Spinning a New Story

Afdaff

Blackcats said:

Hello!  I started my emergency fund with a target of £500 which I thought would cover replacing broken appliances like washing machines, phones etc.  it felt reassuring to have some emergency money but not too daunting that it felt unachievable.   Perhaps you could get quotes for house repairs so you know how much you need to save for the most urgent thing.  Then set yourself a timescale which will enable you to set a monthly savings amount.
i find that I'm better at focussing on saving for one thing at a time.

Thanks for taking the time to reply. Building a smaller emergency fund and then saving for a specific house project is definitely something to think about. Part of me wants to save for all the things at once, but that’s just not do-able. Maybe alternating between the two priorities would work for me and be motivating.

Afdaff

I’ve not been good at keeping up this diary, but I do lurk and read often and am inspired by everyone’s efforts.

I at last feel that I can budget and save, and that long-held belief of being no good with money is untrue. Since clearing the overdraft last year I’ve managed to build an emergency fund of £1000 to start with, and also save currently £1700 towards planned home improvements and repairs. There’s still a way to go there, but I’m so proud of my efforts. It’s been a combination of taking on some self-employed work, watching out for unnecessary spending, some fruitful decluttering and several bank switches.

Next steps are, from this month, to start setting aside my child benefit payments in a savings account for my teen’s future needs, as my budget can function for now without this amount. Teen is also now looking for a new job and I’ve been helping them write a CV. I do worry about their future as I haven’t got much to help them with, but so far they have good habits and understanding of money, and they’ve saved 50% of everything they’ve received over the last few years. We talk about this a lot so hopefully that will give them a good foundation to build on.

Also to continue saving for house improvements and to finish off paying back the outstanding loan from a family member. The next stage of the house improvements is likely to require a new loan from the same source though.

liselle

You’ve done fantastically well! So focussed and determined.

Have you considered a Notice of Disassociation from your Ex?

Afdaff

https://forums.moneysavingexpert.com/discussion/comment/82026719#Comment_82026719

Thank you. It’s taken a while to learn this stuff, but it’s working so much better for me now!

I’m not sure what a notice of disassociation is. Apart from the joint current account, which was resolved and no longer has his name on, I don’t think we ever had any joint financial products. Is there more I should be doing?

liselle

Ah, if that’s all you had in joint names then I would think that’s ok.I was with Stepchange for the debts my ex left me with, and I was advised to take out the Notice to protect my credit rating.

Afdaff

https://forums.moneysavingexpert.com/discussion/comment/82026778#Comment_82026778

Sorry to hear you had to go through that. I understand a need for disassociation in that case.

liselle

Thank you, yes it wasn’t a good time but thankfully I’m out the other side now.

Afdaff

Today’s efforts and discoveries have been that due to an expansion of the scheme, my teen will be eligible for free school meals from September. Not that he likes them much and usually takes a packed lunch, but it would cover little extras like drinks and snacks. I’m still happy to have it, even if we can’t make full use.

Also, it shouldn’t have taken me this long to realise, but in addition to my 5% of salary going into my pension, my employer is actually contributing a generous 10% on top. Pay isn’t great, but that is a decent help.

I spent this morning sorting through a decade or two of paperwork and financial stuff. About half doesn’t need keeping any more and it’s going to be so much easier to find the relevant paperwork when needed.

Afdaff

Does anyone else find this the boring bit of the month when the money comings and goings have largely happened and it’s just a question of keeping going and not making any silly decisions or spending that might be regretted later? I’m trying to remember that how I manage the bit in the middle does still matter, even if it’s less exciting than the big stuff.

I’m still thinking about how to balance growing my emergency fund with saving for important house repairs and probably needing to take on some debt to do so. So far I’ve been alternating between one and another- an emergency fund of £1000, then money towards the repairs, then increase the emergency fund and so on. I don’t want to take on debt, but the house stuff is both important and becoming urgent. But reducing the amount of loan needed, both by building up as much of a pot upfront and by reducing costs/shopping around/buying secondhand will help. I may be able to negotiate an interest-free loan from a family member, which would be amazing. I’m trying to prepare myself for all sorts of scenarios though.

Afdaff

This week’s spending has been within budget on groceries and I haven’t got any known additional expenses to come. Next week involves a family birthday and some planned outings but either they will be free/very inexpensive or already budgeted for, such as one meal out. Dividing my monthly post-bills money into pots for different purposes and weekly groceries is really helping me keep on track with this. It used to be a lot more haphazard and unsuccessful!

Non-work plans for the rest of the week are money-saving too: knitting group (free), gym and swimming (subsided through a health referral), reading library books (free), a concert paid for months ago and seeing a friend at hers (free).