Savings Plan

Debtnomoreplease

Need to keep focussed on some serious saving plans now.

I'm taking the mother out to a restaurant tonight (her b-day treat) so will get some ideas down when I get back. If it's written down, I will be more focussed!

However, so lovely to be able to treat the mother to tea and not have to stress that I'm in my overdraft-huge leap from this time last year!! :j

Will update more later after some yummy food!

Debtnomoreplease

Sorry, I've posted in the wrong section. Please could someone move it to debt free diaries? I would, if I knew how to! Oops.

Thank you

Debtnomoreplease

Got distracted with savings plans!

So first of all I really need a good emergency fund behind me. I want £2000 as an emergency fund (minimum this year) before Christmas! I currently have £1000 emergency fund...£1000 to go. I've worked overtime this month, so that will go towards my emergency fund. I'm hoping to throw at least £400/£500 minimum at the end of this month. so hopefully by the end of Aug, I should have £1400/1500 out of £2000 emergency fund.

Secondly, I need a healthy car fund of ideally £1500 minimum. Reached by Christmas too. Nothing for this yet, but I do have my emergency fund-but I really want a seperate fund for car.

Thirdly, small Xmas fund-luckily I don't go over the top for Xmas so £400 will cover gifts, works do, drinks out etc. I will try and add £100 each month from Aug to Nov for this.

Once those are saved for and started 2019. I want to save for a deposit for a house. I need to look at this in more detail etc.

Also in 2019 savings plan will be a holiday fund.

I don't want any of these funds to go below, so if I use some out of one fund I will look to replace it the month after-if that makes sense.

After living for so long in debt, I need to feel secure more money wise, as I never intend to get back into debt!!!

Feel free to chip in if you think his is all wrong and I should plan to save for other things etc.

Mnd

Good for you, sounds very exciting

Willing2Learn

Debtnomoreplease wrote: »

Feel free to chip in if you think his is all wrong and I should plan to save for other things etc.

Why don't you try doing a savings snowball? Instead of debt snowballs, why not list all of your savings goals in order of priority, then just start a snowball...:)

Debtnomoreplease

Thank you Mnd.

Willing2learn....what a blooming fabulous idea!!! That's exactly what I'm going to do! Treat it as 'debt' in my head, but it's actually savings! Thank you!

Debtnomoreplease

So after my small melt down the other day-I've got a savings plan in place for my wage at the end of this month.

I've carried on doing overtime and working second job (yes, I currently have no life!) ha ha. But want to be able to relax a little more money wise, so these savings plans will help me do that.

Emergency fund is currently at £1000, I will add another £500 this month bringing it to £1500/2000. (£500 to go next month then target met.)

Xmas fund-I will add £100/400 (300 to go) Sep-100, Oct-100, Nov will meet my target. Next year I will be much more organised, as will put money away every month. Luckily, I buy gifts during the year, so £400 will be plenty for gifts and works do etc.

Car fund-already got £400, so will try and add £500 which will bring total to £900/£1500.

Hopefully all these will go to plan!

Next month I will look at adding another £500 to emergency fund which will meet my target of £2000.

Add another £100 to Xmas month making me half way there £200/400.

Car find will aim for £300-£500 (depends how much work I can get)

When these saving goals have been met, I will relax a little more.

The melt down the other day I think is through fear of not having a large emergency back up, as I will never go back in debt again-spent far too long in it!

Next month may be a little tighter, as unsure of how much extra work I'm able to get.

pidge04

Wow! That emergency fund is growing and growing.

MovingForwards

Not sure if you have used the 1p a day and 52 week savings challenges? I have been using them the last two years and have been able to build up cash pots (I am also getting out of debt and saving for a deposit).

Debtnomoreplease

I will have a look moving foward-I love a good little challenge.

So a few days to pay day. Hoping all goes to plan with the pots. I'm going to do another budget plan tonight-slightly obsessed!

It's actually my day off, but been up since the crack of dawn and on a mission to make some cash! I've sold a couple of things on Facebook-made £14. My friend has a new shed, but is so busy working she hasn't got time to paint it. She has asked me if I want to want some cash (she knows about how I've been paying off debt etc and wantonf to save) So she said if I could do it for her it would be a massive help and she'd throw in £20 and tea tonight, as she's only pay so one else to do it. So that's my day sorted and £34 up and a free tea before 12!! Going to have a look in the loft and see if I've got anything else to sell-want to try and make and extra £50 this week-every little helps as they say!

Debtnomoreplease

So I have spent the morning with my Monopoly money and sorting budget for when I get paid next week.

The emergency will stand at £1500 out of the £2000 I would feel comfortable at. So budgeted to allocate another £500 to that'll pay (already at £1000)

My £1000 parcel took at dip so restarting that as (my car fund) but will keep it as £1000 parcel. That will stand at £270.

I will aim for some wiggle room towards some more being paid to £1000 parcel.

Got a few nights out planned in Sep, so won't be putting away as much as I intended to do, but I've told myself that is ok. I've missed out on tons of things, so it's ok. I'm putting £700+ into savings so it's ok. I'm not in debt, so can go out for birthdays etc without going over the top.

I haven't budgeted for Xmas fund in this months wage, but will do in Sep and add more.

Aug will see emergency fund at £1500.
Car fund-£270, maybe more.

Not 100% happy with this, as I could add more if it wasn't for the nights out etc but think I've punished myself enough with missing out on things.

Sep will be, emergency £2000 out of £2000-target met.

Car-not 100% sure yet will have to re-budget.

I know it may seem I'm repeating myself, but need to get clear in my head where money is being allocated. Not 100% focussed these last couple of days and seem too much money wasted!! No more slipping! Targets need to be met, then I can relax.