pay off debts, save an emergency fund & a house deposit in 7 years (part 1)

sugar23

Hi I'm not sure where to post this as it comes under an umbrella of categories.

our expenditure on paper is a few pound less than our income. we currently have some debt (£1500) and the main reason for the debt is due to never having an emergency fund. Im about to start my studies and when youngest starts school will look for work (childcare costs makes it financially not worth me working at present). With money being a little tight i need to cut costs where i can to save as much as i can.

we would like to buy a forever family home one day. (once i am working too) so this diary is to help me keep focused, pay off the debts, have an emergency fund in place and save a deposit i will try and post most days to help this focus stay intact.

our aims.
1. pay off debt (£1500)
2. save £5000 in an emergency fund
3. save for our forever home deposit

7 years gives us until we are around 30 years old

i hope you will be able to encourage me on my journey

ETA : We are a family of 4 (6 if you count the furbabies)

savingwannabe

Welcome Sugar23. Wishing you a pleasant saving journey.

sugar23

hi everyone,
thanks savingwannabe.

today has been a NSD.

tomorrow i have a list of jobs to do including finding my parcel bags and listing items for sale.

i will update our total debt / savings total at the end of each week. hopefully this will help me to stay focused.

i joined top cashback a while ago but forget to use it until recently. i will cash out what is available to cash out in the new year unless we get desperate before then.

just been through the freezer and will only need a few extra things to make evening meals for the next 16 days at least.
i also have enough bread and rolls for a week at least. i need to get soya milk tomorrow for the youngest so will get the bare essentials we will need in the next few days with the £10 that is in my purse, but the rest can wait till later on in the week until we get paid (by the rest i mean breakfast cereal ready for next week (have enough for now) and lunch items and fruit and veg that we will be low on and needing by then oh and some freezer bags so i can start portioning out meat etc when i buy it instead of the extra going to waste

sugar23

hi so some things have changed since i last posted.

i am now doing this on my own due to my relationship breaking down

on a positve note once i can get the last things sorted my finaces will be in order.

i will try to remember to post as often as i can. im sorry i neglected you so soon but things will hopefully be more settled soon

savingwannabe

Oh Bless you sugar23, welcome back. You are not on your own here there are many of us here - me and a pack of Wotsits so far but I am sure other people will post too. We are all on our own journey and wish you well. Hope you have a good week. hugs, swxxxxx

sugar23

im just taking each day as it comes at the moment. i need to get a plan in place though. the problem is my head is like mush and i dont know where to start. the x seems to be being ok we have a few things to sort (financially) but hopefully soon i will know where i am.

im finding the whole thing financially a little daunghting but im determined to make my dreams become reality. so what better way to start than keeping a diary.

i have a 7 year plan and in that 7 year plan are 8 things id like to do / or be on the way to doing.

the first one is too get my finances worked out and pay off my debt.

so once i know where i stand regarding my income outgoings and any housing and council tax benifit i may be entitled to i will make an official start. until then i will be doing what i need to do to get through the next few weeks until everything is sorted and settled

sugar23

i think to help me keep focused i will set myself some challenges. that way hopefully things wont seem so daunting.

i have joined two challenges over on the debt free board.

october challenges
food / household spends challenge aim is £200 spent £11.94
make £10 a day challenge aim £310
[STRIKE]start an emergancy fund currently £0 (aim £100)[/STRIKE] done £200 total
[STRIKE]pay some off debts[/STRIKE] (currently around £1200 now at £1000)

this weeks challenges (start every saturday)
list 7 items for sale
have 4 NSDS - 2 so far
[STRIKE]keep on top of studies. [/STRIKE]
[STRIKE]create 7 evening meals (with items that i already have in to try and keep shopping spends to a minimum)[/STRIKE] done

savingwannabe

Well done you this is really positive and inspires people like me. Stay strong and prosper!

sugar23

summary of today.

NSD

budget for the week. £50 (not including any bills but does include food and any other spends.)

going to use this week as a starting point and learning curve.

sugar23

hi everyone. so today i have an update on my accounts.

when i started this diary i had £1500 of debt. this is now exactly £1000.

and i had £0 in my savings. i now have £200

i had a LSD yesterday. spent £5.75 in total.

i know this is going to be a rollercoaster ride. but im really excited to see what the future holds.

sugar23

today was another NSD