My Savings Log - for motivational purposes

nicolula87

Hi all

Having spent a lot of time reading threads I have decided to start one of my own. I have always felt a bit of a fraud on here as I have no debts and am able to live within my means, but I have realised that MSE is also about making your money go further and that is what I need to do!

So the main reason I am starting this log is because we are getting a new kitchen in the next few weeks, costing approx £7k. We have the money for over half of it but I am borrowing £3k for the rest. My aim is to pay that £3k back over the next year (starting in January!)

So a quick overview of my finances:
It is split into 2 main pots - one joint pot with my partner which pays for mortgage, bills, food etc, and my pot which is where the £3k savings are supposed to be coming from.

MY current finances are: £472.93 in savings.

I have set up, to start in January a standing order of £100 into my normal savings, and £50 into my Christmas account. The extra £3000 ideally will come on top of that. So I thought I could try and start a little bit early, to get a head start on my goal.

Thanks for putting up with my waffling, I hope the motivation and advice on here will help me hit my target! I am going to add it to my sig to keep track.

slowlyfading

Good luck with your target

Strumminalong

Congrats on starting your log and good luck on reaching your target. I would certainly recommend doing a monthly budget if you are not doing so already.

Would it be correct to assume that the money from the standing orders you have set up will nearly all be going towards the £3k? If so it looks as if you will need to save around another £100 per month.

Allowing for the odd month out, and with hopefully nothing unforseen turning up, do you think this will be do-able?

HeadAboveWater

Hello and I'm subscribing!!!

I don't have debt either and I'm also on the 'other side' with trying to save!! I like to use the forum to keep me motivated, encourage me, pick up tips and the occasional kick up the butt on my diary (I use it as my confession box!! ha ha )

I would def recommend the No Spend Day challenges. Here is the link to the December thread.

Good luck and happy saving

nicolula87

Thanks guys!

Strumminalong - no I am hoping to make some savings on top of those £150. I know £250 a month is a lot, but I thought I would aim high! I am also expecting a bit of a lump sum at some point, hopefully approx 1500 so that will take care of a lot of it for me!

Quite proud of myself for today, no small spends, that's one of my biggest weaknesses - just nipping into Costa when I'm at work or buying a sandwich because I wasn't organised enough to pack my lunch.

I have a monthly budget, and I have just downloaded a free app for my phone which will analyse how much I spend on each category so I can hopefully better work out how to cut back. So a positive day, and I am about to open an account for this target (just an online one connected to my current account at present) which I will chuck £20 in to get me started!

HeadAboveWater

Well done yesterday on your lack of small spends!!

You should post up a Statement of Affairs which will show the breakdown of your monthly spends. We can offer some suggestions on cutting back if that helps!

I have a monthly budget for spending too. My biggest help is to NOT carry my debit card around with me I withdraw my cash budget every Friday, and that has to last me the full week for food, shopping, treats, fuel, everything! Anything else should be left in the bank not being touched!!

I've also opened a First Direct account: firstly for the switching bonus, but I've also opened a regular saver too. Can save up to £300 a month (that's my target!), and at the end of 12 months, providing the money hasn't been withdrawn, I get 8% interest (roughly £124 on the full £3600)

nicolula87

Well I have a free Saturday for the first time in months! So I have transferred some money from Paypal into my kitchen account (TopCashBack withdrawal) or £18 meaning I have £38 in my kitchen account! Yay! I'm heading into town soon, and have a £12 cheque for interest from an old account so that will be in there soon too!

I think it is my cash spending that is my biggest problem, so have set up the app on my phone to keep track of my cash spending rather than from my bank account. After doing it for a couple of weeks I will post the results up and then work out where I need to cut back!

Bought some Christmas pressies last night but have money set aside for those, and got an extra 10% off plus 3% back with my credit card so not bad! £70 spent but Mum and Dads pressies sorted.

So overall quite positive, although I am about to go into town for bits and pieces which I'm sure will add up!

nicolula87

£12.72 added to kitchen account! Banked my cheque earlier. Lots of money spent today but most of it on Christmas presents, cards, wrapping stuff etc so have money set aside for all of that. Also bought a load of bones for the dog which should last him the rest of the month, oh and my 2013 diary for work, which was a touch on the expensive side (£9.99) but I'm such a sucker for getting the pretty ones! I know I shouldn't but oh well, that was the only thing I bought for me this week, so not too bad overall!

nicolula87

Well after generally having a good week last week with spending, this one is not going well already! Got £10 out of the ATM yesterday and spent it in Costa, and on chips for tea (lazy day!) Then today forgot my lunch so had to get money out for that (cost £3.85) so aiming for an NSD tomorrow before 2 days off for Christmas shopping Thurs/Fri. Haven't checked how much money I have left for the month, will check later, hopefully it's more than it feels like! Fingers crossed please!

HeadAboveWater

:rotfl:

You sound like me!!!!! I do the same thing - really well one week then it goes to pot the next

nicolula87

Well I have spent a lot on Christmas the last few days, but most of it is accounted for with my Christmas savings. Haven't worked the numbers out yet, will do so later on tonight!

Making personalised choc slabs for lots of Christmas pressies this year which is both quite fun to do and saving money on presents too! Double bonus!!

New kitchen being fitted as of next week so super busy times up until Christmas! Trying to have everything Christmassy organised before Sunday.......wish me luck!!