A Journey of Many Pounds Starts With a Single Penny

LadyGnome

HelloDFOD and brizzledfw
Thanks for popping in.

No big plans for half term as we had a holiday at Easter. Today was a very lazy day with several hours spent playing in the garden while the Guinea pigs mowed the lawn:)
The boys want to see the Angry Birds movie so that is on the list. I think Monday and Tuesday might be wet so probably one of those days. It's much easier when it's dry as we can just head to the park with a football.

debtfreeoneday

The weather can be such a pain can't it.. I don't want sun necessarily - just be dry so we can get out!!

LadyGnome

I've just found out that one of my bills will be bigger this year so I will have to adjust my accruals and make up the shortfall on the accrued amount of £163. Not a major issue but it does mean a rejig of the monthly budget at a tight time.

Logically, I know in a couple of months all the organisation and cutting back will be worth it as I am building a framework that will make life a lot simpler in the long term. It's much easier to save smaller amounts over longer periods than find big lumps of cash at short notice. Still wouldn't mind winning the lotto to help me along;)

Yesterday was a NSD as we lazed around.

I need to get some bits and pieces for the garden but I have a savings pot for the garden (you knew I was going to say that didn't you:o)

I've updated my signature with May's figure. I use the last day before the payment goes in so that is the highest it could be.

LABMUM

Can I ask how many money pots (savings) you have LadyGnome and what they are for?

LadyGnome

Hi Labmum
I have a number of savings accounts that hold multiple pots of money that are allocated on a spreadsheet.
I split all big annual bills by 12 and save each month so
Car Tax
Car Insurance
House Insurance
Sports club fees & equipment for the children
My annual club subscription

Quarterly bills (save 1/3 pm)
Charity donation
Children's music fees

Ad Hoc
I have rolling 12m forecast of birthday, holiday, going out costs which I top up every month based on the current estimate

School uniform -I put a bit aside every month (so when one of the boys trashes their trousers I can replace them without juggling funds)
School extras - ditto (I also have a bag of 4x£1 as there is a non uniform day each half term at £2 per child)

I also have fully funded pots set aside for the garden, getting bees (the children want them), flights this summer, refix fees for mortgage in Nov.

I then have the main ones I am saving now which are for the children and a big holiday (possibly Florida theme parks)

In addition I have money saved for my tax bill, an EF, an occupational pension, longer term savings e.g. ISA to bridge the time when I get fed up of working and when I can access my pension (my get out of jail free fund )

Off the top of my head that is it but I suspect I've missed some but I would have wrest the laptop of the younger Gnomeboy to check my spreadsheet.
(Oh yes, I will have a laptop saving pot next month!)

Sorry for the epic post

LABMUM

No thank you for the long post LadyGnome it is very helpful. I am will debt free January 2017 because I am being made redundant and have hopefully already got another job lined up so wanted to have an idea of what saving pots I needed. I have a few already but it is always good to get other ideas.

LadyGnome

You're welcome.
Mr Gnome is responsible for house upkeep costs as he can do most of the work himself. He also tends to buy the boys clothes as he is also shopping for himself. So I don't have pots for those.

My logic is that the annual bill savings are also a back up emergency fund as I could always use the money and then take the pay monthly option for the insurance (which is usually a bit more expensive than the lump sum). Similarly my longer term savings could be freed up if absolutely necessary.

Like you I am reading diaries and getting ideas, it's useful to see lots of different approaches.

Good luck with the new job.

debtfreeoneday

Those are some mega pots LG, I like the idea of some of those - if I ever get that organised..

brizzledfw

Thats all very organised Lady G ... I keep separate categories for things too, I keep track of it all on YNAB..but then I don't do the grunt work reconciling it all..OH does that Certainly makes me top them up more when the totals are close at hand and I love LOVE getting updates from the bank when I call re my OP pot

Hope the bees work out. OH kept them years ago. We still muse on keeping some on the roof ...but not gotten around to it yet.

LadyGnome

I have to be organised otherwise things start to unravel fairly quickly. I do get a sense of satisfaction from reconciling the pots and knowing the money is there when needed. Having said that two bills have come in at rather more than expected so I will be playing catch up for a few months. I have time to sort them as they are not due for payment yet but it does mean a bit less to the main pots.

I dread to think how I would have handled them a few years ago when less organised as I wouldn't have spotted the problem in advance and would have been landed with bills I would struggle to pay.

Another NSD yesterday (3 in a row) as I was pottering in the garden planting out flowers we have grown from seed. I might give it a rest today as my back was playing up. We have cooked some of the Swiss chard from the garden so first veg harvest of the year - I used it instead of spinach to make saag aloo.