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    • Needhelpsaving
    • By Needhelpsaving 14th Nov 16, 5:58 PM
    • 660Posts
    • 2,750Thanks
    Getting back on the MFW Wagon
    • #1
    • 14th Nov 16, 5:58 PM
    Getting back on the MFW Wagon 14th Nov 16 at 5:58 PM

    I have attempted this MFW wannabe journey before, with little success and after reading so many threads on the forum, would like to try again.

    Looking back, trying to start a MFW challenge with a newborn was possibly not the best time for me as I had made grand plans, just when our income was decreasing.

    A little bit about us, I am 29, have an OH 34 and a LO aged 3. We bought our home 8 years ago and have a mortgage of £80,000, a family loan of £7,000 and £0 in savings

    Our first goal is to save a £1500 Emergency Fund by the end of February, whilst staying on track to pay off family loan (on target to pay off in June 2017).

    I have finished all my Christmas shopping, except 1 gift, so should be on track to save a decent chunk of my salary next month (I work part-time).

    I need to stay accountable in this journey and what better way than to publish it on the internet?!
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    • Needhelpsaving
    • By Needhelpsaving 13th Feb 18, 8:53 PM
    • 660 Posts
    • 2,750 Thanks
    Good Evening,

    I have been MIA the last few days, but that's because there was nothing to really report.

    I have balanced the account mid-month and have £20 cash allocated to fun money for half term week with LO. I have also left £120 in the current account for the next two weeks grocery shops.

    I have moved the Child Benefit into a separate savings account to the emergency fund - this will be saved now for LO clothing/days out etc, as opposed to getting eaten up by monthly spends as was previously the case.

    I have moved £16.56 to the emergency savings, bringing us to £2887.88/£5000

    We are almost there with things for baby, however, there will be some spends to finish the nursery next month. I will be allocating a big chunk of my next income going to savings before Maternity Leave kicks in at the end of April.
    Target 1 - Emergency Fund Currently £3241.01/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £69870.47 (01/02)
    • Needhelpsaving
    • By Needhelpsaving 16th Feb 18, 5:45 PM
    • 660 Posts
    • 2,750 Thanks
    Evening all - i'm so ready for the weekend!

    Grocery shop has been done for the week and included a bottle of wine for OH as a treat and a cupcake set for LO to do in the half term.

    The couple of pounds underspend along with around 30p of interest on one of the savings account have been swept to the emergency fund to keep it growing.

    OH has made the biggest impact to savings - his car repairs bill is due to come out of his account after his next payday, so he put the £350 that was sitting in his current account into the emergency savings so that it wasn't squandered. So with this the emergency fund is now sitting at £3241.01/£5000
    Target 1 - Emergency Fund Currently £3241.01/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £69870.47 (01/02)
    • earthgirl
    • By earthgirl 16th Feb 18, 7:57 PM
    • 1,840 Posts
    • 21,272 Thanks
    You are so dedicated with sweeping to savings! Yey to the weekend!
    15/5/12 Paid off Mortgage 1 (£220k) Dec 13 - £116,508 Bought Dream House Dec 14 - £94, 402 (£22,106 offset in 2014) Jan 16 - £67, 852 (£26,550 offset in 2015) Dec 16 - £33,529 ( £34,323offset in 2016)
    Jan 17 - £39, 773 (Re-estimation of endowments )
    Sept 17 £22,619 Jan 18 - £11,687
    Kids savings 13,578/36k
    • Needhelpsaving
    • By Needhelpsaving 18th Feb 18, 7:04 PM
    • 660 Posts
    • 2,750 Thanks
    Evening all.

    This weekend has been a no spend weekend for my accounts; although I think between going to the rugby yesterday (free tickets) and taking us out for a family lunch to celebrate my birthday, OH has wiped out his personal spends. Its a good job he is on overtime next weekend then!

    I have this week off with DD and have £20 for activities. We will be going to the cinema tomorrow using vouchers my mum gave me today (free entry to Vue cinemas from Lloyds bank); this will make the budget stretch even further I am hoping the weather is nice enough that we can get out and do free activities like a trip to the park.

    In other news, I have put together a budget for the year ahead, which whilst it will still need some tweaking gives me a good idea of where we will stand in being able to continue towards our goals.
    Target 1 - Emergency Fund Currently £3241.01/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £69870.47 (01/02)
    • Needhelpsaving
    • By Needhelpsaving 20th Feb 18, 7:29 AM
    • 660 Posts
    • 2,750 Thanks
    Yesterday's film was a hit with DD, we went to see Coco - excellent film (even if we were both crying at the end!).

    We did also grab some lunch while we were out (£6 spend), but took our own treats to the cinema.

    I was a bit naughty and took a detour to the nearby Dunelm Mill to buy 3 sets of curtains that OH and I discussed buying from next months budget. It was a week ahead of time, but means that as I am on holiday this week, I can get them up and that job ticked off the list (but sods law will say they will then turn up! )

    We have also started spring cleaning the house which will continue over the course of this week and helps us prepare for baby's arrival.

    I have requested a gift card for £13.84 from quidco to put towards the baby monitor we are saving for. I am also around 20 points off of another £3 voucher on Swagbucks. I will then need another £9 before I can purchase the monitor, so need to crack on with earning the remaining gift cards.
    Last edited by Needhelpsaving; 20-02-2018 at 3:32 PM.
    Target 1 - Emergency Fund Currently £3241.01/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £69870.47 (01/02)
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