Making savings before it's too late

caronc

I find a spreadsheet the easiest way for me, everything in one place and I know "where I'm at" at a glance. A banking app would work less well for me but I know my kids use them.

bouicca21

Like Money I CBA to faff round with spreadsheets and the like. I've always had to be frugal, always had a horror of debt, so I suppose I've effectively done the planning in my head. Being retired and being mortgage free has made the finances so much easier but Christmas was expensive, various annual subs went out in January and two unexpected repairs have pushed me back into extreme MSE mode. But I've done it before and I can do it again. I could sub myself from savings - but I've got cataracts and when they need doing they will be done, no way am I going on a waiting list.

[Deleted User]

suki, I have that reality check from being on the MK thread and having taken a small house worth of nice goodies to the charity shop. If only I had been better able to differentiate want and need when I was younger. These days I tend to decide I might want something and sleep on the idea, more often than not I have changed my mind by morning

I do know that any furniture bought in the last 4 years is having to work harder and to have potential for space downsize in the future (maybe 10 years). In the meantime I either find a house that can accomodate my many hobbies and all my furniture, or some of my nice quality furniture will have to go, the stuff that is darkand older but I am still hopeful of finding a big enough home and deferring the actual furniture disposal until I need to

Chandelier.

I'm late to joining the thread but better late then never eh?

This year is proving to be an expensive year. We have a lot of family occasions/events coming up that it's hard to keep track of.

I did the whole moneyhaul thing at the end of January and set up a new budget for February and onwards. This includes future annual expenses. I work best with different pots so have set up numerous ones for different things. I have a main account where my bills/direct debits come out of then a seperate account for entertainment funds. All other accounts/pots are set up for the annual expenses and a set amount is divided between these each month. What is not spent will go towards creating a buffer/sweeped towards another savings account.

I was lucky to receive an inheritance towards the end of 2017 which enabled me to finally pay off my debts and add the rest to savings I had already accrued, I basically have enough for a house deposit right now. However I'm choosing to stay at home as long as possible in order to build up my savings so when I do decide the time is right, I'll be able to put down a decent deposit and have enough left over to finance future renovations. I don't want to put these on credit.

I've always been more of a saver then a spender. My debt was never down to wreckless spending, it was down to the decision of wanting to end my PCP deal and pay for the rest of my car outright and then I had some private dental work done, which I thought long and hard about. I always ensured I paid off lump sums each month and aimed to get the debt paid off as quickly as possible. So effectively the money I used each month to pay off the debt is now diverted elsewhere.

The only reason I have recently started to use a credit card is to obtain cashback and to build up a regular credit history so when it comes to applying for a mortgage, the lenders can see I'm responsible with money management. It shall be paid off in full each month and each time I make a transaction, I transfer the money from whichever pot necessary to another account ready for when the bill is due.

My way of money management may be confusing to others but it seems simple to me. I always find the simple things complicated. I can see where my money is going and check my online banking most days to make sure everything is running smoothly.

I'm on track to save at least 6k this year through directing maximum amount into a help to buy isa and a 5% interest saving account. Any additional savings will be a bonus.

I don't think I'm doing too bad for a 25 year old single parent. I'm just wanting to secure a future for me and the boy. I'm always looking for ways to cut back/save money and I think carefully before I buy.

The thought of debt terrifies me and I think this is due to learning that my brother at the age of 22 managed to wrack up 38k worth of debt. This involved debt he'd already accrued and because he wanted to buy a new car. It's taking him nearly 5 years to pay this off after being bailed out and most of that was due to him receiving some inheritance too which cleared the final amount of debt. He still hasn't learnt though and remains to be a spender without thinking and money burns wholes in his pocket.

[Deleted User]

I love it chandelier, old head on young shoulders and welcome here

Siebrie

I have a bit of a sneaky way to save: I put money in a saving account my dh can!!!8217;t see. We are saving for 3 big items this year: the buffer to !!!8364;10,000, dh!!!8217;s every-3-years trip to his motherland, and moving house.

We went to the bank for financial advice about moving house, and the advisor said all would be covered by the sale of the old house. Fine. However, in Belgium you have to pay a 5% or 10% deposit on a house when you make an offer, and you lose this money to the seller if the offer falls through. So, even though, technically, we could borrow money against our current mortgage, I don;t want to do that. With our incomes, there should not be a reason to borrow that amount (!!!8364;17,500 = 5% of our maximum mortgage). So, I syphon it off to a savings account that is linked to our only current account. He can see the money going there, but not the total. He can also see that the amount for his trip is growing nicely, to keep him happy

Blackcatsreturns

A bit cross today - eating out is so often disappointing and usually over priced. Had a family lunch which included young kids so chose a well known pizza chain. Took vouchers and no-one drank alcohol but even so the bill was steep. I wished that I had made lunch at home as it would have been relaxing as well as much less expensive. Next time eh? Have managed to write a whole post without an apostrophe as they seem to be going haywire at the moment !

LameWolf

caronc wrote: »

I find a spreadsheet the easiest way for me, everything in one place and I know "where I'm at" at a glance. A banking app would work less well for me but I know my kids use them.

Me too - I have spreadsheets for just about everything.
I don't have a smartphone, so apps are of no use to me.

tori.k

I've been a little spendy for my own sanity yesterday, ordered a telephone amplifier for my mother and picked her up a watering lance and bits ( not that it looks like it will be needed anytime soon)
She is fiercely independent an I expect nothing else going forward with her she freely admits she can't hear the phone in dad's office if the lounge TV is on but won't have an extension in there, and she's anti anything connected with old age, and my siblings are cowards so I'm the sucker that has to always play the bad guy.
It will play out the usual way I will set it up, she will moan to my siblings that I'm treating her like an old lady then in a week be recommending her friend gets one :rotfl:
The new watering lance is to deflect from the old lady telephone amplifier

Blackcatsreturns

My parents are the same Tori K- brilliantly independent so very hard to help without causing offence. Mum is late 80!!!8217;s but still cooks every day from scratch. I!!!8217;ve managed to introduce one ready meal a week to give her a rest, however she still peels, chops and cooks all the accompanying veggies. My dad (in his nineties) is very put out that he can!!!8217;t still change ceiling light bulbs! I!!!8217;m very lucky to have them.