MrsS is getting serious!

MrsSave

Hi. I've been lurking around this forum for a while picking up tips for sorting out our finances.

I currently have debts across 2 credit cards and also finance on carpets and our sofa. All of these are interest free, but in total have not far off £12,000 to pay off :eek:

My husband is self employed so his income varies. I am also classed as self employed so my income varies. I have sat down and worked out how much we need to bring home each month which will enable us to pay all bills, put food on the table, pay debts and to put a little extra into pots for savings, days out, holidays, emergency fund. I have lots of different savings and current accounts so that I am able to see exactly what I have and where. This is the basic summary of them:

Current Accounts
1. Personal account
2. Food and petrol
3. Celebrations (Christmas, birthday, etc. gifts, food and treats).
4. Day to day spends

Savings accounts
1. Emergency fund
2. Savings
3. Car and life insurance
4. Wages
5. Holidays

To be able to put money away in every pot we need to bring home £2176 a month, which is possible.

I haven't worked over the Summer so next month we won't be putting money into the emergency fund, savings, car and life insurance (will make up for it) or holidays. There will be a little going into all the other accounts and all bills/debts will be paid.

Right, so my reason for starting this diary is that it's time to get serious. My husband is going to be paid weekly, which will work out at £1170 a month. I need to bring home a minimum of £1006 a month. There is no reason why I can't do this. I am intending to save wherever we can (I've been looking at the grocery challenge) and being strict with our budget. I am also looking at ways to bring in more money (mystery shopping maybe and I also make crafts, which brings in a little amount each month - must remember tax return needs doing....yuck!).

As well as me and my husband, we have a 12 month old little boy. He is in nursery part time so we have that to pay. He's off formula now, which saves quite a bit, but nappies etc are soooo expensive. I generally only buy them when they're on offer so that we're getting the best deal!

For the rest of this month, we have no money, other than what we have left for food. It goes against everything I've put on here so far, but I think we'll have to use the c cards for the rest of the month if we need anything, before our budgeting starts next month.

Eeeeeeeeeeekkkkkk!! Here goes then. I don't currently have a debt free date in mind. Sofa and carpets are finishing within the next year (one in January, the other June I think). The extra money will go towards debts to help shift them quicker. Any extra money that we earn each month will be split between emergency fund, savings and credit cards.

Time to get rid of these debts!!!

MrsSave

Wow, what a long first post!!

I've checked my credit rating today (and immediately cancelled to save paying the £14.99 a month) and it is 966. I'm chuffed with that. I don't know why I thought it would be a lot worse, but was worried about it!!

Ooooh, I had a £5 supermarket voucher through the post with no minimum spend. Dh wanted to use it for one nice meal. I decided that we needed to be a bit more sensible. We bought,
1. Butter £1
2. Frozen peas £1
3. Curry sauce (that is a treat but will last 2 nights!!) £1
4. Pasta bake sauce (another treat, but again another 2 nights of food for the 2 of us) £1.85
5. Orange Juice 69p

Total of £5.54, so we spend 54p!!

Also found yellow labelled chicken breasts, so bought a couple of packets, individually wrapped them in cling film and froze them!

I've also received 2 x £10 vouchers for another supermarket so have decided to use them on our next home delivery to stock up on some things such as toilet paper and wash capsules. It looks like our next home delivery will cost us £26, but we'll have £46 worth of products. :money:

All in all I call that a good start. I am strangely looking forward to the beginning of next month, though, when we'll be working strictly within our budget (which will include a small amount for day to day, so hopefully lunch out in there somewhere :-) ).

MrsSave

I've just signed up for my first mystery shopping assignment. It is for £4. I'll be completing it later. The company has a pay run once a month, so I'm hoping I'll manage a few assignments in that time

MrsSave

Ooooh, I've just been reading through the August £10 a day challenge. Think I will give this a go for September. We're going away for a birthday in October, so £300 will be perfect!

MrsSave

It's Saturday night and I have spent all evening sorting out lots of accounts. I've also applied for a new current account with my regular bank. All standing orders are sorted for September and longer term I have an exact figure of what we need to earn. I have signed up to a second mystery shopping site.

September goals:
Make £10 a day (£300)
Food challenge: £160 (inc all toiletries/nappies etc)
Do not use credit card!


Scary but exciting........I will be debt free.

MrsSave

Sunday morning......definitely doesn't mean sleeping in with a 12 month old, though :rotfl:

The slow cooker came out of its summer hibernation a week or so ago. Making a bolognaise today in it. Yum! Think we've got a garlic baguette in the freezer as well Cooked a gammon joint in it a few days ago, and we've still got loads left so using it to make a pea, leek and ham soup later. Will probably freeze most of it ready for when it gets colder! Soup = Winter = Christmas......I'm like a big kid

Off to a local craft fair today. Have around 50p cash so nothing to spend! It's a good way to stop spending, not having it in the first place :rotfl:

Anyway, time to get this garlic smell off me now with a shower (not that washing hands ever gets the garlic smell off so don't think a shower will make a difference!!).

MrsSave

Well today's bolognaise was a disaster! I've made it so many times, but it was awful. Tasted like mince in gravy! Yuck!!

Other than that, though, sorted a few more christmas presents. I know it's band, but I'm getting what I can this month on the interest free credit card to help us start with our debt busting journey from 1st September onwards. Almost finished shopping for ds and got a few gifts for other people sorted today. I am working towards a budget with everyone and so far am sticking to it (even though it's on the cc).

So, I guess no money saving was done today, but a positive is we still ate our food even though it tasted awful - no takeaway!?

Lily_rose_2

Good luck with your DF journey!

Just a thought.....but can you not budget for Christmas over the next few months rather than putting it on the credit cards? Try & save the card for emergency spending only?

MrsSave

Hi, thank you for reading and commenting. I know what you're saying makes sense, that is the long term plan. Unfortunately I haven't worked over the Summer (supply teacher), but aiming to be back working 4 days a week from September. This means we've had no money over the Summer, and we've currently got just enough in our accounts for next month to cover all bills and a little left over. Would only be able to budget a couple of months then, which would make things so tight I'm worried I'll cave in and use the credit cards. By doing it this way, we've said that from September 1st there will be no more credit cards, but shouldn't have things like Christmas to trip us up. The positive is that the cards are 0%. I know it will take longer to pay back, but hoping that we will be able to build up money in different accounts over the next few months. It's not ideal but I thinks the best way forward for us. We currently have nothing left for August in our accounts so it's cc or nothing, September is a new start and will be very different!

MrsSave

I think this morning has been a success! I bought a gammon joint last week, cooked it and dh and I had it for dinner one evening with potato/veg. Then we made home made pizzas, so some of the gammon made its way onto there. This morning I have made the rest of the gammon into a soup with peas and leeks. Massive saucepan of soup so will be able to freeze a few portions after lunch today As well as making the soup, I found a packet of bread mix in the cupboard (slightly out of date, but decided to risk it.....if I don't return you know why!!! :rotfl: ). That's sitting and growing at the moment, will be oven baking it in time for lunch to go with our soup. Homemade soup and homemade bread for lunch. Yum! All the ingredients other than leeks I had in the cupboards already. :money:

I am in a way so excited about September and budgeting. We will have so little money, but will know exactly how much we have for what. We'll have £30, for example, for day to day spends (which will include things like takeaways if there's anything left by the end of the month). We'll have £160 for groceries, but should have enough nappies etc in the cupboard to last all month (and possibly October) so that should be easily done. I'm actually aiming to buy one Christmas food item a week now, when I see things on offer, out of our budget. Hopefully Christmas week, all I'll have to find is money for fresh items, which will come out of the grocery budget.

kittycatfan

Hi mrs save , so far what your doing sounds fine i put some bits on my cc the other as they were half price and i ididnt have enough in current account so will pay them of in full next month , like you i have now started buying a christmas food item each week i done it last year and come the christmas shop i hardly needed anything , anyway i will subscribe good luck