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gnobak

Weekly update:

• Additional unexpected dentist visit 70
• I forgot it was my FILs 80s birthday so there was about 120 spent there
• I started a DIY job, no going back now, but it's 0 spend so far
• Monthly budget is under strain but we should make it, all going well
  

The week ahead:

• No major plans!
  

gnobak

End of Month update:

• I am switch to financial month instead of calendar month as my wife and I were on the opposites and it was a bit painful. I get paid on the 23rd so that is the start of tracking now.
• I have made an amazing update to my spreadsheet. My wife can now access a part of it on her phone and just type in a description and amount as she spends things, and my part pulls in totals per month, so I now no longer need to track any of the daily spend
  
• The month was tight but our new processes have kept us on track and I have managed to save 700 towards the holiday. This means I have met my 2800 target
• In addition, I have been able to save 400 towards my 1000 holiday spending money target
• I have also come to agreement with my son on finances as he is finishing college next week. That has removed some planned expense for the months ahead, but we shall see

The month ahead:

• My wifes birthday. I always go over budget and that's just the way it is, but we don't go crazy
• A 2 month gas bill will be due but I have basically stopped using it so hopefully it will be down from 550 to ~200
  
• A 2 month elec bill will be due but I have made changes so I'm hoping to God will will be down from 550 to about 450.
• I still haven't done the exam but it's budgeted for
• My sons car service, budgeted for
• At the end of the month I hope to save 600 bringing my holiday spending to 1000/1000 and perhaps even a little more for whatever the next goal is

I have big plans, which have been brewing for a year or two, w.r.t my son (and daughter) and housing. There is a serious housing crisis here. Last year I had a build quote to extend the house with a studio apartment. The plan was that instead of my son moving out and having to pay ridiculous rent, he could move 'next door' and have some independence and just pay for to cover the loan needed. Unfortunately the building cost was a stupid 120-130k!! so I backed out, as if my son wanted to move I didn't want to cover that payment. The idea was he did it for 4 years and using the 'savings' on real rent to save for a house deposit... then my daughter repeat.... and then we could use it for an aged parent(s).

Anyway, I am now thinking of doing the same, but with a 'log cabin' in the garden. We have the space.

If he was to rent a studio in this area it would cost him 1200-1400/month (this isn't even an amazing area!)

The loan payment on the log cabin after all fitout would be about 300/month.

He has a part-time to near full time job, so he is prepared to spend around that to have some independence and still be able to save for the future. As an aside, my daughter could then 'extend' into his bedroom to have a living room type setup

If there is a period where he isn't using it, and neither is my daughter, then I can use it as a WFH space or gym etc.

Of course, he could just live at home and pay nominal rent and save a bit more, but I think we are all at the stage where some separation is needed, and this seems like a fairly low risk way to achieve it.

I will get the log cabin company out very soon to get some proper costings but it seems to be:

- supply and erect fully insulated cabin: 17k

- hook up to services: they need to quote

- fitout: I can do myself

So I'm hoping ~25k and I can get a 6.9% 10 year loan for 289/month.

Comments welcome.