Starting savings again

This year I am determined to get savings in my bank. Became debt free in 2022 and since then I have stagnated and not put the same effort into saving. I have joined the penny saving challenge and the envelope saving challenge. I am setting myself a target of £5000 this year so I need to keep a tight rein on my spending. 

I started envelope stuffing last June and it has been working really well for me. I stuff them every 4 weeks as that's my pay frequency,  

I did some things to help my future savings in December where I work we got 20% off all our shopping just before Christmas so I stocked up on quite a lot of food, laundry stuff and cleaning stuff ready.

Yesterday was a NSD I did have a Costa coffee but that was paid with the costa card my daughter bought me for Christmas, always ask for a voucher for Christmas and birthday.

Today I have bought my E-cig liquid and coils for the next five weeks so £34.99 spent. this was all budgeted for in my envelope and I have £15 left in there.

Savings done:

£170 into savings for the envelope challenge
£62.27 into penny saving challenge

£232.27/£5000 4.6% saved
Became debt free December 2022

#49 2024 penny saving challenge - £270.55/£671.61 - 41%
January - £150.55
February - £120

#20 52 envelope challenge1 - £630/£1378 - 46%
January - £295
February- £335

2024 grocery challenge £85.38/£1300
January £85.38

£900.55/£5671.95 16% saved
«1345

Comments

  • Baron_Dale
    Baron_Dale Posts: 899
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    Well done on becoming debt free. Looking forward to reading more. How are your various pots looking at the moment? Please feel free to read through my thread too.
    Are you looking to wean yourself off the e-cigarette stuff?
    Best wishes.
  • nikki2002-2008
    nikki2002-2008 Posts: 249
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    Thanks for commenting, To be honest I am happy with vaping it's my only vice I don't drink and I like to sit with a coffee and have the vape. I used to spend £12 plus a day on cigarettes so I am happy with the spend in that category.

    Currently I have sinking funds as follows £100 Birthday fully funded, £30 Clothes, £50 Emergency this did have £2500 in but had to buy a new car in December as mine had to be scrapped as failed the MOT and was going to cost £2000 to repair, it was 22 years old so it had a good innings, £490 Holiday, and £240 Car insurance - due in July, £140 car repairs (MOT - due April and repairs etc) - Christmas is paid through the Penny saving challenge which worked well for me last year

    I then budget non sinking funds Fun money, Petrol, Take away, E-cig and food. I order food every 4 weeks for delivery as I get 15% off payday weekends so I do the bulk of it that weekend then usually keep £10 a week for any bits I might need, Any left over money gets put into challenges.

    I'm going to have a read of your thread now thank you dropping by :)
    Became debt free December 2022

    #49 2024 penny saving challenge - £270.55/£671.61 - 41%
    January - £150.55
    February - £120

    #20 52 envelope challenge1 - £630/£1378 - 46%
    January - £295
    February- £335

    2024 grocery challenge £85.38/£1300
    January £85.38

    £900.55/£5671.95 16% saved
  • nikki2002-2008
    nikki2002-2008 Posts: 249
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    NSD for me today, did a tip run and cleared out a load of cardboard from Christmas. Sold a pair of shoes on FB for £20 so that's gone straight into the penny saving challenge. Total saved so far this month is £252.27 and hopefully more on Friday when I get paid. I am aiming to put away at least £385 per payday as I am paid 4 weekly so that will get me to my £5000 target for the year. 

    Used up some pears and ginger and made pear and ginger crumble for pudding tonight and tomorrow. Off to do some housework and washing to get ready for going back to work on Saturday.

    Not much else to report today.
    Became debt free December 2022

    #49 2024 penny saving challenge - £270.55/£671.61 - 41%
    January - £150.55
    February - £120

    #20 52 envelope challenge1 - £630/£1378 - 46%
    January - £295
    February- £335

    2024 grocery challenge £85.38/£1300
    January £85.38

    £900.55/£5671.95 16% saved
  • MovingForwards
    MovingForwards Posts: 16,820
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    Where you getting the vape stuff from as I may be able to point you to a lower priced supplier.

    Good luck with saving. Consider fixed term savings accounts / regular savers where you can't access the money and treat it as another bill to be paid each month.
    Mortgage started 2020, aiming to clear it in 2026.
  • Doris17
    Doris17 Posts: 606
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    Hello, 
    Well done on becoming debt free and starting your saving journey, its a nice feeling. :)

    I am doing the envelop challenge this year, this is how I am going to fund Christmas.

    Good luck!


    "Make Everyday Count"

    #77 3-6 Months Emergency Fund £2528.11/£5000

  • nikki2002-2008
    nikki2002-2008 Posts: 249
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    Where you getting the vape stuff from as I may be able to point you to a lower priced supplier.

    Good luck with saving. Consider fixed term savings accounts / regular savers where you can't access the money and treat it as another bill to be paid each month.
    I have signed up to a subscription through The electronic cigarette company I only vape the elfliq as it's one I like and stuck to after trying many more. With the subscription it is £2.09 a bottle as I have been paying £3 per bottle before, I have signed up for it to be sent every 5 weeks. The coils are £9.99 for 5 which again is the cheapest I can find.

    I am going to keep transferring money into my savings each payday of £385 plus any extra I can squeeze out of my budget, 

    Doris17 said:
    Hello, 
    Well done on becoming debt free and starting your saving journey, its a nice feeling. :)

    I am doing the envelop challenge this year, this is how I am going to fund Christmas.

    Good luck!

    The envelope challenge I hope to do at least three times this year, this if going towards a deposit and I am also doing the penny saving challenge which will pay for Christmas I will no doubt see you on the thread as we slowly save towards our goals.
    Became debt free December 2022

    #49 2024 penny saving challenge - £270.55/£671.61 - 41%
    January - £150.55
    February - £120

    #20 52 envelope challenge1 - £630/£1378 - 46%
    January - £295
    February- £335

    2024 grocery challenge £85.38/£1300
    January £85.38

    £900.55/£5671.95 16% saved
  • nikki2002-2008
    nikki2002-2008 Posts: 249
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    edited 4 January at 2:45PM
    NSD for me I have come down with an awful cold and need to get better for Saturday ready for work. I am hauled up on the sofa and slept here last night as I didn't even have the energy to get upstairs, Thankfully the fever I had has broke a bit so feeling a lot better than last night so fingers crossed I will be ok for work.

    I am a food waste hero for olio and did my collection last night got some steak which is rare so having that for dinner tonight also got some croissants, a loaf of bread and ham so that's my breakfast and lunch sorted for a few days. I have been volunteering for three years now. I love meeting new people and met some really good friends through the app. 

    I get paid tomorrow so the rest of the months money will be transferred into the envelope and penny saving challenge to make up the £385 this month. I am determined to hit my target this month,

    Right best go back to sleep for a while and see if I can get rid of this cold.    
    Became debt free December 2022

    #49 2024 penny saving challenge - £270.55/£671.61 - 41%
    January - £150.55
    February - £120

    #20 52 envelope challenge1 - £630/£1378 - 46%
    January - £295
    February- £335

    2024 grocery challenge £85.38/£1300
    January £85.38

    £900.55/£5671.95 16% saved
  • Time2count
    Time2count Posts: 37
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    Feel better soon
  • nikki2002-2008
    nikki2002-2008 Posts: 249
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    Payday for me today, I am feeling a lot better today I can at least sit up and walk about without being in agony so I think I should be OK for work tomorrow. I am going to spend most of the day resting on the sofa as I am pretty tired still.

    Paid £115 into the envelope challenge today so now that's total of £285 in there and £18.29 to the penny savings so that now totals £100.56 I have hit my goal for January payday so I am happy with that. 

    Not planning on going out anywhere so defiantly another NSD for me. Right off to rest and make sure I'm well enough for work tomorrow.  
    Became debt free December 2022

    #49 2024 penny saving challenge - £270.55/£671.61 - 41%
    January - £150.55
    February - £120

    #20 52 envelope challenge1 - £630/£1378 - 46%
    January - £295
    February- £335

    2024 grocery challenge £85.38/£1300
    January £85.38

    £900.55/£5671.95 16% saved
  • MovingForwards
    MovingForwards Posts: 16,820
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    That's a good price for a subscription. 
    Financial plans look promising, don't overstretch as you don't want to get disheartened.
    Have a restful evening.
    Mortgage started 2020, aiming to clear it in 2026.
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