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

lucy7509

Hello

I am curious like others to see how you achieve this and learn from it!

I did my sums and you need to earn roughly £1388.88 per day, slightly less assuming that you are saving this money in a savings account so you should earn a bit there.

Currently can you breifly list how you are going about this? I mean you diary is already up to 4 pages with 78+ entries.

I saw the ebay selling, but how much do you earn from this? How much are you planning too? Do you have an action plan?


Good Luck, I think it will be fascinating to see how you do!

Lucy7509:)

lucy7509

Sorry everyone I meant £1388.88 per month not day. My mistake!

Should learn to slow down when I type. It would be roughly £47.35 per day.

Lucy7509

doodledo_2

Its definately a massive task isn't it but you seem to have the energy and drive to do it.

I wish I could do half of it. I really do seem to struggle to make any extra cash despite my best efforts. I am hoping I can at least do the tenner a day.

RoxieW

RoxieW wrote: »

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!!

Hi all - :santa2:

hi lucy - sorry if I haven't been clear. I posted roughly on page one the plan - (see above) but I haven't set it out in stone as I suppose its not really set out in stone!

The immediate challenge is to save £700 a month.
From my revised SOA page 2 you'll see that we should have £570 going begging each month IF I MANAGE TO STICK TO MY BUDGET!!
Plus, if I pass my driving test (which I was hoping to do on thurs but it got cancelled) thats £120 on lessons/test a month I can save.

So,

£570 - sticking to budget
£120 - if i pass test!!!

= £690.

On top of that I'm taking part in the £10 a day challenge (there are loads of ideas on that thread!). This month I made my target £300 buy ebaying/quidco/hunting down vouchers etc.


So that would be potentially another £300 a month.

£960 ???????

After christmas I think i mentioned I'm going to apply for AQA again which (if i get in) should at least help me to make the £10 a day challenge. If i dont then I'll look at other ways to bring in a bit of extra cash.

Anything extra for 2008 is a bonus but my main goal is to save at least £700 a month.

If I did this for the 3 years i think I would make around half of my goal ie £25,000.

However, when my youngest starts school in Jan 09 I'll be going back to work so I'm hoping we'll be able to save whatever I'm bringing in on top of the £700.

We're also hoping for a couple of payrises for hubby too.

I'll know more about what we can save from jan 09 onwards when the time comes. For now, my goal is the save the £700 a month (and any extra on top is a bonus).

The main difficulty for me is sticking to my budget and not overspending on food/leisure. That will be the challenge - sticking to the budget being able to save the cash left over.

Hope thats made it abit clearer for you?? Thanks for stopping by!

RoxieW

Hi madcat and krazychick

thanks for your support!

madcat - its great you haven't spent your loan - thats really good going! unfortunately I hadn't discovered this site at uni and lived a typical carefree (ish) student existence. I didn't really see the loan money as 'real' if that makes sense - so i had no qualms spending it on half price chocolate cocktails, curry, beer, hoodies, trainers etc etc well done you for being so sensible!

krayzechick - hi! yeah - i'm defo gonna watch this spending! but i didn't want to cut it down as i want my soa to be realistic and i know realistically if i cut this down i'll end up overspending, get demotivated and it'll all go belly up! of course, I'm hoping to stick to this budget - even come under the budget. and any that isn't spent will be going straight into the savings pot!
we do try to use vouchers etc. we live near to alton towers and have had half price vouchers for there and also £5 vouchers for the waterpark there. Probably wont be doing quite so much over winter as its :snow_laug cold outside and theme parks/farms etc are a no go really. the cinema will prob be our haunt of choice and i've signed the kids up to the cinema club where if they go 5 x they get 1 go free - every bit helps i guess!

RoxieW

feeling the urge! its my aunts 40 th b'day today and i just sent her a card as we dont normally do pressies as we live too far away and theres postage costs etc. just spoke to her though and feel guilty i didn't get her anything as 40 is a big birthday and noone else is doing anything for her.
resisting the urge to send some flowers- they wouldn't get there now anyway. no - my resolve is strengthened a) she didn't get me a b'day gift b) she already has some flowers and c) she's got a good xmas pressie.

GreenNinja

Hi Roxie,

Am loving your diary, will keep dropping by to see how you are doing! Keep up the good work, I have 27,000 owing on mortgage, its just me on a not brilliant income but spend most of my days trying to figure out how I can pay it in 3 years so will be looking to you for inspiration!

:beer:

RoxieW

Hi greenninja - glad you're enjoying it. to be honest, i have to stop myself from waffling on about all sorts, trying to keep it to the point etc but i guess i'm a bit of a waffler!

thats amazing to have so little on your mortgage! when we do move we'll probably be taking on a humongous mortgage as we want the house to be our forever house, which is why we want to try and save as big a deposit as poss! we'll probably have trouble paying that mortgage off in 30 years, never mind 3! :eek:

well today has been a nearly no spend day :T just the £4 for the school play. i know the school has to raise funds etc but i do feel for people who are on a really tight budget. this past month alone we've had to pay £12 for a trip, £4 to see a play, £1 for 2 non uniform days and £1 for a disco. They send the little permission slips and theres an option which reads "my child does not want to see the play/go on the trip etc". What child wouldn't want to do these things? What if a parent genuinely cant afford it?

anyway, tomorrows where the real challenge starts though as :eek: its the weekend:eek:

its also the december so officially where this challenge starts i guess!!

we need to buy a christmas tree but nothing else i hope. planning on having a really christmassy day putting up all the decs and roasting chestnuts with my xmas cd on. i do love xmas :snow_laug

ps coby is a star in the nativity and i have a week to come up with a star costume - any ideas??? i'm thinking dubious amounts of tinsel and/or silver foil!!

gonna settle down now to watch 3 episodes of 'i'm a celebrity' back to back, so I may be quite some time..............................

RoxieW

oh, forgot to say - another cheap tea tonight - spicy sausage pasta (£4 for 4) - although i put a little too much crushed chillis in and it was SUPER spicy sausage pasta!

skint_spice

well done on eating in Roxie - you'll get there!