TizerCat learns to stay debt free.

KajiKita

Have you read the YNAB book? I think it might help ‘reprogram’ your mindset. It did mine. 

I’m a bit ADHD (no formal diagnosis, but a lot of my propensities and comfort-habits fit) and I totally hear you about the new idea / activity / craft etc and ‘have to buy all the things for it all at once’. I’m calming down a bit now, but it’s taken quite a bit of conscious effort and I still slip a bit from time to time … 😉🤷‍♀️

KK 

TizerCat

No @KajiKita I've just had to google it to see what it is. It sounds similar to zero balance as you save to absolutely everything you can think of that might come up as an expense, in different accounts or pots and make sure every penny each month is accounted for. If I can get it from the library I will have a read  - Thank you for the suggestion !

KajiKita

TizerCat said:

No @KajiKita I've just had to google it to see what it is. It sounds similar to zero balance as you save to absolutely everything you can think of that might come up as an expense, in different accounts or pots and make sure every penny each month is accounted for. If I can get it from the library I will have a read  - Thank you for the suggestion !

That’s pretty much the principle 😊

KK

TizerCat

Am off to f@t club to get weighed.

A spendy day for me as had to pay £1.80 for parking at the hospital only find out my appointment is tomorrow!  Another ADHD tax :-(

TizerCat

Back from hospital, cyst removed and 3 new stitches in my ear. In and out within an hour and felt no pain at all. Took a year to get here but the NHS was wonderful today x 

Saved on the car parking this time as  OH dropped me off popped into town to do some shopping and came back and picked me up :-)

Was lurking on hear last night and found the over 50's savings category....maybe in Jan I might move my diary over there as there is a lot of chat about saving for retirement which will be my ongoing plan. I'm hoping to go part-time after the mortgage is paid as I am finding F/T work very tiring and just seem to sleep when I am not working. OH is already retired for the last 4 years so it will be good to spend more time together.

Back to work now as have deadlines to meet !

KajiKita

Hope that the lack of pain from the mini op continues and it heals well. 

Was there any particular thread you found good on the over 50s board? 

KK

TizerCat

@KajiKita Hi there :-)  I've been catching up with How much to live On?   https://forums.moneysavingexpert.com/discussion/6228191/how-much-to-live-on#latest  Quite a few people have realistic budgets that make it look feasible to live well on just a state pension so is encouraging! 

Am feeling very pleased with myself. The Library didn't have the YNAB book but I managed to get it free with a free trial of Audible. Just need to make sure I cancel the subscription before the month is up.

Sarahwithlove

How much longer until you'll be mortgage free? I don't know what you do but I'd check when your pension scheme anniversary is as you may find waiting until the end of that year is better for your pension pot. 

TizerCat

Sarahwithlove We will be mortgage free the beginning of January as the fixed rate ends then and we can use the money we have from the inheritence to pay it off finally.  

This will make a huge difference to our budgets and I will be able to save a lot more. I intend to throw as much as I can at an emergency fund until about May and then all being well go part-time. When I decrease my hours I will increase the % I pay to keep my pension contributions at the full-time level.  Having always been on a fairly low income my pension pot is only £20k now but if I can get it up to £50k I should be able to get an extra £300 on top of my state pension pm which will be ok. This is assuming the online calculators are accurate as I have only used them to work it out.

I have never had a lavish lifestyle as spent most of my life as a single parent, until they flew the nest and I met the OH, so I think this will be enough for me. OH has his SP  and a small teachers pension which both go up in line with inflation so together we will have enough to keep the heating on but not lavish holidays.

TizerCat

Meanwhile in TizerCat land..... I have collected another 2 NSDs as a friend gave me a lift to sewcial yesterday and I hadn't planned on any spending today.

The stitches in my ear are fine and haven't caused me any bother, which is good.

I have been listening to YNAB and it is very much like the budget FrugelQueenInFrance talks about, so I will endeavour to continue with it. The only concern is that OH is not interested in joining me and YNAB says it is important to do it jointly. I know he has ambitions to see an old friend in the US next year and his son in AUS in 2026, which conflicts with my own savings ambitions and going P/T, so a compromise will be needed I think.

On the budgeting front, I managed to catagorise 2 years of spending history and compare it against the zero balance budget I created.  It isn't too far out, which is good.

Those things that are very different are

1/ Craft spending, which I know has to stop/change,

2/ and an awful lot of popping around the corner shop for unnecessary snacks...which probably accounts for my weight gain over the last 2 years !  

3/ Lattes and cake, out, were also very high

4/ and running my own car. 

My car has already been sold and I am contributing to the running of OH's car. This saves both of us money but will be about £600 per year saving for me.

Lattes and Chocolate etc have already been cut out as am back 'on plan' with SW  

Craft spending  - I am slowly selling my excess stash on eBay and putting the proceeds into a future savings pot. There will be enough craft supplies left to keep me busy for several years, and replenish my wardrobe without spending the clothing pot which can be diverted to the craft pot!  Once the stash has gone it will be a case of only buying for the current project and if possible using thrifted supplies. 

Well that is a lot for one post but has helped me organise my thoughts

Have a good evening all  !!!