Six year retirement plan

Ninno820

Will do - and it's been a good start to the campaign. I have sold a couple of ikea units that are surplus and a merry christmas banner via milliesmakes - so a grand total of £45. I have defrosted the freezer and have enough meat to last until after christmas - I have just given myself a small budget of £10 per week to cover fresh veg although I also have some frozen ones to get through. I have enough fabric / goodies to cover christmas presents and I am away for christmas. All in all this is a positive challenge and one that I am up for!

Btw - if the retirement happens then it won't be of my choosing - but there is always a silver lining so I will keep on looking for one. X

Ninno820

Okay - so day 2 of the challenge. Not much to report although its weigh in night tonight at SW so hoping for a pound or two off. I have just started the Christmas banner so its progress towards the order fulfilment at least.

Ninno820

Mad day yesterday so had no time to post but can report a couple of successes. I went to the cinema where I was told "I'm sorry - we have a problem with the heating in that screen so it might get a bit cold". Quick as a flash I said that I presumed we would get a discount - and was given one. Only £2 but every little helps! Then I checked my phone and found that someone had ordered another banner - more work but another £15 in the pot!! So the running total of money saved so far is £62.

in_need_of_direction

I'm so impressed by how just having that MSE state of mind encourages us to push for better value. I know it was only £2 but better in your pocket than someone else's.

Brogden

Hi Ninno

I was quite inspired by the title of your diary. Debts and retirement....oh my God!!!! I have somewhat longer than 6 years to go but I have become very conscious of requirements in the mortgage reduction and retirement income departments......so I am not just worrying about debts now :mad:

I have been up since six this morning reading about the state pension changes and in the middle of my chaotic self-managed DMP am going to take a more balanced view and try to bring our whole future under control. This really needs doing

All the best with your efforts Ninno - I would love to follow your thread if that is OK!

Brogden x

Ninno820

Welcome on board Brogden. I'm not an angel but it does feel good to take control and see your efforts pay off!

Ninno820

Okay - so yesterday was a planned spend at a knitting and stitching show. I now have more than enough for christmas presents and just need to make the darned things! Clearly not a very mse day but I had a couple of high points. I picked up the most gorgeous fabric and asked how much it was. At £58.25 a metre it went straight back on the shelf! At the other end of the scale my friend picked up 2 magazines for £6. I picked up two as well but then noticed that there was an offer - 4 for £10. Quick as a flas I asked if my friends and I could qualify for the £10 offer and he agreed. Again it's only a £1 saving but it all helps.

Tonight I was looking for some Allen keys in a drawer and came across a £5 coin. I wonder if it's still legal tender?

in_need_of_direction

If it's not, try ebay.

enjoyyourshoes

Hi

you can work out you true overdraft.
Get most up to date statement of current account (on line)
Have prepared ALL charges against that account including DD & SO (dated so can see what is due)
All ATM cash withdrawals
All cheques
Any switch payments etc
Work out what's been paid (against statement)
& what is pending (before your next pay date)
Do a running balance (credit or debit)
Estimate accurately what you will incur until pay date and deduct ths from running balance
Ta Da!!
Also can do for CC

Then you can implement following:-

1. Have a clear objective (specific, measurable, achievable, realistic & time-bound)

2.Understand your total annualised costs & savings (to meet your objectives) (i.e. do a budget or similar) & ensure this is LESS than incoming money. (if not do a review to allocate LESS than income)
(DONT forget to include Christmas, Holidays, Birthdays, Savings, clothes etc as well as the boring stuff)

3. Break budget into two part (part one: monthly costs) (part two: 1/4ly ; 1/2LY & annualised bills. This annualised £'s should be divided by 12 to produce a monthly cost to save for these bills. Can do a cash flow to ensure monthly savings pot has enough £ to pay allocated Bills on the estimated months they become due) Include Christmas, Birthdays & clothes

4.Produce a monthly reconciliation which has your income LESS all your costs (including the monthly savings described above), Cash withdrawals, monthly DD & SO, cheques cashed, credit card purchases & savings (linked to your objectives). Do this reconciliation daily and ensure you spend LESS than income.

5. If you dont deduct credit card payments off your monthly income then you will not have the £'s to repay and thus end up in DEBT.

5. Put your monthly savings into a high interest account and track allocated savings against costs. Also DONT PAY insurances by monthly credit agreement pay them annually.

6. Get online access for your current and other accounts so you can see your separate reconciliation is accurate and moving monies is less hassle on line

7. Produce Excel docs to assist or you can do all these manually too

Ninno820

So - today has been a quiet day although I have received another commission (£5) and found £2 so my total is creeping up. I have also begun the big clear out of my craft room - all that card making materials ought to bring in some cash!