My Can i do it? Yes i can savings diary

Simstwins

Hi Cocalls, I'm glad to see that the savings bug is beginning to work on you. I have an idea - it may work for you, try it and see.

The £5000 target over 6 months is just under £835.00 per month, so on pay day this month that is the target figure to have in your savings account. Why don't you deduct the figure already saved (about £470?) and transfer the difference straight out of your salary into the saving account this month. If your OH is involved in the saving, split the figure in two and each transfer the half amount.

If you do this each month, working out the figures on a cumulative basis, you will have the money saved as required on the 16th of June (that being the last balance payment)

What do you think?

cocalls

um i see what you mean and writing it down like that makes perfect sense but i think that'll leave us really short each month. Dont get me wrong i will transfer money over on our paydays (mine is 16th OH is last working day of the month) and we'll live off the remainder.

mm you stating that i need that figure each month makes me wonder if i can actually do it- i think i put that i needed to make another £500 which considering how slow cashback sites and surveys are its going to take a while mmmmm looking at the stuff we can sell on ebay there's actually only about 4 things the rest is just tat!
Right must not get dispondant i can do this just have to really cut back eveywhere and have to reapply for mystery shopping as ive lost my password and its forgotten my email address :mad:
Ive hardly spent anything all week altho we're off to the cinmea tonight (lets hope i can stay awake this time!)

Tinkdh

Hi cocalls,

just been reading your thread. We too are trying to save a deposit as we are really unhappy where we live at the moment. Not got a set amount too aim for but trying to cut down on spending and putting any spare cash into our savings along with a weekly d/d.
Going to keep reading your thread as I need all the motivation I can get!

Tinkdh x

cocalls

ooh thanks Tinkdh i love the thought of people reading my thread and keeping motivated as it keeps me motivated!
Have a friend round for tea tonight he's just in the bath (!) and he reminded us that he owed us £60 so when we get that back it'll be chucked at savings!!
Just waiting for tomorrow when i get paid so can throw some more money in.

fullstop

cocalls wrote: »

ooh thanks Tinkdh i love the thought of people reading my thread and keeping motivated as it keeps me motivated!
Have a friend round for tea tonight he's just in the bath (!) and he reminded us that he owed us £60 so when we get that back it'll be chucked at savings!!
Just waiting for tomorrow when i get paid so can throw some more money in.

And all that hot water he used having a bath.

JimLad

You lot too good for the "how much can you save?" thread eh?

lol its exactly the same thing but with more people, come on over!

cocalls

fullstop wrote: »

And all that hot water he used having a bath.

yeah he's got problems so he comes round once a week for 5+ cups of tea, a phone call, a bath, clothes washing, hair cut, & tea and we give him a lift home. How nice are we :A

Anyway aftre being paid today we have now £891.35:beer: bring on the 3rd and can add another £400 to it.
I now have £519.55 to live on for the rest of the month which im sure i'll do now the Oh is another matter(i seemed to have been paid a bit more this month when i eventually get my payslip i'll be able to see why)

cocalls

JimLad wrote: »

You lot too good for the "how much can you save?" thread eh?

lol its exactly the same thing but with more people, come on over!

aha is that where you're all lurking i thought that was how much have you saved for one off things like insurance etc sorry having difficulty typing as Tip TOp my cat has decided to park her bum on the keyboard!

Phlip_corter

cocalls wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details[/b]
Monthly income after tax................ 1350
Partners monthly income after tax....... 1250
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 2600

Monthly Expense Details[/b]
Mortgage................................ 499
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 95
Electricity............................. 24
Gas..................................... 43
Oil..................................... 0
Water rates............................. 11
Telephone (land line)................... 11
Mobile phone............................ 30 (OH is £25 I spend approx £5 on payg)
TV Licence.............................. 12.01
Satellite/Cable TV...................... 38 (mm think this needs to go down)
Internet Services....................... 0
Groceries etc. ......................... 200 (this is for food/toiletries/cleaning/wine&cat)
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 41.62 (I passed in july)
Car maintenance (including MOT)......... 25 (goes into savings account have £50)
Car parking............................. 0
Other travel............................ 159 (my train ticket to work)
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 22.72
Contents insurance...................... 0 (with above)
Life assurance ......................... 0 (we have free stuff w/ work)
Other insurance......................... 0
Presents (birthday, Christmas etc)...... 0 (will make or take out of entertainment fund)
Haircuts................................ 0 (will take out of entertainment fund)
Entertainment........................... 680 (£85/wk to spend on whatever we want)
Holiday................................. 0
Emergency fund.......................... 0
OH bank account fee..................... 14
Charities............................... 5
Total monthly expenses.................. 1910.35

Assets
Cash.................................... 295
House value (Gross)..................... 120000
Shares and bonds........................ 0
Car(s).................................. 500
Other assets............................ 0
Total Assets............................ 120795

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 85950....(499)......3
Total secured debts........... 85950.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Overdrft HSBC grad ac..........850.......50........0
Total unsecured debts..........850.......50........-


Monthly Budget Summary
Total monthly income.................... 2,600
Expenses (including secured debts)...... 1,879.35
Available for debt repayments........... 720.65
Monthly UNsecured debt repayments....... 50
Amount left after debt repayments....... 670.65

Personal Balance Sheet Summary
Total assets (things you own)........... 120,795
Total Secured debt...................... -85,950
Total Unsecured debt.................... -850
Net Assets.............................. 33,995

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

In Feb. & March we’ll put the council tax money towards the savings
We’ll both have pay rises in April (OH should be substantial!)
So £670.65 x 6 = 4023.9
Plus CT 190
Money already savd 295.72
4509.62 so only 490.38 to make from other sources!
It looks doable I suppose

We currently save in a Yorkshire BS savings account w/ a rate of 3% and interest is added monthly

Thanks for sharing some useful tips and information.

cocalls

Phlip_corter wrote: »

Thanks for sharing some useful tips and information.

You're welcome

Went to the Boots in Leeds the other day and went a bit crazy and bought loads and loads of stuff-it was all 75% off and will be used for pressies for people so should actually save me money in the long run.
OH is going out tonight so im off round to my mums to sew curtains and watch the mamma mia dvd (sad moi?)Might even go a bit mad and sew a couple of draught excluders:p

Only spent £40 in the market today so will transfer £10 over to savings.

Didn't go to cinema on weds as planned as managed to get free tickets to see Nixon/frost on mon night so all good!