My Journey To My Pot Of Gold

bellevie

Good luck with training the engineer, I love training. I don't do it as much in my current job but did in my old job, always enjoyed it

I am a little envious of the way you manage so many accounts, I have a headache managing just two!!

RosaBernicia

MuffinTops wrote: »

Hello DIA, I'm a bit opposite to Rosa in that I maintain lots of bank accounts and savings accounts and I like that YNAB puts them all in one big pot for me, so to speak. So from Rosa to myself you can probably see that it can work however you maintain your bank accounts.

I definitely recommend YNAB, but you do have to keep on top of it and update it regularly for it to be worth using. I hope that helps, but please feel free to ask any questions if you do decide to go with the trial.

Very true

I think it's also about different stages of the journey. I will need to review my accounts etc in a few months time, but right now I am just concentrating on getting DF and through college - I haven't the energy for more. When I get started on saving and potentially turn into a MFW then I will be looking to make my accounts work harder. And looking to MT for tips


Rosa xx

MuffinTops

Hello Domayne, lovely to see you after your break. You sound so focused, I'm really pleased life is working out so well for you now.

I love YNAB and I actually feel that I trust any changes they may make in the future. Not many things I can say that about!

MTxx

MuffinTops

Oh bellevie, don't be envious of my spaghetti junction style of account maintenance. I have to transfer the correct amount of money into each account and then get it transferred straight back and then there's the amount of direct debits each one needs, all to be eligible for the rewards. For me, it's worth it, but when I mention it to people I know who are financially struggling they look at me like I've just asked if I can punch them in the face! . But it literally takes me less than half an hour a month for those benefits, so it's worth it to me. MTxx

MuffinTops

I'm always happy to give account advice Rosa! MTxx

MuffinTops

Back to work again today! Quite a busy day today already. It's quite nice having meetings set up in my diary again.

There's not much to do for the engineer today, but I think I may set up a bit of a training plan for him. Althuogh he does the engineer work here at the moment, he's on a 6 month contract to gain some work experience and the role I'm moving into is the one he wants as his career path. I'm more than confident on the training as I do so much of it. Generally though I tend to train people on applications and work processes, things like that. This training is about a whole career path and every aspect within it, and one I'm only starting out on. That's the worry because if he's not taught properly it could potentially have negative repercussions on how he's respected in his next company.

I updated YNAB completely last night and have also decided to write up my main categories in line with my accounts, which is all done now. That way I can keep a track of totals into each account and what bills and other expenses are to come out of those categories. I do have a budget for literally everything, so this should help. I'll be paying for the yearly online YNAB on Friday when I get paid. Should be around £30 after discount and exchange rates.

My next dilemma is, do I start another regular saver in First Direct, now that this one has just finished. If I sell my house then I may need that money, but it's always there to take if I do need it, and it's earning 6% if I don't. Hmmm! No brainer really!!!

Pay day on Friday!!! So I'll be completely wishing away this week!


MTxx

doingitanyway

RosaBernicia wrote: »

Hi DIA

One of the things I love about YNAB is that you can track allocated pots of money within it, and not have to run separate accounts, as I got fed up (and less organised) trying to track many of them. There's lots of info on the YNAB site and the software is free for a month if you do want to try it.


Rosa xx

Hey Rosa, thanks for the advice, what with you and MT it looks like I'm join the right thread to get my finances sorted

MT Your post made me think of imposter syndrome. It usually affects women and we think we are not good enough when we are. It sounds as if you are great at what you do.

I love FD regular saver although I've yet to get to a year before taking the money out. Now my income is set to increase I'm going to try again Would you do one before an ISA or ISA first??

Enjoy your evening MT x

MuffinTops

I'm a very happy camper this afternoon as I looked at my energy utility website and it flashed up that it recommended I changed my monthly amount (for Gas and Electricity). It's told me to go from £43 a month to £28.50! Wooh, and thank you.

Then I was recommended a great book and when I looked online it was £33. Having searched around for bargains I eventually found it for £16.90. Then for some odd reason I looked on the Today's Deals of Amazon and they offered me another 3 months free audible membership - and this book was listed on there. So I am now the proud owner of that free book and 2 more free credits with a diary note to cancel after the 3 months!

I've felt so tired today. They seem to have increased the heat in our offices to "stuffy and sweaty" which has made me really tired. Hopefully outside isn't too much of a contrast.

Almost half way there! YAY! I think the dancing girls may need a little warm up tonight for their full rendition on tomorrow's update!!!! MTxx

MuffinTops

Ooh snap DIA. We posted at exactly the same time! Loving those great minds working together.

For me, a regular saver is much more benefical than an ISA. Both of my regular savers will give me an average of £90 each in interest. If I look at a 1.5% ISA and put the £3600 I'm about to get from the regular saver, PLUS add £300 a month to it instead of a regular saver then the total interest for that year is around £86 (less than what I'm getting on just the £300 a month for a year).

So, if I create another £300 a month new regular saver at 5% AND add the £3,600 to my Santander account which pays 3% on balances of £3,000 to £20,000 I'll get a lot more interest than the ISA can offer.

There's also the TSB 5% on up to £2,000 balances current account where you don't need any Direct Debits to come out, you just have to put £500 in there every month. I put £500 in on the first of the month and then transfer it back to the original account 10 minutes later. I get roughly £6.50 a month in interest on that account alone with the £2K balance.

Also the TSB pay 5% on the first £100 of contactless payments, so another £5 a month just by careful and planned spending on that account.

They also have a 5% regular saver, but First Direct and M&S are currently paying 6%, PLUS First Direct let you save up to £300 a month, whereas M&S and TSB only allow up to £250 a month.

I'm sorry if this is confusing, but please feel free to ask any questions.

MTxx

MuffinTops

The money in my regular saver with FD has finally disappeared! I was geting desperate there!!! They warned me it disappears from my accounts completely before magically appearing in my e-Saver (or they'll open a new savings account for me if my e-Saver isn't correct). So I'm hoping that money will reappear on Friday as I now know what I'll be doing with it.

I've decided to revamp my current Nationwide account to the FlexDirect account that pays 5% up to £2,500. The other £1,000 will go to Santander for a monthly visit to all of my accounts that need a certain amount added each month, and then the last £100 + approximately £90 interest will help to reopen a new regular saver! Before I've always scattered my monthly salary around the accounts to meet monthly pay in criteria, but this way I can manage it separately with that extra £1,000 and still earn 3% while it's in its permanent home.

I'm out tonight with one of my closest friends to a play that we paid for at the end of December. I'm really looking forward to catching up with him and having a lovely night out. I'm feeling like I have a chest infection on its way though, so hoping not to get hit with that too hard as I have so much going on at work. I did try to buy some lemsip earlier, but everywhere was so busy that I gave up. I'll pop out at lunchtime if I get time.

Well, I'm feeling incredibly organised and ready to face the new month, which makes me feel happy and grateful! So, let's have a little dance to that!

Half way there again! Almost over the hump! Have a great day!

MTxx