Saving, saving...still saving!

BlackCoffeeNoSugar

Hello MSE-land, it has been quite some time!

I had a regular diary in DFW for a few years (might still be linked in my signature - Going, going... still going!) which helped me get debt-free whilst living on a modest income. Since then, I've luckily been able to stay out of debt, but have never been able to get any real momentum under my savings - I'd get to ci 3 months worth, and then something would happen, and I'd be back to the beginning. Every nominal wage increase I earned, was eaten up by the increase in cost of living. I've being doing ok at getting by, as my overall budget has been so ingrained, but without the discipline I had before. 

However, in the recent weeks, I've got a new role, and for the first time ever, I can see the figures giving me the opportunity to give a good crack at building savings - I just need to stick with it! I'm keeping my current budget intact (based on my previous salary) and what's left over from the budget assigning, is going straight to my savings. We're not talking massive amounts here, but from my debt-busting days, I know a £10 here or there can really add up, so I'm back here to keep myself accountable. First goal is to have 6 months savings in the bank, and have covered off anything that might threaten it! 

So there we are! My YNAB sub has been reactivated for a bit more accountability (I've been using a homemade Excel version for a while, but it's just not enough of a stick for me) and I'm ready to pick the reins again.  It's still just me and one small cat to account for, so let's see how far we can go.... 

AntoMac

Good luck with it @BlackCoffeeNoSugar
Hopefully by setting good habits from the outset you will succeed. Maybe save into a limited access account to reduce the temptation to withdraw?

BlackCoffeeNoSugar

Thanks @AntoMac - I do have a 95 day access account that I'm planning to make better use of once I'm a bit more established. Along the lines of, once I've saved 3 months worth in my instant access savings, put 1 month into the 95 day account, so I still have a buffer if needed? I rent and it's a volatile market, so if I had to move, I'd need 2 months to be easily available to me, so that feels safest. Thanks for the luck! 

AntoMac

That sounds like a very sensible idea, especially with the way the rental market is at the moment.
There are plenty of good savings challenges on here which might help with motivation. I’m a member of the Payment a Day, and the Sealed Pot challenge. You’d be very welcome on those or one of the several others I’m sure. 

BlackCoffeeNoSugar

Oh that's a great idea for a wee bit more motivation - I'll have a look at what challenges catch my eye. NSDs, perhaps. Now I've done all my budgeting for the month, it's reminded me how dull the rest of the month can be when you're just tracking bills coming out!   

I did happen to check an app I installed briefly for a free trial - the subscription page is so convoluted, but under scrutiny, it was due to charge me at the start of August. I religiously enter a 'cancel by' date in my calendar a few days before any payments are due to start, but this one looked like it had been cancelled, until I checked it carefully. Saved myself an unexpected £20 there! 

Also WFH today, so saved myself a couple of bus fares - but those will just stay in the allocated pot in case I need to go into the office on an additional day at some point this month, and I'll roll any over at the end of the month. I'll be in a couple of days this week, but have recently found a salad jar recipe that is perfect for bulk prepping work lunches (more fancy than it sounds - you just layer it so the dressing stays at the bottom and the veg at the top stays crunchy) so will just be bus fares to spend on going in. I've got a jar of coffee stashed in my desk, so that's sorted too.

Although in saying that, the good thing about this office is that it's via a big L!dl, so I can switch buses and combine it with a grocery shop. I usually get an A$da delivery for heavy items (about once a month), but for fresh items it's mostly smaller 'local' type supermarkets around here, and the cost of these does add up. 

I can feel the old debt-busting ways swinging back into action - I forgot how much I enjoyed(?) using YNAB, it really does beat alternatives I've tried. Perhaps just because I associate it with success! 

BlackCoffeeNoSugar

Still on track - was in the office today but only spent my bus fare and then some needed groceries on the way home. Stuck to my list so no qualms about calling it a NSD as I’m allowing myself groceries and bus fares. 

Annoyingly, the bus fare won’t come off for a few days so my account is not quite reconciled with YNAB but I can cope with that. 

I’m also going to give rounding down my balance to the nearest £5 and see how much extra I can save that way - although I think that might be a tad ambitious. Still, want to give it a go for this month so I can work out what’s feasible - maybe it’s something I should do every few days or once a week instead. The bits I have siphoned off have been sidelined to a bank account pot for now, so I can keep track. 

Off to cuddle with the cat for a bit  

mark55man

hi there - thanks for posting just now on my diary

I am more into saving now that savings are worth the bother from an interest point of view (I was always a bit louche in my attitude to them as an EFs but my circumstances did not demand one - or at least I got away without it)

your thinking is sound in terms of a ladder for savings - although the increase n rates for fixing the duration is not that great so a bit of flexibility won't cost you too much.  Also, investigate regular savings once you are comfortable you can sustain - I think your amounts are the right size for some serious plundering - with your organisation skills you might be pleasantly surprised (some reg savers can be terminated at not much cost)

BlackCoffeeNoSugar

Can always rely on you for top tips, Mark! Thank you - will look into regular savers, that wasn't on my radar at all. 

mark55man

Here you go - https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

I love MSE makes me seem like an expert but all I'm doing is posting links to others people's work

BlackCoffeeNoSugar

Thanks again Mark, very helpful! 

Budget all going well so far. I realised I still had my TV licence set to being paid quarterly - a throwback to years ago when I struggled to make it work in YNAB with paying more in first 6 months, and less in the last 6, and thinking of quarterly was just easier. It was just a bridge too far for me - but they charge you an extra £5 for the pleasure! So I've changed it to an annual payment - I'll cover it next month and just make sure my budget lines up for this time next year. 

Used my lunchour to book a grocery delivery, and also had a plumber round on behalf of the landlord. The groceries payment won't come out until tomorrow, and the landlord will deal with the plumber, but still feels like I've had a spendy day, when really I haven't spent anything! It's a bit of an odd feeling. I was tempted to keep the NSD going, but through bad planning, I actually have nothing for tea tonight, so need to break the streak here.

Other than that, a very relaxed weekend ahead - even got my cleaning done during the week, so bar some laundry, I have nothing to distract me from relaxation. I am pondering getting someone in to do a deep clean of the flat - it's so nice after a deep clean, but I totally resent having to do it, and I inevitably get fed-up halfway through and end up with an immaculate  bathroom, a fairly spotless kitchen, and a hastily 'that'll do' bedroom. In an ideal world, I'd do it everyday, but I'm not that type of person! I'll get some quotes and see. 

In the meantime, I can hear a book (figuratively) and a cat (literally) calling me - she's hungry  
  

BlackCoffeeNoSugar

Ooh, this is a nice spruce up!

Budget all ticking along nicely - I hadn't had a NSD since Saturday but got another one in today. Just paid out for my bus fare but I'm not counting those. It's a daily cap, so an easy one to reconcile in the budget, as I always know the exact figure. If I were to hit the daily cap for 5 days, then the rest of the week is capped too, but I've yet to do that.

Monitoring the NSDs, it's insightful to see how little it takes for a payment here or there. That and meal planning are definitely the two most powerful tools I use - I'm fairly frugal otherwise, so not like I'm having to cut back on luxury goods, or run a car. I have decided against the tilly tidying approach for my balance - it just doesn't quite make sense when I have it all allocated in YNAB, so just an extra layer of admin I don't need. Undecided at the moment what I'll do come the end of the month if (and that's a big if) there's anything additionally spare at the end of the month, if I squirrel that away or just let it stay in the respective YNAB pot as a bit of a buffer. We'll see what the end of the month brings.