Save £2500 in 6 months?? Can I do it?? My savings diary...

china-doll_2

Hi guys and dolls

I was introduced to MSE at the beginning of the month and have become a bit addicted to it! I am always broke by the middle of the month and thought I would try and do my own savings diary and hopefully this will help me save! I don’t have any savings but would eventually like to stop renting and to buy my own little place….:rolleyes:

I get paid £1270 after tax, £600 goes on rent (which includes most bills and council tax) and £100 goes on travel, the rest of my money just seems to disappear. I owe £1700 on my credit card and have just opened a new Halifax one to transfer my debt over, so now I have £1700 @ 9 months interest free, which works out at roughly £190 a month.

My goal is to save £1500 by the end of the year, and on top of this to make £1000 on Ebay by selling my old clothes (many of which are sitting in 2 large suitcases under my bed, never worn with tags on!!) So in total to save £2500 by the end of the year….

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 1270
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1270

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 190
Rent.................................... 600
Council tax, Electricity, Gas, Oil, Water rates all included in rent
Telephone (land line)................... 25 (includes internet)
Mobile phone............................ 45 (contract started in October ’08 for 18 months)
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 50 (food and toiletries)
Clothing................................ 200 roughly I think….
Travelcard............................ 100
Presents (birthday, christmas etc)...... 0
Haircuts................................ 30, £65 every 2 months so £30 monthly
Entertainment........................... 50
Holiday................................. 0
Emergency fund.......................... 0
Lunch at work........................... 60
Total monthly expenses.................. 1350


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


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Secured Debt.................. 1700.....(190)......0
Total secured & HP debts...... 1700......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,270
Expenses (including HP & secured debts). 1,350
Available for debt repayments........... -80
Monthly UNsecured debt repayments....... 0
Amount short for making debt repayments. -80

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -1,700
Total Unsecured debt.................... -0
Net Assets.............................. -1,700

Created using the SOA calculator at
Reproduced on Moneysavingexpert with permission, using Firefox browser.

china-doll_2

Ok, I am officially starting this on the 28th May as that is payday for me

I am aiming to spend £100 at the most on clothes, and maybe I can cut out on the amount I spend on food....

Calchas

Good Luck.

I reckon there is scope enough for you to achieve your goal!

china-doll_2

Calchas wrote: »

Good Luck.

I reckon there is scope enough for you to achieve your goal!

Thank you! I hope I am disciplined enough to do it!!

Calchas

If you don't, you will be wearing the reason why not!

kelloggs36

£200 per month on clothes????? Try not buying any for 6 months, you can easily get your goal - you must have loads of clothes!

china-doll_2

kelloggs36 wrote: »

£200 per month on clothes????? Try not buying any for 6 months, you can easily get your goal - you must have loads of clothes!

oh no...I dont think I could buy nothing for 6 months...that would be impossible for me to do! I work behind Oxford St so have to go past shops every day and its so hard not to go in. I buy from car boot sales, markets and charity shops on the weekends too for a change of scenery, so I do get the odd bargain here and there.

I do have a shocking amount of clothes, which is the reason why I have no savings

china-doll_2

Calchas wrote: »

If you don't, you will be wearing the reason why not!

haha very true! :rotfl:

Lokolo

I only buy clothes every 6 months or even a year. My friends do always comment that I wear the same clothes but I don't care, no point buying a new tshirt every week!

kelloggs36

china-doll wrote: »

oh no...I dont think I could buy nothing for 6 months...that would be impossible for me to do! I work behind Oxford St so have to go past shops every day and its so hard not to go in. I buy from car boot sales, markets and charity shops on the weekends too for a change of scenery, so I do get the odd bargain here and there.

I do have a shocking amount of clothes, which is the reason why I have no savings

You will then need to consider what is more important to you. I could not buy any new clothes for 10 years, yes 10 YEARS as I was absolutely skint. I had to rely on hand-me downs and charity shop clothes. Even now, I could not justify £200 per month on clothes - I am lucky if I spend that a year! Personally I would rather save for a holiday or towards my mortgage. You clearly don't need the clothes if you have as many as you say you do - just be strict with yourself - you don't NEED them, and your money is better off in your pocket to go towards something else, more worthwhile instead. It is a matter of discipline and priority.

Andystriker

Apart from the clothes

£65 for Haircuts seems a bit heavy.

I pay £4.45 every 6 weeks to a local Mens barber. Now I don't live in London but £65??????

Also get a loaf of bread and some Bananas from the supermarket and have that for your lunch. Should be able to do that for under £60.