I have a dream...to be a MFW

ajmoney

I am going to be brave and put a SOA on here, I have never actually done this, it normally just stays for my own viewing. I need to consider the *extras* like presents etc which we don't budget for and then I will post it.

ajmoney

Ok, here is goes.

Joint account bills

Mortgages 1165.90
TV licence 12.12
Home savings (covers home insurance, maintenance charges and cleaning company) 71.50
Gas/electric 84
Life insurance 150.80 (Nov 2017 drops to 121.97)
Finance for furniture (0% for 3 years ends Oct 2016) 64.72
Sky (phone internet and tv) 90.79
Council tax 218
Mortgage OP 114

The sky bill has recently gone down for a 6 month offer so this is currently being OPd so we don't get used to it. We are big winter sports fans and unfortunately the things we watch are only on eurosport which we can only get on sky. We have skygo which I use on my laptop as my tv while I am working away.
The only thing not in the budget is presents/cards throughout the year

My account bills

Kit insurance 8.93
Car savings (insurance, service & MOT) 52
Work fees 10
Mobile 22.99
Work internet 12.99
Joint spending 100
Gym 42
Holiday savings 250
ISA 200
S&S ISA 100
Fuel 50

The joint spending is currently set at £100 due to me working away and is the account we use for food shopping and any gifts. When I am at home for leave etc we put more money across when we need it but I then don't spend money on my own food .

The joint bills go out of one account and we both transfer half in each month, there is a small buffer in here just in case.

My wages are about £2333 after tax etc and I am normally left with about £450 a month for my own spending on food and more recently my personal training sessions which has reduced the amount I have to spend. I find it really hard to budget for my own food. I make my own breakfast and lunch, I have a small fridge in my room but it only hold enough for 2-3 days. I eat dinner in the canteen as otherwise it would be very unsociable. I don't really budget for entertainment/socialising as it isn't something I really do when I am away from home, instead I go to the gym 6 times a week so my membership more than pays for itself.

The holiday spends are the highest thing but it is always when we have earned our money for, my biggest passion apart from music and exercise is travelling. We used to save a lot less than this but the last financial advisor recommended we put this amount aside and it works for us. We are currently spending far less than we save due to me working away and us not getting leave together but on the odd occasions when my travel money from work runs out we dip into this.

I know that my budget covers everything that goes out regularly as I mark it off each month from both accounts. The amount I have left over seems quite high and I am sure I could do more with this but I am quite careful that I don't tie all my money up in case I need extra while I am living away. I normally work a month in advance, working out what extra I may need due to work trips social events and put this aside so that everything is paid for before I get into that month.

I am going to resurrect the spending diary in September to work out what I am doing with that money and also to try and help me budget and meal plan for my own food. Once I start living at home again the figures for my own account change dramatically but I will think about that when the time comes again.

Watty1

Brave with the SOA. Where are things like clothes? Haircuts? or are they in joint spending?


And good luck getting Mr AJMoney on board. Mr Watty loves the idea but is not so good at the actually "doing". I like your argument re an extra 3 years at work. Nice one.

ajmoney

Watty1 wrote: »

Brave with the SOA. Where are things like clothes? Haircuts? or are they in joint spending?

I should be quite ashamed but I go to the hairdressers maybe twice a year and usually use birthday money or I save the money up the month before, I only go for a trim so it doesn't break the bank the way colours etc do. I don't buy clothes very often and if I do I save up what is left over each month and then when I have enough I go out shopping. I also save up my points etc from surveys and get gift cards for the places I shop. Both these categories are so irregular that I find this works better for me. This fell apart when I went window shopping a couple of times and he persuaded me to buy what I saw which is only just ironing itself out due to the increased costs at the gym. However he liked my resolve when we went last time and I put £280 worth of clothes back because everything was similar to what I already had and the theory of "do they bring me joy" had started!

I also forgot to say that if I am away for work and we get the food costs back then I save this money. I have a small savings account alongside my current account where I sweep money like that and is also where I save these other bits and then I transfer it over when I am going to spend it.

ajmoney

To pay the mortgage off when I want to I/we need to have £58176.01 in savings in August 2022 based on my current OP plan. We already have this between us but I want at least a year worth of spending in my account too to cover any possible lack of job. I am going to use this information to make a savings plan for me and then see what I can persuade Mr AJM to do.

I am going to try and get an appointment somewhere to discuss making a will, how do you decide where to go? I am also going to try and get us an appointment to discuss pensions, it might give Mr AJM a wake up call.

ajmoney

2 weeks left at home, making sure I appreciate it as I won't get another long stint at home until the Christmas period

Today's jobs

Ironing
Gym
Submit meter readings
Look at local companies for wills and try to decide who to make an appointment with
Make financial review with bank for pensions advice
Short walk as the weather report has changed for the better

ajmoney

I have been working out what extra expenses I/we have for the next few months. Our hotel costs for a wedding are already covered for next month. We are on a course hopefully towards a future business in October and we have money in our holiday savings for this, we need to finish paying for the course too so I need to find £308.50 by mid-October. I think I have enough in my budget for October to cover this and will be paid for my extra seasonal work at the end of September so that will give me an extra buffer. I am still going to try and keep a tight budget for September as I would still like some more personal training sessions in October .

I still have £22.96 in my purse and £105.05 in my current account for the month. I don't see me needing to spend any of my own money in the next 8 days unless we need to top our joint account up but I am hoping to be creative with the £75 we have in there, even though we have a couple of meals out this week.

Looking forward to paying off the mortgage, to cover the £58176.01 I need to put about £350 a month away. I am already saving £300 a month across my ISA and S&S ISA so I just need to find an extra £50 a month which might be a challenge!

I forgot the athletics is on so I might not get much done this afternoon!

ajmoney

Unfortunately our joint account will need topping up so I will have a lower amount in my account at the end of the month, I thought all the weekend spends had cleared but it wasn't the case. I am still hoping we don't have to move too much.

I can't really be bothered to do anything today, I blame the athletics! We are working with our youth band tonight though so maybe I am saving my energy?!

Only a week to go until the money shuffle. I am looking forward to it for the first time in a while. Hopefully September will be the turning point for my money and saving for the future.

Watty1

I phoned a few solicitors re the will and took it from there. Good luck with other appointments.
I used up my years emergency fund to clear the rest of the mortgage - but - that was the final amount needed and I'm now working to rebuild. I totally understand needing a years money

ajmoney

Going to meet my parents for the day at Kielder Water for lunch and a walk. Why did we have to pick a wet day?

2 hours with the youth band last night, another 7ish at the weekend. Every little helps