I got deemed I lack capacity with my finances by a psychologist so social services look after my money and give me an weekly allowance. I manage okay though on £135 a week and out of that I have to pay my mobile/cell phone bill which is £60 a month, that is my only outgoing. The person who manages my money pays all my bills.
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Do you have to pay the person who manage your money? If not that sounds like a hell of a deal. I might like to have someone to pay all my bills for me.
As far as whether I am good at managing my finances:
I would say I am pretty good at it. I almost always spend less than I have coming in and have some investments in the stock market which are making money.
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I do get disability benefits which total £2100 a 4/weekly month and the person who manages my finances gets that and pays all my bills with it. After my allowance I’m saving around £500 a month.
Since March 2020 I have been saving £100 a month of my allowance in a savings account.
I use my savings to book vacations abroad but haven’t been anywhere since last year. All my vacations I booked this year are prosposned until next year
UK benefits are very generous and I don’t have many outgoings as I live in a group home so I know how lucky I am.
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I overspend sometimes but I always pay my bills, put gas in the car and food on the table. I’ve been doing exceptionally well with money these past three years. Hope it continues. As long as I can drive thru McDonalds or Burger King for a Diet Coke occasionally that’s my one extravagance that keeps me happy.
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I’m a disaster. I have a bad shopping habit and tons of debt. I’ll never get it all paid off.
You need a budget and a plan. For instance going to a financial planner and they might do something like consolidate all your debt and pay it all off with one lump sum and then you make smaller payments each month towards that one lump sum until it is all paid off.
Or if you have massive credit card debt on several credit cards and you’re paying high interest rates you can transfer all the higher rate balances onto a card with a lower interest rate. You can find credit cards with a 0% interest rate on balance transfers for 1 1/2 years. And if you’re lucky that same card will have 0% on all new purchases. These are just two of the most basic tricks. A financial advisor would know other ways to save money and have different strategies for getting out of debt.
You’re in debt anyways, you might as well spend a little more extra money and meet with a financial planner or a debt reducer agency.
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I talked to a credit counseling organization and there recommendation was instead of filing for bankruptcy to just stop paying the bills since I make such little money.
You can’t squeeze blood from a turnip.
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I have an habit of keeping my account zero.
Only once I saved up some amount while at work, once I got it in my hands again zero.
Very bad money management skills.
Ive got better managing it latley - buy scaling down my mobile bill and not having so many takeaways. The bank was starting to get funny about me always being in the overdraft. I waste alot of mine on rubbish and gadgets.
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I wouldn’t say I’m brilliant at it, but it’s my best daily living skill. I’m not in debt. The credit card bill is paid in full by direct debit each month
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I’ve managed to keep 100k in savings for a year but I am being paid income protection insurance at 75% of my former wage. When that stops my savings will be gone. The only reason I have that much saved is because I got paid out when I accepted a voluntary redundancy. I manage all the bills for our household but that’s pretty easy.
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I’m good with it. I’m fairly frugal so it works
No, I’m not. It’s hard with my condition and addictions.
I am extremely weak in self control on managing my money/finance.I am in debt at the moment,meaning I spent more then I earn…I can only imagine things will become worse of this continue unless some miracle happens to my self control or thoughts
It’s all about spreadsheets my friend, spreadsheets
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I am frugal and save save save. I’m always worried that I’ll lose my benefits and want to be FIRE in a couple of years.
Well, i spent all my disability in books
and have no more money for this month.
Haha
Used to be.
But now I’m just blowing cash every chance I get.
Just bought two handbags totalling $700…
I am a moron.
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İ think i m good with money.i have 10000 dollar debt but its not belong to me.i take loan from bank for my parents.i paid 6000 of it.but still i have to pay 4000 dollars.if i pay all credit i will save good money.my salary is not good its about 600 dollars monthly.but i m living with my parents so i can save some money.