My savings journey

MaryMurphy

I've decided to start keeping a log on my savings as I hope it'll help me stick to it.

My main target it so put away £3500 "base savings" for emrgencies etc, as the general rule seems to be that you should have three months' worth of wages saved up. £3500 is a bit over this, but it's a nice round figure

Once that's reached, I can focus on overpaying my mortgage and try add to my other savings to go towards redecorating and modernizing the house.

I have three savings accounts (each one for different things), though my focus will be my ISA (for my base savings), current balance £300.

Tomorrow is the first of the month so I'll be able to move money around various accounts and I'll see how much I can tranfer into the ISA.

My main spends go towards food on my lunch break, but I'm finding it really hard to give up my coffees and "easy" food from the work canteen. If I'd cut that down last year I'd be rolling in money by now

I never spend money on myself, never buy myself clothes, am very sensible etc *but* when it comes to food while I'm in work it's a completely different story. I always think I can treat myself to a nice coffee in work, and then a nice sandwich, and then a wee cup of tea, and then a kit kat to go with my other cup of coffee later in the day, etc. *Must*Keep*Focused*

MMx

fairtrade

Get disiplined.
Buy a flask and take in your favourite beverage. My workplace has a good drinks machine but it doen't make my drink the way I like.
It you want a snack buy from the supermarket and take into work. Crisps are 40p a pack in work, I bought 12 bags from the supermarket for 1-60 a big difference in price.

MaryMurphy

Thanks for the reply fairtrade. Yes I am going to make myself a pasta dish tomorrow's lunch, and get some more fruit so I have some healthy snacks.

Coffee is my weak point as work does provide a canteen where you can boil water, but no milk. I might see about getting one of those small cooler bags and bringing some milk with me, they can't be too expensive?

I got paid today, £1100 (yay overtime) so I am trying to have a general idea as to what my outgoings will be. £400 go out automatically to a separate account for bills, so that's taking care of that and any big shopping spends.

- mobile phone ................. £15.00;
- Petrol ........................... £35.00;
- Team night out................ £30.00;
- Brother's 21st birthday present ~ £100.00;
- Brother's 21st birthday party:, to do:
- Food and drink;
- Chairs;
- Small outdoor table;
- Possible gazebo;
- Misc e.g. get childhood photos developed.

No idea how much this will cost me, but hopefully I'll be able to borrow any extra chairs and table. Also, dad will be over so he should be able to split the cost with me. The main purchase will more than likely be the gazebo, and you can buy these cheap enough nowadays. Let's say another £150 (though likely will not spend anywhere near as much);

- £75.00 automatically going into ISA;
- £25.00 going into House/Car account;
- £5.00 going into Holiday Fund;

= £265 remaining.

I also need to book flights for an upcoming holiday but I already have more than enought in my Holiday Fund to cover it.

Have I forgotten anything... I'll take £100.00 away from it for "misc" stuff, but I don't think I have anything else coming up this month. So hopefully I'll be able to put away an extra £165 minimum this month.

Target for JULY 2010: Save minimum £165.

MaryMurphy

I just realised I've just pledged to spend no more than £100 (apart from brother's party and present) this month, after all known expenses. :eek:

fairtrade

MaryMurphy wrote: »

I've just pledged to spend no more than £100

Well break it down to a daily figure and carry no more on you. Any left at the end of the day put to one side. If you have some left at the end of the month split it between a treat and an addition to the savings. Also for your milk a flask is the answer as it keeps things cold as well as hot.

EC12345

Hi Mary, will read your savings progress with interest. Like you I am also aiming to save £3,500 by the end of the year. So far I'm at £2,662 - so not bad but a little way to go yet. I try and save whatever I can a month. Me and my husband both have joint savings and save quite a lot every month - like you, we are very sensible, sometimes too sensible so the £3,500 is just my own little project. Hopefully this month I may be getting a bonus at work so it may be a lot nearer the target sooner than the end of the year.

Good luck and keep posting. It really motivates me when I see other people saving as well .... :j

EC

MaryMurphy

fairtrade wrote: »

break it down to a daily figure and carry no more on you.

What an excellent idea, thanks! It gives me £3.23 per day, which isn't actually too bad at all. I feel better now Will also need to buy a flask at some point tomorrow!

Hi EC12345, what a coincidence, and good to hear you have so much put away towards your target! I can't wait for the day I can say that and thanks for the encouragement, I've been pretty sensible all my life as well and used to have fairly large savings (all gone towards our deposit when we bought our house!) so once I can "kick the habit" of relying on convenient canteen lunches I should get back on track relatively painlessly.

Hoping tomorrow once I can move some money around to where it should be that I'll be able to add a bit more to my ISA fund.

MMx

MaryMurphy

Well I am very pleased, I was able to get my accounts sorted and now my ISA is looking a healthy £777.01. I have a direct debit from £75.00 due soon so altogether it'll be £852.01.

Now that my bank accounts are up to date though it means any other money going into the ISA will be solely coming from my wages, so it'll obviously slow the progress down. Nonetheless, I am happy!

I'll see by the end of the month how the balance is looking, also as I have a "virtual pot challenge" going towards my 3.5 k target. Every little does help.

Unfortunately having reviewed our accounts I realised I mightn't have as much money put away for my holiday as I previously thought so I may well need to use this month's wages to go towards it, but I'll see how I get on first (holiday's next month).

And tomorrow (well, technically this morning!) my first proper day of cutting down on spending at work starts.

I am amazed at how lazy I've been, for such a long time. Packed lunches aren't exactly rocket science! But I'll not let this get me down, you have to start somewhere I guess. Someone on this forum (I can't find who) said we all have our vices when it comes to what we choose to spend our money on. At least I've found mine and can tackle the issue head on.

Night.

MMx

A_nice_fellow

Good luck Mary

Rich1976

MaryMurphy wrote: »

Well I am very pleased, I was able to get my accounts sorted and now my ISA is looking a healthy £777.01. I have a direct debit from £75.00 due soon so altogether it'll be £852.01.

Now that my bank accounts are up to date though it means any other money going into the ISA will be solely coming from my wages, so it'll obviously slow the progress down. Nonetheless, I am happy!

I'll see by the end of the month how the balance is looking, also as I have a "virtual pot challenge" going towards my 3.5 k target. Every little does help.

Unfortunately having reviewed our accounts I realised I mightn't have as much money put away for my holiday as I previously thought so I may well need to use this month's wages to go towards it, but I'll see how I get on first (holiday's next month).

And tomorrow (well, technically this morning!) my first proper day of cutting down on spending at work starts.

I am amazed at how lazy I've been, for such a long time. Packed lunches aren't exactly rocket science! But I'll not let this get me down, you have to start somewhere I guess. Someone on this forum (I can't find who) said we all have our vices when it comes to what we choose to spend our money on. At least I've found mine and can tackle the issue head on.

Night.

MMx

Good luck Mary, sounds like you're making good progress so far. Re the packed lunches - yes they aren't rocket science but don't forget to treat yourself every once in a while - maybe once a week as a Friday treat or just after payday?

Keep us updated with your progress

MaryMurphy

Thanks for the replies, this is very encouraging

It'll take me a while to get this one part of my life under control, and today was a disaster as my first MSE day (and it's only half 4)!

Slept in so never had time to buy my flask, forgot my lunch at home because I was in a rush getting to work (because I slept in), tried getting home on my lunch break but traffic was ridiculous so had to turn back and get a sandwich from the shop.

Not a great start.

At least when I get home I'll not have to worry about cooking as my packed lunch is waiting on me And I only bought myself a tea, as opposed to a gallon of coffee.

So embarrassed though as I hardly ever sleep in.

I don't intend to post every single item I buy (as thrilling as that may sound) but as from today I am keeping a record for myself so I can see where all my money's going.

Feeling very foolish for not sticking to my plan and failing on day 1, but I will try to keep tomorrow a NSP, and I'll get everything sorted for the morning when I get home so I'll not be in a rush tomorrow.

MMx