Saving lots in pots!

~FlowerPot~

Ok so i have been deliberating whether or not to start a diary, and have now decided its time to jump in. I have been on these boards for years, but only just starting posting and reading reguarly this year. i have found so much kindness and support for each other on here and that is why I come on and read. Plus many of the dairies are really quite inspiring.

We do still have a mortgage and I had a large tax bill that I hadn't planned for . So I'm trying very hard on my very limited earning to put a plan together and save money in different 'pots' to help me save up.

Also I am self employed, part time due to having a child out of school and have only just started a pension (I know, I know it should have been done years and years ago. Hitting 50 last year has urged me to take a greater control of my finances and sort things out.) I also have 2 older ones hoping to go to uni in september, slightly (very ) concerned about the amount of top up money they will need!!

I am hoping posting on here will give some accountability and keep me going!

As well as saving I am also trying to declutter the house for a potential move next year and improve my health as tiredness and fatique is a big issue, and grow lots of lovely veg in our garden

I will set out my pots and plans below

Flowers

x

~FlowerPot~

So the pots so far:

The Tax pot, I am now just about earning more than the threshold which when I did my tax return caught me out to the tune of £2700 pounds. Largely this is NI payments. So i need to pay tne payment plan set up for the next 6 months and then make sure I'm stashing 20% of earnings aside each week so I don't end up in this situation ever again. Its been a lot of added extra stress that I should have been prepared for

The EF pot is currently at £670.00 and I want to get to £2000

Xmas 1p challenge pot, so far £130.00 / 667.00 this has been painless, im just popping £15.00 a week across to a saving account. I am so pleased about this. I just cant understand why on Earth I have never ever considered doing this before. It will make so much difference at xmas time to have this amount of money ready. Plus we have 3 family birthdays that end of the year so it will all help.

Car maintenance fund pot 0/1000  I need to start this one and need to set up a pot for it, I like the starling B/account because of the pots, but the interest on the current acount is rubbish, so will look for a higher rate saving account.

Holiday pot also currentl at 0!!

S&S ISA I have set up an ISA recently and I would like to add to this monthly, this is a long term savings pot whihc will hopefully boost life when retired, it will probably vary each month. Being self employed I get paid as and when I work and each week can vary hugely, so it would be ahard to set an amount.

Pension pot hoping to add £25.00 per week (and then £45.00 per month if i get the extra self emplyed second job each month)

I think there's probably more pots I need bu for now thats probable more than I can manage anyway!!

doingitanyway

Great plans. Cheering you on 

~FlowerPot~

doingitanyway said:

Great plans. Cheering you on 

thats very kind thank you

MoneyWorry

You are doing brilliantly. 

~FlowerPot~

MoneyWorry said:

You are doing brilliantly. 

hah! thank you thats very kind, I dont really think I am. Feel so stupid for not putting money aside for the tax bill. Finding an extra £2700 is a challenge!

~FlowerPot~

So Im saving, but before I replenish and build those pots, i need to clear the tax debt. Which was £2700.

I took £500 from my EF and paid that and then arranged a 6 month payment plan for £365 a month, I currnelty have £830 in a savings account ready to move across a onth at a time. This money has come from varying sources and ive been throwing any 'spare' penneis I have at it!

I sgned up to PA surveys on new years eve. This was merely to see if it would be any good for DS who is currently not working, (but he is yet to give it a go), meanwhile Im actually quite enjoying the studies and at times when fatigue sets in, I can sit  and try and get a couple of surveys done. SInce i started I have cashed our £186.00 and thats gone over to the tax pot.

I also had £100 from some extra work I did.

I also switched bank accounts. Something I have never done before, but I had a 'spare' account  and now I have £200, which went straight to the tax pot. It was so easy I'm just doing another switch to natwest for another £200. But I dont think there will be anymore switches.

I added all the easy bits to the pot, so from now it will be more of a challenge!

I'm also trying to add that 20%of my earnings, but some weeks the pennies really don't stretch very far!

flowers

x

Skint_yet_Again

Well done on get to £830 so far. Are you also saving for the next bill too or have your profits gone down this year?

~FlowerPot~

Skint_yet_Again said:

Well done on get to £830 so far. Are you also saving for the next bill too or have your profits gone down this year?

thank you SYA, the honest answer is no! I know i need to, but the payment although is debt is also for tax until july 23. So I am hoping (maybe unwise) that once I have finished the 6 month payment I can continue putting nearly that amount across as continuous payment. The other thing I will do is my tax return much earlier and that way I will knowthe figures much sooner!

~FlowerPot~

So nat west switch is now done and I have 'borrowed' the £1250 to put in my account from DH in order to meedt the requirement to gain the £200 payment. Then the money will leave the account

But I will gain another £200 for the tax pot and then I'll nearly be half way

Oldstyler

Keep up the good work FlowerPot, you'll get there. Cheering you on from Oz!