Vala's frugal journey to be MF!!

Vala-Mal-Doran

Hello again all,

Finally over the flu - I made it to the show..for about an hour and a half then dragged myself back into the car for OH to drive me home again - shouldnt have done it but I got to hear both speakers and they talked about some interesting stuff so I was happy.

Im off today working on an assignment - im doing well as this is the first time iv procrastinated today! :rotfl:

Tonight im hoping to move the OP over - this combined with the regular payment may take us under the £100,000 ...fingers crossed :j (Im not checking just yet as I want to do it with OH here so we can celebrate together)

Vala-Mal-Doran

After being MIA for some time, I have been following your threads with vigour for the last few busy weeks.

I am making regular progress on the OP's, with the exception of this month, having to fork out for the broken car to be fixed pretty much wiped out the months OP. I have another appointment with the mortgage people to discuss rates and how far we are from being able to fix on a lower rate -we are currently on the variable which is cheaper than fixing at the moment but my spidey senses are tingling (or im just getting paranoid and want to fix asap, so the sooner we can get down the the 80% rates the better.

One thing that made me want to ask advice on general finances as a couple - me and OH earn very similar amounts and have our own current and savings account and a joint a/c to pay bills - we put a set amount in each month which covers them, the rest of our money is 'our own' however we both usually put away at least £200 a month into our own savings pots. A bit of an unspoken thing really, we just always have.

OH has just gone off in a bit of a grump because he has just found out that I have substantially more in my savings than him ... We all know that this is simply because I am a bit of a scrimper and constantly 'tidy' up into my savings as and when I can. He, whilst not being a spender as such, does tend to fritter it away without thinking. So over the years, my savings have built up a bit quicker.

He'll be fine in a while just being grumpy but my question is, how do you manage savings as a couple? I know a lot of people bung all income into one pot and just deal with it that way and its something I have considered but as we have slightly different spending habits, i wouldnt want to resent him for buying a ps game nor would i want to feel bad for treating myself to something when I do!? I could see myself hounding the bank statements picking up on every extra unnecessary spend!

Any ideas, suggestions or examples would be welcome!

Goldiegirl

All our money goes into a joint current account. But we have some sole savings accounts, for example ISAs. Also, I have a couple of savings accounts in my name, for example 'Holiday Account', just for ease of access, as I do all the banking


We decide how much money is going to be saved each month, and this might be divided between the ISAs and the holiday account.


But even though its money that's gone into sole accounts, it's still 'ours', so it doesn't matter whose account it's in, in our eyes it still belongs to both of us.


All of the money that comes into the house is 'ours' - we don't have money which belongs to the individual.

Tilly_MFW_in_6_YRS

Hi Vala, all the money goes into a joint account and then moves to saving pots. We each have an ISA but everything else is shared.

I know lot of people have different approaches but this works for us.

Tilly x x

Vala-Mal-Doran

I know a lot of people have everything paid into one account. It's something iv thought a lot about recently. The only reason we don't do it is cos we've never needed to.
P.s - oh has apologised for being a grump about it :T

muddywhitechicken

Hi VMD

We're the same as you - salary into our own current accounts and then we each transfer money into the joint current account for bills. Savings accounts are in single names too.

It works for us - I don't want to know how much Mr MWC spends on music and he would have a fit if he saw how much I spent on skincare :rotfl:

MWCx

edinburgher

Any ideas, suggestions or examples would be welcome!

I earn a bit more than Mrs E. Most of the money ends up in my accounts. I pay all the bills, optimise savings rates and invest for us as well.

We both get a fixed amount back as 'pocket money', almost exactly the same amount (I get about £20 more because I do the Halifax money shuffle for free fivers and because I completed an extra training course to get a tiny work stipend!)

I have substantially more savings than Mrs E (factor of ££££). She knows this, but she likes to spend her spare cash. That's fine, her choice. The only thing that can lead to tension is when expectable expenses come along (like a holiday that she has suggested!) and I can draw my share from savings, but she never has anything put aside.

The same annoying discussions ensues:

Mrs E: how are we going to pay for this?
Me: from our savings
Mrs E: but I don't have any savings
Me: I do
Mrs E: good for you
Me: Well, it's hardly a surprise
Mrs E: That doesn't help us pay for this
Me: Oh well, I'll find some way to pay for it, can you try and start some regular savings, even if it's just a token amount?
Mrs E: YES! :mad:

Once a year minimum, guaranteed :rotfl:

Vala-Mal-Doran

Hi all thanks for your opinions. Oh is sticking to his guns and suggesting If situation changes such as going on to stat maternity pay (just for example-not for a while yet!) Then we'd split it by percentage, that said I know when/if it comes to it it will be easier to bung it all in one and give ourselves equal spending money. Iv got time to talk him round yet

Mortgage meeting went ok yesterday, am into the 80% rates which means I can fix at slightly lower. Which I will be doing soon. However I could really know where i stand with how far off the 70% rates I am and if it's worth holding on and paying a lump sum off. Does anyone know any solid way of finding out your house price? The bank arranged for me to have a phone call re:mortgage advice but it's In 2 weeks and will last an hour!? I suppose Il have to be patient!

Off to Leeds today for work course. Already not a Nsd as I had to spend 30p to use the loos in manchester station. Grr!! I normally refuse but I was desperate!! :rotfl:

Vala-Mal-Doran

Iv bit the bullet and fixed :j

I even got through to the bank mortgage people and got a straight answer on how far off the next bracket of rates we were and whilst we could possibly have made that lump sum payment to get there, it would have wiped us out and i dont like to do that, plus the difference in rates actually wasnt that much, certainly not enough to leave us without an emergency fund!

So, piece of mind for the next 5 years, i will just have to remember not to carry on OP-ing as normal or will be charged!!
To do list for Monday - Set up new joint savings account for MOP's :T

To do list for tomorrow - survive town festival parade - Guides/brownies/rainbows walking group as 'Mad Hatters Tea Party' to celebrate the Big Brownie Birthday!

Im having to dress up as a playing card complete with a stuffed (handmade) flamingo and a hedgehog to croquet with down the high street...Along with dormice, white rabbits and mad hatters...:rotfl: Jokes where applicable!

VMD

Vala-Mal-Doran

Spent the day walking round as a queen of spades and getting somewhat sunburnt in the process - didn't lose any guides so all in all a successful parade. Helped out at the promotional stall we had in the park and have recruited some new rainbows which makes up for the downpour which started just as we were about to pack up! :rotfl: Also mum took me out for tea to say thank you for being there all day which was nice. So there's half a pizza ready and waiting for OH for when he comes back from the stag do he's at until after the football finishes.
I'm the taxi so will be on here keeping myself awake until the early hours...:eek:

A NSD for me today. Even when I forgot to pack my lunch I found a pack of broken breakfast biscuits in my bag to see me through,and a crisp pinched from each guide/brownie adds up to a whole pack almost!!

Cleaning bathroom and ironing tonight so can spend all day tomorrow on work assignment. Eugh..