest has been so far the other day. It is really encouraging to see it paying off - even having some money to save now and again too! I was feeling really good and then I came across this article about debt, taxes & the budget. I then realised that because of this years budget, i'm going to have to work even harder to save! :(

There is some really useful advice too though & i'm definately going to look into tax credits as 'every penny counts' (to me).

Anyway - onto what you've all been waiting for...

Tuesday 15th April 2008
Daily Mirror: £0.45
Chorley cakes: £0.95
Dyoralyte (is that too much information?): £2.60

Total: £4.00

Remaining: £125.90

Yesterday... 'all my troubles seeme....'

2008-04-15T01:08:00.000-07:00

Monday 14th April 2008
£0.00

Total: £0.00

Remaining: £129.90

...And Indian

2008-04-14T01:20:00.000-07:00

Thursday 10th April 2008
£0.00

Friday 11th April 2008
Chip butty: £1.00
Bottle of wine: £3.95

Saturday 12th April 2008
Strawberries: £2.20
Large bar of Dairy Milk: £1.15
Strongbow x4: £3.75

Sunday 13th April 2008
Indian Banquet x2: £14.00
Magners: £3.00
Coke x2: £2.00

Total: £31.05

Remaining: £129.90

Chinese is my weakness

2008-04-10T01:22:00.000-07:00

Tuesday 08th April 2008
Chicken fried rice, chips & curry sauce: £4.80
Bottle of milk: £0.80

Wednesday 09th April 2008
Spring rolls, spare ribs, salt & pepper chicken wings, beef satay, fried rice: £13.00

Total: £18.60

Remaining: £160.95

Catch up

2008-04-08T03:38:00.000-07:00

Thursday 03rd April 2008
Kit Kat: £0.50

Friday 04th April 2008
Magners: £2.50

Saturday 05th April 2008
Full english breakfast x2: £6.00

Sunday 06th April 2008
£0.00

Monday 07th April 2008
Bacon & egg butty x2: £3.20
Fruit shoot: £0.80

Total: £9.80

Remaining: £179.55

Tuesday & Wednesday

2008-04-03T02:14:00.000-07:00

Tuesday 01st April 2008
Daily Mirror: £0.45
Spring rolls: £1.20

Wednesday 02nd April 2008
Magners x3: £9.00

Total: £10.65

Remaining: £189.35

Another month bites the dust!

2008-04-01T03:07:00.000-07:00

Yay! I did it! I didn't think it would happen after such a bad start, but I am pleased to say I made it to the end of the month within my budget. In fact, I've even got money left in my pocket!!! Here's yesterdays details:

Monday 31st March 2008
£0.00
£0.00
£0.00

Total: £0.00

Remaining: £12.73

Now, if I can start this month as I ended the last, i'll be laughing :)

Almost there...

2008-03-31T07:26:00.000-07:00

I thought it would never come, but here we are on the last day of the month. It was a quiet weekend, which helped the cause & all being well today, I will have succeeded in staying under budget this month.

Friday 28th March 2008
Bacon & egg butty: £1.70

Saturday 29th March 2008
Car parking: £1.80
Coffee x2: £3.80
Bottle of wine: £4.95

Sunday 30th March 2008
Pint of cider & a J2O: £4.20
Bunch of flowers: £5.60

Total: £22.05

Remaining: £12.73

The last weekend of the month....

2008-03-28T03:59:00.000-07:00

It's been a tough one, March. 5 weekends n' all - it hasn't been easy sticking to a budget. Slightly overspend at the beginning of the month which has meant a tight few weeks. This weekend will be no different, but I'm confident I can do it! Wish me luck...

Thursday 27th March 2008
Dairy milk: £0.50
Daily Mirror: £0.45

Total: £0.95

Remaining: £34.78

Once upon a Tuesday & Wednesday...

2008-03-27T07:44:00.000-07:00

... I spent a LITTLE money

Tuesday 25th March 2008
Toast: £0.80
Chewing gum: £0.55

Wednesday 26th March 2008
Bacon & egg on toast: £1.70

Total: £3.05

Remaining: £35.73

'Bank' Holiday - without the bank!!!

2008-03-25T02:03:00.000-07:00

Well folks, it wasn't easy - in fact, it was really hard - but I managed to curb my spending over the bank holiday weekend & leave myself with a reasonable figure left for the rest of the month:

Thursday 20th March 2008
£0.00

Friday 21st March 2008
Take-away curry: £13.95

Saturday 22nd March 2008
Take-away chinese: £8.20

Sunday 23rd March 2008
Bottle of milk: £0.80
KFC: £3.25

Monday 24th March 2008
Blackpool rock: £2.00
Bag of Quavers: £0.45

Total: £28.65

Remaining: £38.78

Bank holiday weekend... WooHoo!!!

2008-03-20T02:11:00.000-07:00

...or should it be uh-oh! I've not got the largest of budgets left & I still have another weekend after this long one. It's going to be tough, but I'll try my best to keep within budget. Here's the details from yesterday:

Wednesday 19th March 2008
£0.00

Total: £0.00

Remaining: £67.43

Once upon a Tuesday...

2008-03-19T08:24:00.000-07:00

Tuesday 18th March 2008
Toast: £0.80
Bag of crisps: £0.50

Total: £1.30

Remaining: £67.43

Monday's grizzly details

2008-03-18T03:02:00.000-07:00

Monday 17th March 2008
Toast: £0.80
Bottle of milk: £0.89

Total: £1.69

Remaining: £68.73

Last weeks spending

2008-03-17T02:52:00.000-07:00

Slightly overspent, but I was a little generous with myself as I had saved so much on holiday. Not really the philosophy that is going to help me save, so i'd better get back in check this week.

Wednesday 12th March 2008
Daily Mirror: £0.40
Dairy Milk Buttons: £0.50

Thursday 13th March 2008
Alter Bridge Album: £11.00

Friday 14th March 2008
Chip butty: £1.00
Chinese meal & drinks: £44.55
Magners cider & lemonade: £4.20

Saturday 15th March 2008
Two full english breakfasts: £6.50
Bottle of wine: £4.95

Sunday 16th March 2008
£0.00

Total: £73.10

Remaining: £70.42

Tuesday Spending

2008-03-12T02:18:00.000-07:00

Tuesday 11th March 2008
Bacon butty: £1.50
Bottle of Coke: £0.80
Chewing gum: £0.50

Total: £2.80

Remaining: £143.52

Back in black (not red, thankfully)

2008-03-11T09:19:00.000-07:00

I'm back!!!

Sorry for the gap in posts - I forgot to mention that I was on holiday last week. We went to Rhodes in Greece. It was a nice break - well needed. Just a shame I had to come back :(

Though the holiday & spends had already been worked into my budget, I am pleased to say I didn't overspend - in fact I managed to return with £122.30 in my pocket. There's another boost for the savings account :)

It also makes sticking to my budget for this month a lot easier as, technically, I didn't spend any money last week - not out of my £200 a month budget anyway. Hopefully that will be at least £50 to add to the savings at the end of the month.

Here's my spending details from yesterday:

Monday 10th March 2008
Ham salad sandwich: £2.00
Flowers for the wife: £5.99
Bottle of milk: £0.69

Total: £8.68

Remaining: £146.32

Savings account boost

2008-03-03T08:40:00.000-08:00

Well, Friday was the last day of the month, and I am pleased to say I stuck to my budget. In fact, I was left with an impressive £29.00. Not bad, eh? That went straight into the savings account & now it's time to start all over again.

This weekend was a success in that I am still within budget. £200 a month roughly works out at £50.00 a week, so I always try to stay within that each weekend. I spent heavily on one meal, which is a bit of a regret, as it would have been a fantastic start to the month without it, but it was enjoyable & at the end of the day - I stuck to my budget. Here's the details:

Friday 29th February 2008
£0.00

Saturday 1st March 2008
Italian Meal: £33.80

Sunday 2nd March 2008
Sandwiches, crisps & chocolate: £7.25
Bottle of red wine: £3.95

Total: £45.00

Remaining: £155.00

Wednesday & Thursday spending:

2008-02-29T02:08:00.000-08:00

Wednesday 27th February 2008
Haribo £1.20
Large Dairy Milk: £1.80

Thursday 28th February 2008
£0.00
£0.00
£0.00

Total £3.00

Remaining: £29.00

All in all - a successful 1st week

2008-02-27T02:46:00.000-08:00

Apart from a slightly ropey weekend, I think my 1st week of budgeting has gone quite well. I have spent £40.85. If I could do that every week, I would be well within budget. Here's the details from yesterday:

Tuesday 26th February 2008
Chicken fried rice, curry sauce & chips: £4.80

Total: £4.80

Remaining: £32.00

Back on track :)

2008-02-26T01:16:00.000-08:00

I said I was going to be good...

Monday 25th February 2008
£0.00
£0.00
£0.00

Total: £0.00

Remaining: £36.80

:( Bad weekend on the spending front ):

2008-02-25T02:57:00.000-08:00

Well, after such a great start, I've gone and undone it all this weekend. Here's the details:

Thursday 21st February 2008
Sausage, chips & gravy: £1.95

Friday 22st February 2008
Curry: £18.95
Pint of Cider x2: £5.20

Saturday 23nd February 2008
Bacon & egg butty: £1.50
Sausage & tomato butty: £1.50
4 pack of Stella: £3.90
Taxi: £2.00

Sunday 24th February 2008
Chicken cesar wrap: £2.20
Hula Hoops: £0.45
Twirl: £0.50

Total: £38.15

Remaining: £36.80

With it being a short month, I will probably still stay within budget, but I have definately overspent this weekend & could have had more to save at the end of the month.

Going to be really good for the rest of the week...

Excellent start to the quest!!!

2008-02-21T02:08:00.000-08:00

Yay! Second day in & I've kept my spending to a delightful '0'!

Wednesday 20th February 2008
£0.00
£0.00
£0.00

Total: £0.00

Remaining: £74.95

Here we go - Day 1 of 730...

2008-02-20T07:58:00.000-08:00

Ok, so I've got a budget of £200 a month. It's now past half-way in February and i've spent a grand total of £122.35, leaving £77.65 to spend.

I'm going to start with yesterdays spending, which consisted of:

Tuesday 19th February 2008
Breakfast (4 slices of toast): £0.80
Twirl: £0.50
Bounty: £050
Chips: £0.90

Total: £2.70

Remaining: £74.95