Mummy's attempt to budget & save.

atush

No come here after the DFWB, and before the MFWBs. As becoming mtg free is only one plank to the great savings monument you will build!!! :beer:

And most of us here, used to be in debt once upon a time (incl me). So we know how to get out and stay out

atush

try this thread for advice (plus a link to money making thoughts)

https://forums.moneysavingexpert.com/discussion/4413075

innovate

atush wrote: »

And most of us here, used to be in debt once upon a time (incl me). So we know how to get out and stay out

Hear hear

atush wrote: »

try this thread for advice (plus a link to money making thoughts)

https://forums.moneysavingexpert.com/discussion/4413075

One massive potential that's left out of that thread is what's covered on the MSE Matched Betting board.

I know that simply the mention of the word 'betting' puts people off from even looking a that board (been there myself!!!), but think about it - - - - - - - surely there must be a very good reason that Martin Lewis, of all people, allows a Forum board with 'betting' in the title on his site. This 'develish' board has been in existence since at least 2005, so it isn't any new fud or anything, though with everything, it's not the same in 2013 as it was in 2005.

Mummy_Moo

Hello,

Just a quick update. I dipped into the 'Little Luxuries' pot a couple of times last week, had a family birthday and a friend's engagement party so spent a few pennies celebrating. Thought I had really depleted the savings but they're looking healthier than expected, with pennies from eBay helping to replenish funds.

Spent nearly all of this weeks' budget already but the food shopping is done and I've got enough petrol so I should be ok. Hopefully I can add some more money to the 'Little Luxuries' pot soon, seen a few things I'd like to save up for......

atush

innovate wrote: »

Hear hear



One massive potential that's left out of that thread is what's covered on the MSE Matched Betting board.

I know that simply the mention of the word 'betting' puts people off from even looking a that board (been there myself!!!), but think about it - - - - - - - surely there must be a very good reason that Martin Lewis, of all people, allows a Forum board with 'betting' in the title on his site. This 'develish' board has been in existence since at least 2005, so it isn't any new fud or anything, though with everything, it's not the same in 2013 as it was in 2005.

Actually, one of my twins (the one in law school) has been taking advantage of this and is 100 quid up over the last few months (and is hundreds up since he started).

I am not a gambler and dont like it much, but it is working for him so I am not commenting on it (well not more than once ever 6 weeks or so lol).

atush

Mummy, it seems like you had a luxury pot of 180, but now 80, so have spent 100 overall?


this might seem bad (esp to the anal oversavers) but given you still have a small pot of 80 is not so bad. And you do need a reward or two for your hard work and accomplishment of being debt free.

You do need some luxuries, and hope to spend more. and I am NOT about taking away hope. but given you have no Emergency pot yet, be a bit more cautious if you can.

Think of it as you have saved/earned enough to not be 100 in debt about the money you spent. So make sure you keep at least 100 for emergencies now, and build that up to 500 (which would more than pay for a basic white good such as a fridge etc.)

Mummy_Moo

Hi Atush,

I'm not panicking too much about the lack of an emergency pot as I still have access to my overdraft and credit card that everyone here encouraged me to pay off with my savings, therefore if worse come to worst I have access to up to £2,000. (I know it's not ideal but I don't think I've got the will power for relentless scrimping with infrequent rewards).

The 'little luxuries' pot isn't likely to get particularly large any time soon. I'm not treating it as savings as such, more like just extra funds for the things I can't afford with my weekly budget. I've dipped in again recently to fill up with petrol so I could visit family who live a couple of hours away. Also got a couple of things on the wish list, which I'll be ordering as soon as there is money in the pot. I'll be starting contributions to my long-term savings account in April (when I have accrued enough in my current account to cover all income/expenditure fluctuations). This account won't be touched except for emergencies, and will hopefully one day grow into a deposit for a house.

On the down side though I'm having a bit of a money saving slump this month. I've forgotten to add up my extra money earnt for the 'Earn £5 per day' challenge, haven't counted my No-Spend-Days, and have got fed up of Swagbucks. Still, I've sold some more eBay bits and have managed a few little treats without building up any debt.

I'll be back with a full report as soon as I've got myself in gear. Lots to do at the moment and not enough hours in the day, but at least 90% of what needs doing isn't costing me anything

Mummy_Moo

**oh and by 'little treats' I mean some of them are very little. A cup of coffee is a much anticipated luxury to me

atush

Keep it going! :T

As a side note, I know you have your OD and CC for emergencies, but if you can't pay off that emergency at the end of the month- you get that onerous credit interest added. Which means you are officially back in debt with all the emotions that could bring.

So do try and build that emergency pot ASAP, so that you aren't forced to go this way :eek:

Mummy_Moo

Ooooooh can't believe I've abandoned this for 11 months!!

Well, where should I start, so much has changed......

Last spring I was looking for jobs and struggling to find anything suitable, then I came across a post-grad course that sounded fantastic. I spent lots of time looking into grants and bursaries and help with childcare, and confident that the sums added up I applied and was accepted onto the course. I then moved house to be closer to the university, and started lectures. One week after my first day the Student Finance Company announced that they had made a mistake when assessing my application, and I would not be entitled to any funding at all. Long story short, having weighed up all of my options I decided the best thing to do was to withdraw from the course and seek full time employment. I had incurred a lot of costs moving house and getting set up for uni (nursery fees etc.) and was in a pretty sticky situation. Thankfully my fantastic family all teamed together to help me out, for which I am eternally grateful.

Within three weeks of withdrawing from my uni course I was offered a full time position in an office, which is what I have been doing for the last three months. However working full time has had an impact on family life, and I have been really missing spending quality time with my little girl. Over Christmas I sat down and did a few sums... turns out that when everything (salary, housing benefit, tax credits, childcare costs) is taken into consideration the difference between working full time and just 16 hours per week is less than £40. So £40 for 5 days instead of 2, it didn't seem worth missing all that time with my little one, after all, they're not little for long are they? It has taken me two weeks of job hunting to be offered a part-time position and I have now given notice at my full time job.

So, my finances as they stand:

- Overdraft A - paid off in full
- Credit Card - paid off in full
- Overdraft B - £160
- Money owed to family - £2,250

My main bank account fluctuates throughout the month with everything coming in and going out at different times, but I'm within the agreed overdraft limit, and sometimes even in the black .

So, what's the 5 point plan.....
- Pay off Overdraft B
- Pay back my fabulously supportive family
- Save up to do a (different) course - (so that I can hopefully move up up and away from minimum wage once my little one starts school)
- Save up enough money to move house (rented) - (to get my little one into the catchment area for a good school)
- Begin the deposit fund for a mortgage

I'm really hoping that I can get the first 4 sorted in the next two years, but not sure if that is a little ambitious on a part-time minimum wage job. Fingers crossed.

Wish me luck