A Step A Week by Echo...

echo_and_narcissus

Hello!

So let's get to the point then...!

I'm Echo. I'm thirtysomething, married and a stay at home mum to four little scoundrels:D

Why am I here?

My main motivation is that 2013 is the year we start saving for a deposit on a house. With four little ones, space is at a premium. The younger two share a box room, which whilst fine when they're still little, is not going to be great when they're older. So the plan is to get saving to afford something a little bigger in a few years' time.

Debtwise, I have had more but over the last few years have managed in different ways to pay them down. At the moment I'm looking at a credit card with around £800 on and a small tax credits overpayment which is due to finish pretty soon. I plan to save whilst paying these off. Not the recommended way I know but it's how I want to do it. I also reserve the right to change my mind!

My main area of focus is my SOA. I had a working one a while ago but it needs tweaking. I want to refine saving monthly amounts for things like presents and Christmas, car tax, holidays and whatnot. I also need to identify problem spending areas.

My plan is to implement "A Step A Week." This is my way of concentrating on adopting useful habits and practices without feeling snowed under! I might go for more but will have a *main* step each week to concentrate on from the New Year. My first is to purchase a slow cooker and try out some recipes!

That's all I got time for now so nice to "meet" everyone and I look forward to scouring people's diaries for tips!

echo_and_narcissus

First pertinent point - I dropped my phone in the sink earlier:eek:

I am terrible, I did this a couple of months ago with my last phone so bought a cheaper replacement. Given my keenness to be saving money, I checked out when I am eligible for upgrade... Not until the end of April:o

I have a Galaxy Y which cost me £80 but reluctant to shell out so I may see if anyone has a similar spare I can borrow or failing that, resort to the trusty Nokia:D

Piquant_2

Hi Echo and hello to your new diary!

A step a week is a good way to start and a slow cooker is a brilliant way of using cheap cuts of meat, making soups and having plenty left over to go into the freezer. I'm not sure if you've seen the thread on slow cookers so here's a link that may help http://forums.moneysavingexpert.com/showthread.html?p=1332010#post1332010

Bad luck on the phone, can you dry it out in the airing cupboard? I'm not very up on these things I'm afraid.

Winnie_in_Pooh

Hi Echo!

Love the step a week plan, that's a great idea. I also love my slow cooker, it's great for lovely comfort food

Oops to the phone! Apparently if you put it in rice the rice will absorb the moisture - might be worth a go?

echo_and_narcissus

Piquant wrote: »

Hi Echo and hello to your new diary!

A step a week is a good way to start and a slow cooker is a brilliant way of using cheap cuts of meat, making soups and having plenty left over to go into the freezer. I'm not sure if you've seen the thread on slow cookers so here's a link that may help

Bad luck on the phone, can you dry it out in the airing cupboard? I'm not very up on these things I'm afraid.

I shall just take a little look at that thread now, thanks!

Winnie_in_Pooh wrote: »

Hi Echo!

Love the step a week plan, that's a great idea. I also love my slow cooker, it's great for lovely comfort food

Oops to the phone! Apparently if you put it in rice the rice will absorb the moisture - might be worth a go?

Off to look at slow cookers later, Tesco had one for £8 when I was in there last.

I heard about the rice idea. Not tried it, the battery seemed to take the brunt of it. Foolishly or not I left it for a while but was very impatient so did try turning it on... Didn't work! Still not working now

echo_and_narcissus

I also a while back did a comprehensive plan (whilst fuelled by caffeine!) on setting up the finances for the New Year. I need to dig it out of my bag and edit it to post it up here.

If I'm being honest I haven't done it yet because I feel a little daunted by it. There is in fact a portion of it set up already still going from last year, like transferring amounts over each month for car tax. It just needs refining. And I KNOW once I get into it, I'll keep rolling with it. And I :heartpuls the feeling of being financially organised. Knowing exactly what's in the bank, knowing that bills are taken care of, knowing that savings are going directly into the pot rather than being neglected until the end of the month.

As well as my Step A Week, I am going to succinctly outline my targets for the year. Nothing crazy, but having the targets means I can base my finances around it.

That's that for now.

PS Is it crazy to get TWO slow cookers, one for meat and one for veggie and do them side by side?:):)

echo_and_narcissus

Okay, list for the week...

• Open monthly saver account at local building society
• Pay Christmas cash and cheques into bank
• Change address at bank
• Check council tax details - amount of rest of year payments and if any "free" months
• Compile birthdays list for the year
• [STRIKE]Check credit card balance[/STRIKE]
• Edit and finalise SOA
• [STRIKE]Slow cooker - cheapies at Tesco, £8 a pop - to buy 2, one for meat and one for veggie![/STRIKE]

echo_and_narcissus

My Step A Week this week...

Buy a slow cooker (or two) and make at least two family dinners.

Winnie_in_Pooh

I have a Tesco slow cooker and its fab for £8 if I had room I would have two, so I don't think you're mad

Looking forward to seeing your targets!

Happy New Year x

echo_and_narcissus

Just a quick one whilst the kids are quiet... Was finalising my SOA last night and unfortunately it isn't as optimistic as I thought it was

I still have to check council tax and add the older two's pocket money then will post it up.

Did an online shop last night to be delivered shortly and with the aid of a basic menu plan for the week, it came in at nearly £20 less than the usual £90. Not getting too excited until the end of the week and we'll see how it balances up with top up shops.

Back in a bit...

echo_and_narcissus

Okay, so here we go, going to bite the bullet and post my SOA...

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 0
Benefits................................ 823.62
Other income............................ 190
Total monthly income.................... 1013.62

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 0 Paid up until end of March
Electricity............................. 96 Gas and elec combined
Gas..................................... 0
Oil..................................... 0
Water rates............................. 36.97
Telephone (land line)................... 44.2 Based on last bill but is not normally this high
Mobile phone............................ 32.07 Based on last bill but again not normally this high
TV Licence.............................. 12.12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 0
Clothing................................ 20
Petrol/diesel........................... 120
Road tax................................ 20 Covers six months road tax
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 48 For youngest child, two mornings a week. Should be getting complete funding to cover from April onwards
Other child related expenses............ 10 Snack money and milk money for children 2 and 3
Medical (prescriptions, dentist etc).... 15 Monthly contact lenses
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 18.37 I gather this may be expensive
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 40 To cover 4 kids plus husband plus birthdays
Haircuts................................ 0
Entertainment........................... 100 Me and husband go out once a week for a pub meal
Holiday................................. 30 Covers cost of holiday but not spending
Emergency fund.......................... 0
Pocket money............................ 6 For older two kids
Skating................................. 52 Me and older two go most weeks, this covers entrance fees and drink and snack
Gym..................................... 44 Monthly membership, tied in until end of September
Total monthly expenses.................. 744.73


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Virgin.........................789.2.....25........0
TCs............................0.........18.5......0 Need to check balance but think this is nearly finished
Total unsecured debts..........789.2.....43.5......-


Monthly Budget Summary
Total monthly income.................... 1,013.62
Expenses (including HP & secured debts). 744.73
Available for debt repayments........... 268.89
Monthly UNsecured debt repayments....... 43.5
Amount left after debt repayments....... 225.39

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -0
Total Unsecured debt.................... -789.2
Net Assets.............................. -789.2

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.