A year of saving but maybe also spending a bit too!

~FlowerPot~

It is frustrating with all the interest rates gong down. I also have a saver at 6% but can only add a bit each month. 
I quite like you idea of spending on the credit card and then doing all the accounting and pot sorting at the end of the month. 

Time2count

Yes I know the interest rates have been so hard for those with mortgages but I am sad for myself that the rates are going down now. I did open a 5 year ISA at 4.25% in the summer, only £100 in it at the moment as my other one runs til May at 5.65% but I opened it to hedge my bets in case there was nothing better on offer in the next 5 years.

The other advantage of using the card Flowers is I get cashback - not much admittedly but I usually get £30 in Jan which is basically free money which goes towards paying off my Christmas spend 😂

~FlowerPot~

Free money is good.! 
And the January timing is very helpful! 

Time2count

So I've done a round up. I'm astounded and pleased to have discovered that I've somehow managed to save 33% of my take-home pay 😲 I have also received 8% of my take-home pay as interest over the past 11 months. My interest for December won't pay out until the first week of Jan so unsure if I should include that when I get it or class it as 2025s money.
My rent alone is 33% of my take-home money so I'm delighted I managed to save so much.
I have been mainly frugal but haven't skimped on things like meals out/ a treat here and there and have definitely been generous with my son. There are places I can cut back if I needed to.

Now to decide whether to set that as my standard and attempt the same again for 2025 or set my usual budget (which means saving about 27% of my wages) and then just see what happens. I actually don't know how I managed to save so much. My budget doesn't have that much flex in it so even if at the end of the month I sweep any leftovers into savings it hasn't been massive amounts, just the odd tenner here and there. I think so I'm not disheartened I should stick with my usual budget and then any extras I come across I can add to my savings.

My savings now sit at 25% of my long term target (10 year plan). I can only really afford to add 7% each year so hitting the target will be challenging, although I'm hopeful that the compounded interest will help me get there.

Tiggermad

That's an impressive % saved in a year, well done, especially if you haven't really felt like you're missing out on doing things.

It is difficult having longer term plans to stay motivated. We have a long term plan to retire early (22 years to SP age currently!) and nearly have enough saved to retire at 60. Then I'll focus on 58 with a stretch target of 55. But at the same time want to make sure we don't save every penny and miss out on living now. Trying to get that balance is difficult!

Oh, BTW, are you with NW for your bank? As I often get a text saying there isn't enough money to cover my payments out. I've noticed I get it on months when the payment in is due in on the same day as the payment out (after a weekend or bank holiday) i.e the account hasn't recognised there is a payment due in yet to be credited- it seems to do payments out first and then credits in. First time it happened at work I panicked but when I was able to check there was enough money and then it happened again and I realised it seems to be to do with dates/ weekends.

Good luck with deciding how to stay motivated. Maybe stick with your usual budget and then sweep extras into savings after that?

Skint_yet_Again

Well done on the savings Time2count 

Hope you had a lovely Christmas and best wishes for the new year. If it were me I would stick to the original budget then any extra will be a bonus 😊

Time2count

Thanks both, I think I'll be sticking with my usual budget. It'll all be changing again in April when the bills go up anyway so no point stretching myself for 3 months only to have to reset it all.
Tigger I think we're similar ages I took am hoping to fund an earlier retirement or at least being able to reduce my hours/ get a different part time job in 10 years or so. No, it's Lloyds who messed with my head, and the money always goes in at least 1 day before the payments go out. It's a mystery but not one I'll dwell on 😂

Time2count

Been shopping this morning, all the prices seem to be going up again, might only be a few pence on most items but it is making things harder. I might have to increase my food budget which means reducing the savings which I really don't want to do but it's important to eat well or I won't be around to enjoy my savings!
Tough week at work with 1 of the team off so been doing all their work and trying to squeeze my own into any gaps plus a couple of evenings at home.
Freezing here but the frost looks so beautiful and the walk home with all the shopping was def warmer than the walk to the shops 😂

~FlowerPot~

im sure your right about the prices going up, Ive just done a toscos order and thought that about a fair few things.

Freezing here too. Infact i think its freezing everywhere!!!!

Time2count

Another busy week at work, fully staffed but that didn't seem to make much difference!
It's been warmer this week though which makes the commuting nicer, but still have my heating on at home.

I've been feeling quite tearful and panicky at work the past few weeks. The sensible bit of me knows I should tell my boss, but I don't want to. I'm not sure if this is the start of depression/ anxiety (have suffered with that before), something to do with my age (perimenopause?) or a reaction to something at work. It is at work that I feel like this, I've had a couple of episodes at home but both on a Sunday night and not wanting to go to work the next day.
I think I feel a bit trapped at work. I know I have no qualifications and muddle through the job so feel I can't take up a similar post elsewhere. I can't find any other jobs that pay anywhere near the same so leaving isn't an option but I feel quite invisible/ unneeded most of the week.

Anyway, enough of that. I have no money news. Everything happens at the start of the month then it all ticks over.