Money Fritters 'Enough Now' DFW Diary

Money_Fritter

Hi Aesop,

Thanks for the ideas.

I have looked up some survey sites tonight and I have looked up the cashback sites as well.

Aesop

£10 Tesco Deal for £4.07

Updated Printable Money off Coupons

1p thread finds at Tesco

Tesco Misprices

Tesco refund the difference

these may help.

Money_Fritter

Aesop wrote: »

£10 Tesco Deal for £4.07

Updated Printable Money off Coupons

1p thread finds at Tesco

Tesco Misprices

Tesco refund the difference

these may help.

Thanks so much Aesop

Money_Fritter

Hi folks,

Well I have joined several survey sites, so we will see how it goes.

I also managed a PAD today of £107.22

:j:j:j

Money_Fritter

Hi folks,

Well afte being back for a few days now, I have sorted out my credit cards, with the exception of one, on to 0% deals. The final one I will do in the next week or two. My next step is to real push hard with cutting spending and coming up with a plan for getting this debt down. So I have decided to complete a SMART PLAN. This is a detailed specific goal setting plan, often used in business. You divide a goal in to several sections:

Specific
Measurable
Attainable
Realistic
Target.

So here goes. I might add that this first draft may change, but we will just see how things go.

SMART PLAN FOR DEBT BUSTING

Specific:- To be debt free, have a £1000 emergency fund and have 6 months salary saved by the end of 2015

Measurable:- I will measure my progress using a spreadsheet and report my progress on this thread.

Attainable:- I will achieve this goal as follows:

1. Build up a £1000 emergency fund.
2. Snowball my debts until cleared.
3. Save 6 months salary.

I will do this by putting any spare money away each month. I will try and cut back on spending using the various challenges on here, such as NSD's, grocery challenges

I will also try and bring in extra money from surveys, reviews, matched betting and cashback. This will go towards this SMART PLAN.

Realistic:- As my debts are high at the moment and my spare money is low, I realise that this will be tough, especiallty at the start. I will have good days and bad days. However, I need to set myself a minimum for each month or day. To this end I will try and generate at least £3 per day and put this towards my SMART PLAN TASKS. This will give me at least ~£90 per month. If I can make more I will

Target:- To lead a better life.

Money_Fritter

Right,

I am starting today, I have transferred £3 to my online saving account and a further £4 as well. The £4 is from badminton, as I can't go tonight as I am off to see the parents at the weekend.

Wish me luck.

Firewalker

Hi MF, I got your PM and will reply when OH is back - some of the information is with him. As to my blog it is under my profile so very easy to find.

I have a question on your SMART plan. Why do you want 6 months worth of savings? Where did this come from?

Asking because this seems to be one of the 'mantras' of Americal self help books on personal finance. But the more I think about it the less sence it makes. Is the 6 months savings for emergency? If yes, you will have your emergency fund of £1,000 which in the UK is generally adequate. Is it in case of bigger emergency (like job loss)? In this case it depends what you do and what is the sector you work in - mostly there is redundancy pay in the terms of employment (needs checking every time though).

I am not saying that you should not build savings - but I am saying think about it; because savings if not invested (different conversation) don't generate value; it is money that makes us feel secure without building long term security.

Back to my day work now.

Firewalker

Money_Fritter

Firewalker wrote: »

Hi MF, I got your PM and will reply when OH is back - some of the information is with him. As to my blog it is under my profile so very easy to find.

I have a question on your SMART plan. Why do you want 6 months worth of savings? Where did this come from?

Asking because this seems to be one of the 'mantras' of Americal self help books on personal finance. But the more I think about it the less sence it makes. Is the 6 months savings for emergency? If yes, you will have your emergency fund of £1,000 which in the UK is generally adequate. Is it in case of bigger emergency (like job loss)? In this case it depends what you do and what is the sector you work in - mostly there is redundancy pay in the terms of employment (needs checking every time though).

I am not saying that you should not build savings - but I am saying think about it; because savings if not invested (different conversation) don't generate value; it is money that makes us feel secure without building long term security.

Back to my day work now.

Firewalker

Hi Firewalker, thanks for the comments.

The 6 months salary is indeed for larger emergencies such as job loss. Just recently I have been thinking more about the future, I am 35 and have nothing really to show for my hard work in Uni, and in the wide world. I would get some redundancy pay if the worst happened, and I also have mortgage protection plan. Maybe I should look to save 3 months instead of 6.

Once I have achieved this SMART PLAN, i will be looking to over pay on my mortgage. I am also considering investing in shares, but that is for the future.

I am also thinking of setting up a blog for charity work. It is just an idea at the moment, but I will see were it takes me.

Money Fritter

Firewalker

Ha! I knew it - bless him he did miss the important part. Which is: you don't need any months 'savings'; start thinking about the equivalent or even more but learn all about investments. Put money on the side and make it work for you. Don't revise you plan down - bring it up.

FW

Money_Fritter

Firewalker wrote: »

Ha! I knew it - bless him he did miss the important part. Which is: you don't need any months 'savings'; start thinking about the equivalent or even more but learn all about investments. Put money on the side and make it work for you. Don't revise you plan down - bring it up.

FW

Thanks Firewalker.