The Ultimate Incentive proposed! Time for an ultimate challenge...

Cinny91

I thought aim high for the STP one, even if I just make £100 or so towards the holiday from it I'll be happy. The 120 Challenge SHOULD be easy if I really focus, the clothes part might be a bit of a toughy. But I was looking through all my cosmetics and toilerties when I got back off of holiday and it's shameful the amount I have - even more the amount of un opened stuff I have Plus I'm 100% sure someone in my family has bought me the S&G Hatbox so I'll have even more to work away at. Essentials, namely deodorants, aren't included though - as it would be pretty gross to deny myself that!

Birdie85

Morning! Your challenges sound tough Cinny but I suppose that's why they're called challenges and not simples! I'm not sure I could go 4 months without buying any clothes... I'd maybe join in if I could tweak it and promise to only spend say £50 on clothes in that time!

OH took my CC off me last night because I confessed to using it to buy some Christmas presents I really have to crack on with sorting out my money in the new year. I had a dream that I had somehow built up £600 worth of points on a website (not sure which one!) which I withdrew and paid off my CC, I was very disappointed when I woke up and realised that the most I've won online recently was 50p on free scratchies! :rolleyes:

I need to open up a few saving accounts and I'm hoping that Halifax does good ones because I need everything in one place so I can easily move money around and see what I've got in each pot in one glance. I lose track of things when it's all kept in different places! I'm quite happy to own up to the fact that I'm just plain useless with money! Hopefully 2010 will be better... does anyone believe that because I'm not convinced! :rolleyes:

Tete_en_l'Air

Maybe the dream was a premonition Birdie? I think there are a few challenges where you agree to only spend a certain amount on clothes in a certain time frame - some people do £100 in a year - I know I couldn't!!

I need to have a look at piggy banking too, I've worked out that if I put away £25 per month I'll have £300 by Christmas so am going to do that to save for pressies.

I think you might need to reassess your goals a bit Birdie to re-invigorate your DFW-ness. Looking at your sig I can't imagine that you're going to be DF by your birthday if you still have £4832 outstanding, maybe do a re-jig - how much would it cost each month to pay off your debts and pay for the wedding in order to start married life with no debts? I know what you mean about challenges being a challenge but I think they do need to be achievable at the same time otherwise there's no motivation.

Sorry bit of a long ramble there. Good luck with STP Cinny - it sounds sooo boring so kudos to you for going for it!

Dinah93

High street banks by and large have terrible rates. I presume these are wedding savings? Have you considered that by having it elsewhere you'd be less likely to withdraw it to cover overspends and you'd have to stick to your budget? I have savings accounts with ING and Egg, both are really easy to use, no complicated details to remember, but I'm getting 3% rather than a measely 0.1% at HSBC.

Dinah93

Wise words from Tete.

Tete_en_l'Air

Dinah93 wrote: »

Wise words from Tete.

Must have my wise head on!!

What other things do people put money away for each month? At the minute I've got car and Christmas...

Birdie85

Tete, you're right about the goals, I've given up on the DF by May '10 completely TBH I just haven't changed my sig. I'll get a sparkly new one for new year!

I want savings pots for Christmas and birthdays, holidays, car maintenance and wedding. To be DF by the time we get married we'd have to pay off around £380 a month plus save about that much to pay for the wedding! Eeek! Starting to panic now! Time to find a new, better paid, job!

Tete_en_l'Air

How does it work though, are the debts shared ones? Or is it Birdie's debts and Mr and Mrs Birdie's wedding? If it's all shared then it could be doable, I think I could scrape together £380 a month from my wages if I really wanted. Even if you don't manage to pay it all off by the wedding though at least reducing it and not buying the wedding on credit is positive.

Dinah93

The best way to piggy bank if you can is one bank account to get the best rate, and then a spreadsheet to show how much of the money in the big pot is for what thing. I budget for petrol, new computers, the wedding, dental, kitten costs, optical (glasses and contacts), presents, car (insurance/repairs/mot etc), emergency savings, and holidays/weekends away. I found having 18 savings accounts or whatever it was far too much to handle!

Birdie85

It's Birdie's Debt and Mr and Mr's Birdie's wedding. He's quite supposrtive about helping with the debt but doesn't really want to be paying a full half of it off which I agree with as he worked really hard and went without a lot before we moved in together to clear his CC and pay off a loan (which he'd taken out to clear off the first CC!) and I feel terrible lumbering him with another debt!

I'm going to be really strict with myself from now on. I really do need to bring in more money though! I take home around £960 a month, put £550 in the joint account for bills and food and £30 goes out on various DDs. If I give myself £50 a week spends I can put whatever is left over (if any as money seems to dissolve in my purse!) in a piggy bank fo pay off my CC so that leaves me with £180 for debt busting. Gah, not enough! Of the money that goes into the joint account some can be put into wedding savings as we do put more in there than we necessarily need and if we're frugal with our food shopping we can save more but I'll have to do some sums to figure out how much!