Top 10 top tips to survive an IVA

By Uday Tank posted 07-11-2019 01:35


If you’re entering into an IVA then your insolvency practitioner will work closely with you to ensure you have enough money left each month to live on.  However, it’s also a good time to start making cut-backs and here are 10 top tips on how to make life that little bit easier:


  1. If you’re a drinker or smoker then now’s a good time to give up. Non-essential spending won’t have been included into your monthly budget and it’s no great secret that bad habits can be costly (in every sense of the word), so why not make a change for the better and kick them into touch?


  1. Most families are able to cut back on the weekly (or monthly) shop. Instead of buying convenience food on a day-to-day basis why not plan ahead, cook meals in advance and then freeze them so that you can cook in bulk.  Not only does it save on money, but it also saves on time too!


  1. If you have children then school meals will be a much more expensive option than packed lunches. To keep things fun, you can even include daily treats or funny notes – after all, they won’t get THOSE in the school canteen!


  1. On the subject of food, increasingly more towns now have food banks where you can get a substantial amount of groceries for just a fraction of the cost. Most items can also be frozen so you don’t need to eat it all in one go.


  1. If you’re using a contract phone then why not consider going onto a pay-as-you-go option? Most phone providers offer these for as little as £10 a month – and it’ll also mean you keep a closer eye on your usage. Some are IVA companies to avoid and they can be restrictive and not allow excessively priced mobile phone contracts.


  1. On the subject of technology, don’t forget that local libraries have internet access so why not use their computers if you’re not a frequent user of them? What’s more, you’ll find free wi-fi almost everywhere which means you don’t have to pay to have it installed at home unless it’s absolutely necessary.


  1. If you’re employed and travel to work by car, why not set up a car sharing scheme with colleagues? Not only are they a great way to save money but they also help the environment too.  Make sure you pick the best IVA company for your situation, as there is a lot of choices available.


  1. Whilst you can’t escape utility bills you can certainly keep them under review. Most utility providers offer substantial discounts if you put all your supplies with them so it’s definitely worth shopping around.  In the alternative, why not consider going onto a gas or electric meter so that you can control exactly what you spend without dreading the sound of the bill hitting your doormat.


  1. Whilst you won’t be able to spend much money on entertainment that’s not to say that you can’t still go out and have fun with your family. Whilst cinema tickets can be expensive, why not take advantage of the many offers available where you buy one ticket and get one free?


  1. Last, but not least, make sure that your entire family buys into the idea of cutting back and keep asking for suggestions about how to do it. In fact, you could even make it a weekly competition, with the biggest ‘saver’ getting a little treat to say thank you!