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

RoxieW

off to bed now, kids to get ready for school in the morn. thanks to everyone who's read and posted so far! speak tomo xxx

pippo

Night Night Roxie,
Keep this diary going!!
Will catch up tomorrow.
Pip

boredofbeingathome

RoxieW wrote: »

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!

Hi and congrats on what will look like an interesting journey for you. Just a few suggestions for after xmas ( i will be doing these myself) make nice meals for you and hubby instead of eating out, lots of recipes on the board. One idea we have with friends in order to feel like we are going out, is to have a different course at each others house- rules are simple we cant spend over a fiver for each course, ( depends on numbers here we do this for about 6 and use the mse way- vouchers etc) provide your own drink soft or otherwise, drinking mainly at last house!!! make recipes interesting! Our last night out cost us £10 including wine and lager (aldi bottles of lager and wine was tesco voucher) :beer: we did starters. Great fun and a brill night out got home at about 2 am!! You may have to factor in a baby sitter or taxi if not in walking distance or just include children.I haven't bought a paper or mags since august- i now go to library or skim in tescos- cheeky i know but it saves me money.;) lastly perhaps stop charity donations for now and re instate when you have reached your target. You can contribute in other ways by fundraising which will benefit everyone and you will have great fun doing this. Enjoy and i look forward to reading your diary:D

mrs-d_3

I agree with you about seeing it in black and white. I'll defo start mine this week. If I'm honest I close one eye to our monthly spend and it's wrong as we need to pay off our debts and start saving for a house.

PasturesNew

RoxieW wrote: »

dale lunches 100
food 300
school dinners 40
eating out 100


In theory. However, as an example, this month I worked out we'd spent £500 on eating out alone. Disgusting I know.

I spotted that you love your food ...
Do you mean eating out in one month is £500 and not the £100 on your SOA?

You piggies

1 November to 27 November in total (kept a strict spending diary), I've spent £27 on food to prepare at home and £43 with food I've eaten out - that is eating in the pricey restaurant at work and all my takeaways. So £70 in total for me, without any scrimping - in fact totally following my food desires.

Gotta cut down in December though. Job finishes this week and I'm down to 5 hours a week for the next 2 months as I'm studying. Toast for me!

Candy0107

Hi Roxy,

Advice on something small (which mounts up at the end of the year). I notice that you have a budget of £150 per month for birthdays and Christmas - my husband and I were spending a lot on presents, but with 30k of debt between us, we had to make a decision.

So, we gave ourselves a £5 challenge. This applies for my nieces and nephew, they were happy with their £1.99 PS2 game (preowned of course!) and £3.99 ring.

For adults, we have upped the spending limit to £10.

This means that we spend approx £100 per year on gifts.

hypno06

Hi Roxie,

You *know* absolutely what you have to do, you just have to apply it!

Make some sort of motivation board so that you can keep focussed on what you are looking to achieve - pictures of 4 bedroom houses on the cupboard doors etc!

As for the figures involved - you know that £50k is a big figure, but I have that much in debt alone, accruing interest at a phenomenal rate, and I am aiming to clear that in 3 years, so if I can do that, then you can save an equivalent amount

good luck!

RoxieW

Hi all! thanks for posting!

Hypno - you are absolutely right - I know what I have to do, the problem is applying it. The picture of dream house is a great idea - I might put one as my screen saver. Good luck with your targets - I'm sure you'll get there.

candy - thanks for posting.
xmas and birthdays are an area where we tend to go abit crazy so £150 a month is a realistic what we spend now figure (including birthday parties). I've pretty much done my xmas shopping for this year - will post later exactly what I've spent. As usual we've gone a little overbudget. We do tend to go ott - esp with birthdays (making up for miserable childhood etc etc!!). For example, this year we went to eurodisney for todds birthday, to rome for mine and to wales to see monster trucks for coby's. :eek: I remember one year Coby had 3 birthday parties -one for family, one with friends and a trip to a theme park. I know they sound horribly spoilt but they're really not. They really lovely kids and dont ask for anything - its me that 'projects' onto them as i want to make their childhoods extra special. I guess my kids are another achilles heel then! I'm uncovering more by the minute :eek:! All that is going to stop! Next year everything will be strictly budgeted for (will do a revised SOA) and stuck to!

pastures new -
Hi!! Yes, that £500 is instead of the £100 budgeted - yes we are piggies! It s not normally quite so bad - the children went to grandparents for the weekend (a rarity) so dale and I went a bit mad and ate out both nights. Then it was cobys birthday so a family meal for that. Then it was half term. Also, my dads been very ill in hospital for weeks - in the end he had to have his leg amputated. As we dont live nearby (another big reason we want to move) we've been up and down to the hospital on weekends and popping into frankie andbennys/brewsters etc on the way back for tea. Comfort food I guess. As they say thou, excuses are for losers! Its my own fault as I have no willpower. Believe me, i know that its shameful and it is going to STOP! I'm amazed at the amount you eat well on - thats an inspiration!

bobah - meals at home is a good idea. i love cooking for people and having them round - problem is it ends up costing me a fortune so each doing a course is a good idea.

RoxieW

mrs d - i also close one eye - lets both open them together! feel free to join in with a saving challenge!

RoxieW

OK - most immediate and pressing thing is my driving test. I have it tomorrow at 1.30pm :eek: and i have to say that driving is the bane of my life and has been a thorn in my side for the past two years :eek:. Had a lesson yesterday, and one booked for today and was feeling quite positive (for a change!). My instructor has just called to say that his car has conked out!!!!! so no lesson today and its likely that I either wont be able to take my test tomo or i'll have to go with a different instructor in A DIFFERENT CAR!!!!!!!

me learning to drive has been a huge financial drain. i've been having lessons for 2 years and this will be test number four. totting is up we've spent around £2500 on me learning to drive which is sickening. I dont know why, I dont know what it is but i'm just awful. I'm such a nervous driver and still dread my lessons,so when it comes to tests I'm a nervous wreck.

I absolutely hate driving! I hate cars! I hate roads!. however, when i start working again I'll need to be able to wizz around from the school to work and back again. Quitting just isn't an option - not now I've come this far. I'm determined to just keep going and going until pass - even if i need 20 tests (quite possible! I could be in for a world record!)

obviously thou - I really want to pass as thats money instantly to put towards our savings - 3 lessons and a test each month is £120 (I'm on mates rates with my instructor I've been with him so long! He's my longest male relationship aside from my hubby!!!)

but things seem to be conspiring against me even more this time! lucky vibes would be great, guys!