New fresh diary for 2023!

EssexHebridean

B&M is one of the places that really tests my "Stop and think" resolve - I'm getting better though! Went in and came out again empty handed at the weekend as they hadn't got the specific thing I wanted, and there was nothing else quite right, so I decided to try elsewhere.

BlueJ94

EssexHebridean said:

B&M is one of the places that really tests my "Stop and think" resolve - I'm getting better though! Went in and came out again empty handed at the weekend as they hadn't got the specific thing I wanted, and there was nothing else quite right, so I decided to try elsewhere.

Haha! My budget was for a lampshade and a coat rack. Came back with neither of those things and ended up with dog toy that was reduced, cat food chewing gums and envelopes 

BlueJ94

Evening all, 

not really done much besides work, which was super quiet today! I’m following @LittleMissDetermined challenge and with the envelopes so going to write those out later on and get that set up! I plan on withdrawing £30 and changing it in the works till so I get £26.50 dead on  

OH turn to cook this evening so I’m going to run a nice hot bath! 

Need to make work lunch for tomorrow, I’ve also had a quick look at my catalogue debts. Highest one being £150. So once my 118 debt is paid off at the end of January I’ll start on that one first. Also, from the 31st January I’ll have no loans or debts to pay!! 

BlueJ94

Also, this is the challenge link - https://forums.moneysavingexpert.com/discussion/6414621/2023-cash-envelope-saving-challenge/p1

BlueJ94

So I’m testing out a new theory, I have £700 in my bank currently which is way more than usual at this time of month but my brain is telling me to use the money and buy rubbish and stuff I don’t need. So, I’m stopping myself and working out how many hours of time at work it’s costing me to pay for rubbish I don’t really need. And so far I’ve bought nothing at all

LittleMissDetermined

BlueJ94 said:

So I’m testing out a new theory, I have £700 in my bank currently which is way more than usual at this time of month but my brain is telling me to use the money and buy rubbish and stuff I don’t need. So, I’m stopping myself and working out how many hours of time at work it’s costing me to pay for rubbish I don’t really need. And so far I’ve bought nothing at all

This is a great way to think about it, when you want to buy something working out what you'd have to work in hours to pay for it... works a treat for me. 

When I get paid, or if I feel like I have surplus in the bank, I move it to a Monzo pot so it's out of the way... could something like this work for you?  Maybe put the equivalent of one of your catalogue balances in there and if it's still there when you get paid use it to clear the debt? 
LMD x

BlueJ94

Evening all,

so myself and OH want to eventually buy a house together which is great! I just need to get my head into the game of saving saving saving!! I’m going to do some research about buying a house it won’t be until another 2 years or so! So that’s basically how I’m gonna spend the rest of my evening 

LittleMissDetermined

Happy researching! Be prepared, it’s very stressful xx

MrFrugalFever

BlueJ94 said:

Evening all,

so myself and OH want to eventually buy a house together which is great! I just need to get my head into the game of saving saving saving!! I’m going to do some research about buying a house it won’t be until another 2 years or so! So that’s basically how I’m gonna spend the rest of my evening 

Hi Jade,

Buying a house is absolutely the right thing to do (IMO of course 😁). I am on that journey now and to be truthful, it’s been a hard slog. There are various help to buy schemes but where the housing market has boomed like there’s no tomorrow a deposit required is now generally in the region of £20-30k minimum. That’s nearly two years at £1k saving a month alone! Not to mention all the fees to go with it!

I’m using the LISA route with Moneybox and max that out per year to get the £1k gov bonus and it means I can’t really touch it unless an absolute emergency (you get heavily penalised for withdrawals for any purpose other than first time house purchase or retirement). I am very fortunate to be able to save more than £1k a month so my deposit will be more than 10% but it has still taken me 18 months so far and a further 10 months minimum to go!

Also, don’t forget your defaults and arrangements to pay will still be visible up to 6 years from the first date they defaulted or an ATP was set up so that could delay things slightly.

What sort of property are you looking for? 

FootyFanDan

Enjoy the research - We also are seriously considering home ownership too. It seems like it is tougher now than ever before and our journey is going to be long too. I think am i too old to be thinking of it now but if we can get our own home by 40 I will be content (3 years time - :O where the heck does time go!). The deposit is going to be a hard slog but I got a bit of extra money I wasn't expecting so I put a lump sum in Moneybox and the fact once it is in there its staying there is a good thing as I know i can save.