Looking after the pennies

Lookafterthepennies2020

Hi All,
After long time lurking under a different account (deleted previous email) I have decided to hold myself accountable by creating this DFD.  In the last year I have come a long way, but still have plenty of room to go.  I got in a horrible mess with payday loans whilst on maternity which is now a thing of the past and all cleared and also built up quite an account with Bank of Mum & Dad.

I have never really planned for the future and all this has taught me that when my finances are a mess, usually everything else seems to follow suit!  I am feeling very positive atm I have been really trying to pay things down, but have a little treat along the way to keep me going.  I now have a budget in place through YNAB which I am still trying to cut down as my outgoings are very high at the moment !! I am a mum of 2 boys and have decided to not cut back on their activities (Muay Thai and Football) which cost me approx £90.00 a month, I am trying my best to cut the day to day spending though - At the moment things look a little like:
(Dec 2020 update)

1. CC1 - I have a high interest CC just under £2k, I am going to snowball all my smallest (high-interest )debts first before tackling this one! 
2. CC2 & CC3 - I have two small credit cards at £200 each - These are what I am tackling first as hoping they will give me a big motivational boost to keep going and tackle the bigger debts!
3. Savings - I currently have a £150 in savings through a Gov't savings account , I am aiming to not touch this as at the end of the year they top up what I have saved by 25% so I pay the maximum of £50 a month. 
4. Xmas - I have just finished my Xmas shopping and have nothing left to buy, I did spend more than expected but have re-jigged a few presents about for upcoming birthdays etc and in 2021 will be budgeting £75 a month for next years Xmas savings
5. Bank of Mum & Dad - This was originally around 5K, I have managed to get this down to around £3k Atm but will post exacts tomorrow when I am infront of my spread sheet    - This is now down to £1625 which I am thrilled with, I am paying £160.00 p/m off this figure!
6. Vet - We had an unexpected vets bill this year of £1350.00, this is now paid as of December so the £100.00 p/m can go towards my CC!

- I had a bit of an emotional blip and went off the rails in around Sep/Oct which included a tumble drier, steam mop and shark vac on BNPL - I know However, the Vac is paid off in full and will be tackling the other two as soon as possible, I currently pay £28.00 p/m off these figures.  I have booked a retreat in Spain (490.00 including flights which needs paying in April however I have budgeted at least £50.00 p/m at the moment towards this, I am hoping this will give me a treat to look forward to and cut back on the emotional spending, usually PJ's & Takeaways etc.  

Sorry for ranting on but I think 2020 has shown me a lot about my good and mostly bad money habits, I have realised that money seems to burn a little hole in my pocket, I can have it spent 10 different ways before I even receive it so I am hoping I can change these bad habits, otherwise once I clear the debt, I am sure it will build back up quickly.
 x 

Lookafterthepennies2020

I have got off to a good start for June and should have a few refunds which can all go off the CC.  I ordered a yoga mat in April that I still haven't received...this was a splurge at $42 and I have managed for month's without it so decided to get my money back!..I have cancelled some subscriptions to NowTV (3 in total £17 ) and Netflix on Friday, so I should get a little refund that can go off the CC.  I have returned a top to Fabletics that has been sat in my draw never to be worn so hopefully thats another £17,50 (not sure if they will be funny about the refund period as i bought it end of April) and I have listed 7 items on fleabay! ..I have an offer of 100 items listing free this month so going to get as much on there as possible, just not sure what yet?   

By far my biggest outgoing is food, I feel guilty all the time about how much I throw away and am terrible for deciding what we are having for tea without actually looking.  I have had a good root through the cupboards and freezer today and done a meal plan for the week with things I already have.  I know this isn't a big deal for many but hoping this is something I can stick to in the future.

Sorry for the ramble just thought I would give an update, off to the supermarket now for the few bits that I do need for the week but hoping to keep this as cheap as possible until my shop next friday!

Hope everyone enjoys their sundays!!! 

Tahlullah.H

Hi.  Good luck with the plans.  I didn't know that you shouldn't save for Christmas if you have debt?  If you don't then won't you push yourself further down because you have to borrow the whole amount, rather than having some sort of buffer?  Whichever you do, at least you are starting to plan for it now.  Hope it all goes your way.

Lookafterthepennies2020

Tahlullah.H said:

Hi.  Good luck with the plans.  I didn't know that you shouldn't save for Christmas if you have debt?  If you don't then won't you push yourself further down because you have to borrow the whole amount, rather than having some sort of buffer?  Whichever you do, at least you are starting to plan for it now.  Hope it all goes your way.

Hi Tahlullah,
Thankyou I am not sure tbh but I have heard people previously saying that you shouldn't save when you have high interest dates?  I know if I don't start putting something aside then it will be my whole wage that goes towards it at the end of the year which is where I don't want to end up! x

Lookafterthepennies2020

Hi,
My netflix refund has processed back onto my CC at £7.99 so thats's the first of my £5 a day in June!  
I have had a bit of a spendy day today though   I have been thinking about trying to start crafting to keep me busy on an evening, previously I have played slots etc and have knocked it on the head so think this will be a good way of keeping me busy - idle hands and all that.  I've been watching youtube videos and I am going to give Knitting/Crocheting a go!.. I have called to Dunelm Mill and bought some yarn, knitting needles etc and it totalled £14.00 - I am thinking about it as an investment though as it could save me a lot of money in the long run

I did also buy some other bits but mainly gifts as my mum's birthday and fathers day is coming up.  Usually I would spend at least £30 each but managed to get a lovely metal wall art for my mums garden for £13.25 in the sale and a little sign for the garden for my dad at £2.50.  Me and my sisters are all putting in for an airfryer for him so that will be about £13.00 in total so I will have saved a bit on both  

One of my ebay items has a few bids on already, still around £4 though lol but it all goes off the pot...I have all the shopping in for the week as I called to Asda yesterday so hoping I can have NSD's from now until Friday and then I will do my shop again for next week.

enthusiasticsaver

I actually think it is critical you save for xmas, emergencies and other things when you have debt as otherwise you would be tempted to put the spends on a credit card. I think if you have high interest rates though the usual advice is to stop the emergency savings at £500 and wait until the high debt has gone before increasing it. 

Lookafterthepennies2020

enthusiasticsaver said:

I actually think it is critical you save for xmas, emergencies and other things when you have debt as otherwise you would be tempted to put the spends on a credit card. I think if you have high interest rates though the usual advice is to stop the emergency savings at £500 and wait until the high debt has gone before increasing it. 

Hi EE,
Thankyou for stopping by   Oh great, my EF is currently at £300.00 but I am trying to build it up £50.00 a month and will aim for £500.0  I must admit as someone who has NEVER had savings I do like the feeling of having something there "just encase".  We had a high vet bill in April (£1250.00 in total) which I have managed to set a PP up with the Vet but they required £400.00 to consider a PP.  Luckily my mum paid the deposit ( which I have since paid her back) but having a little security does feel good.  With that said I don't think I am someone who would need more than £500.00 to sleep well as I am used to nothing.

Sorry rambled on a little there didn't I  

x

Lookafterthepennies2020

Hello if anyone is there
I have been sat at my S/S this morning and have planned out my budgets from now until Xmas, my youngest ds also has a birthday early January which I am never paid in time for so I have worked that into the numbers also and feel really optimistic about the next few month's …(touch wood).  I should be able to put something away towards my ISA, EF, XMAS and then make a £150.00 overpayment at the end of this month on my highest balance CC.  I must admit I do have a sinking feeling perhaps I have forgot something, that or I really have just been burning through money - But  I plan to pay my Food shop money and my monthly budget off of my two low limit CC's and then use those which is where the extra pennies pay have appeared from as I then won't be making my usual CC payments.  Hopefully if I can have a strict spend month then next month there will be less to pay off of them in full also

Other than that, I have bought cat insurance for our brucey, but made sure I went through quidco so should be getting around £10 cashback at some point ( I will put a referral below if anyone hasn't already joined, I am sure everyone will have lol ) and it works out at approx. £6 a month.  I also had a start with the knitting last night and decided crochet isn't for me lol   One of my ebay items is at £10.00 already so that will be going straight off the CC once it sold, the others don't seem to be doing much as of yet but any extra pennies will be being paid off this too.  I am hoping for a NSD today

Hope everyone is well x 

https://www.quidco.com/raf/2977607/

Lookafterthepennies2020

Morning All,
Trying to swallow my frog today and crack on with some of my uni assignments but I have a terrible headache I have been like this a few days now on and off so have took some paracetamol and will give it half an hour then crack on.  I am currently on hold with RyanUnfAir at the moment as we had a holiday booked for August, we are going to cancel which will mean losing just short of 600 which I am gutted about.  I am just holding to see if I can at least get my baggage refunded which is £70.00. I am not very hopeful!
In money news I completed two prolific surveys yesterday which £2.50 has been approved already and I have another £9.50 to pay off my CC today (stamps bought for work) so that's £59.50 on my 1/100 and I also have a few more bids on my Ebay items.  

Other than that, I have took to knitting quite well and plan to start some knitted Santa doll's shortly which I will probably need 6 months to complete one   We also have a new addition to the family as my SIL had a little boy yesterday, due to the Covid situation she isn't allowed any visitors but we are dying to meet him!  xx 

Bizzywizard

Hi,
Regarding your EF on the main MSE site, Martin Lewis explains about using your EF to pay off interest incurring debt as your savings pot will not be making much in interest (its silly low at the moment). Its well worth a read, he explains it so well.
Best regards
Bizzy

Lookafterthepennies2020

Bizzywizard said:

Hi,
Regarding your EF on the main MSE site, Martin Lewis explains about using your EF to pay off interest incurring debt as your savings pot will not be making much in interest (its silly low at the moment). Its well worth a read, he explains it so well.
Best regards
Bizzy

Thankyou Bizzy I will take a look