Giving every £ a job

foxgloves

Oh I am feeling quite envious that you've had your financial board meeting already, @Blackcats! I have several ideas for ours, for putting to Mr F for discussion, etc, but haven't written the agenda yet or scheduled the date. We do one every year though. I always provide an agenda & supporting information such as interest rates & months where we look to be having a 'pinch point'. At our meeting last year, I discovered that Mr F can be very much motivated by online compound interest calculators so I am intending to remind him of their existence when we get to my intended agenda item on rebuilding Savings Pots (within the context of them being our first line of defence & therefore a protector of longer term savings for our future security). We always include coffee & a treat too - no pannetone here, but I think a warm mince pie might do the job.
Your new file sounds good & everything rtg. I have an A4 sized lined notebook known as 'The Money Book'. I always have my monthly budgets in the front working through, then the back of the book is used for minutes of our annual financial meetings, occasions when I need to do double accounting (for example when I was project-managing our house refurbishment 2020-2022) & any specific savings schedule such as a current one which is to ensure we can meet our holiday commitments without raiding other pots, savings or being tempted to flash the plastic. I'd be lost without it. I know many people prefer online systems such as YNAB, etc, but my trusty Money Book just works for me & I think that is half the battle when one reforms from a non-budgeting fritterer to a committed domestic economist.
All good wishes for 2023,
F x

lucielle

I feel like I need to start implementing money books and having meetings, especially as 2023 is going to be a BIG year for us. 

L

Cheery_Daff

I enjoyed reading about your money book, thank you for sharing! I always love hearing about how people manage their money (and I love stationery too 😂)

Sun_Addict

Happy 2023 @blackcats from a fellow black cat member of staff (well black and white cat 😆). 

savingholmes

Hi - does that mean the temporary part time hours have ended?

Happy New Year. Good your DH sat down with you to review the finances. 

Blackcats

@[Deleted User] - I was asked to stay on and work 2 days a week until 31st March doing stand alone projects.  I love it!  It's a complete reversal of work/life balance 2 days working and a 5 day weekend.
@foxgloves - it's definitely me that instigates the financial board meeting but OH does actively participate.  I got my pension lump sum last year and have really focussed on getting the best I can from it so MrBC was shocked and pleased at how much interest it will earn this year.  Of course, experts will tell me that inflation will erode the value of savings but I do hope that a more careful approach to spending will help mitigate that. 

@lucielle and @Cheery_Daff I'm very pleased with my folder so far.  Like foxgloves I prefer a pen and paper and I'm much more likely to be diligent in keeping a paper based system up to date, especially if it involves highlighting pens and post it notes.

@savingholmes - work continues until the end of March.  

There have already been 2 good outcomes from the Board Meeting 

I deliberately put review of direct debits on the agenda because DH has a monthly subscription for a product that he never, ever uses.  It's an IT type thingamabob and costs about £5 a month.  It was on the 2022 hit list and not dealt with so this year I said that I was often tempted to just log into the bank and cancel the direct debit .  I was surprised when he said that he wishes that I would do that!  Almost with indecent haste that task was dealt with - £60 a year staying with us - very happy with that.

we also reviewed our savings pots and now have a holiday pot (rolling and uncapped) an entertainment pot for our concerts, memberships etc (rolling and uncapped) and the Christmas savings pot which is cumulative.  As all of these pots represent how lucky we are to live the life we do we are going to give any interest on these savings to the Salvation Army Christmas appeal.  It will motivate me to save hard and spend well too.  I hope to accumulate about £50 and it will be lovely to donate money that the banks have given me.

Blackcats

I just checked and I hope to get closer to £100 to donate as we earned £8.16 interest on 1st January as the Christmas pot was still full until credit card is paid.  I use Chase for these savings and the interest rate has just increased to 2,7% so I'm really hoping to have a good amount to donate.

Sun_Addict

Salvation Army is a great cause to give to. They do a lot of good work. 

savingholmes

Lovely to be able to share your bounty 

lucielle

That’s a lovely idea BC. I think we might have a board meeting soon. 

L