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  • FIRST POST
    • Lauralozzle
    • By Lauralozzle 29th Aug 16, 10:50 AM
    • 313Posts
    • 2,467Thanks
    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

    Edit: for 2017

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

    My name is Laura, I'm 29, live with my fianc!, Tom (hence forth known as 'the boy') and I lightbulb switched on fairly recently!

    I know it's not very MSE but we don't pool all our money together. Tom has recently been promoted (Feb 2017). Tom earns a little more than me, but at the moment we're not quite sure what the difference will be.

    We have a joint account which covers bills, food shopping and this is where we are growing our emergency savings pot. We both but an equal share into the joint account, currently £850 each, we both contribute £100 each to savings account (for our wedding but this will increase substantially over this year).

    I know where the problem is - I was looking at the sums in the joint account and realised that the extra £100 we were putting into the account (for the emergency fund) was being swallowed up by thoughtless spending - things we don't need like cushions and throws. We moved last year to our first home 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 but at the end of the month our outgoings outweighed what was coming in.

    For example - some months have seen £1,410 going into the joint account and £1,495 went out. Part of this was down to 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. (This is now paid off!!)

    Our house is a bit of a fixer-upper which needs some work doing to it. Well, a lot of work doing to it but I have to prioritise this and plan/budget accordingly. One 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!!!

    2017 Plan

    MBNA Card - this needs to be paid off before 16th February. Done!

    Emergency Fund - Target of £1,000 (target of £750 until the wedding as extra money will be pumped into wedding fund).

    2017 is all about saving money for the wedding. That is the main priority - we've moved our wedding forward to accommodate my grandad so it's inevitable some will be placed on a Credit Card, but the least amount the better!

    NEW - Wedding fund plan

    Dec 2016 - £200 into wedding account - Done
    Jan 2017 - £200 into wedding account - Done
    Feb 2017 - £300 into wedding account (extra 50 as credit card should have been paid off by then and Tom's pay rise will start Feb) - Done
    March 2017 - £300 into wedding account
    April 2017- £400 into wedding account (Emergency fund should be adequate at this point)
    May 2017 - £400 into wedding account
    June 2017 - £400 into wedding account
    July 2017 - £470 into wedding account (sofa will have now been paid off so extra £70 into wedding fund)
    August 2017 - £470 into wedding account
    September 2017 - £470 into wedding account
    October 2017 - £470 into wedding account

    This will be tough - no mistaking it, but it will be worth it. Wedding will be 5th November 2017! Tom received a promotion this year so we'll need to see what difference that will make to his take-home pay. We'll find that out at the end of Feb.
    Last edited by Lauralozzle; 28-02-2017 at 9:41 AM.
    March grocery challenge £216.35/£300 | Emergency £1,000 challenge - £643.29/£1,000 | March NSD 7/15
    Credit Card: PAID | Car Finance: £9,738 (7.9% APR) | Mortgage: £112,601 (3.99% APR)
    Wedding Fund: £2,828.15
Page 6
    • Lauralozzle
    • By Lauralozzle 11th Mar 17, 12:30 PM
    • 313 Posts
    • 2,467 Thanks
    Lauralozzle
    I bet Costalotts do something similar. It's the only way I can think of keeping it under control but not depriving myself. I don't need to deprive myself - the amount that goes onto the card might change depending on my monthly spending budget but if I cut it out completely I get so demotivated and feel poor and depressed! We're doing okay really - we have debts but they're not horrible, we're saving for our wedding, after the wedding we'll be saving to get the house sorted. I need to remind myself that the fact we can save is a positive.

    I'm on 5 NSD - should make it to 6 today. If my plan works I should hit this months target!

    I need to keep an eye on my current account though - I got hit with an overdraft fee last month £6 because I was overdrawn by £1.50 for 1 day. Need to make sure that doesn't happen again!
    March grocery challenge £216.35/£300 | Emergency £1,000 challenge - £643.29/£1,000 | March NSD 7/15
    Credit Card: PAID | Car Finance: £9,738 (7.9% APR) | Mortgage: £112,601 (3.99% APR)
    Wedding Fund: £2,828.15
    • Bobarella
    • By Bobarella 11th Mar 17, 10:23 PM
    • 10,102 Posts
    • 64,616 Thanks
    Bobarella
    Your doing great with all the savings.
    £378 Debt free by 31/03/17 or bust
    Roadkill 17 £51.30 2016-£62.28 2015- £84.20)
    RYSAW17 £1410.90 2016 £2,535.16 2015 £1027.20
    PAYDBX 7 #£397/£760 to go!!
    NST March1 4/15
    • zippygeorgeandben
    • By zippygeorgeandben 12th Mar 17, 4:10 PM
    • 439 Posts
    • 469 Thanks
    zippygeorgeandben
    Yes! Do not get stung with those overdraft charges if you can help it!
    End of Sep 2016 End of Feb 2017 £8236.57 £7123.52 (Tesco 4.8%) £6185.75 £4965.75 (Zopa 4.0%) £5344.50 £3200 (VirginMoney 0% until 07/17) Total debt £19.766.82 £15,289.27 Bronze Pay £1344.50 off CC by Sep 2017 SMASHED! Silver Pay £1844.50 by Sep 2017 EASY! Gold Pay £2344.50 by Sep 2017 DONE! Platinum Pay £2844.50 by Sep 2017
    • Lauralozzle
    • By Lauralozzle 13th Mar 17, 7:05 AM
    • 313 Posts
    • 2,467 Thanks
    Lauralozzle
    Monday 13th March

    Right, so here's hoping for a good week. At least the weather looks pleasant enough today - I have a long day at work ahead as I'm minus 5 hours so I need to keep trying to chip away at it to get it even. Then I'll try and add on some hours and take a flexible day I think.

    Nothing special with the debt/savings busting at the moment. Just keep plodding along, although it does get a little boring when there's nothing else to keep adding to it mid-way through a month.
    March grocery challenge £216.35/£300 | Emergency £1,000 challenge - £643.29/£1,000 | March NSD 7/15
    Credit Card: PAID | Car Finance: £9,738 (7.9% APR) | Mortgage: £112,601 (3.99% APR)
    Wedding Fund: £2,828.15
    • zippygeorgeandben
    • By zippygeorgeandben 16th Mar 17, 3:53 PM
    • 439 Posts
    • 469 Thanks
    zippygeorgeandben
    Still plodding Laura? Nearly the end of the week. It does get boring I admit, especially when you are doing well. Just because you aren't adding mid-way doesn't mean your standing still. You're still making progress!
    End of Sep 2016 End of Feb 2017 £8236.57 £7123.52 (Tesco 4.8%) £6185.75 £4965.75 (Zopa 4.0%) £5344.50 £3200 (VirginMoney 0% until 07/17) Total debt £19.766.82 £15,289.27 Bronze Pay £1344.50 off CC by Sep 2017 SMASHED! Silver Pay £1844.50 by Sep 2017 EASY! Gold Pay £2344.50 by Sep 2017 DONE! Platinum Pay £2844.50 by Sep 2017
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