Simple, sustainable and slow: Glenda's MF marathon
in Mortgage-free wannabe
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Goals for 2020:
- Make savings on my mobile phone and other monthly bills to find an additional £50
- Up monthly DD to £900
- Build EF from 1 to 2 months' expenses
- Still in budget with 2 weeks until Jan payday
- Avoided unnecessary spending in the sales
- Moved phone to a SIM only deal, saving £20+ per month
- Remembered I'd signed up for a monthly contact lens scheme - £20 a month which neutralises my phone savings :wall:
- Checked my childcare vouchers and I have nearly £1K spare while youngest's childcare costs have dropped
- Grocery budget looking tight
- Cancel childcare vouchers
- Be frugal with the groceries
- Take lunches to work once I'm back next week
Fantastic diary. Keep up the slow hard slog and you will get there!
The good: mortgage OPs were over £1300 in 2019, and I was only OPing small amounts at the beginning. EF now stands at £1825, net worth has increased by 154% (it was negative at the beginning of last year) and my age of money is now 44 days.
The bad: grocery spending was over £6000 for the year :eek:, personal spending £2800 :eek: and house maintenance £2500 (we did need to replace the fridge, cooker, washing machine and 2 beds/mattresses). Nearly £600 on family haircuts :eek::eek::eek: and my savings pots for holidays and birthdays were both underfunded.
Things to work on: STOP SPENDING MONEY ON RANDOM CRAP. Think about what activities and spending I want to fund next year, and stick to my limits.
At the end of 2019, I want to see that grocery spend come down to under £5k a year, and much better totals on the other categories. I'm sure that with more planning, I can be frugal without anyone noticing a change in quality of life.
Goals for next week
- 3 NSDs
- Keep grocery spends to under £60
- No personal spends until the weekend
Wish me luck! Off to join the OS grocery challenge
Grocery shop tomorrow - am determined to stay in budget this month.
Small win: managed to cancel my childcare vouchers as we have more than enough in credit to cover fees until DS starts secondary school. I won't know what the effect on my take home pay will be until I get paid, as it will be taxed and subject to pension deductions (currently at 8 %).
Random musings: do I increase my pension contributions again this year to get to 10% (plus employer contribution of 8%) or a more modest increase to 9% and throw a bit more at the mortgage? I do need to maximise my pension, as I have a few years of p/t work to make up for. However, my season ticket increase will kick in at the same time as any annual salary increase, so need to account for that. Hmm.
Food shop today: need to draw up a proper plan for the week so as to stay in budget.
Another NSD yesterday, hoping for another today. I do need to look for a small gift for my niece who we'll be seeing at the weekend.