NSK Challenge;Marching Forever Forward!!!

thriftylass

Today will be another NSD. I forgot my lunch but didn't bring any money either so it'll be the packets of porridge I got in my desk Going out for a leaving do on Friday, but got the money left in my account and will only use that amount despite getting paid tomorrow. Will also leave early enough so that I can take the bus home rather than a taxi. Better be off to do some work

abundant1972

Hi Everyone!

Returning from my leave of absence!!! Have been swamped under a deluge of course work, and wondering if I will ever see the light of freedom again!

Well - I'm not going to make my 25 SFD target this month - will probably limp in at around 18 if I can get through until the end of the month. The less said about my spends this month the better.

Pay Day today <breathes sigh of relief> and overtime in the bag. I have 3 month's gym membership paid up and am having my induction today - am very excited.

My latest scheme is as follows <cackles manically> Remaining debts are at 0% interest so by stashing my cash in a savings account I'm making money towards my debt clearance. ISA season is upon us, so I'm transferring my Emergency Fund and what I've saved towards debt clearance so far from my old ISA into a new one. I've had to tie up every spare penny this month to make up the minimum deposit - but this is now my offical 'Finacial Freedom' account.

After much scrimping have got my debt balance to £8,000/£12,500 and have upped my monthly direct debit to Step Change as well. So on 01st April I'll have another £350.00 knocked off...

My challenge as always - will be to try and stick to a budget. March saw some big overspends on food - meaning my cupboards are still full (you'd think I was going into hibernation!) and freezer also full. I'm hoping the gym will give me something outside of work to focus on and provide more of a work/life balance. I need to get on top of course work as that overwhelms me and so I'm taking a week off to get my head around it all... As ever - will try and get in some overtime again as that's really helping out.

I think you have all done amazingly well. I am always in awe of the dedication and determination that this board demonstrates. Though I know I fall off the wagon from time to time - I feel you all keep me anchored. I never fall totally off, though at times it feels I'm being dragged along until I can run and catch up again ha ha!!!

Thanks everyone... Thanks Kat. You all inspire me and keep me reaching towards my goals....

:grouphug:

mayfair1985

abundant1972 wrote: »

ISA season is upon us,

Quick question about that......

If I transfer the bits that i've stashed away (Car fund, xmas fund etc) Over into my ISA will I gain interest on it? If so, when does it need to be transferred? How long does it need to stay in there for to qualify? If I take it out in the next finacial year does that mean I can pay in less than the full amount?

Sorry, lots of questions, I've just never used an ISA before (but have had one for years) so am not really familiar with how to use it lol.

And Morning

thriftylass

mayfair1985 wrote: »

Quick question about that......

If I transfer the bits that i've stashed away (Car fund, xmas fund etc) Over into my ISA will I gain interest on it? If so, when does it need to be transferred? How long does it need to stay in there for to qualify? If I take it out in the next finacial year does that mean I can pay in less than the full amount?

Sorry, lots of questions, I've just never used an ISA before (but have had one for years) so am not really familiar with how to use it lol.

And Morning

I did transfer all my pots now into an ISA as I get marginally more interest. I think it needs done by the 5th of April but allow at least 3 days for the transfer just in case. The earlier you put it in the better. But I think for this tax year you won't get much interest as it's only been in a few days. But at least you use this years allowance. If you withdraw money you can still deposit the whole amount of £5600 or whatever it is. You just can't replace the withdrawn money. No matter how much you take out you can deposit £5600 or whatever the allowance is. Hope that makes sense.

Oh and there isn't a qualifying period either. It earns interest daily so if you leave it in a day or a month just changes the amount of interest earned.

abundant1972

Hey Mayfair...

Cash ISA's vary according to who is providing it. Deposit requirements vary from £1 to £1000s...

For your purposes an Easy Access Cash ISA would be best that has no penalty for withdrawals (in case you need access to your car fund etc).

For the next financial year you are allowed to save £5760 in a Cash ISA. Many only pay interest at the end of a full year... so if you opened one in April 2013 the interest wouldn't get paid until April 2014 - the amount paid dependent on how long your cash had been in the account. The savings are tax free so you earn more on your money. The interest rates are better than regual savings accounts (because the tax man (or lady!) cannot touch them).

However - say you had for sake of argument £5760 (max allowance) saved and you withdrew £1000 for something, even if you replaced that £1000 it would not earn tax free interest as you have used up your allowance. Check out Martin's <all HAIL> ISA guide here:

http://www.moneysavingexpert.com/savings/best-cash-isa#whatis

I hope that helps!!!

mayfair1985

Thank you both loveys!

So, my thinking is, If I transfer over what I've got now, before the end of this year, say for arguments sake £500. Then Next financial year I can withdraw that £500.00 and still be able to pay in £5600.00? There's no limit on how much you withdraw, just a limit on how much you can pay in?

Sorry again... silly billy questions. I think I might be over complicating this and save it until i'm DF and just piling the money into savings

abundant1972

Just to add...

The general rule is pay debts first (if they charge interest) then save...

Say you had a credit card owing £1000 at 16.9% APR and you had £1000 to save for emergencies, xmas etc. I think it would always be better financially to clear the card and keep that at zero balance on hand to pay for emergencies, as the interest they charge will far exceed anything you will make in a savings account...

Read Martin's guide here:

http://www.moneysavingexpert.com/savings/pay-off-debts

mayfair1985

abundant1972 wrote: »

Just to add...

The general rule is pay debts first (if they charge interest) then save...

Say you had a credit card owing £1000 at 16.9% APR and you had £1000 to save for emergencies, xmas etc. I think it would always be better financially to clear the card and keep that at zero balance on hand to pay for emergencies, as the interest they charge will far exceed anything you will make in a savings account...

Read Martin's guide here:

http://www.moneysavingexpert.com/savings/pay-off-debts

Fo real! I'm talking tinchy amounts of money anyways, no where near £1000.00! They are just tiny amounts of 'emergency'. Partly so that if anything does happen it won't need to go on CC. Or at least that's the idea.

Which leads me on. Me and Mr disagreed on this point. I didn't want emergency pots, I just wanted to throw it all at the CC. Mr wasn't having it so as a compromise we have small pots with a bit of emergency cash. What do you lot all do?

Calling14

Well had a few more 3 nsd but did some shopping Morrisons really for Easter weekend relatives visiting not in my food budget this month, but lot of meat in the freezer for next month as well. 41.81. Then following day rabbit straw/ hay and found cadburys mini eggs 50p a bag in home bargains had to be done. Joining the naughty step crew - isn't it full by now.?
Next month will use up store cupboards and after getting rid of my lodger - who left his food behind so looking good.

nannygladys

Hi everyone, another SFD for me, but no way will I reach the target, oh well roll on next month.

Emergency money - I dont have a pot as such, but I do save money each month for things like RFL, Car maintenace and the such like, so I suppose I could use that, and with all the talk of ISA's it reminded me on that I have one, I have just checked it and it actually has some money in it, not much just a couple of hundred, but that could be used as well and failing that I would go the the bank of daughters, as I dont have a mum and dad:rotfl:

Had a pleasent night last night at DGD school playing chocoate bingo where I won a line and a bag full of chocolate:) DD treated me to food, drink and a bingo dabber so a free night:) DD's friends are so funny its always a laugh and you come away feeling on top of the world.

This morning has seen more snow here but the sun it also shining through the windows, strange but true, so hopefully it wont be staying long, we still have snow here but nothing like other areas, its times like these it makes my uneasy that Im eating out of my stock, I keep getting panickly when I open another tin or packet. Oh the gnocci was fine, not one of most favourite meals but I will certainly buy it again if its on offer, and one of my friends says its easy to make as its only potato and flour, so I will have a look around on the OS for a recipe.

Anyway enough jabbering from me, I have to go and put the cover on top of Rosies hutch again, I think Id better do it before the snow gets too bad, oh and update totals and spreadsheets

Jxx