Hope is not an Effective Financial Strategy

A_Frayed_Knot

shangaijimmy wrote: »

AFK - I'm actually wondering if i got a mid month slump effect because i knew we'd wouldn't find any little extras. So it made the month feel like an eternity as there was so little activity other than standing order OP's.

What happened to your eb@y[STRIKE] stuff[/STRIKE] treasures ? - ran out ? . . . I know this normally goes on the kids birthday's, however if it's a poor mortgage o/p month, then could you use this and on a better o/p mortgage month, then "pay back" the birthday's fund.

I feel like I'm encouraging you to "steal" but then again, I'm only encouraging you to do the same as you encouraged me, on a much larger scale, when my finger was hoovering over the button :rotfl:

One of the best things, I ever done, and wish I had my LBM :idea:sooner. Paying back still on target.

shangaijimmy

As ever you are all correct, and this forum continues to give everyone motivation when they need it the most.

So we are now officially out of money for the month. Our sons birthday, sis in law and bro in laws 50th have wiped us out. So we've had to dip into emergency fund (now i know why that is needed) for our food shop. I suppose in the grand scheme of things this would be the first month out of 42, so we are doing well (3 kids, 2 cars and an all that said...).

I've had a few days away with work so been out of circulation so to speak. I've had a word with myself and am all motivated again... Control what we can, influence what we can and do away with what we can't control!

Running seems to back on schedule and knocked off 15miles in last 5 days. I am now 168 miles into my 500 target. I do think i'll finish about 50miles short but at the minute i am so enjoying the head space (no music which is so refreshing) so if i can nudge upto 20miles a week, that will take 5miles off the shortfall.

So onwards with a renewed vigour!

greent

Glad you're 'back' Jimmy!

I second what others have said - August with kids is an expensive month (I remember spending £400 on back to school shoes/ trainers/ rugby boots the one year....!! :eek:) - and I personally also find Sept a little thin as I'm playing catch up with August. However, I also really like Sept - that whole back to school thing almost feels like a new year start again, so (for me) it's all about re-motivation in that last stretch to the year end (Plus flebay tends to pick up in Sept/ Oct - always a bonus!)

Suffolk_lass

My summer profligacy is usually paid for in September and October, as the Halifax Clarity Card statements spread over two months. I always feel disappointed with myself when the TTs and OPs are less than I hope.


This year I have let the TTs build up in the instant saver (read 0.1 interest) account so I can pay down the CCs without impacting but really I would be better off paying down the mortgage and reducing that daily interest sooner, rather than later. In fact, I'm going to do that now.

shangaijimmy

August and those pesky kids!! We trudge ever closer to payday and only 9 sleeps remaining! Just petrol in 1 car and a food shop to get through!! Mrs SJ will be getting a no spending warning this weekend!!

Its never hit us like this before in August which has taken me a bit by surprise i suppose. I also reckon the biggest frustration is not doing my daily TT's.

Anyway 2 runs done this week. 7miles on Monday and 4 yesterday. Now at 179 total miles, so i have an outside chance of hitting the 200 mark by the start of next weekend.

chumpy45

I feel your pain SJ. Money is slipping through our fingers like sand. Even worse there are now 2 girlfriends in the mix so it’s even worse :rotfl: however it is lovely to have them all here. Order should be restored in September. In the meantime I am going to make sure I enjoy it as DS1 leaves home for good in Sep (not just uni, the real world :eek:).

Suffolk_lass

Ah yes chumpy45, the moment they leave home... many tears. We bribe ours back to cat-sit when we go away but it still means a certain amount of devastation, and that is to the house... are all children, or offspring, untidy at their parents' homes?


More than 9 sleeps to pay-day here SJ

shangaijimmy

Chumpy and Suffolk - we're a good few years behind you in terms of the kids leaving (uni and for good). The thing that amazes me with 3 little people's is the sheer amount of stuff (replace stuff for junk, plastic s**t, or just general carp - depending on how much of a tip the house is in) we have accumulated. And i have to say the majority has been bought by grandparents. Toys from the charity shop that a) we do not need, b) we already have one of the equivalent and c) half the time are broken or with bits missing. I'm then the bad one for returning said item to charity shop a few weeks later!!

Anyway i have been lax again and haven't logged on for a week, more out of avoidance of money situation. But mow the end is nearing sight with only 2 sleeps to payday. Praise the Lord!

southantrim3

shangaijimmy wrote: »

As promised our monthly budget.

• Income
• £3402.55
  
  Outgoing
• Mortgage - £687
• Council Tax - £173
• House Insurance - £11.38
• Mortgage Cover - £33.83
• Life Cover - £13.80
• Mrs SJ Gym - £9.99
• Mrs SJ Mobile - £10
• Line Rental - £16.40
• Water - £42.69
• Gas & Electric - £120 (paying back some money from not paying enough)
• Me Private Pension - £122.57
• Car Insurance - £18.20
• Car Insurance 2 - £18.82
• TV Licence - £12.12
• Pet Insurance - £9.30
• Mortgage Overpayment - £423
  
  Total - £1737.63
  
  Monthly Allowances
• Petrol Me - £80
• Petrol Mrs SJ - £120
• Food - £320
  Total - £520

We put £600 away into various savings pots (kids, long term, holidays, cars). After all this plus some spend allowances for each of us we have £300 surplus each month that we use for anything that crops up such as dentists, new tyres, school trips decorating, hair cuts, nights out etc...

So we're quite planned without being too strict. Always trying for the balance between paying off mortgage debt (we have no other debt), and living!

Keep referring back to your SOA from a few years ago and noticed the part (that I've put in bold) where you seem to organise the rest of your money into various pots...

This is were I fall down and have recently started to set up general basic savings account pots for things like oil, presents, holiday etc by paying standing order at the start of each month... Is this generally the way you go about it and if so can you give ideas what sort of other pots you use?

shangaijimmy

Wow, that was an old post! Amazed that anyone can refer back to that!! Also a nice reminder that i could do with updating it (scurries off to investigate for later).

I have various savings accounts for those types of things; i.e. Holidays, Car Tax, Christmas, Kids Misc (those times when they grow out of every t shirt at the same time) and everyday Misc (birthday presents etc...). They're all easy access for a quick transfer.

We then have kids savings for Uni (not so easy access) x 3, S&S Isa for our long term savings, and then 1 more savings account that kinda acts as our immediate EF.

My problem is that Mrs SJ probably doesn't know where it all is, so i really should do a financial whereabouts fact sheet...