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

LadyWithAPlan

Merlin's_Beard said:

I use  YNAB  and use it. It has definitely got a lot more expensive since I started though, so whether I would think it was worth  starting now is anyone's guess.

I think you can link certain bank accounts in the UK as of about a year ago, but I choose not to, because the less automated everything is the more I pay attention. I like the independent add on Toolkit for YNAB as much as I like the original software so I wouldn't advise using it in the base form. It is a pretty, glorified, spreadsheet, but I wouldn't use an unpretty spreadsheet or be bothered to generate the reports if there wasn't software doing it for me, so for me, definitely worth it.

Cheery_Daff said:

I use YNAB, and I do love it. I'd never recommend it to anyone in debt because of the cost, but I find it very convenient and I love the reports it gives you. However, I don't think you can link to bank accounts in the UK? Although that might be a new feature - last time I looked (which was a while ago) you couldn't. Which means of course you have to enter everything manually, which might not be what you're after!

Thanks so much for the details! I have just looked and it seems YNAB does now support all the UK banks I have as accounts. Its the reports I would use it for - annually, monthly spends etc.
I will look at this toolkit as well @merlin's beard suggested as I would like a pretty spreadsheet too.
I used to run stuff thru a Quickbooks account but now the cheapest version is over £7/month
 so I guess $99 annual fee is not too bad...
I see there is a short trial - I may wait til after my trip next month then try .. OR ...

Thinking about it I could otherwise use some category labelled jars (food, travel, entertainment) - not as cash like in Til Debt Do Us Part as I have already  individual mini bank accts for each of my sinking funds and expenses (20 of them at last count)  - but I could stuff my receipts or write on a slip of paper for online transactions and DD's in each jar .. then add up at the end of each month .. hmmm
No reports, might miss some bank stuff,,  - but less recon ... and has the paper bit I love...

I might try the jars first .. and see .. lots on at present and I need to clear some other projects out first before I start on YNAB but it might give me next level control - I never update my own spreadsheets..

LeighofMar said:

Sounds like you have your financial ducks in a row. It sounds similar to what we have here called an SEP-IRA which are retirement accounts for self-employed business owners. Our company can contribute 25% of our earnings per year which is great. Every little way we can help our present selves and our future selves is important. And your house deposit is still impressive so good going with getting the best of both worlds. 

Thanks Leigh, luckily I love maths and building finance projections etc which helps ... Yes the SIPP is self invested pension everyone can have one but its v useful for self employed/company directors - Our annual sipp contribution limit is now up to £60k per year (as long as the company/person makes that much!)  In the UK the tax advantage of saving for your future is huge - and gets better the more you make so ...

Its the pension house dance-off
https://gifer.com/en/B2qq

@beanielou I know!! I feel so lucky - I have looked at them for YEARS!  I also really want the smeg  50's expresso machine but its £320 or something - I cant justify it when I still dont own a home

Merlin's_Beard

About the  YNAB free trial - they do occasionally offer 3 month trials, and even if they aren't at the minute, a lot of people have managed to email them, say they weren't sure, and extend their 1 month trial out to 3 months.

savingholmes

Well done on the win.

£200K in 2-.2.5 years YNAB as it didn't forecast. I prefer spreadsheets. 

LadyWithAPlan

Tx MB and Saving Holmes
I have looked more at YNAb and I am trying my jars idea first - as in add in my receipts as i go or scribble on a note where dd's and online are happening - I have made the jars (one is an actual jar very like TDDUP which is fun)  and updated for April so far and will add up at the end of the month on actual spending before I do my normal next months budget and pots.
The thought of having to reconcile loads of extra stuff  and spreadsheets in YNAB does not appeal, especially as my income is so inconsistent. However It has got me thinking about my spending this year so far - once a month its been a larger item... so I am determining to do an end of month review of income earnt, cash actually received and what I spent on each category. I do the budget each month and pots but as I have been shuffling money what with end of tax year, sipp and  still on/off income checks its been a bit difficult to stick to - I have had to use money from sinking pots to fund needed items.

Spending - not been tracking my NSD's but did have one today ... its been an expensive month so far..
This month I finally bought some kitchen scales £9 as my replacement batteries proved that the old scales have died - i have had them for over 20 years.  They arrived today and look great - I really shopped around and got a bargain and with my new found diy skills easily put them together.
I also have bought some  toiletries stuff from boots but used £31 of free points
I bought £29 of bulk coffee but that will last for 2+ months easily. Lets see
I paid for flights and other stuff for my trip 
My upholstery project started last month has cost a lot in material  £400 so far and yet to know what labour costs will be as got a friend who does this involved.
I spent a lot more money on food than normal due to my  one diy course being a full time one week thing - even only buying from supermarkets..
Other larger  spends this year have been the accidental flat pack  desk workstation that is now up and i use each day
I had to pay extra money £310 for my gear as the one I had bought and was on a waitlist was discontinued. The new stuff arrived today and is AMAZING - so lots of good reasons to stay in and work on it to be my side hustle  - so this is the new project - get some cash in from it.

Nothing is crazy spending but I do think I need to set what I am trying to save first, having no mortgage and a large deposit makes me relaxed and probably spend a little too much.. I really want to do a fair amount of DIY but dont want to spend a lot of money and time - the upholstery was waiting for ages and I will be taking it with me to the next place when I finally buy

The smeg competition people have got back and yes a SMEG kettle is coming my way! Not sure what colour will arrive but it has inspired me to do more comping - been too busy to do much.

Finally got back to the gym, and managed a quick 20 min swim before i worked the last 2 days and also a quick body workout  in those pulley machines today  - it was a bit rushed but something is better than nothing. Nothing like thinking about getting into summer gear (I refuse to update my wardrobe cos of going up a size) and a bikini to get you down the gym after the easter / spring/xmas  feasts;
It also means my entertainment budget this month will be lighter as I chose to drink less for a month

Hope everyone has a great weekend

Viking_mfw

LadyWithAPlan said:

I bought a sprout tree 99p which is fun as I rarely eat sprouts but they are very good for you so looking for some new recipes.

4 months too late BUT halve them, toss them in a little oil, salt and pepper, roast at 190 for 20 minutes. Delicious!

KajiKita

What’s the trip you are planning? (I seem to have missed this …)

Yaay for the new widgetty-gadgetty side hustle 👏💪😊

£31 of B00ts points must have taken a while to accrue?! 

KK

savingholmes

Glad your new tech finally came

Viking_mfw

Oh my goodness, Marriage Under Construction is both addictive and we cannot cope with either of them! They have no clue about ANYTHING. 

LadyWithAPlan

Viking_mfw said:

Oh my goodness, Marriage Under Construction is both addictive and we cannot cope with either of them! They have no clue about ANYTHING. 

Ha! I know I had less knowledge than them before my recent DIY classes - it is probably not a bad thing I didn't buy that flat in Oct 21 which needed EVERYTHING doing even with the interest rates at 1.68% then ... I can imagine I too would have been going crazy - and over spending on materials ... knowledge is always power!

Even the current cost of upholstering my sofa has doubled or tripled since I started as I looked at much more expensive fabric - which is super hard wearing so should last another 20 years.
I now need some more material for my upholstery project as we thought we had got enough but then needed to do the fabric on the arms on the bias  to lay properly which of course uses more  .. it is £75/per meter - it is from a cheap fabric shopping area and would cost double that in central london places -as its gorgeous hard wearing upholstery fabric - I know cos I looked first but still..  materials cost so far just under £400 so probably end up at £500 plus my friends labour costs - which is probably a few hundred ... Ouch - but a new decent sofa costs £1000 plus and this is an antique on what I think is a mahogany frame )its very hard wood)  and to buy what I am creating would cost probably £2k +

After a few terms of DIY, plumbing and carpentry i now know roughly how someone builds a house and at least have a rough idea of what is going on on the various areas - ... We even did a session on brick laying which I loved but my wall was a bit wonky no matter how much I waved the spirit level at it... So my brick laying will have to be only for an external bbq etc ..or  my home will look like the leaning tower of Pisa which I have seen and does lean.

Sadly this terms DIY has been pushed back to Sept but I will be going in to finish my easter project so...the chisel and saw is still out. I have loads of diy to do in the rental but I need to focus on the side hustles!

London flat prices are falling or at least flat -but I looked at what I would I would pay on a £350k mortgage  - a £2k a month payment .... including over £1k in interest - which is more than I am currently paying on my super deal rental ... and also I have realised I am making more on my deposit savings than my monthly rent which is dead money - yes I will get slammed by interest income  tax but its still breaking even as if I buy the investment will be taken out for a house deposit .. so thats calming me. 
The thought of £1k a month interest - its so much ... and thats not even buying some amazing home  - £460 or £475k... so focus is on making more money and getting that deposit UP! 

I really do want a mortgage so I can play with the mortgage calculator and it would put me on fire with saving and Tilly Tidys.. but I sleep beautifully at night and still being owed money by everyone - some is getting paid back slowly.. I need to super charge those side hustles!

KajiKita said:

What’s the trip you are planning? (I seem to have missed this …)

Yaay for the new widgetty-gadgetty side hustle 👏💪😊

£31 of B00ts points must have taken a while to accrue?! 

KK

The new 'widgetty-gadgetty side hustle'  - such a great perfect phrase and now my new name for it  - is fabulous - I have been playing with it over the weekend - I didnt go out beyond the gym and see some friends for a coffee .. and waiting for someone to get back I reconnected with today on some work...

@savingholmes I am like a kid on xmas morning every morning

I have my TDDUP jars  all kept up to date (just to track spending - not cash as I find it goes in too many directions such as entert, coffees, food, hardware etc)  and I am determined to do a review of Aprils spending before I do may's budget - including my income which has dropped a bIt the last few months on work - though I took a week off in March and April to do other things... I am planning to more tightly track income and saving and spending - as saving often happens at the end of that process.  I need to make the savings goal a priority .. but if I save £1k in April I will be lucky between upholstery, trip, PAYE I need to pay and various bits..



The trip
On the trip its an annual one in Europe with friends  I put £100 a month aside for it - sadly I have had to steal from that vacation pot money due to me being late in being paid and also as I was trying to get as much into my sipp before april 5th as possible. So only got £100 there. I lent a friend some money last year whilst we were away - as she had miscalculated her budget and she finally paid me back friday - £335 so thats going towards it -  plus I have about $190 from my last American trip and probably 30 euros at least in shrapnel .. Think minimum the trip will cost is £1000  - maybe £1200 - I need to not buy anything at the airport! There is a local Lidl to where I always stay in a very reasonable place and a rotisserie chicken place - 6 euros for an entire perfect oily chicken.. I normally buy FR in the UK which I am sure it isnt...
However this year I am actually going to add up the food and drink costs and the whole trip..

This year I am not buying any new clothes for my trip beyond the standard Prim*** bejellewed flip-flops as they are a great deal and the only thing apart from fishnets I buy from there...so no new dresses etc - I bought  a new one last year - £300 second hand from £2000 so ... I was planning to start sewing again - I am not very good so I am looking to do some classes to guide me on patterns etc.. 



Boots points
yes £31 of stuff arrived for free - its The Ordinary brand which is great stuff and v reasonable.. I spend my points once a year and always stack them up in triple reload offers  as I go I have another £10 left so I may get that great no 7 sun factor  50 face cream they do in the yellow packaging

Viking_mfw said:

LadyWithAPlan said:

I bought a sprout tree 99p which is fun as I rarely eat sprouts but they are very good for you so looking for some new recipes.

4 months too late BUT halve them, toss them in a little oil, salt and pepper, roast at 190 for 20 minutes. Delicious!

Oh Thanks Given my current green food obsession this seems great! I rarely use my oven at the moment 

Grocery £180 now + £30 bulk
I spent £30 in Lidl at the weekend buying chicken and pork and a LOT of kale! so £180 in April food plus my bulk £30 gone on coffee
The £180 includes toilet rolls and kitchen rolls as well so  - but just for me - its normally only £150
I think with how I am eating £180 is not ridiculous - I do have a full fridge and freezer which should last me minus any more green veg ... my kale, spinach and broccoli consumption is officially HUGE  - a massive plate at least once a day - it would not surprise me if i woke up one morning looking like the Hulk or Kermit.. (popeye would be ok)

SMEG dilemma - how lucky!
The SMEG kettle arrived .. it is absolutely beautiful but it is in cream - so not the colour for me and makes my white tiles in my rented kitchen look awful.. I have not used it yet as I am thinking of selling it -if it had been one of those gorgeous pastel blues or greens they do or a red one  it would have been used within minutes...
On one hand I could use it every day and feel glamorous in the morning using such a beautiful objet d'art  (even in cream) especially as I have won it - they are £130-£150 OR sell it - I might be able to clear £90/100  I think  but then I would not want to add an extra £40 to get a different colour - so its either save the cash or use it - thoughts anyone?
This is definitely a WANT rather than a NEED - but it is a gift from the universe so...
I also had repaint the kitchen and retile the floor (I have some free tiles) on my 2023 list and the smeg cream makes the kitchen scream even louder 'PAINT ME!' - but then its paint costs etc...and 3 days of life at least what with with clean up, gloss, and the retiling will take a few days as I will do it in sections around work stuff  - maybe I will do at the end of May bank holiday.

Credit Card
I only got  a CC to help my credit score before buying - but as Dave Ramsey says you definitely spend more - I always pay in full but still I will buy things on my cc rather than have to transfer money from savings or my premium bonds.. So my new 2023 plan has been to only add big ticket items to it and the couple of DD's. It is slowly working (a bit) 
However food is still popping on there..the odd extra .... I really want to not have it
This month though my due amount   is  finally under £1k - £950 - down from the £1.5k after Xmas ..woohoo Again trying to maximise the SIPP didnt help
However since the last bill even with flights etc I think it will be about £600 next month - so if I can whittle  down my spending on it by £300 each month. Plan is to have a small balance each month - I would stop using it and get rid of it entirely  but the credit score .... I had no credit card for over a decade and travelled fine without - honestly once I buy this home I will killing the credit card off 
I hope I will get a big invoice paid by end April and I plan to just clear it off and keep the dds on it. I like using my Monzo card abroad as you get a great fx rate and can immediately see the rate  and transaction going thru the app so ...



Entertainment has been low this month £90 or so as I have been spending else where... however we have bank holiday coming up - I am also not drinking ahead of my trip  (much or at all) so that helps

I am seeing some friends this week as they have asked me re budgeting, side hustles and such like, so I am taking paper budget forms, showing them match betting and have been encouraging them to do side work - cost of living has hit everyone hard - and if you have a family its even harder than me solo  - yes it is just me bringing in cash - but I can choose to not go out etc.. stopping kids music lessons and food costs for so many really is hurting people.
 I have been doing an on paper budget for over a decade - even if it sometimes gets ignored... it does keep me in line - especially as being single no one else tells me no I am looking forward to adding a proper review in though -

LadyWithAPlan

Viking_mfw said:

LadyWithAPlan said:

I bought a sprout tree 99p which is fun as I rarely eat sprouts but they are very good for you so looking for some new recipes.

4 months too late BUT halve them, toss them in a little oil, salt and pepper, roast at 190 for 20 minutes. Delicious!

I will report back!