regularsaver MFW journey - Achieving a dream.

coldcazzie

regularsaver said:

I do need to ensure I live at the same time though, I find when I start these things, a bit like when I saved for my deposit, I go full bore one way rather than keeping a good balance between saving and living you know, but I guess it becomes addictive and when you start to see it mounting up you just keep going don't you. 

Absolutely, balance is so important! What things are important to you? Holidays, hobbies, eating out with friends etc... work out what you want to do and what they'll cost and work them into your budget just like you do your pension and your overpayments and your groceries and everything else

regularsaver

coldcazzie said:

regularsaver said:

I do need to ensure I live at the same time though, I find when I start these things, a bit like when I saved for my deposit, I go full bore one way rather than keeping a good balance between saving and living you know, but I guess it becomes addictive and when you start to see it mounting up you just keep going don't you. 

Absolutely, balance is so important! What things are important to you? Holidays, hobbies, eating out with friends etc... work out what you want to do and what they'll cost and work them into your budget just like you do your pension and your overpayments and your groceries and everything else

Thankyou I am very much still learning with all this in terms of getting the right balance. I have accounts setup in my budget already for such things as groceries, holidays, socialising etc, that I then allocate certain monthly amounts to. I have so far found it easiest to budget like that, and drop money into specific pots for specific items then I know whats where at any given time. I did initially just try keeping everything in one pot but I found it so much harder. Always open to suggestions of how I can improve though! 

My pension is easy as such as it all goes out on my wage slip when I get paid so I don't even have to think about it as such. I even setup a pot for the overpayments so any spare cash from wherever can be transferred into the OP pot and then its ready if that makes sense. 

I would be interested to hear how you all manage the balance between overpaying and living

regularsaver

I have just this second made my March overpayment of £126.09! Yay me! This takes me out of the £113,000's and now down to £112,995!! Yay! I made sure for the sake of my OCD that I cleared off the loose pence to leave level pounds

Next target in sight to hit the £111,000's! 

Genuinely not sure I thought this would ever be so addictive. 

Grogged

Hi and good luck on the MFW journey.

It's very easy (and addictive 😆) to just set yourself OP goals. I'd also think about some living ones as well. As has already been said, balance is important.  So you might want to set a personal goal for each financial one.

Oh, and if you don't already have an emergency fund, put something aside for the unexpected.
ATB g.

coldcazzie

I'm afraid we have been swinging the other way - living but not OPing. Partly to do with us being 5 people living on one income but also I had gotten rather complacent; keeping tabs on things but not settings goals or keeping track of every penny. There have been some disastrous months. So you're not the only one in search of balance!

bricoleur

regularsaver said:

I have just this second made my March overpayment of £126.09! Yay me! This takes me out of the £113,000's and now down to £112,995!! Yay! I made sure for the sake of my OCD that I cleared off the loose pence to leave level pounds

Next target in sight to hit the £111,000's! 

Genuinely not sure I thought this would ever be so addictive. 

Congrats! You're right, this is addictive, Friday can't come soon enough (it's my chosen weekly over-payment day)! 

PS. I'm also slightly OCD, my 1% target for 2020 is £2020, even though it should really have been £2040 or so :-) 

regularsaver

Grogged said:

Hi and good luck on the MFW journey.

It's very easy (and addictive 😆) to just set yourself OP goals. I'd also think about some living ones as well. As has already been said, balance is important.  So you might want to set a personal goal for each financial one.

Oh, and if you don't already have an emergency fund, put something aside for the unexpected.
ATB g.

Hi and thanks for your message Grogged. I like the way you put that, "living goals". A personal goal for each financial one, or a little treat/reward I think is an excellent idea indeed and something I will look to implement. 

I do have an emergency fund already, I am aiming for £10k and am about 2/3 of the way there. I save money into that each month. 

regularsaver

coldcazzie said:

I'm afraid we have been swinging the other way - living but not OPing. Partly to do with us being 5 people living on one income but also I had gotten rather complacent; keeping tabs on things but not settings goals or keeping track of every penny. There have been some disastrous months. So you're not the only one in search of balance!

Hi coldcazzie and thanks for your message. 

I believe we can both find a better balance, I think it will just take some small tweaks perhaps and being more mindful of things. I reckon more people than we think are probably in need of this thing called balance. I would absolutely love to hear how others do it, if they do anything specific to manage it or maintain it and if anyone has had to come from one extreme, like living too much or OP'ing too much to find that middle ground. All help and tips will be greatly appreciated.

regularsaver

bricoleur said:

regularsaver said:

I have just this second made my March overpayment of £126.09! Yay me! This takes me out of the £113,000's and now down to £112,995!! Yay! I made sure for the sake of my OCD that I cleared off the loose pence to leave level pounds

Next target in sight to hit the £111,000's! 

Genuinely not sure I thought this would ever be so addictive. 

Congrats! You're right, this is addictive, Friday can't come soon enough (it's my chosen weekly over-payment day)! 

PS. I'm also slightly OCD, my 1% target for 2020 is £2020, even though it should really have been £2040 or so :-) 

Hi bricoleur, thankyou for your message. 

I hope Friday came round and worked out well for you!! 

How cool is your 1% target I am liking that a lot, I am such a geek, £2020 in 2020 is excellent  

regularsaver

I thought I would come and write a little update, I think I might use this as a sort of diary/journal almost. How do you guys all use your threads? 

Talking of your threads, albeit there are so many to read on here, I am really enjoying doing so. There are lots of inspirational stories and I am taking lots of motivation from your journeys in the hope that, somehow, I can emulate you all and perhaps provide some inspiration to others. 

Over the last few weeks I have been watching a few new Youtube channels I have come across regarding saving, investment, paying off your mortgage early etc. So I thought it might be nice if I list them here and perhaps we can share other channels you guys maybe watching or recommend? Ok so here are the ones I have been watching - 

Nicola at the Frugal Cottage
The Humble Penny
Meaningfulmoney

So this weekend has been a quiet one for me, aside from food shopping which is budgeted for (although I did treat myself to a 5pk of Creme Eggs and a family size bag of Mini Eggs) I haven't spent anything else. I have been doing some overtime at work, so that money will hopefully come in handy for savings and over payments and I have been out on a nice long walk both days which has been particularly nice as its been sunny and to feel the warmth of the sun on your face has been most pleasant indeed. I have also tried to make more of an effort to relax and rest. This week has been busy as always, I ran 5k and went to spin class this week as well as the walks previously mentioned and I also managed a 4-5k walk every lunchtime bar Wednesday. Aside from all that I have caught up on some television, done a little life admin and some jobs around the house. I really do still need to work hard on this whole taking time for myself thing. To actually relax, rest and so on, I think because I always have so much on the go, I always feel a little guilty doing it. Do you guys all make time to rest and relax and if so what are your secrets?