Learning to budget to make future adventures happen

Willowtree222 · 2 December 2017 at 8:22PM

crunch_time wrote: »

Like a massive weight will be lifted and I can get on with my life. Very weird. I also worry about the nations children if there are so many teachers out there like me who are struggling. Maybe it doesn’t affect them like we think.

Crunchy xx

Oh, I think it does. I think it massively impacts on them. x

crunch_time · 3 December 2017 at 8:53AM

enthusiasticsaver wrote: »

Spreadsheets are great for budgeting. I have always used them and tracked spending initially using Microsoft money then intuit quicken (both now defunct I think) and in recent years a spending tracker app on my phone. This helps you to see where your money goes and it can even be held on different devices and updated via Dropbox so your husband could put it on his phone too so up to date.

We always had a system for budgeting. After all essential outgoings were accounted for we split disposable income three ways. One third was long term saving so overpaying mortgage when rates were high and Avcs into pension and latterly stocks and shares isas for early retirement. One third was medium term savings for holidays, replacement cars, home improvements, moving house etc and we spent one third on entertainment, clothes, personal spends, gifts etc. Always worked for us.

Enthusiastic saver - I just read back the beginning of my diary and noticed this post again. I like the ‘rule of thirds’ and think I might apply that to our budget. Essential spends would include our debt payments (£200) and then once that is paid off I could readjust.

What did you do for an emergency fund?

Crunchy xx

enthusiasticsaver · 3 December 2017 at 9:09AM

crunch_time wrote: »

Enthusiastic saver - I just read back the beginning of my diary and noticed this post again. I like the ‘rule of thirds’ and think I might apply that to our budget. Essential spends would include our debt payments (£200) and then once that is paid off I could readjust.

What did you do for an emergency fund?

Crunchy xx

At that point we already had an emergency fund which I seem to recall was 2-3 months essential expenditure at the time so once it reached a certain point we no longer paid into it. I like the rule of thirds still but the priorities have changed as time goes on and particularly as DH is retired and me almost retired. Now we no longer do long term savings as mortgage paid off and we are in the drawdown phase of our life. One third of our monthly disposable income is still set aside though for Christmas,insurances, gifts, car expenses and house expenses. One third we split between us as personal/hobby/entertainment spends and our subscriptions to country club/NT and one third is our travelling/holiday money. This may change as we get further into retirement if we find our savings buffer going down too quickly as we need to use that for car replacement, long haul holidays or major DIY or house project.

I think it would work for you too but your priorities would be different now to when you are debt free and as your children get older.

enthusiasticsaver · 3 December 2017 at 9:31AM

I like your system of filling up the champagne glasses and transferring them to the ISAs with a portion set aside for holidays. I think a £9k emergency fund is a great aim especially if you now have a larger mortgage.

louby40 · 3 December 2017 at 7:21PM

I’ve been teaching for 22 years now and if I could retire tomorrow I would. I love the kids and the people I work with, but the red tape and jumping thorough hoops gets me down.

I can’t retire for another 12 years but it’s definitely in my sights. Teaching is bloody hard work and very stressful.

crunch_time · 7 December 2017 at 10:12PM

louby40 wrote: »

I’ve been teaching for 22 years now and if I could retire tomorrow I would. I love the kids and the people I work with, but the red tape and jumping thorough hoops gets me down.

I can’t retire for another 12 years but it’s definitely in my sights. Teaching is bloody hard work and very stressful.

It certainly is. I have had a horrible week at work. What I have learned from 8 years in 'the business' is schools can be terribly !!!!!y places which add to the stress immensely. My line manager has been causing all kinds of stress this week by stirring. My replacement came in for a visit this week and I tried my hardest to be positive. I think I succeeded as she is coming back for another!

xx

crunch_time · 7 December 2017 at 10:45PM

Evening diary

Gosh its just so busy at the moment! Just another 5 more days to go for work and then that's it. At the moment I just feel excited to leave. I'm beginning to look ahead to January and the massive change in lifestyle we have to undertake, tightening the belts and change in pace but it just doesn't feel real yet.

So I'm focussing on keeping on top of the finances so we aim to end the year with £7500 or less in debt and some money in the bank.

I've had a spree on amazon (although I now can't find the voucher dammit - it's probably in a pile of carp) and my Christmas bill so far is up to £326. This is for all of us and my nieces and nephews. I have a few more stocking presents to buy for the children and presents for teachers but then I'm done so it will probably be around £400.

I started stocking up on food for Christmas today and bought some mince pies, stuffing and cranberry sauce. We need to make a proper plan for food for Christmas. Its only us this year so it should be simple..... and cheap.

I have also thought a bit more about the 'rule of thirds' for our budgeting next year and have played around with some figures. The left over money split three ways actually looks similar to what we were planning anyway. I played with lowering the spending money part and upping the medium term goals and it looks like a system we could work with.

I get paid on the 19th December and am expecting something in the region of £1300 which is higher than normal as I have cancelled childcare vouchers. Husband gets paid on the 29th December and he has cancelled childcare vouchers too so we are waiting to see what that does to his pay packet. He also got a bonus last year of a few hundred pounds and he had only been with the company a few months so if the same thing happens this year well that will be a massive.... er ... bonus!! We shall see what happens.

So lots of waiting to see where we are at before I can draw a line and say this is where we are and next year we are planning to do this.

Really really must get organised with bills and changing of addresses tomorrow.

Crunchy xx

enthusiasticsaver · 7 December 2017 at 11:00PM

We both have a massive change of lifestyle crunch

I have three working days left before my retirement as I have leave next week to spend time with visiting relatives. Retirement party on 20 December woohoo!!

You will probably spend less when not working as you will have time to think about where to get the best bargains. I assume that £7500 is on 0% and the £200 monthly will go to paying that down?

Well done for keeping the Xmas spend to £400. I have seen some crazy spending figures on this forum recently which make me despair of people who spend thousands of pounds they don't have quite unnecessarily simply due to pressure of what other people think.

crunch_time · 8 December 2017 at 8:09AM

We certainly will!!

I’m definitely hoping having more time at home will make me spend less money - particularly on food, fuel and spending money.

We have bought ds a secondhand bike from bay of e - £55 and dd a pram for her dollies £32. That is their main present and I don’t intend to make up the difference for my dd - she doesn’t know her brothers present cost more. So I’m saving myself money and clutter there. I have also only spent £10 each on my 4 nieces and nephews. I don’t believe they need anymore spent on them. £20 doesn’t show them I care for them anymore. My materialistic sisters would say otherwise though which is sad.

Husband has cost the most - £46 on a new pair of hardworking wellies for dog walking and £22 on a new umbrella for his trips to London in a suit. Plus some books and odds and ends for his stocking.

I only have a stocking this year due to my splurgey birthday a few weeks ago - a laptop for my new business which will be paid off with my new business money.

I want Christmas to be about traditions and having fun - not stuff!!

Yes the £7500 will be 0% hopefully - I haven’t done anything about this yet so must crack on.i need my finalcourse payment to go out in the 11th to do mine and then my pay day on the 19th to do the husbands as I want to clear it down as much as possible beforehand.

I also need to get both cars serviced. And yes at £200 a month.

Lots to do lots to do.

Happy Friday ya’ll!!

Crunchy xx

enthusiasticsaver · 8 December 2017 at 8:27AM

crunch_time wrote: »

I want Christmas to be about traditions and having fun - not stuff!!

Crunchy xx

Hear hear :T:T:T

Learning to budget to make future adventures happen

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