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The Edcawber Principle
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We did this with our two children and they are both really good with money as adults. Neither of them have debt, other than a mortgage and both save for things they want.
It was amazing as well, how often, having to fund things for themselves when they were young, made them rethink their desire to have it.
I also agree you don't owe DD the child benefit. We used ours throughout our children's childhood because we needed it, but then once things improved financially we funded things like driving lessons, cars and university support, so they didn't lose out.
On the same topic, money "for her" was always meant to be a split between a wee bit of spending (pocket money) and a wee bit of saving (ISA). Pocket money will be deducted from the total that we aim to pay back to her ISA, as she won't be having her cake and eating it. Won't make a huge difference at this point (she has been receiving pocket money for roughly 4 months), but over time we'll be paying less into the ISA as she grows up and needs more money spent on day-to-day things.
YNAB continues to make me weep blood :rotfl:
Things I have forgotten/haven't made allowances for:
On the plus side, I have included our Premium Bonds, so that adds £150 and I have cashed in £100 of loose change this morning (paid straight to current account). More importantly, Mrs E has a job interview coming up for a post that could offer a pay rise of 20% (it's not that simple once total benefits package is calculated, but that's the headline figure).
I had hoped to buy a bike outright for commuting, but it is not going to be realistic. Even a cheap hybrid bike is a couple hundred quid and I'd need a helmet, mudguards and panniers for the huge amount of crap I take into work. I think I'll need to look into our cycle to work scheme, even though I think it's overly laborious and the tax benefits probably aren't worth the faff. It could work out to be quite affordable though, as any purchase would be spread over 18 months and I'm not looking to buy an expensive bike.
Maybe not :rotfl:
**Credit card debt free 30/06/10~**
**Weight loss 2 stone 2 lbs **
MFW. 1 month to go ****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb.
It starts with you, it starts from now. *** It is ok to be me.***
***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
I'm not that comfortable with my masculinity :rotfl:
Shame
**Credit card debt free 30/06/10~**
**Weight loss 2 stone 2 lbs **
MFW. 1 month to go ****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb.
It starts with you, it starts from now. *** It is ok to be me.***
***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
To achieve this I have had to cut: cat funds *2 (10% each), Baby 15%, Transportation 40% (public transport and parking), Groceries 10%, Home Maintenance 80% (emergencies only), Gifts 10%. I have also stopped funding two DD "nice to haves" that have taken another £25/month or so out of the budget.
Not a huge difference overall (about £200), but it should right the ship. Cash flow should also improve by c. £230/month from November (the effect of unbudgeted expenses disappearing and a pay rise of 6%).
Anybody else bored of budgeting chat yet?
I have packed my breakfast and lunch for tomorrow already to save money - currently running down the cupboards and I am eating some right random !!!!!!
🙏 you always seem to be on top of things when I read - my mild obsession with having enough money means I don't really get bored with budgeting talk - it's better than always being surprised when things pop up
Save £12k in 2020 - #20 £7,085.43/£5k 141.7%
Save £12k in 2021 - #26 aiming for £7,500
OS Grocery Challenge 2021 target £0/£3k 0% annual (£500 contingency)
My Debt Free Diary Get a grip Woman
I'm almost never bored of the budgeting chat (also post on YNAB's forums, which obviously devote themselves to budgeting).
Hope the spending cuts are easily managed - the brilliant (& not so brilliant) thing about YNAB is it does force you to face the music regarding what you actually spend on a regular basis. (But then there are very few surprise bills to contend with!) Knowledge is power vs ignorancy is bliss, I suppose.
**Credit card debt free 30/06/10~**
**Weight loss 2 stone 2 lbs **
MFW. 1 month to go ****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb.
It starts with you, it starts from now. *** It is ok to be me.***
***Keep plodding*** Out of debt, out of danger. ***Be the difference.***