Hazelnutty's recover and rebuild plan for a happier, simpler life! 25 June 2021 at 5:36PM in Debt free diaries 114 replies 8.2K views

Hazelnutty

Just needed to make some headway on my squares so cashed out £6.79 balance on Prolific and topped it up to £30 (half-square, which is easy on a dotgrid layout) with tilly-tidying all the virtual pots down to round numbers OK it's just a baby step but at least I'm underway!

30s_Suffolk_Lass

Hi Hazelnutty

Just read your diary. Sounds like you're making great headway! 

Have bookmarked to keep following

FootyFanDan

Hey, been following along and dipping in and out of your updates. You seem to be doing really well, I love the journaling idea but I am only just dipping my toes in to the journal world at the minute...never knew it was so popular. I will be following for tips ha!. Keep up the great work debt busting

Hazelnutty

Hey @30s_Suffolk_Lass & @FootyFanDan thank you so much for stopping by and following It's always great to hear someone's out there reading your posts!

FFD: I'm pretty new to journalling too and can only look in awe at some of the artistic spreads out there! I do love my stationery though so getting to use my journal and hoard of pens and other bits is great (I have had to unsubscribe from the Cultpens newsletter though as it's my nemesis ) I've found this month that being rigorous in noting down every spend has meant I've made fewer purchases even under the virtual pots where I technically have capacity to buy things. Just the fact I have to be accountable to my journal has reined in my spending. Well, I say that, it did until some retail therapy in the last few days

30SL: Thanks! The diary has really helped. Even when I've had a blip (e.g. last few days) I know I have to come back on here and 'fess up so I (hopefully) won't slide too far down the slippery slope!

Latest news:

• DD's end of primary celebrations ended up being a little more spendy than I'd hoped but worth it I think. Her dad barely acknowledged the milestone, or her brilliant end-of-year report, so I'm glad I made a bit of a fuss. All covered by pots.
• Gone over budget on food but look set to be at/under on other budgets this month (get paid Wednesday). It's the little top-ups at the Coop that seem to nudge the spending up so need to look at that for future ref.
• Target was over 10 NSDs. Currently on 8, today should be 9. Might squeak 10 tomorrow?!
• Another half-square cleared on the M&S CC (£30)

Should be able to finalise my plans for the next pay month tomorrow so will report back with budgets, pot shuffles and targets

anjyeah

Good to hear from you again!
I definitely know the feeling of having to stop myself for buying any more pens or anything journal-related. I might try that savings squares you're doing to be a bit more visual on my savings pot. 

Looking forward to your next post. Good luck! 

PS: I'm looking at money journal layouts as we speak

katsu

As you have a job I would use your work pension for tax relief instead of saving in the stocks and shares isa.

I would also suggest you consider not saving that extra money that you are currently putting in the ISA and using it to help cover your mum repayments.

Hope these ideas help. 

Hazelnutty

katsu said:

As you have a job I would use your work pension for tax relief instead of saving in the stocks and shares isa.

I would also suggest you consider not saving that extra money that you are currently putting in the ISA and using it to help cover your mum repayments.

Hope these ideas help. 

Thanks for your ideas, but why those options?  I'm not really asking for advice on the arrangement with my Mum, plus I haven't given many details about it so it'd be hard for anyone on here to make a judgement as to whether changing that arrangement is a good plan or not.

I haven't finished the building work on the house, re-established my safety net fund or begun serious saving towards replacing my car. So I can't immediately see the point of changing any arrangement, especially with my pension, while those things haven't been sorted. 

katsu

If you want to save long term, which stocks and shares should be, a pension is more tax efficient than saving into an ISA from your take home pay.  There will be main site articles by Martin and info in the pension form here if you want to look at that and learn more. 

Alternatively if you are struggling to find the money to meet your mum's preferred level of repayment maybe don't save that amount into the S&S ISA but use it for repayments for now. 

Hazelnutty

anjyeah said:

Good to hear from you again!
I definitely know the feeling of having to stop myself for buying any more pens or anything journal-related. I might try that savings squares you're doing to be a bit more visual on my savings pot. 

Looking forward to your next post. Good luck! 

PS: I'm looking at money journal layouts as we speak

Hey @anjyeah ! Since I set up the grid I've paid off £60 - OK only 1% of the outstanding balance but it's definitely £60 I wouldn't have paid off otherwise plus it's a neat use of the dotgrid

Hazelnutty

katsu said:

If you want to save long term, which stocks and shares should be, a pension is more tax efficient than saving into an ISA from your take home pay.  There will be main site articles by Martin and info in the pension form here if you want to look at that and learn more. 

Alternatively if you are struggling to find the money to meet your mum's preferred level of repayment maybe don't save that amount into the S&S ISA but use it for repayments for now. 

I'll definitely look into the pensions options but not immediately - HE pensions are a binfire and tax efficiency isn't my main priority. But I appreciate the pointer and maybe next year I'll be able to step back and take a broader look at my financial position and long-term options.