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I Fixed a DROWNING IN DEBT Budget! | Budget Bestie Ep13 | Budget with Ira

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  • Опубліковано 18 сер 2024
  • Hi guys, gals, and non-binary pals!
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КОМЕНТАРІ • 36

  • @MaidOfMoney
    @MaidOfMoney Рік тому +11

    Anyone else obsessed with the budget bestie content? We need more!

  • @jerryglass6513
    @jerryglass6513 Рік тому +9

    💙 the £140 come out prior to take home pay.
    I got rid of audible also and now borrow audible books from my library. They are not the newest books but they are new me😊.

  • @Dollcan
    @Dollcan Рік тому +12

    Our debt snowball has us debt free in 3.5 years. Seems like a long time but slogging it out. Great work here Ira. 💙

    • @MaidOfMoney
      @MaidOfMoney Рік тому

      You can do it! I’m sure if you chip away here and there as well you can bring that timeline down too!

  • @11Aradia11
    @11Aradia11 Рік тому +4

    Wow, what a tough budget 33% to debt plus the challenges of having 3 infants with medical needs. I'm not in UK so NHS might cover most medical expenses but I would still consider a basic medical sinking fund starting at £5 per week to cover costs of hospital parking, snacks at the hospital should stays be longer than expected plus any other medical costs. Trust me, sometimes mummy just needs a coffee to get through a medical appointment and the kids can have a muffin to share so they don't get hangry. Take care, you've got this!

  • @claireb1183
    @claireb1183 Рік тому +5

    Ouch. I feel like a debt consolidation loan might help them here if that's at all achievable (if they're in arrears on payments, their credit score may not allow for this). Snowball method is definitely going to come in and do the work on this one, and if they reduce the phone bills and car insurance, they'll have a bit more spare cash to throw at it. I really hope this family does well and eventually has the space to take care of themselves some more after the debt is reduced. 💙 I also hope they don't have huge amounts of interest on these.

  • @angeladavison9323
    @angeladavison9323 Рік тому +3

    I think that the £140 is taken out of wages before they are paid, so the same as Tax and NI 💙

  • @valerieohora6648
    @valerieohora6648 Рік тому +1

    Good video Ira. And as you said it will require commitment from both of them.. Maybe they can set aside a small amount each month for a date night (bottle of wine/beer) it's so important for their "couple time" even if it's a meal by themselves at home after the kids have gone to bed, no TV!

  • @Sharons-Budget
    @Sharons-Budget Рік тому +3

    I luv the snowball method it’s definitely working for me. Such a great video I hope they put into action some of your ideas. 💙

  • @LeLaBudgets
    @LeLaBudgets Рік тому +3

    They need to see if they’re eligible for “Healthy Start” as that will give them money to use on fruit, veg & milk which could save them quite a bit. I have 2 children (one is under one, the other is 3) and get £50 roughly a month until little one turns one and the eldest is 4 then it’ll decrease to £17 per month

    • @indebted.mum.
      @indebted.mum. Рік тому

      Healthy start is only if you are earning less than £400 odd a month. 😒

    • @LeLaBudgets
      @LeLaBudgets Рік тому +1

      @@indebted.mum. there are 3 criteria that qualify for it:
      If you get Universal Credit, you can apply online if:
      you’re more than 10 weeks pregnant or have at least one child under 4 years old
      your family’s monthly ‘take-home pay’ (also called ‘earned income’) is £408 or less from employment
      Sounds like this person fits the middle one potentially. It’s worth them looking into.

    • @indebted.mum.
      @indebted.mum. Рік тому

      @@LeLaBudgets but the husbands take home is more than 408? Is it not done as the household income? 🤔 I know personally being on UC I couldn't claim it until I was earning less than 408. Definitely worth checking though x

  • @cafebudget
    @cafebudget Рік тому +1

    Great vid Ira. Good luck to them

  • @user-vj6sc8xk9w
    @user-vj6sc8xk9w Рік тому

    Luv your bestie budgets. Think you need more info re prob different into rates especially overdraft. See if can do balance transfer to 0% credit card and be strong cut card so can't spend on it. Look at avalanche method?

  • @4tunecookieclub
    @4tunecookieclub Рік тому +3

    this series is getting better and better🤩If i am that mumma im racking my brain to think of a way i can earn
    extra £100 a month… via flipping/reselling stuff, surveys, making crafts, childcare just whatever i can do cos £100 makes a HUGE difference ti them r/n. Love your work, Ira🥰💙💙💙💙

  • @GandLBudgetingBesties
    @GandLBudgetingBesties Рік тому

    💙This one was a little tuff but can be done.💖💖💖🥰

  • @mladyhawke3610
    @mladyhawke3610 4 місяці тому

    💙💙 great vid 😊

  • @elizabethgarner3349
    @elizabethgarner3349 Рік тому

    With 3 children, some or all with medical needs ......
    1. see if they qualify for any additional benefits for the children eg. disability benefits (gather and keep any evidence such as letters re appts, medical appt letters, medical reports and diary of weekly medical needs of children and times. Ask drs, health visitors. This evidence can support your claim.)
    2. see if they can find any help with cost of transport ...... this might be via a charity. Suggest ask Benefits team, drs and hospital.
    3. If appropriate, disabled child in family might mean reductions re. council tax (possibly not relevant for Forces family) and other energy bills, etc.
    Ira - I think you are doing a really good job with your review of there peoples budgets and getting 'quite the audience'; well done! Please might I as that if you come across any other similar budgets that you push the message about disability benefits?

  • @LittlePetal91
    @LittlePetal91 Рік тому

    The way the loan is described (taken at source and funds not available until loan paid/in 14months time), maybe something like a Credit Union where they ofset your savings you have with them in order to decide what size loan you can have ( incase you cant pay the loan back for any reason)?... in which case, when those funds are accessible after those 14months, they could likely pay a HUGE chunk of the debt if £140has been being put away each month for that long! ❤
    Good luck, whoever you are. Its achievable- were wishing you the best!

  • @DeidresBudgetingJourney
    @DeidresBudgetingJourney Рік тому +1

    I wonder if they could get a loan to have only one debt payment? It would help with interest and only having one payment to make. Not sure how easy that is to get in the UK. The best of luck to them on their journey 💙

  • @jennifergrillofoster
    @jennifergrillofoster Рік тому +1

    See if y'all can't eat at home more often. I've been bulk making larger meals and then freezing them into smaller portions because I just can't shift my brain from cooking for 5 people into being an empty-nester now. 😂 But a lot of meals can be frozen for a few months, saving you money when the ingredients are bought on sale.

  • @indebted.mum.
    @indebted.mum. Рік тому

    Great video and some great advice 👍

  • @Asinglegalbudgets
    @Asinglegalbudgets Рік тому

    Worth looking at balance transfers on the credit cards to see if that helps with 0% interest periods

  • @clairescott6540
    @clairescott6540 Рік тому +2

    Sometimes you have to be cut throat to clear debt 😅 x

  • @latanyaneal4070
    @latanyaneal4070 Рік тому

    Good evening 💙

  • @RoseAngella
    @RoseAngella Рік тому

    💙

  • @sophiebexon8178
    @sophiebexon8178 Рік тому

    💙💙

  • @bpennington148
    @bpennington148 Рік тому

    💙💙💙💙

  • @bethbeckermeyer1732
    @bethbeckermeyer1732 Рік тому

    💙🪪💙

  • @stephanieparker624
    @stephanieparker624 Рік тому +1

    Good video. I agree that the debt snowball is the way to go to clear the debt the quickest. Hopefully, the 140 is not part of the net income, so they will have more to contribute to getting out of debt.💙💙

  • @katsbookshelf5508
    @katsbookshelf5508 Рік тому

    💙

  • @pammasheppard1338
    @pammasheppard1338 Рік тому

    💙💙

  • @stephanieparker624
    @stephanieparker624 Рік тому

    Good video. I agree that the debt snowball is the way to go to clear the debt the quickest. Hopefully, the 140 is not part of the net income, so they will have more to contribute to getting out of debt.💙💙

  • @fionaturner461
    @fionaturner461 Рік тому

    💙