£50,000 in 3 years diary. Can I do it???

RoxieW

:santa2: Hi all, I'm Roxanne, I'm 25 and I want to save £50,000 in 3 years :eek:

Right, deep breath. Here we go. I'm sorry to the diary haters out there but I'm going to throw in my twopenceworth. I need something to record everything and motivate me (hopefully). If anyone wants to read how I'm doing, chip in with advice, join in with any little challenges I'm doing then I'd love to have you along for the ride!

Basically I'm going to try and hit a savings target of £50,000 in 3 years. It seemed like a nice round figure Its ambitious but I think it may be doable. We'll see eh!

Our debt is student debt, and so it makes sense (as far as i'm aware) to save and then pay it off in a big lump. Together hubby Dale and I have £20K debt (he trained to be an architect, I did media) His has been reducing monthly through his wages which is good (thou not quick enough) - so his is at around the 8K mark. However, since Uni we've had two beautiful boys - Coby (5) and Todd (3) so I've only worked a year since Uni leaving my debt at around the 12K mark (and accruing interest :eek:).

Just abit about our personal circumstance (will post full soa in a min). Hubby works full time as architect, earning what i think is a great wage (v proud of him). He also has company car so we don't have a car expense. (I dont have one at min - more about this later!)

I was basically a stay at home mum up until sept 06. I did a journalism post grad whilst at home with the boys and did a bit of freelance writing in the evenings but my main role was mum/housewife/general slave

However, last Sept I got back on the career ladder and started work full time in my dream job in tv, putting the boys in nursery. Once my foot was wedged in I was lucky enough to be allowed to go part time (3 days) - however, it still meant working away from home alot. I loved loved loved my job but the crunch came when my eldest started full time school and the realisation hit that a stranger would be taking him and picking him up. I also felt that I only had a limited time before my youngest was off at school too. My priorities became clear and I am now a SAHM again - until the youngest starts school Jan 09.

I know i made the right decision and hubby and the kids are very happy - but it does mean 1 wage.

Anyway, we want to save enough to pay off the student loans company and then continue for a deposit on our next house. We have a lovely shared ownership house at the minute. 2 and a half! beds and very nice, but we'd like another baby at some point so a 4th bedroom or at least 3 decent sized bedrooms would be good. We'd also like to move back up to Leeds to be closer to family so a house move is on the cards in the future anyway. We want our next house to be our forever family house and are hoping that 30K or thereabout will be the difference between a 3 and a 4 bed.

Want to get the debt out of the way first and then concentrate on as much as a deposit as we can save. £50,000 in 3 years seems as good a figure as any!

Will post SOA below - any one want to say hi please do!!

Seaxwyn

good luck Roxie - that's an ambitious target but certainly doable. I look forward to reading about your progress. You'll get lots of good ideas and support on here, so don't worry about the odd anti-diary moan, we can all understand different points of view but diaries are invaluable for some of us.

RoxieW

OK - the SOA. Anyone please do chip in with advice, stating the obvious, kicking me up the bum etc etc!!

Monthly
Incoming
Dale wage - 2400
Child ben/tax credits - 300

Total - 2700

Outgoing
Mortgage 450
Rent 130 *
Council tax 105
Gas and Elec 70
Phone 30
Mobile (payg) 5
Sky 17
Net 20 **
Petrol 150 ***
dale lunches 100
food 300
xmas/birthdays 150
water 15
house maintainance 100
insurances 40
school dinners 40
activities with todd 40
boys football club 40
v license 11
charity 12
contacts 20
dentist 5
haircuts 20
newspapers/mags 20
clothes 50
mine and dales spends 100
family 'fun' 100
eating out 100
driving lessons/tests 120

total 2360

2700
2360

leaves 340



* (we have a 50% shared ownership property so have to pay rent on 50%)
** we could get this free through sky but unfortunately we're tied in for another 10 mths with orange :mad:
*** £100 for dale to and from work and £50 for general shopping, trips out at weekend etc.




So £340 is what we have left at the end of each month. In theory. However, as an example, this month I worked out we'd spent £500 on eating out alone. Disgusting I know.

Bottom line is that we're overspending and it has to stop.

I'd like to start by trying to save £700 a month. I've been doing the £10 a day challenge this month so I think that by cutting back the SOA and trying to earn extra cash we can do this for starters?

Going to start properly in January but want to be prepared so all comments welcome.

Final thought - I know we can and should cut back on our outgoings. It just doens't seem to be happening. What I mean is that, I'm not MAKING it happen. Hopefully, putting it down in black and white will help!

Thanks all in advance - here we go!

RoxieW

Hi Sea,

my very first diary poster - yey!!

pepperjulie

Good luck Roxie. I will read and watch with interest. Am almost envious at the thought of you doing this. I am starting a new life for myself and daughter after hubby upped and went at the begining of the year. Am trying to do what I can to make my dream of being with the man I love now (my new love) a reality. I am hoping you can spur me on. I will keep my fingers crossed for you.
Julie
XXXX

RoxieW

Hi Julie

Aww hon, I really hope its onwards and upwards for you! I'm sure you're doing an amazing job with your daughter - how old is she? Please feel free to join in - post what your goal is - and we'll see if we cant spur each other on abit!

much luck xxx

mumzyof2

Good luck... Il be watching your thread. Lets hope you can do it. How much you going to be saving a month?

RoxieW

Example of 'had I stuck to my budget this month'

Spare money £340
£10 a day challenge (thanks batgirl!) £280
Ebay that I hadn't counted in challenge £120

total £740

So I would have hit the target - IF I hadn't overspent on pigging out!!

I can do it from Jan - I can I can I can!

RoxieW

Hey mumzy!

I plan to aim for £700 a month for the immediate future. IF I managed that and that alone over 36 months that would be a total of £25200. Half of my target amount.

However, I'm going to try to find something part time - evenings or weekends in the new year. Hopefully I'll be accepted by AQA although I've been rejected once! Hoping to bring in an extra £300 a mth through this. Plus hopefully hubby will get a wage rise.

Then when todd starts big school in a years time (Jan 09) I'll be looking at going back to work - hopefully not FULL FULL time but definitely either school hours or 2/3 full days a week. Then we should be able to increase our save target further.


It is ambitious - but here's hoping!!

mrs-d_3

Good luck Roxie. I'm contemplating doing my own diary as I hope it'll give me kick I need .
All the best.

RoxieW

hi mrs-d. i'm hoping that having to report back will be deterrent enough when I'm next about to blow the budget on a dinner out. and hopefully, seeing my progress (fingers crossed) in black and white will motivate me! thats the plan, anyways