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  • FIRST POST
    • Lauralozzle
    • By Lauralozzle 29th Aug 16, 10:50 AM
    • 131Posts
    • 908Thanks
    Lauralozzle
    It's time for a money diet...
    • #1
    • 29th Aug 16, 10:50 AM
    It's time for a money diet... 29th Aug 16 at 10:50 AM
    My money diet

    So, first things first, a little bit about me!

    My name is Laura, I'm 28, live with my partner of ten years, Tom (hence forth known as 'the boy') and I had my light bulb moment fairly recently!!

    We don't pool all our money together, although we earn the same amount and we both but an equal share into the joint account which covers bills and should also cover our £1,000 emergency 'float' (although we're not quite there yet!)

    I was looking at the sums in the joint account and realised that the extra £100 we were putting into the account was being swallowed up by thoughtless spending - things we don't need like cushions and throws. We've just moved and my attempt of trying to make our home nice is resulting in all our money disappearing. We were trying to add an extra £100 into the account once a month (for the elusive float) but at the end of the month our outgoings outweighed what was coming in.

    For example - last month £1,410 went into the joint account and £1,495 went out. Part of this was down to a spend at the butchers, a card payment to B and Q and £50 I withdrew to go out!!!!

    This has to stop. We're not in a terrible state - we have a few joint debts (mortgage, 0% finance for sofa) and personal ones (both cars are on finance) and we are paying all our debts on time but we could be better at this!!! On a plus side I am overpaying on my credit card so that it's clear before 0% ends but I've got to put my foot down somewhere before it spirals out of control.

    We recently brought a new house this year (March) which needs some work doing to it. Well, a lot of work doing to it but I have to prioritise. A room a year is the plan (and we've spent about £2,300 on the living room dining room as it is and it's not finished yet (this included a plasterer and new radiators as well as paint plus the sofa). We can't get anything else on finance. We'll just have to save, cue this diary and our money diet!!!

    Plan of Action 2016

    MBNA Credit Card
    I would ideally like this be paid up by next year - however, I'll cope if there is just £52 left on this. It needs to be paid up by February though as that's when the 0% period ends.

    Emergency Saving Fund
    I want this to be £700. This should be doable if we don't spend the extra money going into the account. That will be the main task. (I've checked where we are so far compared to last month and we're £50 better off BUT we will need to sort out curtains in the dining room before it gets too cold!!

    NEW - Wedding fund plan

    Dec 2016 - £200 into wedding account
    Jan 2017 - £200 into wedding account
    Feb 2017 - £250 into wedding account (extra 50 as credit card should have been paid off by then!)
    March 2017 - £250 into wedding account
    April 2017- £350 into wedding account (should now have £1,000 emergency float so extra in wedding funds)
    May 2017 - £350 into wedding account
    June 2017 - £350 into wedding account
    July 2017 - £420 into wedding account (sofa will have now been paid off so extra £70 into wedding fund)
    August 2017 - £420 into wedding account
    September 2017 - £420 into wedding account
    October 2017 - £420 into wedding account
    November 2017 - £420 into wedding account
    December 2017 - £420 into wedding account

    Total = £4,470

    This will be tough - no mistaking it, but it will be worth it. Planning on getting married in about 18 months so 2018. When I get closer to 2018 I'll add to this plan!!!!
    Last edited by Lauralozzle; 11-09-2016 at 4:02 PM.
    October grocery challenge £115.50/£250 | Emergency £1,000 challenge - £399.44/£1,000 | NSD 5/15
    Credit Card: £209 (0% APR) | Car Finance: £10,674 (7.9% APR) | Mortgage: £113,243 (3.99% APR)
    Wedding Fund: £1,457.04
Page 2
    • Lauralozzle
    • By Lauralozzle 6th Sep 16, 9:22 AM
    • 131 Posts
    • 908 Thanks
    Lauralozzle
    6th September

    I have cancelled Netflix today - I only use it to watch pretty little liars and The Originals, they've pretty much finished for now. When it's back I might pay for it again for as long as it's on and cancel it again!!

    That will be a saving of £7.49 a month - not loads but every penny counts, right?

    I have a really good productive day today - I am quite pleased with myself! I have cleaned the bedroom and sorted out the wardrobe. It is all clean and tidy now.

    I also went for a nice long walk around Shipley Park today with the dog and have packed my bag for Wales. I'm hoping I don't spend too much really but at least I have planned it out!!
    Last edited by Lauralozzle; 06-09-2016 at 8:09 PM.
    October grocery challenge £115.50/£250 | Emergency £1,000 challenge - £399.44/£1,000 | NSD 5/15
    Credit Card: £209 (0% APR) | Car Finance: £10,674 (7.9% APR) | Mortgage: £113,243 (3.99% APR)
    Wedding Fund: £1,457.04
    • Jumblerina
    • By Jumblerina 8th Sep 16, 6:27 PM
    • 193 Posts
    • 564 Thanks
    Jumblerina
    Sound like you've been a really busy bee LL love your plans too

    JB
    • Lauralozzle
    • By Lauralozzle 11th Sep 16, 12:30 PM
    • 131 Posts
    • 908 Thanks
    Lauralozzle
    11th September

    So I'm back from Wales! I had a fantastic time and what's more I'm now engaged!!!!

    So this diary will become even more important as we're trying to save for our wedding!!!! I'm super excited about this and have a rough savings plan for 2017 (hoping to get married 2018) - but we need to visit venues and find one we like in budget!!!

    So rough savings plan is as follows (starting from December because of Christmas etc)

    Dec 2016 - £200 into wedding account
    Jan 2017 - £200 into wedding account
    Feb 2017 - £250 into wedding account (extra 50 as credit card should have been paid off by then!)
    March 2017 - £250 into wedding account
    April 2017 - £350 into wedding account (should now have £1,000 emergency float so extra in wedding funds)
    May 2017 - £350 into wedding account
    June 2017 - £350 into wedding account
    July 2017 - £420 into wedding account (sofa will have now been paid off so extra £70 into wedding fund)
    August 2017 - £420 into wedding account
    September 2017 - £420 into wedding account
    October 2017 - £420 into wedding account
    November 2017 - £420 into wedding account
    December 2017 - £420 into wedding account

    Total = £4,470

    This should be doable!!! Here's to saving!!!!!
    Last edited by Lauralozzle; 11-09-2016 at 4:03 PM.
    October grocery challenge £115.50/£250 | Emergency £1,000 challenge - £399.44/£1,000 | NSD 5/15
    Credit Card: £209 (0% APR) | Car Finance: £10,674 (7.9% APR) | Mortgage: £113,243 (3.99% APR)
    Wedding Fund: £1,457.04
    • Jumblerina
    • By Jumblerina 13th Sep 16, 12:17 PM
    • 193 Posts
    • 564 Thanks
    Jumblerina
    Congratulations LL what lovely news and I'm loving the look of your wedding savings plan
    • Lauralozzle
    • By Lauralozzle 28th Sep 16, 5:52 PM
    • 131 Posts
    • 908 Thanks
    Lauralozzle
    Thank you.

    Wednesday 28th September

    I've been awol lately due to rubbish internet! But it appears to be working again so I'm back!

    This month has been a positive month. In my absence I've not fallen off the wagon, in fact I'm very happy with things! I'm not in my overdraft (yey), pay-day is Friday so I should avoid it altogether!

    I have a measly £20 in the wedding fund at the moment but it's more than be budgeted for so that's positive!!!

    And - the emergency float has gone up by £102!!!!! I'm really pleased about this! First time we've managed it since May!!!
    Last edited by Lauralozzle; 28-09-2016 at 7:25 PM.
    October grocery challenge £115.50/£250 | Emergency £1,000 challenge - £399.44/£1,000 | NSD 5/15
    Credit Card: £209 (0% APR) | Car Finance: £10,674 (7.9% APR) | Mortgage: £113,243 (3.99% APR)
    Wedding Fund: £1,457.04
    • Thistle-down
    • By Thistle-down 29th Sep 16, 9:08 AM
    • 908 Posts
    • 3,105 Thanks
    Thistle-down
    Wow, you're really making progress! It's so nice when things go your way and help keep you positive
    • Lauralozzle
    • By Lauralozzle 29th Sep 16, 9:11 AM
    • 131 Posts
    • 908 Thanks
    Lauralozzle
    October 2016 Goals

    So, I'm going to really try and plan for next month. I want to save as much as I can without feeling like I'm missing out on things and there are a couple of outings in October that I will plan for.

    I know I'm going for a meal this month on the 15th October - it's a friends birthday. I've allocated £50 for that night out and do not intend on overspending. £50 should do fine.

    After taking out bills, a £100 to go straight into my savings and food shopping/petrol I've left myself with £10 spending money a week. I do not have to spend this (and with a 15 day Non Spend Challenge for the month I'll try not too!) but at least it's there!

    I'm also hoping that the emergency fund will hit £500 this month which will be an achievement - we'll be half way there!

    I'm also starting a new job Monday - I'll be spending less petrol and walking more so hopefully the extra exercise will help with my weight loss goals.

    I'm planning on significantly adding to the Wedding Fund today - I was given a lot of gold jewellery that I won't ever wear (it's not my style) and I plan on selling some this today so go towards the wedding. Every little helps!!!
    October grocery challenge £115.50/£250 | Emergency £1,000 challenge - £399.44/£1,000 | NSD 5/15
    Credit Card: £209 (0% APR) | Car Finance: £10,674 (7.9% APR) | Mortgage: £113,243 (3.99% APR)
    Wedding Fund: £1,457.04
    • Lauralozzle
    • By Lauralozzle 29th Sep 16, 2:53 PM
    • 131 Posts
    • 908 Thanks
    Lauralozzle
    Wedding fund update

    So, I sold some gold today and got £1,330 for it!!! That will do nicely!!!
    October grocery challenge £115.50/£250 | Emergency £1,000 challenge - £399.44/£1,000 | NSD 5/15
    Credit Card: £209 (0% APR) | Car Finance: £10,674 (7.9% APR) | Mortgage: £113,243 (3.99% APR)
    Wedding Fund: £1,457.04
    • Thistle-down
    • By Thistle-down 29th Sep 16, 3:14 PM
    • 908 Posts
    • 3,105 Thanks
    Thistle-down
    Wedding fund update

    So, I sold some gold today and got £1,330 for it!!! That will do nicely!!!
    Originally posted by Lauralozzle
    WOW!!!

    How much did you sell?
    • Lauralozzle
    • By Lauralozzle 29th Sep 16, 5:43 PM
    • 131 Posts
    • 908 Thanks
    Lauralozzle
    Quite a bit to be fair - gold chains mainly and a few hideous looking rings. I'm pretty pleased with what I got for it though. It just sitting there in the jewellery box never being worn (and I would never wear the stuff, it was not my style at all). Much better use of it in my savings account!
    October grocery challenge £115.50/£250 | Emergency £1,000 challenge - £399.44/£1,000 | NSD 5/15
    Credit Card: £209 (0% APR) | Car Finance: £10,674 (7.9% APR) | Mortgage: £113,243 (3.99% APR)
    Wedding Fund: £1,457.04
    • Poppy3008
    • By Poppy3008 29th Sep 16, 8:26 PM
    • 54 Posts
    • 326 Thanks
    Poppy3008
    Wow, I have some gold necklaces and bracelet my dad bought me from Dubai with the instruction to sell when needed. Must look into what I might get. Good work!
    Mortgage 1. £ 112,719.67
    Mortgage 2. £207,668.86
    Emergency Fund £3600/£5000
    aim to overpay mortgages and save for emergency fund and ski trip!!!

    • Lauralozzle
    • By Lauralozzle 30th Sep 16, 10:54 AM
    • 131 Posts
    • 908 Thanks
    Lauralozzle
    Friday 30th September

    Payday has arrived! I have not gone into the overdraft which is good.

    £700 straight into the joint account
    £50 straight into the wedding fund (Tom put £50 in too).

    I'm seriously considering doing something not very MSE. The plan for the wedding was 2018 so we could save up for it and at all in cash. The problem is I would very much like my grandad to be there and if I'm being honest, I don't think he'll make it to to 2018. He is quite ill (he has terminal leukaemia and is often in and out of hospital frequently) and so I have been thinking about moving it to Nov 2017. We'll still save hard but might have to pay for venue on 0% credit card. He might not make it to Nov 2017 but there is much more of a chance!

    I think if I was to take the credit option a 0% purchases card would be the best bet as we wouldn't be paying interest but it would mean increasing our debt for the short term.
    October grocery challenge £115.50/£250 | Emergency £1,000 challenge - £399.44/£1,000 | NSD 5/15
    Credit Card: £209 (0% APR) | Car Finance: £10,674 (7.9% APR) | Mortgage: £113,243 (3.99% APR)
    Wedding Fund: £1,457.04
    • Thistle-down
    • By Thistle-down 30th Sep 16, 4:42 PM
    • 908 Posts
    • 3,105 Thanks
    Thistle-down
    If it is important for you to have him there, then it makes perfect sense.
    • Lauralozzle
    • By Lauralozzle 1st Oct 16, 3:55 PM
    • 131 Posts
    • 908 Thanks
    Lauralozzle
    I've had a word with Tom about moving it forward - he doesn't like the idea of putting it on credit but I think it's the only way forward. (We just don't earn enough to save that amount of money!)

    Saturday 1st October

    Today has been a productive day! I've felt pretty rough today (damn that time of the month) but have made steps towards our goals! Made an overpayment on Credit card (minimum payment will come out later this month) and I've updated my 'debts' in my signature to reflect this. I really like seeing very thing reduce each month!!!!

    Tom's doing some overtime tomorrow from home!!! Double and a half pay for six hours. He'll get taxed horribly but the extra made will go straight into wedding fund end of this month!!!

    I'm also declaring today a NSD - so that's 1/15 done! I've also managed to hit my 10,000 steps a day target too.
    October grocery challenge £115.50/£250 | Emergency £1,000 challenge - £399.44/£1,000 | NSD 5/15
    Credit Card: £209 (0% APR) | Car Finance: £10,674 (7.9% APR) | Mortgage: £113,243 (3.99% APR)
    Wedding Fund: £1,457.04
    • Lauralozzle
    • By Lauralozzle 9th Oct 16, 12:10 PM
    • 131 Posts
    • 908 Thanks
    Lauralozzle
    Sunday 9th October

    So, I've been chipping away at the credit card debt which is now sitting at £206! If I have some money left over I may well try and clear this a little sooner! £206 shouldn't be too difficult to clear at all!!!

    Today has been a NSD which I'm pretty pleased with. I'm hoping for at least 3 NSD next week!
    Last edited by Lauralozzle; 09-10-2016 at 3:28 PM.
    October grocery challenge £115.50/£250 | Emergency £1,000 challenge - £399.44/£1,000 | NSD 5/15
    Credit Card: £209 (0% APR) | Car Finance: £10,674 (7.9% APR) | Mortgage: £113,243 (3.99% APR)
    Wedding Fund: £1,457.04
    • Thistle-down
    • By Thistle-down 19th Oct 16, 1:02 PM
    • 908 Posts
    • 3,105 Thanks
    Thistle-down
    How's it all going, Laura? Any updates?
    • LauraB89
    • By LauraB89 31st Oct 16, 3:13 PM
    • 68 Posts
    • 117 Thanks
    LauraB89
    This is slightly off-topic but just a coincidence - hi I am Laura, looking to pay off my debts and save up to marry my OH... Tom...!

    Looks like you're further down the road than I am

    Will be reading this diary for sure!
    Barclaycard - £375 Lloyds OD - £0 Halifax OD - £0 Emergency fund - £200
    Halifax CC - £1164 Lloyds Loan - £680 HTB ISA - £2,415 Shares - £15k
    Total debts - £2219 Total Savings - £17615
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