Three years to get debt free

Willowtree222

Sorted finances and know where I am.

£300 over budget for the summer. Mostly booking things for DD, the little holiday this week was more than expected, but some of that was me prepping for work next week so not all out of budget.

No overpayments made this month, but that's been a buffer. I think I'll do this every summer to pay for the additional food and things DD wants to do.

Positives:
Car has a huge range with it being hybrid and although huge journeys as it was two hours each way and also journeys when I was there, I still have enough fuel for the ne g two weeks of work. Range is brilliant.

Paid off one debt, my smallest but achieved.

I have an emergency fund again that will pay one full month of bills.

I have found savings of £62 a month. I have another £40 due January. (This is in addition to the car)

Christmas gifts and some foods are paid for by paying every month.

I'm not perfect and I'm still emotionally spending, but feel like I'm getting somewhere. 
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Sarahwithlove

That's very positive steps and hopefully when you are back to work and school with a routine it will be easier to manage the emotional spending. 

joedenise

That sounds like a good idea for future summer holidays.  They can be very expensive with children especially if they want to do "things" rather than the free things you can get away with when they are little like a day at the beach or the park!

Do you budget by using "pots"?  If you do you could add an extra one for the school holidays so there is some money to cover doing things or maybe paying for a lunch out during the holidays.

Willowtree222

Sarahwithlove said:

That's very positive steps and hopefully when you are back to work and school with a routine it will be easier to manage the emotional spending. 

Hopefully, I'll have to make sure I'm meal prepping though otherwise that results in little and often at the supermarket that always costs more. 
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Willowtree222

joedenise said:

That sounds like a good idea for future summer holidays.  They can be very expensive with children especially if they want to do "things" rather than the free things you can get away with when they are little like a day at the beach or the park!

Do you budget by using "pots"?  If you do you could add an extra one for the school holidays so there is some money to cover doing things or maybe paying for a lunch out during the holidays.

Yeah, the days of free parks are gone as she gets bored and is in that weird phase between being young and being a teenager. I think I need to think about that for the holidays otherwise I'll always over budget.
No, I don't use pots, I find that hard to manage. X

Sarahwithlove

What about one big pot? Work out what annual expenses you have each year and then divide by 12 and you know what's how much you need to save each month? Or have a £1k saver pot and as you dip into it you then focus on replacing it the following month. 

Willowtree222

I have an emergency fund and savings so have an idea, but the app I use is good at sorting it. X

Willowtree222

Last payment of summer money has come in, but is missing a little bit so I've emailed asking for them to check. It's not tons, but I still want to receive what I've worked for. 

Money has all been moved and sorted into savings and main account. I get another payment on Monday and then that's it until payday on the 15th. 

My emergency fund is back to where it should be and I'm hoping to start September fresh with a budget and the right amount allocated to each thing. 

Got a fee bits to pick up shopping today and a food shop to do on Sunday. 
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Willowtree222

First day back at work and it was a shock to the system having my alarm set for 6.30am.

I have finished my Christmas payments though so that means I have reduced total bills down by £82 made up of a combination of things. This will go down further in January by another £40. The car reduction should be £100 a month so now combined is £182, going up to £220 in a couple of months. Potentially finding some other opportunities of money saving too.

Payrise as well, but I'm not being complacent. I need to reduce groceries and shopping bill. That's my focus for this month. 

Sarahwithlove

That's good news about the expenses reducing. Hopefully you can start saving some of it up.