Saving To Keep Ahead Of The Game

Ordinary_Yet_Unique

Having reached my savings target for my Cash ISA for 2025, I have now challenged myself to reach another target amount for my Annual Bills and Travel Account for 2026.

The figure I have decided upon is £7000 The account currently has a balance of £4000, so another £3000 to go by the end of December 2025.

I have already put money aside for the annual 2025 Car Service and MOT, remaining 2025 birthdays and Christmas 2025.

I will decide at the end of each month what I can safely add to the account.

Skint_yet_Again

Good luck with your savings OY_U. How does the £9000 breakdown for annual bills / travel ? 

Ordinary_Yet_Unique

Plan is to have Travel pot at £1000 and Annual Bills at £6000 by end of 2025. I will then add about £750 a month to the account from January 2026 to keep it maintained and ahead!

Ordinary_Yet_Unique

I will probably not be able to make any extra savings this month owing to a relative being in hospital some distance away from home. In fact the savings account will end the month at a lower balance.This anxious and rollercoaster time has required  at least £1600 extra expenditure. I do not mind this at all as family is absolutely more important than money. I also have some house improvements going on. I am just recording this on here so people can understand why totals have gone down and not up.

Skint_yet_Again

Totally understand @Ordinary_Yet_Unique best wishes to you and your relative 

Ordinary_Yet_Unique

July turned into a very expensive month. My relative is in a hospital that requires a daily car, ferry and bus journey for visiting. It also takes 8 hours in total for journey plus several hours visiting time. Hopefully the relative will be transferred back to a more local hospital in the next few days. I stayed near the hospital when things were looking serious and that cost a great deal in accommodation. The daily cost is now about £26.
 
Hopefully in next week or so I will be able to firm up financial expectations for August and update on here.

The house improvements are nearly complete. They have come in slightly over budget. 

Time2count

At least you had your savings to fall back on. A couple of years ago I had a relative in hospital and having savings at least took the financial pressure off if not the emotional and time pressures!

Ordinary_Yet_Unique

I am pleased to report that my relative is being transferred back to the local hospital tomorrow. I am grateful for just a little slice of normality.

Ordinary_Yet_Unique

It will probably be another couple of weeks before I will know how much I can save this month. My occupational pension arrives on the 14th and my state pension on the 27th. I also have to make the final payment for the house improvements that should be completed today. I have also decided to purchase another pair of glasses next week, but have some money put by for those.

Provisionally I hope to add £500 to the Travel and Annual Spends Account by August 31st. The plan is to add another £1000 in September and £750 in the months of November and December. This should be bring me to the total of £7000 by the end of December.

I have not planned to add anything in October as the money will be used for the  car MOT and service, as well as any possible repairs.

Reduced amounts in November and December are to allow for Christmas spending. I will also be using money from general spends for Christmas 2025. I have given general spends quite a generous allocation from now to the end of the year to allow for this spending.

I had hoped the target total would have been higher but the relative's stay in a far away hospital drained resources somewhat.

From January 2026 the plan is to put £750 a month in to the Travel and Annual Spends Account

Ordinary_Yet_Unique

I am pleased to report that my relative returned home from hospital yesterday after nearly 6 weeks in two hospitals and pioneering surgery, that was actually filmed and will be written up in medical journals! Incredible for someone in their 80s and miraculous considering she was on life support just 3 weeks ago. We are very proud of her and her bravery. Eternally grateful to the wonderful people at the NHS who worked so hard to make it all possible.

As far as the finances are concerned it will be the end of August before I can fully update accounts and plans. I need to pay the final amount for the house upgrades and should receive the invoice later today. I have also had some minor private cosmetic skin treatments and purchased a new pair of glasses that are more suited to my greying and slightly thinning hair lol! 

Hopefully I can still add £500 to the Travel and Annual expenses account as planned and keep to the schedule outlined in post 186 above.

One small change I have decided to make is to return the Clothes and Shoes budget to the Travel and Annual Expenses account from January 2026. Therefore the monthly transfer to this account will now be £800 rather than £750.

At the moment just enjoying sitting at home seeing that my relative is having a relaxing snooze in her favourite chair. Something I thought would never be possible again a few weeks ago! 

Skint_yet_Again

Good to hear of your relatives recovery and return home. I think you deserve a rest after the times you have had recently and savings will soon recover