My Saving Journey - Supporters Welcome

CrazyKitten

Hey Everyone,

I'm relatively new to MSE Forums and just wanted a place to record my successes and failures in a bid to get debt free and start saving for a house and a new (to me) car. If anyone has advice or would like to follow my journey please do!!

I often feel like i have a thrifty angel on one shoulder and a spending devil on the other! I've done really well that since sept 14 i've written off 3 credit cards and reduced my debts from over £1,500 to £460, I know i'm not in a lot of debt but it feels that every month I'm spending more than my wage brings in and its really getting me down. So many of the 'social norms' like new car, marriage and owning a house seem like they will never be possible esp as my partner has a terrible credit score!

So I'm aiming to clear off the £460 and to save £10,000!

Wish me luck

CrazyKitten

1st step: A financial review
Each month:

In: between 1122 and 1250 depending on if I can get extra shifts

Out:
Rent: £325
Npower: £50
Water: £21.75
Council tax: £70
Diesel: between £120-£150
Zumba £16

The rest goes so quickly on shopping and one offs like I had the dentist yesterday and next month car insurance and then in June road tax.

I've started a budget of £110 a week (not including the above bills but I will include diesel) and will start a spending spreadsheet to see what I can cut down on/out

CrazyKitten

Bit of a mixed bag with the budget so far!


The 1st week I only went over the £110 a week by 52p so not too bad, each time I go over I take that off the next week and similarly add on any left over. the 2nd week was -£38.13 what with prescriptions and the dentist but this week I've done much better and I'm left with £13.38! I made £90 extra this month from work so I've taken my CC down from £460 to £280 :T

savingwannabe

Well done on reducing credit card bill. The dentist etc was essential so you had to do it so don't beat yourself up. Hope the weather is good by you it is raining here!

Purplesky_2

I would suggest that you figure out what social norms really mean to you.

To get married, it costs like £200 for the license and a room with a registrar. EVERYTHING else is optional, and at the end of the day as long as you are married to the one you want to be married to, then it was a good day.

A new car: Try for one that is a reliable make, and easy on the upkeep and get it two-three years old. One you've bought it, no-one but you will know whether or not you bought it new.

And the house. Not sure where you live right now (I would guess up north some-place, based on the fact that I didn't look at the rent and FREAK OUT (Seriously, have you seen the rents in London?)). Look around and figure out what would be a 10% deposit RIGHT NOW and aim for that plus half again (Total 15% 'deposit' which would give you room for house price inflation and solicitors fees)

Finally, do an SOA and see where your money is going. (Try and x 12 to figure out how much something is costing a year to you). See what you can negotiate down (Sky for instance often drop their price if you ring and ask them to). If nothing else, it will focus your mind on exactly where your money is going and give you a feeling of control.

Finally CONGRATULATIONS on getting your credit card bill down so fast. You'll be making savings before you know any more about it!

CrazyKitten

Thanks Guys!


Its really helpful to have support and advice, you can often get bogged down and stop seeing what's important in life! Purplesky I currently live in Cambridgeshire, rent is £650 total I go half on everything with my partner, we would like to get that down to a cheaper smaller property like we had a year ago, sadly that got sold and at the time we just needed to take what was available! That's really helpful advice regarding the 15% I shall get looking


Well I've had a successful month overall! Considering I had to pay out for car insurance (which I did in full and got them to knock off £175) and a new windscreen at £75 I have managed to save each week from my weekly budget
week 4: left with £75.27, week 5: left with £31.69 and week 6: left with £97.68 which meant I have not touched the credit card all month and I've £118 in the bank and its pay day on Wednesday! I've also done lots of overtime this month so payday will be better than normal!

thrifty-hayley

Hi CrazyKitten, well done for taking the first steps! I'm saving for a house deposit too so I'll be cheering you on

Out of interest, what kind of bank account do you use for your savings? My first job is rejigging my bank accounts and it looks like it could make a real difference.

Best of luck!

CrazyKitten

2 months on since I last posted and I still have not touched the credit card This is unheard of for me! The last bit is taking a while to clear but its 0% interest and i'm balancing my spending otherwise. £95 gas and elec refund YAY! £102.50 to fix my car when it broke down yesterday boo! but at least it kinda evened out!


Extra shifts at work have dried up averaging 1 to 2 a month at the moment but on the plus side I've more time to enjoy myself!


I'm looking to open a help to buy ISA, depending on what the banks have to offer at the moment I just have reward accounts.

CrazyKitten

So with my birthday break away, Xmas then my partners birthday coming up I think I'm going to struggle to save anything further until the new year, I've £600 and I'm hoping I don't dip into that pot over this period! I've saved this by cashback apps, swagbucks and crowdology surveys, medical research participatation (it's no drugs it's on mental health and brain developments in young people at cambs uni) extra work shifts and sticking to a weekly budget. So progress is slow but it's better than being in debt!

savingwannabe

Still good progress. Happy birthday break.

CrazyKitten

Hi All,


Well I'm doing better than expected & I've even managed to save an extra £225 as I was very lucky to receive £65 in cash along with presents for my birthday I've switched to a monthly budget to see how that goes, I started to find some weeks I don't go anywhere near my weekly allowance but other weeks I go way over, this was mainly when I needed things like fuel but it would annoy me and be disheartening. I've started selling again on FB, its a total pain as people are always messing you around but I've sold an old Blu-ray player for £15 and slow cooker for £10. I've lots of sorting to do of books, dresses and old mini fridge etc anything I can't sell I will give to my charity shop at work!


I've also can't up with shopback, coupons and competitions, biggest win £30 TableTable voucher so can enjoy a meal out with my BF