Learning to budget to make future adventures happen

crunch_time

enthusiasticsaver wrote: »

Different attitudes to debt and spending do need to be managed more on a reduced income. Maybe a house fund would work for you where you save for things like bathroom tiling and garden? Get quotes in so you know what you are aiming for. My daughter and son in law do this and say it works well as they have a target.

Enjoy your last few days.

I think he is just trying to stop me from being anxious about it. If we have to put a tank of petrol on the credit card then so be it is his attitude. I'm with him to a degree. Yes we will do this house fund thing. I'm currently working on my 2018 budget so will let all know the details ASAP!!

crunch_time

Afternoon all

I have applied for a balance transfer card online - awaiting response. Husband has already changed our bank address though and I've only just registered to vote so on those facts it might not be promising and I might have to put up with paying £30 ish of interest out of a £100 minimum payment unless we can get a card for husband that can transfer mine onto it. We shall see.

Our debt total by the end of the year might be a bit over £7500 but we should have about £1000 as an emergency fund - if we can keep things frugal and pace ourselves.

Crunchy xx

crunch_time

Forgot to say....

I've updated our Long term savings total on my signature.....£3440!!!

This is made up of

- £1000 in an investment fund - for the children. (it has made us £30 so far over the last 6 months)
- £482 - in my ISA - for the children
- £1600 of cash in our ISA's combined for a 3 month emergency fund.

I feel better and less anxious knowing that all that money is there if we need it. We basically have a month of husbands income already saved albeit in 3 different places.

And then £800 to £1000 in a savings account ready to start the new year....

Crunchy xx

enthusiasticsaver

Savings figures sound ok to me. What is the plan with the £7500 and how long to clear it? We have a house/cars account now as money will be a bit tighter with us both retired and a holiday account. One third of our disposable income going in both those with the other third split between our personal spends and joint entertainment, meals out etc.

crunch_time

enthusiasticsaver wrote: »

Savings figures sound ok to me. What is the plan with the £7500 and how long to clear it? We have a house/cars account now as money will be a bit tighter with us both retired and a holiday account. One third of our disposable income going in both those with the other third split between our personal spends and joint entertainment, meals out etc.

The £3440 will increase by £100 a month from husbands salary so will be £4640 by the end of the year. More when I start earning.

The c. £7500 will reduce by £150 to £200 every month. Again more if I start earning. I’m not going to put a timeline on it yet I just don’t want it to increase. Once we have finished paying it off we will use the extra money to pay off our mortgage and/or adventure fund so it is our best interests not to increase it otherwise meeting those milestones will be delayed.

I’m being sensible and assuming that I won’t be earning anything for six months at least and not using any potential money in any plans.. Once I do start I shall proportion my money into pension/savings/adventure fund/and debt repayment - paying off my course fees and laptop so around £1700 to pay off through my new business.

My spreadsheet tells me that after bills, mortgage, car payment and food and £100 savings we will have £6000 for the year for everything else or £500 roughly a month. Better spend it wisely!! I’m going to question every penny spent! Like you say it should be easier when I’m at home. I’m working on an essentials list and a wants list.

Honestly, I’m so determined to stick to the budget next year. Basically if I don’t I can’t travel the world like I think about every day.

Crunchy xx

crunch_time

I have totalled up all the categories across the three credit cards and this is the result.

Totals
Holidays £1,194.00
Spending money £223.00
Furniture £1,051.00
Food £458.00
Fuel £240.00
New business £2,045.00
Moving costs £652.00
Other carp £1,532.00
DIY £213.00

£7,608.00

So a little bit more than I thought but hopefully I will be able to round some of the figures down quickly.

The categories that make me feel uneasy are the Food, fuel and spending money ones - they total around £900 which is a lot of overspending since March. I really must keep my eye on the ball with regards to our budget next year.

The categories I am ok about are moving costs, new business and furniture.

Other carp is debt left over from 2016 which was our last stuff to pay off before the summer - before I went a little crazy and let my guard down.

I feel guilty about the amount for holidays but we had some lovely times and at the time we weren't planning to move so would have paid it off by now.

So that's how I am planning to start 2018 - £7608 in debt but happier, much happier than I have ever been and very much looking forward to starting my new career and new life with my family!!

Crunchy xx

Willowtree222

Writing it down makes it feel more powerful. It always shocks me when I write down what I have everywhere.

I am glad that you are happy though, and have found a way out of the profession. You have so much more to look forward to and to get focussed for in the New Year. I hope that it goes fantastically well for you.

I keep rounding down my bank account, it's not huge money, but you can see it has a slow and steady impact so rounding down will cut some off, even if it is just a small piece. x

crunch_time

Evening diary,

1 day to go! And I have great news! My bank has approved my application for a 0% credit card! Hurrah! Its 0% for 32 months with a fee though which i think worked out about £45. A month of interest is about £35 so it will make a difference in the long run. Just got to wait for it to be issued and then transfer my balance.

I got my payslip today and I will get paid £1315 tomorrow. Last pay check and first one without having to pay for childcare. Normally it is £1045 so a nice bumper one.

Still got loads to do before I feel we are ready for Christmas. I feel absolutely dreadful as well and am afraid I wont make it in tomorrow for my last day. Husband keeps saying that I have to look after myself though and I've got nothing to lose if I don't go in. If you are ill you are ill. I shall see how I feel in the morning. I have a cold but it has really knocked me. Felt awful at school and my sinuses are feeling very sore.

Anyways better get on with some mindless surfing of the internet.

Crunchy xx

Willowtree222

Hope you're feeling better soon x

crunch_time

Evening diary!

I HAVE FINISHED TEACHING!!!!!

It feels a bit weird. Perhaps I'm in denial about it and the reality won't hit me until January. We shall see. I got some nice presents and lots of compliments and 'we will miss you' etc. Hopefully will stay in touch with some people.

Onwards and upwards!

Just booked a holiday! A UK one for September next year to coincide with and event Husband is participating in. It will mean the boy missing the first 2 days of school but it will save us £500 as it was the bargain price of £424 for a two bed cottage for a week! I have paid a £179 deposit out of today's pay and then will need to pay £245 by the end of July next year. My plan is to make the money by selling our carp and rounding down bank accounts. It will soon add up. I've already started! I sold some books on magpie of music a few weeks ago and made £16.44. Will add a line on the signature to help me along my way.

I have also allocated £750 to a savings account for swimming lessons for the rest of the academic year (£500 - an over estimate) and our next half tank of oil (£250 - rough working out to be around February). This is so I won't worry about it and can concentrate on saving up bit by bit for house pieces.

Going to tackle the big Christmas food shop with the children tomorrow after hair cuts and then start tackling my massive to do list!

Sigh!

Crunchy xx