Gallygirl's "A journey of 121,226.67 pounds begins with a single penny" diary

Lois_E

FloppyDisk wrote: »

Goodness I'm not sure it was possible but Gally you make my spreadsheet sound simple!

That's how I feel. I didn't realise anybody was tracking more data than me. Gally - respect!

gallygirl

AlexLK wrote: »

gallygirl: The mortgage one is useful but PENSIONS?? I'm not that old!

No but I am .

niftythrifty33

Hi, can I just say I thought I was obsessed with my spreadsheet but this is incredible!!!

As I stated on my last post, I made a huge error recently when my formula was set out incorrect (won't do that again) then today I spent the best part of 3 hours going right back to 1st Jan as something was very wrong with my balance compared to the actual bank balance. SOOOOO pleased to say it's all sorted now, to the penny. Phew the lack of control over it all was a killer

Tilly_MFW_in_6_YRS

AlexLK wrote: »

gallygirl: The mortgage one is useful but PENSIONS?? I'm not that old!

My 17 year old, studying for A levels and works Saturdays in a lovely supermarket, saves 50% of her income straight into an ISA, 25% straight to an instant access saver and the balance stays in her current account for spends. I really believe financial training for kids has to start earlier.

She also pays into a pension via work which can be transferred out eventually.

I wish I'd had someone at that age give me good solid advice about money.

It's great to see her approach, including a spending diary showing what she spends, money put away towards gifts/Christmas etc.

In addition DS saves 75% of his pocket money and shifts it to a higher interest account.

On the pension front, you can never be too young to think about your pension provision IMO.

Tilly

AlexLK

Tilly_MFW_in_6_YRS wrote: »

My 17 year old, studying for A levels and works Saturdays in a lovely supermarket, saves 50% of her income straight into an ISA, 25% straight to an instant access saver and the balance stays in her current account for spends. I really believe financial training for kids has to start earlier.

She also pays into a pension via work which can be transferred out eventually.

It's great to see her approach, including a spending diary showing what she spends, money put away towards gifts/Christmas etc.

In addition DS saves 75% of his pocket money and shifts it to a higher interest account.

On the pension front, you can never be too young to think about your pension provision IMO.

Tilly

Wow, just wow! At that age (17) I was spending my whole allowance on my MGB each month then having to ask for money to do other things, no the parents didn't like that either. The thought of getting a job had not even crossed my mind and saving my money was a completely alien concept.

Seriously, how have you managed to get your children to do such sensible things?

With regards to a pension I do not have to worry thankfully, as I will inherit a substantial income.

Tilly_MFW_in_6_YRS wrote: »

I wish I'd had someone at that age give me good solid advice about money.

Me too. With hindsight I am disgusted with myself. However, back then I probably wouldn't have listened and would still be in the position I'm in now. Sad really.

Hurdler

Wow I was so lucky that my dad did a lot of financial planning and made me a lot more aware - when I got my first real job after Uni he took me to the bank to get a pension set up and I had a bank account at 9 years old.

That didn't stop me getting into a bit of a financial clag when I bought my flat and I had to take out a consolidation loan to pay off all my debts, I locked away my cards and set up money-saving pots which saved my financial bacon.

In terms of spreadsheets I have a current account spreadsheet for all DDs and money coming in and out and all my other accounts are managed in Micros0ft M0ney.

I have a MFW spreadsheet with interest calculations, and excel houses for overpayments by month, one by £000s and showing when I am mortgage neutral and one for my BTL flat but that is outside my MFW scope for now.

I also have an extensive expenses spreadsheet for my limited company and use an online accountants so I can make sure my VAT and Corp Tax is always squirrelled away and I know what I can take out for expenses and dividend once I have paid myself the minimum salary allowed.

I have sort of settled into a routine of doing personal finances on a Sunday and the business finances on Tuesday, just in case I need to call the accountants.

I do my monthly finances around the 8th of the month and then do my overpayment then.

FloppyDisk

I remember having a part time job at 15 that paid in cash, I used to save it all in my money box so that one day when I had enough, I could through it all up in the air around me with my best Dr Evil cackle.

I think it was worth forfeiting the interest!

gallygirl

Did you all note that Tilly deflected talk of how many spreadsheets people had so she didn't have to 'fess up :rotfl:.

Karmacat

gallygirl wrote: »

Did you all note that Tilly deflected talk of how many spreadsheets people had so she didn't have to 'fess up :rotfl:.

I went back and checked :rotfl:

Wow, GG! Thats really impressive! I don't have a spreadsheet though I *do* have lists. I used to do that thing of colouring in the squares on a graph to represent how much I'd paid off the debt ... at the mo, with income so low, there's no point in a spreadsheet - though, actually, I *will* do next year, having said that - the whole monevator thing of being "tax dark" really appeals to me.

edinburgher

AlexLK wrote: »

gallygirl: The mortgage one is useful but PENSIONS?? I'm not that old!

You're never too early to start a pension! One day you *will* be old (and if you're not, you'll be too busy playing crazy golf in heaven with Abraham Lincoln and Gandhi to worry) :rotfl:

Most places have an employer match - where else can you double your contribution every month without fail?

Pensions are great fun. It feels like I'm cheating saying that, Mrs E is bored to tears by them.

Ps. Only 3 spreadsheets - all joint pots and monthly budget, personal savings, retirement plan.