Starting to budget after years of wishful thinking
edited 4 November 2021 at 12:43PM in Debt free diaries
228 replies 21.6K views
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From your earlier posts, you seem to think money has to be saved as a big sum before you can do anything useful with it, but the reality is that little and often in the right place will have a big impact.
Just Google men in sheds. Theres a UK organization
- emergency fund
- holiday fund
- car maintenance fund
- Christmas and birthday fund
- remaining is mine to spend as I wish
This means I always have a ‘pot’ to be used for large expenses, along with an emergency fund for the future (if needed) and then some money to just ‘enjoy’ whether that is eating out, clothes, etc.
Mortgage free wanabee
Got a lodger which has helped massively with expenses.
Debt left is as follows
£1500.00 credit card @ 0%
£12321.52 Loan @ 3.2%
£6142.76 Loan @ 9.2%
Total = £19,964.28
have been trying to apply for loans so I can transfer the high interest loan to a lower one, but no success even with a good credit rating. Have created a spreadsheet so I can look at all my yearly expenses like car maintenance and put aside cash monthly to cover these. Feel like I am in much better control now, thanks for all your help.
You don't seem to have grasped the concept of budgeting in any way, get a budget app or work out a zero based budget where every £1 has a job each month.