Keep me on track to save!

*Vikki*

I am going to do the £333 challenge, so thanks for telling me about it:cool:

So £923 wage per month
-£180 rent to parents
-£333 to live challenge (which will include my £10 phone money, £50 fuel approx and my pack lunch food, tickets for MINI shows etc and clothes, beauty bits etc) plus to include birthdays. Dunno what to do about x mas?Hope that will be enough! lol Whar I don't spend ill save as some months i wont spent it all if I am good.

= £410 to put away in savings accounts for up coming bills and long term savings. What I will be doing firstly with the money is paying off my laptop early to get that out the way.

My bills I know about are, in order..

£140 AA break down cover due 31/01/09
£400 holiday due 01/05/09
£400 car insurance due 01/06/09 should be less this year!
£150 car tax due 01/07/09
£300 service pack for car due 01/12/09

=£1390

£410 saved per month x 12 =£4920 - £1390 bills - £300 x mas = £3230 saved in a year but take off the £1000 I owe =£2230 Hmm hoped for more but I guess its a start?

Francesanne

*Vikki* wrote: »

Yea I know, in a way I agree but in another way I don't. My other 3 sisters paid no rent. I am allways seen as the more generous one out of all of my sisters from my parents when it comes to birthdays x mas etc. I allways lend my parents money, which I am trying to put a stop to:rolleyes: I look after their house, 4 dogs, 3 cats, etc (when they had money to go on holiday which was about 6 times a year to spain) But yea still cheaper than elsewhere I agree and I totally agree I am scared when it comes to that day as I am going to come down with a great big thump, im scared!:o I blame my parents in a way though, lol they spoiled me and always gave me what I wanted when younger and I have come accustomed to that.

My parents couldn't afford otherwise with me but it really taught me how to handle money. I got married young and I've always handled the finances because I have a great fear of debt and thankfully have always kept my head above water but it's not always been easy. Think you're right about your parents spoiling you but parents do that especially if they can afford it but it's not always for the best. I too have a much younger sister and she was spoilt rotten especially by my Dad because they had more money then. Her attitude to money is completely different to mine. She's spend,spend,spend AND doesn't worry too much about debt. All the best for the future and don't get scared,life's too short!

chevalier

One thing I would have thought of is that are you sure you are going to want to continue doing your job long term. Will it start to bore you?

If this is the case then saving money from it now could mean that you COULD go back to college or university, and retrain, WITHOUT getting into debt to do it. That would be an amazing choice to give yourself in say 3 years time (when the job finishes you mentioned), ie be able to ANY course because you could afford to do it, rather than be stuck with only a few choices because of limited resources.

Just another thing to think about
chev

little_miss_moneysaver_3

*Vikki* wrote: »

Do you think I should pay off my laptop early then? I purchased it from Comet I think and it was on the buy now pay £80 deposit I think, and as long as I pay it off before December 09 I only pay £29 admin fee. If I don't pay it off by then it shoots up to 29%apr which no way would I pay! I purchased my Canon camera in March 08 for £1345 last year and paid it off in October that way.

Mind you I think paying it off soon is probably best as jobs are so insecure at the moment and mines only going to be around for the next 3 years. But who knows in today climate!

Vikki!

Do not pay £29 to pay it off early. That is not money saving! Think what you could do with £30! Save the money and put it aside either under your mattress or in an account somewhere (gaining interest) then in December you pay them the amount! No fee for early payment or interest.

As for the figures, like :money: i'm a bit of a numbers nerds!

LMMS x

little_miss_moneysaver_3

*Vikki* wrote: »

I am going to do the £333 challenge, so thanks for telling me about it:cool:

Good for you. Well either out away of your £330 away each month. Or earmark some of the monthly saving towards it.

From what someone said above your AA cover could be only £50 so thats £90 saved straight away this month. Put that into your savings.

Remember if you're putting the monthly money into an account which is not instant access one, you knew to be really organised in order to withdraw the money in time.

maybe get a cheap diary and write down your spends, your debt - reducing it as you pay, and your savings. Once you see the debt coming down and the savings going up it may keep you motivated! I'm one that starts with good intentions then spends an extra tenner, then another one, and boom all the money is gone lol.

Good luck hun

LMMS

skintbuthappy81

I have been an avid reader of these boards for a while, but have never felt compelled to write anything until now. I am not offering you much advice as I don’t feel that I am in the position to, I am posting to show you that I understand where you are coming from. I am 27 years old and at your age was exactly the same. Every penny I earned (plus a LOT from my dad- which was paid back) went into my car. If you are not that into cars and modifying I don’t think you will understand. As quoted from my brother “you can’t polish a turd!” thanks bro!!!
Overall I spent 18k on the car eventually selling it at 3k (it broke my heart more to see it go than to only get 3k, as this is what was expected) I wouldn’t have changed spending my money on the car, as I think it was something I needed to get out of my system.
I believed that I had no reason to start saving, even though I was constantly encouraged by my parents…
So here I am, 27 years old, I have been living with my OH in a rented house for the past 2 and half years, due to having no savings for a deposit on our own house. I am now in debt again, over a car although this is affordable debt as I make substantial monthly payments. Plus I have no plans to modify this car! If I could offer any advice it would be to start saving, even if you are not planning to move house for a while it is worth having something behind you, I just wish I had taken this advice before, as now I would be in my own house and not paying someone else’s mortgage for them. My motto was very similar to yours “live for today” but realistically I should have been living for the future. I hope you take my post on board and along with the other DFWs advice (You are all fab!) start saving.
:j

*Vikki*

Francesanne wrote: »

My parents couldn't afford otherwise with me but it really taught me how to handle money. I got married young and I've always handled the finances because I have a great fear of debt and thankfully have always kept my head above water but it's not always been easy. Think you're right about your parents spoiling you but parents do that especially if they can afford it but it's not always for the best. I too have a much younger sister and she was spoilt rotten especially by my Dad because they had more money then. Her attitude to money is completely different to mine. She's spend,spend,spend AND doesn't worry too much about debt. All the best for the future and don't get scared,life's too short!

Thanks, you too.. thats the same as me my older sisters 31, and 25 a brilliant with money its me and my 14 yr old sister that are the worse. I think my younger sister is going to be and is worse than me.

*Vikki*

little_miss_moneysaver wrote: »

Vikki!

Do not pay £29 to pay it off early. That is not money saving! Think what you could do with £30! Save the money and put it aside either under your mattress or in an account somewhere (gaining interest) then in December you pay them the amount! No fee for early payment or interest.

As for the figures, like :money: i'm a bit of a numbers nerds!

LMMS x

Sorry I didn't explain myself right, its £29 fee if I pay it off now or in December, any time.

kathfisch

*Vikki* wrote: »

Sorry I didn't explain myself right, its £29 fee if I pay it off now or in December, any time.

Well the completely correct advice is put the money in a savings account, earn interest on it until December and then pay it off. However, if you don't have the self control to be sure you'll do that then pay it now!

*Vikki*

little_miss_moneysaver wrote: »

Good for you. Well either out away of your £330 away each month. Or earmark some of the monthly saving towards it.

From what someone said above your AA cover could be only £50 so thats £90 saved straight away this month. Put that into your savings.

Remember if you're putting the monthly money into an account which is not instant access one, you knew to be really organised in order to withdraw the money in time.

maybe get a cheap diary and write down your spends, your debt - reducing it as you pay, and your savings. Once you see the debt coming down and the savings going up it may keep you motivated! I'm one that starts with good intentions then spends an extra tenner, then another one, and boom all the money is gone lol.

Good luck hun

LMMS

Thank you, you have have all been a real help and have got me motivated. Had a look around Asda and blockbuster today and resisted buying anything, on the want or need thing. I also paid off my credit card:T