Atrixa's First Step to the Property Ladder

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  • savingwannabesavingwannabe Forumite
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    I don't know enough about them (as too old) but it's good to discuss all of this.
    Try to have a minimal spend year in 2021
    Saving change in money box.
  • atrixaatrixa Forumite
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    I've put in another £142.85 into my emergency fund this month, bringing the total to £231.66. Almost halfway full!
  • atrixaatrixa Forumite
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    I get paid soon, so I've done my budget for the next period and due to Christmas, I haven't been able to budget any savings in. However, on the bright side I won't need to dip into what I've already saved and I won't need to get into any debt!
  • savingwannabesavingwannabe Forumite
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    Well done on emergency fund Atrixa please keep up the good work. I'm the same as you don't worry I am not saving much this month as it will be used for Christmas. I hope you are having a good weekend.
    Try to have a minimal spend year in 2021
    Saving change in money box.
  • atrixaatrixa Forumite
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    Thanks savingwannabe! I did manage to put away a few quid in the end. I had an unexpected windfall of about £50 and I didn't spend too much of it.

    I got paid early this month so my savings now look like this:

    Emergency fund: £313.58
    Sinking fund for holidays/trips: £74.72

    I ended up getting a great deal on train tickets and theatre tickets down to London in Jan. I can thank ML for the tip off on the Mastercard theatre sale! I'll try to be as frugal as possible when I'm down there. On my last trip to London I came in very under budget, which was unexpected.

    Merry Christmas MSE-ers!
  • atrixaatrixa Forumite
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    Came in under budget again for my weekend in London, taking advantage of restaurant offers and not buying bottles of drinks etc. Quite pleased with that. Not a huge amount added to my savings as I needed to replace my boots:

    Emergency fund: £338.58
    Holiday sinking fund: £30
  • savingwannabesavingwannabe Forumite
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    Well done on spending under budget. That fab.
    I like the sinking funds idea. I do look at Dave Ramsey sometimes. V inspiring.
    Try to have a minimal spend year in 2021
    Saving change in money box.
  • pinknsparklypinknsparkly Forumite
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    I love it when I manage to sneak in under budget :) Feels so great, even if it's by pennies!! This may be a silly question, but what are "sinking funds"? I've not heard that term before!
    MFW2021 challenge #99: £1,722.83 / £4,200
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: £23,424.21 / £30,000
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Jul 2050
    Last updated: 26/04/2021
  • atrixaatrixa Forumite
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    Sinking funds are (as far as I know) a Dave Ramsey thing as savingwannabe mentions. It's basically money put aside for a specific purpose, like a new car, a holiday or house repairs. It makes sure that you don't need to use credit if you know that a cost is coming up. A lot of people have Christmas sinking funds (but just might not call them that), which I think is a great idea.

    Dave Ramsey has 'baby steps' you can follow for your financial security, but I find some of them to be quite US-centric and don't make as much sense over here. He's great for inspiration, though.
  • atrixaatrixa Forumite
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    Another month, another payday. Savings now look like this:
    Holiday Fund £50
    Emergency Fund £445.74

    I should make my £500 goal next month :D

    Some good news, I got promoted at work months ago and they've finally sorted out the pay rise, so I'm now a bit better off each month. I also raised my pensions contributions to 5%, which is matched by my employer. Work has annoyed me a great deal with the way they've worked out the pay rises though (a few of us got promoted at the same time). At least it's given me a kick up the bum to see what other jobs are around. At the moment it looks like not much, but I'll keep an eye out and try to stay positive in the meantime.
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