I can see the light at the end of the tunnel, now my saving journey begins!

LittleMissDetermined

Aww Shell16, thanks for giving me a shout out in your roll of honour entry! I'm very flattered
LMD x

shell16

Morning and what a lovely sunny but extremely cold day!

I have now changed my signature to include the saving challenges I set myself on a monthly basis and also the Longer term goals I would like to achieve during the rest of 2023 into 2024.

By keeping this diary, this will help me to keep focussed and ultimately remain debt free.  I plan on carrying on with Prolific Surveys as they helped me enormously with paying down my debt and instead the amounts can go to various challenges.  As it stands I have £2.06 cleared and £11.50 pending.  As soon as I can get to a cash out level I will decide where to put this.

I also still plan to continue cash budgeting, which I have several categories for.  These are Grocery and Fuel (Reset weekly) and Household, Eating Out, Misc and Family Fun.  These will be set monthly and when the cash is gone its gone for the month, however anything left cash wise from Grocery and Fuel will be used towards Saving Challenges or Savings Goals and my Monthly cash categories again anything left will go to savings.

I hope to be able to use this diary to read back on how my savings will hopefully grow which in turn will be a motivator to continue , and I will post a monthly update anyway with the totals I have achieved.

Thanks
Shell x

EssexHebridean

And here we all are! Just posted on your old diary with congratulations Shell, and I'll look forward to seeing your progress now you are building savings, not paying off debt! 

shell16

Morning All! Its another chilly one today, even the cat thought twice and bolted straight back in

Thanks @EssexHebridean.  Yes it was a bit of a shock in all honesty.  If I hadnt have had the U-turn from work with regards the cost of living payment, my debt wouldnt have been paid off so early, so im very grateful indeed!

Im on a days annual leave today, lots of housework to do (BOOOO) but also I am going to take some time to really plan on what I want to do, how and by when.  I feel I have so many savings challenges going on and Goals so the extra work I put into this  should help me simplify somehow, well thats the plan anyway!

I have set up a Pot in my Starling App, which will be used for general savings until I decide if there is anything more pressing and this will be filled with survey cash outs and any side hustles which generate extra income.  So today I cashed out on Prolific, £6.61 - Finally! (still have £7.50 pending), I also had £1.14 Save the Change from my bank account.  Sent £7 to the new Starling Pot and 75p to the SPC.

Not many other plans, so will make myself a fresh brew and take an hour or so to plan, plan, plan!
Shell x

LittleMissDetermined

Oooh I love a good planning session...Enjoy!
LMD x

shell16

I have spent some time looking at what I need to save and for what and here is my plan!

I have split savings into 3 categories, Annual, Variable and Long Term.

• Annual I need £4550 for the year/52 = £88PW (4 weeks - £352 and 5 weeks - £440)
• Variable savings havent been given a target.  But I have planned 4 weeks - £310 and 5 weeks £385
• Long Term I need £6430 for the year/52 - £125PW (4 weeks - £500 and 5 weeks - £625)

I have completed my rough budget for March as I am paid next Friday.  This will be a 5 week month for me.

For my annual and long term savings I am going to use the full amount each month until a particular Savings goal is met in full rather than drip feed several savings goals.  This worked well for me when I was paying off debt and trying to build up savings, I used the term Accelerated on my previous diary.  So I will be using the accelerated method for these savings.

My Annual Savings are as follows in priority order

1. EF - £1000 (currently have £335)
2. My Girls Birthdays - £400 and Holidays £1500 (currently have £400)
3. Christmas - £1500
4. School Uniform - £150

Using the accelerated method, when Im paid in March I will be sending £440 to my EF.

My Long terms Savings are as follows in priority order

1. Bedroom Revamp - £3000 and My Girls Savings £360
2. Golf Fees - £620 and Motorhome Storage - £450
3. 1 month ahead fixed Expenses - £2000

Using the accelerated method, when Im paid in March I will be sending £625 split between Bedroom Revamp and Girls Savings

Im so excited to start now and im counting down the days, sad I know!  As always plans are sometimes tweaked but Im going to give this a go and see how I get on.

Shell x

itsjustafad

Congratulations on becoming debt free - well done on your challenges and goals too 

EssexHebridean

That is some impressive in-depth planning there on the savings goals - well done!

So the plan in the immediate on the short term is that for this month you will be sending £440 there, then in April assuming nothing has had to be spent from it that will be £225 to the EF and the remaining £215 of that payment will then go to the next pot - and you will count the EF as being "Full" - is that right? It does seem like a very good idea to get the EF up to speed as a priority.

shell16

  Yes you got that right @EssexHebridean. 

That process worked really well for me before and i thought it would work well for savings too.  If I drip feed the amounts I want to allocate to each I wouldnt actually achieve anything for a while in terms of reaching the targets.  This way I can do this more quickly.  So for my March pay I will send over £440, which will leave a balance of £225 for the EF.  For my April salary I will then fund the EF with £225 and as April is a 4 week month, I would then have £127 surplus to my next Priority which is the girls birthdays.  I appreciate these funds may get used and in the case of the EF, I would also go back to that focus to top back up then refocus on the next priority.  Its working in my mind anyway

Shell x

shell16

I have managed a Prolific cashout of £6.54 and sent £6 to Starling Savings Pot and 54p to SPC. I have 35p cleared and £9.20 pending in Prolific.  I think I will add the Starling savings pot to my signature too under ongoing challenges.

Discussed my new plan with hubby last night and said we would still be budgeting to zero but this time we will be sending alot more to savings than we had been.  He was happy!

Not much more to report so will crack on with work.
Shell x