Myteeduck's Savings Diary - £16,000 Goal!

myteeduck

Hi

This is my new savings diary.

Basically I need £16,000 as fast as I can.

I have a car which I am in negative equity with and I owe £15K on it.

I would like to do my next year of AAT - Level 3 - as soon as I can and I need £1K for this.

I understand that due to my income and my disposable income, I will probably reach May 2018 before I save the £15K (when my contract ends) but even so the more money I have saved, the better choices I can make then. I can either put it to my home, or I can buy a new cheaper car outright (I plan to return mine after the term to get out of HP agreements).

I understand getting a better paid job and/or part time job will be key, but this is where I am going to document my attempts.

x

ColinFishwick

This is best in Loans forums

Is the rest of the 16k to pay car off minus 1k for AAT

myteeduck

I already have a loan with the car company.

This will run as planned. This is to be a savings diary, so I can cut the run of the loan down and shorten it - or instead use the money for a house deposit. I am not in a life or death situation and in March 2018, £7K will be paid and I will hand my car back in and walk away.

I need a goal otherwise I won't save anything, so I have decided 16K is my goal amount and I will gradually work towards this.

Thanks

savingwannabe

Welcome. Everyone is in the same boat and we all help each other. Good luck. AAT is v helpful.

myteeduck

Hi

I have managed to save £25 and popped it in to my ISA.

I use YNAB but I haven't allocated the money to anything, so I will allocate it to the 16K fund!

I am hoping that by the end of the month there will be a little bit more money in the account

x

myteeduck

Hi all

I will probably only update this once or twice a month.

It is almost payday and I have £90 saved for my car insurance. Coupled with other money due in October, this wil;l be paid in full before the end of October.

I don't have the money I did in the ISA now - if there was any left it is now part of the £90.

I have £30 left at the end of the month in my piggy bank and I am debating on what to do with this.

September has been a little more frivolous that intended so October will be more savings oriented.

I am bad when I have left over money in my account.

so Octobers intention is to remove all surplus money out of my account to an old savings one I have. I don't make any interest but its in another bank so it will hopefully be "out of site, out of mind"

x

myteeduck

Wow! A lot has changed over the last few months since I have been here.

I managed to get 2 pay rises in the last few months and I now have a decent income which is amazing.

My AAT is being paid in full for me so I don't have to find the money.

I managed to find the money for my Car Insurance in full in October and that was fully paid for - I am on the cusp of almost having Septembers ready and put aside.

I have lots of little pots with regular amounts going into them, ready for different times of the year i.e a pot for Christmas presents, a pot for my AAT fees, a pot for my home insurance and a pot for my MOT.

I also am paying cash for my shopping and fuel which is brilliant. I put any money aside at the end of the month in to a pot. I only did this in January and I have managed to save £5! Not much but better than nothing, considering its been 6 weeks or so since I was paid.

I have increased my mortgage payments to my parents so I'm no longer being subsidised (I hated that as I got it thrown in my face whenever I got in to difficulty before all my changes).

I am now a week away from having my first instalment for my 16K fund. It won't be a major amount but a little is something.

I have decided to get the 8K by May 2018 to pay my car in full, then work towards overpaying my mortgage, so I may not reach 16K fully but this is the amount I need to pay car and the extra on my mortgage than my monthly payments over the next 7 years.

In 7 years MAX I hope to have a fully paid for car and a fully paid off house. Its a big dream, but my other dream came true so I need something to work towards.

I have done a lot of this by a) getting better paid in my job and b) becoming/adopting a minimalist lifestyle. I know really think before I buy anything, even food. I went to a supermarket today and have a little list in my head. I stuck to it, got what I needed and then portioned some of the food out so that there is exactly a portion sized amount (rather than eyeballing when my eyes are bigger than my belly).

I am hoping to have a money free weekend tomorrow and Sunday where I don't spend anything. Next weekend I am out for 2 meals, one of each night - but one is free for me - paid out of a fund, then other I will take a small amount and stick to it. I may even pick my meal before I go. Drinks will probably be free - I just want to contribute to my food.

I am hoping that the next major spend will be a small shop next weekend, where I do what I did today. I will cut my expenses down by a great deal and I am also planning to find somethings tomorrow to send to charity or sell depending on the item.

xx

myteeduck

Well it is day 1 - payday and I managed to squirrel away £215. I also have some money to spend for the month but I don't plan on spending it all so I should be ok to save the full amount plus some more.

I am out tomorrow but my meal is paid for, I will stick to cola and walking home (not too late) and I am out on Sunday - cheap meal and a cola to drink. Should be do-able.

I am heading in to town tomorrow but I will stay away from the shops - I will go to the bank, then to a particular supermarket, get some cat biscuits and head home again. I was going to take my bike to be fixed but I think I will leave it for a few weeks yet.

x

myteeduck

Oh I could kick myself! I have 3 days left of work (including today) before payday as I have a nice weeks holiday but I only have £100 saved up. I have managed to squander £115 and i'm not sure on what! I did buy some new trainers (desperately needed) and had my bike fixed (cheaper than a new one and will save on petrol in the summer) so there was £50, but not really sure where the other £75 went.

I am so stupid. I know i have £13 left in my bank, no food is needed and I may save some money on my petrol this month, so the £100 is better than nothing. I need to save £350 every month. This is not possible I know but as much of this would be better. £215 would have been fabulous, but I suppose live and learn.

I have fixed my spreadsheet for next month, so I can be more realistic - I think this is where I have fell down - I wasn't realistic with my food budget and there has been too many 'treats' this month.

Oh well, just gotta get through Feb with out doing even more damage and then be stricter in March.

x

savingwannabe

Hey mighteeduck, don't worry. You have £100 saved which is good I think. I bet the £75 was spent on something essential too which you have momentarily forgotten about.

Just think at least you have learned to think moneysaving and are finding ways to save for the future. I reckon this is progress, none of us are perfect (certainly not me!).

Just a tip for the future, I buy brand or barely used expensive trainers from ebay at much lower prices than sale prices.

Second, keep a spending diary of what you buy from day to day and you can trace where your money goes.

Remember it's a learning curve, and do enjoy your holiday.

myteeduck

Well mum and dad returned from their holiday, took one look at my hair and said I needed a haircut. So back in to the savings for £43 to pay for a cut and a colour.

It is payday on Monday and I will have £50 saved this month, which is better than nothing! I need to keep focused on my dream to have as much money as possible by May 2018 - I am on track to have approx £5000 if I am strict and put a minimum of £200 away each month starting next month. I would have to borrow £3,000 from my dad to pay the car, but I should have paid that back within 7 month and it would be interest free. I just need to be strict with myself.

I have had a lot of treats this last month, so I will be stricter in March. Mothers day will be paid out of the birthday fund and so will dads present in April.

I am just going to treat myself to a facial on the 21st (which is already booked and has been postponed) but its only £15. I am going to stick to working, taking lunches to work, get my passport sorted and going to the gym in the evenings.

Hopefully March will be a short quick month and the £200 will b=still be there at the end of it.

xx