Single mum - sink or swim!

selloptape

Am very excited as will be getting a payrise next month... although I won't notice it for 18 months... I've paid the deposit for some work on my home and the remaining balance is to be paid off over 18 months. I could have taken a longer term and lower payments but the 18 month deal was interest free so will save me 2k doing it this way

Feels like a good time to revisit my budget. Costs keep creeping up and I keep expecting to have the same amount left each month which isn't exactly possible. Probably not a good job to start in the middle of the night tho - I'm a bit sleepy and not got my figures head on

selloptape

Just had a very productive breakfast. Logged into my workplace pension plans and transferred in three previous schemes. There was only a small amount in each one but will be excited to see how they boost the balance in 4-6 weeks when the process is complete (I need to get out more :rotfl: :rotfl: :rotfl: )

And... My teenager just arrived home from his dads with the news that his uniform feels smaller :eek:. Amazed that he's managed to grow over the weekekend! And it's all fairly new as it's only November. Looks like there might be a big clothes cost before Christmas then - that'll be fun squeezing that into the budget somewhere!

Have a lovely week everyone x

selloptape

Been a tough week at work, also chilly weather means I’ve not been able to run (best stress relief) roll on the weekend!

Have had a few high mobile bills so I’ve just ordered a cheaper SIM only deal with more data. Just need to make sure that the phone company cancel my current deal properly, spoke to them earlier and it was all a bit vague, I’m not sure it’s really been processed will give it a couple of days and check. Might be time to do a new SOA - all my bills have changed since I last did one so it’s about time I did a refresh.

I’ve been obsessively checking my pension online to see if the transfers have been processed yet: no sign yet :rotfl: it’s supposed to take 4-6 weeks but imagine I’ll still keep checking every few days. I’m anticipating it to be 2k max so a small amount but I find saving very motivating so think when they appear it will spur me on to save more.

As I’ve got the renovation debt to pay off over 18 months I’m thinking about setting a savings target for next year instead. My mortgage interest rate is low and it may be possible to earn more interest on savings. Although I may OP savings at the end of the year. I’ll also be interested to compare saving with OPing and see which I found more successful.

Youthgonewild

Hi Selloptape - I love reading your thread, it really inspires me.

I just had to fork out for a new school jumper and tie and PE pumps for my son at the weekend. It's only November and he's already lost one of his school jumpers and one of his shirts. I feel your pain

Well done for sorting out your pension pots. Keep up the progress!

YGW

selloptape

Thank you so much @youthgonewild - that's so kind of you

Have had a really admin heavy couple of weekends, researching (and overthinking :rotfl: ) budget for next year. Now all logged in a spreadsheet. Have planned a figure each month to save towards various spending pots for different budgets (clothes, holiday, days out etc).

Am going to have a change in how I track this as i don't think I've been on top of things lately. I used to keep all receipts and total up my expenses every couple of months but recently it's been a massive chore and I haven't kept on top of it this year at all. I've downloaded a freebie budgeting app to see if this works better as I can quickly log any spends on my phone instead of using very slow laptop.

Am also keeping an eye on DFW challenges as I've got a home improvements loan to pay off now and just want this cleared ASAP.

selloptape

Happy Sunday everyone! It's that time of year when a lot of us are thinking of targets for next year, am looking forward to seeing everyones aims - always inspiring!

So far my plans are-
Stay on budget
Prioritise saving and investments over OPs
Save £600 towards towards investments
Save £30 a month into regular saver (small as I have a large home improvements loan - savings standing order to be increased once this is paid off)
Try and find an extra £640 to save from making extra cash/reducing spend
Stay focussed on sustainability and frugality without living a miserable existence, enjoy life

You may have noticed... No mortgage OP target! Eek. Please don't throw me out I'm hoping to make more from savings/investments than my mortgage interest rate. Feels a bit wrong but makes more financial sense... If I get it right!

Not even beating myself up about not meeting my OP target this year... I've spent several thousand on the house which needed to be done, and I'm proud of myself for finding those funds, it's also a lot nicer to live in as a result.

jimjames

selloptape wrote: »

You may have noticed... No mortgage OP target! Eek. Please don't throw me out I'm hoping to make more from savings/investments than my mortgage interest rate. Feels a bit wrong but makes more financial sense... If I get it right!

It certainly makes sense from a money point of view. I know a lot of people like the feeling of no mortgage but I prefer to know that I could clear the mortgage at any time should I so wish. Instead of overpaying I've been investing in my S&S ISA so now have several times the mortgage amount as investments. When the mortgage is just over 2% interest and investments should do much better than that it made sense to me so definitely don't feel guilty about it!

selloptape

Thanks for the reassurance jimjames - it feels a little wrong as I hate to be in debt but had a bit of a lightbulb moment when looking at my student loan, which I don't overpay as the interest is low, and realised I just needed to view the mortgage the same way.

selloptape

So I’ve tweaked my targets for next year a little...

Complete Couch to 5k
Walk/run 1500 miles in 2019 (might be increased if I’m winning the battle against my sedentary job)
Lose 20lb
Complete daily gratitude journal
Meditation once a week
Become toned enough to fit into Body and Soul sequinned catsuit
Save £1500
One sketch per day
See more of friends
Write a travel bucket list and set dates to visit those places. Then visit the places.

Savings target is small due to large loan repayments due to start early 2019 and finish in 2020, when this finishes i’ll increase savings.

Feeling more flush than I usually do at this time of year as think I might have broken my Z4r4 sale habit. Boxing Day often sees me curled up on the sofa scrolling through their sale ordering much random tailoring and !!!!!! knitwear. Not sure how I resisted, possibly still traumatised by the memory of queuing for about three hours last year to return most of my order

Hope everyone had a lovely Christmas xx

Couldsavemore

Hey Sellotape..
Great resolutions!!

I did the parkrun double today (its possible to run at two events today; as they have different start times) Totally un impressive times and I think I'm going to feel it tomorrow!!

1500 miles is a long way!! A very long way!!

Where are you planning on the travel bucket list?

I'm off to give serious thought to some resolutions