£9000 by the end of the year!!!??

bubbly_one

:eek: £9k by the end of the year seems so daunting it's unreal :eek:

I'm new to the site and have been reading the threads with great interest and you all seem to be so good at saving money. I need £9K by the end of the year and don't know where to start. I've got £1400 at the moment so where on earth do i find the rest.

Can anyone give me tips on where to start. I think breaking it down into smaller pieces is going to make my challenge simpler to follow and stick too..

I've cut the shopping budget. I'm not exactly sure how much it is a month, but i'm saving reciepts so will soon find out!!! not too sure if i really want to know!!!

I've got rid of sky as i never have the time to watch that much telly anyway.

Is this possible to acheive or am i on to a loser!!!

bubbly_one

so far today i've saved £168.00 by swapping my electric.

traded in some old CD's making me £25.63 :T

Not big savings but as the ad says "Evey little help"

Where Next ???

kate_pixie

Hey bubble_one,

Didn't want to read and run so thought I'd come say hi!

Whether £9k is acheivable really depends on your circumstances. If you break it down, that's £2,250 a month, or £500 a week. If you want to see it even clearer its, £71.42 per day.

I'm aiming to put aside £500 a month and finding that a struggle, but then again, I'm useless with money !!

Good luck, and keep us all updated on how you do.

Kate xx

tallyhoh

http://www.makesenseofcards.com/soacalc.html

Could you start by completing the SOA & let the good people on here give you some tips.

Tixy

bubbly_one wrote: »

:eek: £9k by the end of the year seems so daunting it's unreal :eek:

Is this possible to acheive or am i on to a loser!!!

Well I guess whether its possible depends on how much you 'overspend' currently on luxuries and how much you are prepared to live a frugal lifestyle for the next 4months. To be honest it does sound a lot - there is a challenge thats been running the whole year to pay off £9000 in 2009 so they had a lot more time than you.

Have you done a detailed financial statement of affairs yet? Use this link - http://www.makesenseofcards.com/soacalc.html -and complete it. Just seeing the numbers written down may show you what you can cut back on. If you are stuck for ideas and feeling brave then choose format for MSE and post it on to here - if you tell us to be brutal you'll get loads of ideas on where you can cut back.

On top of cutbacks the other 2 options are to sell assets to realise the cash or up your income. The cds are a start but go through the whole house and look for things to carboot/ebay/amazon/ gumtree etc. This can be a great way to give your target a starting boost.

Can you look to increase your earning, either do more hours at your current job, get a second job or earn money from being online (reviews/surveys/AQA/mystery shopping etc).

If you are switching insurance, utilities etc then join one of the cashback sites (quidco/topcashback) to earn free cash.

If you don't know how much you are spending on something then there is a good chance you are overspending - perhaps starting a spending diary will help (either use a small notebook or www.spendingdiary.com)

Good luck with your challenge. Is the money to pay off debts or for something more exciting?

tyllwyd

You haven't given enough information for anyone to give you a sensible answer - the first question is if you want to save £9000 by the end of the year (or is it actually £7600 you need?), how much will you earn (net) between then and now? How much will your essential expenses be?

bubbly_one

Hi Guys, thanks for all the replies, and the good tips for starting with.

the money is for a deposit on a house. I had enough when the Loan to Value rate decreased so i then lost the house due to lack of funds. But it's been reduced in price so if i can raise the 9K i'm good to go!!

I've looked at the link and will definately be doing that later. It may make me whince a bit when i see what i've been wasting in the past!!

Plan for this evening is to search out things to E-Bay. It's a pain having to list them but needs must.

All tips and advice greatly recieved, sorted out my savings account so i can see it start to grow which should help..

pebblespop

i have a plan to save/make over £5k before christmas. from looking at my figures your target doesn't seem too difficult as long as you can make some good savings from your wages as well as all the other money making things i have found out about on here.

i am lucky to be able to save approx £1000 per month from my wages and am aiming to make about £300 per month from mystery shopping, quidco, ebay etc.

that will give me a total of £5200 by december.

i have been doing the money making things since last year so have sold most of my good stuff (that i didn't need/use) and done all the matched betting offers and a lot of quidco offers.

I am sure you will be able to make your target as you will be able to make much more extra money than me if you haven't already done all the matched betting and other free introductory offers on things.

also you can save a lot of money by cutting back on your monthly outgoings/ groceries etc. i am already cut to the bone on this sort of thing but it might help you!

if i were to get my husband involved i am sure we could do the £9k by christmas between us - do you have a partner?

i think you can do it!!!

BEAT_THE_DEBT

ebay amazon carboot classified ads? Taking own food to work. Lift sharing. Renting a room? Tutoring if you have the nessasary skills. Taking in ironing 2nd job in bar or cleaning etc? Switching suppliers? Cutting back see old style board?xx