Future Proofing my life: Deposit saving then MFW journey in under 13 years

Sistergold

@LadyWithAPlan you did so very well on your October savings @ Oct savings  £2613.16      of     Goal  £2,252,81pm well done! You will reach the £100k goal 🔜! Xx

savingholmes

Excellent progress especially given you have outstanding invoices and have been unwell. Interested to find out more about the grocery challenge.  Will need to explore further

Suffolk_lass

@LadyWithAPlan I really hope you can adapt my system. The joy of it is exactly the area where you have a dilemma - what is monthly and what is stores is entirely up to you. Since I started buying cat food, treats, dry stuff and litter at the SM instead of separate trips to the pets place in the nearest town, sometimes it is monthly, sometimes it is stores. It sort of depends on which one looks healthier. Then round about May I could see that my stores budget was going to overspend so I started moving any surplus from end of month actual GC over to stores to top it up, instead of the accounting for commodities in a bit of a haphazard way. It is entirely up to you. You must share your improvements though - we all have stuff to learn and improve upon

LadyWithAPlan

@Suffolk_lass thanks so much for your G sheet - I see I was making it way too complicated. Your system of a decent bulk store and then monthly makes more sense than the other purse idea - so I am testing it and will report back

I did buy due to  Shopmium offer 4 x Japanese coffee at Waitrose £4 each but 50% cash back - offer is still on - coffee is nice but I figured 3 x coffee was stock so £6 spent in stores after Cashback and 1 x coffee £2 is this months spend - I do have another ground coffee in as well. It was nice knowing I was buying from stores fund plus I can keep the focus of the grocery challenge. It makes sense you move excess monthly over if stores run low and it is nice to know I can start looking to bulk buy some decent stocks of rice, pulses etc

@Sistergold I know I was pleased - would have been more as got paid  my side line job but instead kept it in main bank as I am still due to be paid end Oct from 2 companies. If I am brought up to date I will smash my £80k goal by end 2021. The focus and all your diaries and support is so helpful

@savingholmes on the grocey Challenge I started doing it mid August and learnt loads about my own spend patterns. I do have pots where I put away my spending on grocery etc at the beginning of the month into a separate pot and then move it into my main bank acct as I spend - but the Grocery Challenge of aiming to spend less each month, and really tracking how my spends go up has been surprisingly useful.

@SandyShores that no bake recipe https://uk.easiyo.com/blogs/recipes/no-bake-choc-coconut-bars looks amazing - will go buy the ingredients when I next pop out

@Fortune_Smiles thanks - I did get better but then had the covid booster and got sick again, but today I feel positive and better

@Chiglepig on your reply- that sounds exquisite but also way too rich - 
I had no idea gummy bears were that old!  - I once (as a very skint student) made my Dad a whole Christmas pudding from chocolate truffle as a present - I have no idea how he got through it all. but it didn't see New Year! 


Covid booster + flu vaccine + being ill = 3 days in bed
I decided in my wisdom, despite still being ill to have both booster and my first ever flu jab on the same day. I then spent 3 days largely in bed and on the couch - i got up at 6pm Friday and then was back in bed by 9.30pm.
I am very happy to have my booster  but do advice anyone to make sure you have an easy day the next as both arms hurt and I was wiped out. 
Downside - no gym, no work, no programme progress
Upside - NSD days and read the Kim Harrison The Hollows series (12 books) it is fabulous, had read some of it before but its is great - fantasy but lots of characters, great world building and to be recommended. I will say  I see there are a few additional books but I am focusing on the final edit of one section this week before reading

Weekly Nov goals review - will do this each Sunday/Monday to keep me focused thru Nov

Goals for the month: November

03/11/21 Nov           £72,793.98/£100K house savings  - 08/11  £73,001.93/100K

Nov savings    (£80k 12/21 target) -   £208.26 / £3,603.01 pm 

Nov NSD 0/15              4/15 (M/T/F/S) 

Nov Groceries Challenge      £55.65 / £140  + £6/ £100 bulk 

Get programme finished and out to sell by end Nov - working on this..

7am to 9am  Mon to Fri -  work on programme first 2 hrs each am    3 DAYS last week

Maintain my extra income on my normal main career £300 target -  £220/£300 so far

Gym 5 times a week,  as helps mental health so 22 days   2/22 (was ill most last week)

Sell on ebay + locally  £50 - from what is already listed - £0 but listed 6 items

Free Money £100  target inc ebay        14.58/£100 

flat hunting  I love and can afford – start end Nov again when finished programme  0 

SIPP goal £643 this month  (£28,714.21  03/11 -  30k target end Dec) 

Free Money £14.58/£100
£8.34 from  Shopmium/Green Jinn offers

Grocery Challenge  £55.65 / £140  + £6/ £100 bulk 
On way back from booster and flu jab spent £28 in Waitrose but over £8 back on cashback, then home for 2+ days ill  + £2.65 Sunday
Luckily I had put a FR chicken in oven before my FLU/COVID jabs and cooked loads brown rice so had chicken to eat and fair amount of nibbles including some GF DF bars that helped me thru feeling awful.. Plus today I made chicken stock, half went into a very delicious chicken soup with the last bit of the chicken that I have had 2 huge bowls already and may well not manage to freeze any... and the other half of the stock will make up beetroot soup today as I have some in, some of that I will manage to freeze.

Buying a drawer freezer..
A freezer is definitely calling me, despite thinking I may be moving within 6 months, my two large shelves above my tall fridge are beyond rammed and given my new joy of deliberate batch cooking so giving me more choice on quick healthy foods during the month I either need to eat down the freezer or get an extra one.  Someone over on the grocery challenge suggested me seeing if I could get a second hand one or via FB  which is a great idea as I may have to get rid of it once I buy but not seen anything as yet and I would need to transport it here , so I am going to look at online Black Friday deals seriously and if I can see a bargain, they all about £200-£250 base models so. plus the new ones are more energy efficient.
My neighbour is giving me his microwave soon as he replacing his, I don't like using them, I got rid of my last one but with the freezer foods some are easier to heat up that way.

Programme
I did so well last week, 3 days of getting up and doing 2 hours each morning then nothing once I fell ill again. So I am back on that focus, my big goal for this week is get the second part edit finished (I am nearly half way through)

Nov NSD             4/15     (M/T/F/S) 
hopefully today as well (Monday) I have run out of eggs, DF milk etc but I could wait a day or so.
Not spending much at all elsewhere, some new aeropress coffee filters, nothing really on entertainment  this week as ill.
Need to start the Xmas shopping

Extra income 
Did a little MB over weekend and my side gig I have now £220 due end Nov but will be at least £100+ plus more I think

Main freelance job and next steps thinking
Looks like the restructure happening  but looked at all the investors legal contracts and structures and they are making it uber complicated, I may not be involved in full  the way it looks so more 3 days a week or indeed want to be involved full time moving forward, in which case I could see about a new five day a week contract and fit the current work  around it possibly.
I am also seeing with a long term client and friend his business cashflow being hit but most if not all  of his panic is to do with overspending in the business and personally rather than the underlying business suddenly collapsing. 
I have been a freelancer for years and have had some incredibly lean years but since starting budgeting over a decade ago I have not been overdrawn, overspent and  I lived frugally which has meant even when I had tiny monies coming in I somehow survived and had fun along the way. I choose not to eat out so I can travel, I don't buy many clothes, I save in loads of pots for what I need so I can be relaxed in life, maybe too relaxed! . I can survive on all my  bills  and food at under £1000 /month which I know why I have real reluctance  in buying a home as the mortgage will be £1500 easy.
I was listening to a caller on the Ramsey show with £500k debt not inc his home(!)  and one of the hosts was telling him to just get intense for 5 years and really work loads of hours then he would be done and could relax. I have a massive upside to increasing my income  further in various ways and I have been dithering about for the last year on this. I am feeling much better now I have my health back so doubling my current income would be hard work, require me to get some new clients but would be very very possible as I only work 3 days each week at present and I am in charge of my own schedule.
SoI could choose to get super intense and focused on work, still have a life and go for a £100k deposit and then maybe still wait on buying til I had £150k or something.
I have used the excuse for the last few months that I am not looking for new work in any area til the programme is done  - meant to be a goal and getting it done motivation - but that has meant I have instead procrastinated on the programme and there has been no real movement on the income side. The programme will be done and out by the end Nov. This is an absolute promise to myself.
I will go out and look at flats end Nov once the programme is done  to see where the market is at, but I do need to step up my income generating focus as the spend side is well under control luckily.
Even if I just stepped up for 24 months I could really get ahead of my goals.An ultimate goal could be to buy and pay off the flat in 8 years by 60 but that sounds extreme.. but I completely could if I focused on some channels of work and not others.
Either way less procrastinating, more sleep, more gym and more action  on clear choices is required and then I could be flying.

 House  savings 08/11  £73,001.93/100K   - past the 73k mark! 
Woohoo I have another £500 square to colour in  ... 
(My S&S isa has shot up as well further  £400+ in the last few days but I have ignored that for now in the figures)

Nov monthly savings    (£80k 12/21 target) -    £208.26 / £3,603.01 pm
£200 help to buy - still waiting on invoices then it will go up further.
£2.02 TT

I am not including my hopefully additional now £1500 help2buy bonus in my figures as £450k cap  may be an issue on the flat cost limit if I wait too long but it is  nice to think I will have paid some towards solicitors fees etc that way. I think my stamp duty and buying fees will be £11.5k  so my £80k target means £70k deposit and 10k towards that 11.5k 

savingholmes

I hope those invoices get paid soon for you. 

Sorry you've not been well - but great that you have been able to make more progress with your programme. You'll soon be flat hunting...

LadyWithAPlan

savingholmes said:

I hope those invoices get paid soon for you. 

Sorry you've not been well - but great that you have been able to make more progress with your programme. You'll soon be flat hunting...

Tx - they will and luckily I have the savings to cover it but ...it is a drag as I do like to move my money into pots so I have a Nov budget but empty pots beyond my grocery and bulk which I had temporarily filled with EF and my rent is paid again with my float. I can breathe OK. 

That 3 - 6 month EF is vital as a business owner  or freelancer especially as a single one.. When I see friends or people overextend themselves through discretionary spending like luxury purchases or expensive meals out constantly (as opposed to  important things like food and mortgage),  I wonder why they would choose to make themselves feel that way - scared. I completely get sometimes we run out of work and money, I certainly have  and covid was so difficult for many especially if you had a family - how working parents did it was a miracle - but  having a frugal budget for me = safety so when financially it gets hard I am like a squirrel ready to survive. I have some huge spenders around me and every time I got to dinner in London I go ouch
This is why my London flat hunting is scary - it would not surprise me if i save a bit more first..

I did have a fabulous birthday dinner at Turtle bay recently - Jamaican food , so tasty and good pricing 

savingholmes

I agree - I really need to sort my EF. Currently I'd manage just over a month but that's not long at all. However, in theory I am in a really secure role and if made redundant - I could live on what they'd give me for a year if it was tax free.

I would hate London prices for meals out... I suppose if you make it part of your planned budget it is slightly less painful.

LadyWithAPlan

savingholmes said:

I agree - I really need to sort my EF. Currently I'd manage just over a month but that's not long at all. However, in theory I am in a really secure role and if made redundant - I could live on what they'd give me for a year if it was tax free.

I would hate London prices for meals out... I suppose if you make it part of your planned budget it is slightly less painful.

Glad you in such a secure role but I guess I like the dance of being a freelancer ) I think a 3 month EF fund would be OK - maybe you could keep in Premium bonds so always have the unexpected upside of a fun win.

London meal prices always hurt even when you budget When I started doing a monthly budget a decade ago I realised just how much I spent on London drinks, clubs, theatre etc  but it was the restaurants that really killed the most  especially as I do cook well so unless it is something I cant cook easily eg ethnic foods it seems more of a waste.

I made up my own GF recipe of pork loin as like a KFC fried thing today, it was pretty good, added kashmir chilli spice and paprika. I added sparkling water in  to add some air to the batter as they do at Leon for the GF chicken bites. It did stick a bit to the pan so I will cook the second half in my halogen oven to see if that gives me crispy but with more batter left on the pork It was super tasty though. I have some beetroot soup now to freeze as well but really that is it for room in the freezer two shelves so better start eating up or defrosting some main ingredients.

I need fresh eggs, DF milks and yogurt and some more frozen fruit, in a few days some fresh veg as well but actually am fine for groceries. 

NSD  5/15 as spent nothing yesterday and did not leave the house - I am eyeing up some special corn masa flour that is supposed to be amazing for GF tortillas and tacos but may wait til tomorrow after work as I am going to the office for a day - I go in about twice a month and am happy to.

Did 90 mins on my programme this morning first thing, now working and hoping to get to the gym a bit later.
Finished my beetroot soup and somehow had the strength to out the rest of that chicken sup in the freezer. I have seen a £159 black freezer which would fit under the counter, I am sadly getting quite excited at the thought. I will see if I can hang on til Black Friday..

Still waiting on my invoices..

I had a quick look at right move today, couple possible interesting things but nothing I am going crazy against. I am only buying if I like it, not going to slum it - though with London prices £450k buys you 2 beds and no space.. I really may have to get serious income coming in or move further out...

I can see my SIPPS and ISA have jumped loads since last week, not tracking but my 30k SIPP goal for end Dec looks well within my grasp, the house savings extra £7k will be more of a stretch on top
 

themadvix

I, too, would have to be very hard pressed to get a 'proper' job full time. The freedom of freelancing is a wonderful thing if you can handle the job insecurity. As I've only ever had the occasional part time employed role, I've never had that security to get used to, so variable income and insecurity is just the way it is! Does make budgeting trickier though, doesn't it?!

savingholmes

I think because I'm not that social - having a secure job has helped a lot. I did to fixed term contracts for five years at one point - and sometime had decent £ sometimes not - and had lots of lovely breaks - but it was stressful. In the end I took a pay cut to have a local job with paid holidays and a decent pension. I am in a DB pension - so hard to break away from unless I was to get a job / long term freelance offer of 50% more pay - or unless I establish well paid side hustles that gradually take over. The latter is more my plan. 

You sound like you are a really good cook. I couldn't pay £80+ for a meal for one... It would hurt far too much... especially if you can cook better at home. I'd be inviting people home instead and get them to bring drinks or desert or a starter. You'd be doing them a favour too!