No more being "FinanciallyUnsavvy" in 2014!

FinanciallyUnsavvy

Here's a question:

I have some "Rainy day funds" categories in YNAB: Emergency Fund, Dentist, Opticians, Birthday/Xmas, and then a "holiday" savings goal.

The amounts (totalled from last month & this month's wage) are as follows:

Emergency Fund £30
Dentist £20
Opticians £40
Birthday/Xmas £40
Holiday £50

Now all this is just sat in my main bank account so whilstever it's there, it's helping to pay off my overdraft. But what's your opinions on these? Should I have a holiday saving/emergency fund pot or should I feed all this into the overdraft so I don't use it?

The opticians is non-negotiable really - its nearly four years since I've had a new pair of glasses so I'm massively overdue - I'm hoping next month I'll have enough to go and get a decent pair of specs. Same goes for the dentist - got a check up next month so need the £20 for that.

I also have £200 in a savings account that's just there "just because". It's always been known as my 'holiday fund'. Do you think I should move this into my current account to save a bit on interest in the OD? I've never done before because I've never trusted myself not to just spend it, but now with YNAB I feel in control so I think I can trust myself not to. It's just nice to see at least one positive balance when I log into my online banking!

Let me know what you think x

sassychick2014

Morning hon

I think it's essential to have rainy day funds for dentist/opticians etc as these are expenses that you need to make and therefore if you don't put money aside for them where will you find the money?

With regards to the holiday fund, I am having this exact debate at the moment. I have some funds put aside for a holiday that I've been saving for since before I got into debt (yes it's a big holiday!) but I only put in what I can afford after I've thrown money at my debts. However I keep thinking should I just put the money into the debts?

Logically I think yes, I should. But then I also think that if I am being as frugal as I can then I need something to look forward to - kind of like a reward.

At the end of the day it's up to you obviously but I've decided to keep my holiday fund and put in whatever is left after throwing as much as I can towards my debts.

Not sure if this helps or if it's the right mindset but this helps me stay focussed on becoming debt free.

FinanciallyUnsavvy

Hi all

Hope everyone had a good weekend.

Been a quiet one here, but all good. Not much new to report really. I've rethought my "emergency fund" and the £30 that was in there has just gone into paying the overdraft off.

I figured putting £10 a month away isn't going to amount to much if an "emergency" was going to happen any time soon. And should a genuine emergency come up where I needed a fair bit of money, then I have a balance on the Barclaycard that I'd be able to use. NOT that I want to, but if it was an emergency, then I know its there. To be fair, I'm not even sure what kind of emergency I'd need it for anyway. Maybe vet's bills if something happened to the cat, but I know if it was something like that and I was struggling, my boyfriend or parents would help out anyway.

Not that I'm reliant on other people, or want to be so. But £10 a month wouldn't really cover much, so I may as well just put that towards getting the overdraft cleared quicker. I hope that makes sense.

(I still have contingency pots for dental/opticians/xmas - this was just a very non-descript "emergency fund" pot I'd started)

I've also moved the £200 I had in a savings account into my main account. I'm not counting it as paying off the overdraft - it's still in my "holiday fund" category in YNAB, but it's obviously helping to raise the balance in my account and will save a bit on OD fees. Seems silly getting charged for £200 worth of overdraft when I have £200 elsewhere with the same bank.

Grocery shopping yesterday - managed to spend under £20 for the week, which I'm pleased about. It helped that both Saturday and Sunday we were eating out (free of course, Saturday night mexican food at my brother's, and Sunday dinner with OH's family). I'm not sure I'll manage the same next week as the cupboards will be barer, and I'm a bit concerned that I only have £70 left in my grocery budget yet there's 3 more weekends until payday. £23 a week is gong to be tight but hopefully I can manage. The last two weeks I've wrote a list and stuck to it, so I'll certainly keep doing that.

Other than that, just plodding on I suppose. Feeling a bit under the weather today - probably just Monday blues. Its been getting me a bit down that I can't really talk to anyone close to me about my finances. Don't really talk to OH about it because tbh I'm embarrassed - he knows I'm budgeting and whatnot but he doesn't know the extent of it. Which is why I want to sort myself out ASAP so it'll never have to be an issue when we live together.

Edit: I also realised yesterday that my signature is wrong since I forgot to add the £70-odd transfer fee to CC1. Can't bring myself to add it on, so unmotivating I don't want to see the numbers go backwards!

sassychick2014

Hey hon

I know it's not quite the same but you've always got us on here to talk to if you're down. You're doing so well and I can totally see you having your debts cleared before you and your OH move in together, try to stay positive.

Sure it is Monday blues but there are people on here to chat to if you want to.

Sending you a big hug xx

FinanciallyUnsavvy

sassychick2014 wrote: »

Hey hon

I know it's not quite the same but you've always got us on here to talk to if you're down. You're doing so well and I can totally see you having your debts cleared before you and your OH move in together, try to stay positive.

Sure it is Monday blues but there are people on here to chat to if you want to.

Sending you a big hug xx

Thank you for the support hun! I think if it wasn't for this forum and knowing so many people are going through the same kind of thing, I'd have given up and caved at buying something stupid by now!


It's been a non-eventful week so far hence the lack of updates. Been off work 3 days with cold/flu so I've been home - means I've had 3 consecutive NSDs though!

Today has been a bit spendy, I treat myself to some Playstation credit so I can download some games from their online sale (yes I'm a gamer girl... ) and I'm just about to stop into Murderhell to pick up a valentines day card and possibly a gift for OH. I had an idea of making him something but I'm not sure how much he'd appreciate it! I'll have a quick browse to see if anything catches my eye.

In other news the bank account is looking healthier than it's looked in a long while - I think this months pay day is going to put my balance INTO THE BLACK!!!! Granted it'll be for about a day til all my DDs come out but still will be the first time in probably 3 years

sassychick2014

Evening!

Just the one day is a fab achievement so you should be chuffed with yourself. I don't have an overdraft, mainly because I could never get out of them so when I changed bank I declined their nice offer. It's so nice not having it there although there's been many many times I wish I did!

I know exactly what you mean with buying things if left alone. I'm fighting myself at the moment as I want to get a new washing machine. Yes, the same one I fixed last week! I don't need a new one and it's in perfect working order, but I want one that has a shorter cycle and is more eco & money friendly. But I don't NEED one! lol So I'm not going to get one, promise.

I think Playstation credit is allowed as a treat, you've got to have something and as it's in the sale it's a bargain.

Hope you feel better soon hon xx

skyblueshez

Hiya, I've subscribed and just wanted to say good luck, sounds like you're doing a good job!

FinanciallyUnsavvy

skyblueshez wrote: »

Hiya, I've subscribed and just wanted to say good luck, sounds like you're doing a good job!

Ah, thanks so much! Always happy to have someone else on for the ride xx

FinanciallyUnsavvy

sassychick2014 wrote: »

Evening!

Just the one day is a fab achievement so you should be chuffed with yourself. I don't have an overdraft, mainly because I could never get out of them so when I changed bank I declined their nice offer. It's so nice not having it there although there's been many many times I wish I did!

I know exactly what you mean with buying things if left alone. I'm fighting myself at the moment as I want to get a new washing machine. Yes, the same one I fixed last week! I don't need a new one and it's in perfect working order, but I want one that has a shorter cycle and is more eco & money friendly. But I don't NEED one! lol So I'm not going to get one, promise.

I think Playstation credit is allowed as a treat, you've got to have something and as it's in the sale it's a bargain.

Hope you feel better soon hon xx

Noo, don't cave into the washing machine! I know what you mean though... that blimmin' devil of temptation is a !!!!!!!

So good you don't have an overdraft. I wish I didn't! I got mine automatically when I changed to a student account when I started uni. First went into my OD in my first year... then never got out of it... 7 years later here we are!


I survived a quick trip in and out of the shopping centre and got only what I went in for (card and present for valentine's day). Well almost... my stomach was rumbling like mad so I caved into a Gregg's pasty TERRIBLE!!! The diet hasn't been going very well if you haven't guessed :rotfl: Well - it's not been disastrous- taking my lunches to work has certainly helped - but I've not been counting my WW points or anything like I said I would be. I'll get back to it once I feel better I think

The gift I got for OH was cheaper than I expected too. I'm thinking of putting him together a little scrapbook of things we've done together, so popped into Paperchase to get a book to use. I expected to pay £8-£10 but found a perfect sized one for £5. Not bad for Paperchase! (I LOVE that shop. I could easily spend sooo much money in there- I just love love love funky stationery). I'm not sure if I'm going to put it together for him yet, he's not overly sentimental so I don't know how much he'd appreciate it - but it'd be more for me really anyway!

FinanciallyUnsavvy

Oh, forgot to say - received my second £5 from MySurvey today, so that brings my £2014 in 2014 total to £177 so far. Yay!