Countdown to Part Time…

Spinayarn

jokono said:

Yougov . finance lets you add up to 10 bank accounts for 500 (current) and 100 (credit card) points. If you don't mind them snooping through your transactions.

I have seen that - I feel a bit uncomfortable with it though. 

Spinayarn

Had a successful no spend weekend. 

I’ve gone through accounts and emails and cancelled some subscriptions and changed the frequency of others.
I’ve been working extra hours this weekend and have had an expense claim approved. (Only £50 but it’s going away into my emergency fund.) Payment for the extra hours won’t come through for a while though.

I’m considering a Monzo account but I only applied for 0% CC 2 weeks ago and I don’t want another search on my credit account. I only really want it for the pots, so I guess I can just try to use a spreadsheet for now. Just trying to work out the best way to set that up.

Also, I’ve seen a few posts about Dave Ramsey and looked him up on YouTube. Watched a few of his videos.

2 weeks since I took this seriously and I’m feeling confident I can actually do this. At the moment, I’m still on track to have at least £115 left at the end of my pay month. I’m leaving it as a buffer currently as I’m sure something will crop up and surprise me. If it’s still there on my next pay day, it’s getting squirrelled away into the emergency fund.

Spinayarn

Today I had a bit of a lightbulb moment.
I have a high overdraft that I use every month and pay interest on. As I’m looking at my balance much more carefully it’s really depressing me watch my balance go down because of the interest I’m paying. Currently over £1 a day and of course it increases every day. Meanwhile I have over £1000 in another account (being saved for a different reason). It occurred to me that if I put that £1000 in my current account it will hold off the interest while I pay off higher rate debts first. 

Of course, it does mean I HAVE to be strict with myself not to eat into that money if it’s in my current account. But I’m hoping I can be self-disciplined and use it as a holding amount until I need it in the autumn. And hopefully by then I can pay back some of the overdraft.

jackieblack

Spinayarn said:

Today I had a bit of a lightbulb moment.
I have a high overdraft that I use every month and pay interest on. As I’m looking at my balance much more carefully it’s really depressing me watch my balance go down because of the interest I’m paying. Currently over £1 a day and of course it increases every day. 

Please don't take this as judgmental, it's really not meant to be, it's meant to help motivate you... but I pay less than that on my mortgage!  (admittedly it's a small mortgage by modern standards but still... )

Spinayarn

jackieblack said:

Spinayarn said:

Today I had a bit of a lightbulb moment.
I have a high overdraft that I use every month and pay interest on. As I’m looking at my balance much more carefully it’s really depressing me watch my balance go down because of the interest I’m paying. Currently over £1 a day and of course it increases every day. 

Please don't take this as judgmental, it's really not meant to be, it's meant to help motivate you... but I pay less than that on my mortgage!  (admittedly it's a small mortgage by modern standards but still... )

I know - it’s not that every day of the month, but I can’t believe I’ve been allowing myself to pay that each month without really thinking about it. That’s why it’s time for it to go. My bank must have made thousands from me over the years. 

Banking apps really do help you to realise just what you’re paying. Although the best app I’ve got is the debt payoff one. It is so motivating to see the yrs/months decrease and is motivating me to find ways to find extra money to use to pay it off.
Every time I can decrease a month, that’s one month closer to part time hours.

Spinayarn

Yay - balance transfers completed for 0% credit card.
My no spend has been going well but I broke it today spending £13 on a bag that is the right size for an EasyJet carry on bag. My daughter has an EasyJet flight in a couple of weeks and I have one in September so I know it will be used at least twice. So not really breaking it as this was a necessary purchase, not random food or just an “I want” purchase.

also, I bit the bullet yesterday and opened a Monzo account. I’ve created pots for Christmas, birthdays and a trip in the autumn. I can see many other pots being created!

Entered a few competitions and had a yougov survey to completed.

Spinayarn

NSD today. Had to get petrol but that was budgeted for. 2 weeks till payday. I’m kind of excited to get there partly because I’m hoping I’ll have some money left over that can go into my Emergency fund. partly because I want to see more payments going towards my debts. 

Been listening to a few Dave Ramsey podcasts and am trying to focus on putting together a £1000 emergency fund. I’m working lots of extra hours this month so that will give me some - although not likely to see that money for another few weeks. Also know there a few things I can sell but the overtime means I haven’t really got the time to sort that at the moment. Same with putting clothes on Vinted. 
I’ve drawn a grid 10 squares by 10 to colour one for each £10 I save in the Emergency Fund. Looking forward to colouring them in…

Blackcats

Hello @Spinayarn - thank you for popping over to my diary and for endeavouring to read my ramblings.
I was really unsure about starting a diary but I'm convinced that regularly posting has helped me keep myself accountable.  The people on here are so generous with their encouragement, support and honesty.  

You've made a great start and our spending habits soon re-set into saving habits.

I love % countdown grids too - so much so that I've expanded my colouring in tools to include a drawing of a sweetie jar filled with 100 circles to colour in like sweets.  My favourite is a tree with 10 branches and I can colour in 10 apples or leaves on each branch for each % paid.  I have absolutely no artistic ability but I'm very happy with some colouring pencils.

keep plodding and posting and you will achieve your goals.

Spinayarn

Today was an interesting one. I had to buy a gift for a work colleague leaving so I went to a “Designer Outlet Village” on my way home from work. New clothes is not too much of a pull for me as I stopped buying new clothes at the end of 2018 (there has been maybe 6 new items since then) but I have weaknesses at that place with shoes, handbags, cosmetics or simply chocolate! 

Anyway, went into The Works to get the gift (hardly designer?!) and into the chocolate shop to get supplies for my 18 yr old who is currently studying and taking her A-levels.
Cost £7.00 on gift, £4.50 for daughter’s chocolate. Nothing for me.

Current “leftover” money is sitting at £85.00 with 13 days to pay day. In theory there is nothing due to come out of this pot, but DD does want to go out for dinner on the last night of her exams, and who can blame her? But that will literally be the night before pay day. I’m not going anywhere this weekend and will be working maybe 4-6 hrs overtime each day too. All this overtime means I have little time to go anywhere to spend anything which is why I knew this was a good month to try to not spend anything extra.

@Blackcats thanks for stopping by. It was your colouring that inspired me to set up my grid. Sadly nothing coloured in on it yet but when my first lot of expenses come through from work, that’s where it’s going. 

Spinayarn

Woohoo! First payment for overtime and expenses has been paid! 

£50 train expense has gone into emergency fund. Overtime payment (nearly £300) is going to wait in my current account to keep me out of my overdraft to stop any interest on that. Then it will be transferred to Monzo and put into different pots for lots of things that need paying for in the Autumn.
I actually feel really in control.
I even checked my payslip so I know exactly what I’ve been paid for so I can tick it off my spreadsheet. Go me!!