YNAB...ing my way to freedom!

Eyebright

SuperFrank88 wrote: »

Evening Enthusiasticsaver

So by saving pots do you mean physical pots that you put cash into or have you got 4 separate savings accounts? I have heard a lot about Monzo. Have you had any experience with them?

I currently have 1 current account which my salary goes into and bills come out of, and 1 credit union account where my EF is. I like the idea of keeping it simple rather than having lots of different accounts. But if that’s what I need to do then I am willing to do it.

Thanks for your help

I'm with Santander and they let you create saving accounts attached to your main account, not much in the way of interest, but great to have the pots easily accessible, yet not lumped in with your other money where you might be tempted to spend it.
I've heard of Monzo, but haven't tried them.

enthusiasticsaver

SuperFrank88 wrote: »

Evening Enthusiasticsaver

So by saving pots do you mean physical pots that you put cash into or have you got 4 separate savings accounts? I have heard a lot about Monzo. Have you had any experience with them?

I currently have 1 current account which my salary goes into and bills come out of, and 1 credit union account where my EF is. I like the idea of keeping it simple rather than having lots of different accounts. But if that’s what I need to do then I am willing to do it.

Thanks for your help

I use budgeting software called clear checkbook which creates virtual envelopes and they all go in my one easy access savings account, including our emergency fund as it pays 1.5% interest. We just have a joint current for income and bills and direct debits etc. We leave an amount in there from our pensions to cover diesel, food and entertainment and direct debits and the rest gets divided between our envelopes so goes into savings. We also pay ourselves a personal expenditure amount each month so we have a separate personal account each. We use the clear checkbook software (free) but you could easily use a spreadsheet to record the balances in each pot. Not used Monzo but it is popular.

SuperFrank88

Eyebright wrote: »

I'm with Santander and they let you create saving accounts attached to your main account, not much in the way of interest, but great to have the pots easily accessible, yet not lumped in with your other money where you might be tempted to spend it.
I've heard of Monzo, but haven't tried them.

I have also got a Santander account now which is my new account that I have created that isn't associated with my last account which I have CC debt and a overdraft with which will eventually be going into my DMP. Did't know they let you create savings accounts attached to my main account so will be looking into it tonight I have downloaded the Monzo app too to have a look at and will pick which one to use. I like using the credit union though because it is so basic, no card, no overdraft so I am not tempted to touch it.

SuperFrank88

enthusiasticsaver wrote: »

I use budgeting software called clear checkbook which creates virtual envelopes and they all go in my one easy access savings account, including our emergency fund as it pays 1.5% interest. We just have a joint current for income and bills and direct debits etc. We leave an amount in there from our pensions to cover diesel, food and entertainment and direct debits and the rest gets divided between our envelopes so goes into savings. We also pay ourselves a personal expenditure amount each month so we have a separate personal account each. We use the clear checkbook software (free) but you could easily use a spreadsheet to record the balances in each pot. Not used Monzo but it is popular.

I had a quick look on the checkbooks website on my lunch and it looks really scary with all sorts of funky graphs and charts going on :rotfl: I think I am going to go oldschool and create a spreadsheet using the free budget template on Excel to start with. Walk before you run and all that jazz!

SuperFrank88

Evening Everyone,

So another productive day in work today, I love my job! Been at my company since I was an apprentice and have worked my way up to Engineering Manager and I still look forward to going to work everyday.

Not much to report today other than the fact I decided to put £1000 into my EF from this month's pay. After all bills have gone out that leaves me with £290 for the month. Obviously I will not be spending anywhere near that (another NSD today ) but like I said yesterday I didn't want to lump it all into my credit union account only to find out that I actually needed some of it. I am actually more excited about the % that I am achieving of my EF target of £10k rather than the actual money itself. I am up to 26.21% so can't wait to hit the 30% mark next month hopefully.

Got a very expensive month next month with my car as it needs a full service, MOT, New timing belt & water pump and my car insurance renewal. Had a quote from the garage for £470 which I was really pleased with as other garages had quoted much more. That means I obviously won't be able to save much into my EF next month.as the car will be costing close to £1000 depending on how much my insurance is.

I was browsing Youtube last night and came across a guy called 'Oye' who is a British money blogger. WOW I was so glad I came across his channel! He is very knowledgeable when it comes to how the system works when you are in debt and it really did put me at ease! Check him out! I took on so much from his videos that I am even considering going self managed for my DMP rather than using SC. I really like the idea of having complete control of my money (the irony ey after being completely out of control which has got me in this mess in the first place), but we will see how I feel come May/June. Maybe I will start off with SC and then go self managed once I see how it all works.

Poppy1984

Just been checking out OYE on YouTube looks like he's got some interesting videos I will check those out.

The cheese roll was utterly depressing lol but it did spur me on to sort myself out with work lunches lol.

I'm so jealous hearing you talk about your job like that, I am struggling with work at the minute. It's amazing you feel that way.

Well done on your progress so far you are doing so well!

SuperFrank88

Thanks Poppy,

What is it you are struggling with? (You don’t have to answer that if it’s personal).

I think it’s the variety of my job that I love. Every project is different which means every day is different. I’ve also started doing a part time degree in Manufacturing Systems because it is fully funded by the Welsh Government. My boss is planning on retiring in the next 5-10yrs so there could be an opportunity for me to take over or start up on my own. Part of me says stick to what I know but part of me wants to try something else (within the engineering world) hence why I am doing a degree, so that I can apply for well paid positions but we will see what happens when that time comes.

Pretty quiet few days for me, just dropped DD home. Been down to visit my grandparents today as they fly to Oz on Tuesday for 6 weeks!!! So jealous but chuffed they are enjoying themselves because they are well into their 80’s so bloody good on them I say.

Managed to put away £120 into EF so I’m up to 27.41% :T I’m gunning for that 30% now!

Relaxed rest of the weekend for me

Frank :beer:

SuperFrank88

Afternoon All,

I am struggling today. Motivation is at zero! I can't believe it is 3:30pm and I have done absolutely nothing today! OH is working until 7:30pm.

I am feeling a bit in limbo at the moment. I am getting bored/frustrated with everything really. I know this whole EF/DMP is a marathon not a sprint. I don't really know what my problem is, I am saving well, in the last month since my "Light Bulb" moment I have saved £2600 from selling high value items and also putting the money from my cancelled direct debits into my EF fund. I should be over the moon with that! I think it all comes back to the fact that I haven't set up a DMP yet so my balances aren't coming down.

The fact that I know I have got a massive car bill next month isn't helping. Even though I know I will have the funds from my salary to cover it.

I have done a spreadsheet on Excel this morning and have worked out that by June, which will be 6 months since I stopped paying my creditors, I will have £6000 in my EF which will be 6 months expenses.

I think the hard part for me come June will be if some of my creditors have not yet defaulted my account. I am guessing most of them will by then because it will be 6 months without paying. But for the ones that might not, what do I do? Do I dig my heels in and not pay ANYONE until ALL my accounts have defaulted? Do I start paying token payments now that will be well below the contracted minimum payments which will hopefully force the creditor to default the account quickly?

Too much time on my plate to think today!!

I am also considering going back to the gym. My gym has a student membership option which is £19.99p/m but you are not tied in, so it is a rolling monthly contract that can be cancelled anytime for free. The reason why I want to go back to the gym is because I feel I need a new challenge fitness wise. I am part of the local running club but to be honest, even though running is free, I have fallen out of love with it so am finding any excuse not to attend the sessions. With the gym, it opens at 5:30am and I used to go before work, shower there, have my pre prepped overnight oats breakfast and be in work by 7am (Meant to start at 8am but always go in early). I feel much more energized when I train in the morning, plus I have always struggled with my weight and weight training seems to be one of the things that gets me in shape and happy with my body! When I run, my body seems to adapt to it quickly so I end up "Fat Fit" (Cardiovascular fit, but carrying the extra bodyfat). So I think for the sake of £20pm (£1 per day based on going 4 times a week) it is worth the money for my health & mental wellbeing.

Well that was a bit of a rant! Feel better already though
As always, would love to hear your feedback.

Frank.

MidsHollie

Hey Frank,
I'm also feeling a bit 'meh' about the whole debt busting thing. You have done amazingly to save almost £3000 in such a short amount of time. Maybe it would be helpful to think in terms of net worth..... total debts vs total saved. Even though that money hasn't gone from your debt, it is money you didn't have before, putting you in a much healthier financial position. Chin up, and keep going!

Eyebright

Hope you feel more positive soon Frank. You're in the, "Just keep plodding" phase at the moment, whilst you are waiting for things to happen.

With regards your gym membership, if you feel it's really important for your mental health to go, would it work out cheaper to pay the whole year up front if you save up some money for it and put it to one side? it usually works out cheaper to pay for the year rather than the D/D, and it would be one less direct debit you have going out whilst you are trying to save as much as possible.

I'm not going to renew my gym membership this year, my SIL has a bench, some weights, mat etc at home in her spare room and we are looking to club together to get a second hand treadmill and have a home gym. Not quite the same as a fully equipped professional gym, but it will certainly do me whilst I'm tackling my debts and will save me £250/yr