Turning Straw into Gold: Creating Long Term Security & A Solid Home

LzzyIsGod

So sorry to hear you've had such a tough month, especially the loss of your cat. It does feel sometimes that the universe decides to chuck as much as rubbish at us all at once and it's just not fair.

Be kind to yourself x

MillQueen

Thanks @FootyFanDan and @LzzyIsGod, it has certainly been a tough month and it has decimated my emergency savings. I have managed to pay myself £227 from my self-employed work, so it looks like I will finish the month about £300 into my overdraft, even though I already put some money from my savings into my current account. I only have £2,500 left in the EF now, and would like to work again on getting to 10k.

A helpful thing I have been doing is setting aside half of my self-employed income in a high interest account each month so that it's there when it comes to pay tax (and student loan) and will have earned some interest. I have used a bit of the £227 (that was left after putting away the tax) to start a sinking fund for car costs. I will be putting in £50 a month to cover the car MOT and service and hopefully any maintenance that comes up.

The goal for the next month will be to try to get my current account back to an even level, so I am not in my overdraft at the end of the month again. I have got a job interview coming up in a couple of weeks and if I can get that it's going to make life a lot easier. Well it might be a bit "out of the frying pan and into the fire" with having more work to do, but it will certainly make finances easier and it's been a role I've wanted for a while.

One I have gotten balanced again, I will split anything left at the end of the month between student loan and emergency fund, as I have automated the various other payments. My investments have not performed well, as it probably wasn't the most hopeful time to start in a global conflict… I have put £350 into the account so far and it's now worth £339. I'm just going to keep going, ignore it over the years, and see what happens.

The other priorities are getting the last few bits I need for the lodgers. I need 3 mattresses, 2 for them and 1 for me, and a wardrobe. Those are things I will get new, so I have found some reasonably priced ones. I could do with an extra new sofa, as 2 would be good in the lounge. I have learnt not to buy those second hand. But that's not really a priority as realistically I can manage without that for a while. I think I will try to get my new glasses bought first, as so much of what I do is on a computer and I am having headaches from it.

MillQueen

I've just updated my signature as it's the end of the month. Most of the numbers are heading in the right direction except the emergency fund and overall net wealth, after this expensive month.

MillQueen

I have got a £20 Asda voucher from when I got my car insurance. I get a free hot drink every month at Greggs as well, which is nice. I also have £10 of points to use from ipsosisay, which I’ll probably also use on a Asda voucher, so I can get either toiletries or laundry and cleaning essentials in bulk.

My pay is due to go up by about £30 in April. Not sure how that will even out, as everything else has gone up too, but if I do get to keep the £30 I’ll put it into the EF.

I am really struggling at the moment to have the energy to cook, so I’m eating lots of toast and cereal, working my way through the boxes in the cupboard and bread in the freezer. Hoping to get back to cooking cheap meals if I give myself a week of early nights, lots of water, and occasional walks.

MillQueen

Finally got paid 😀 this has been the longest month ever. I have automated most things to come out on the first of the month, so lots of things should be disappearing tomorrow.

ArtyJ931

https://forums.moneysavingexpert.com/discussion/comment/81943993#Comment_81943993

I feel that!

vampirotoothus

Hi, can you live with your mattress for a month or so, as it isn't needed for the lodgers? Buy it out of the first month's rent maybe? You put a lot on immediate needs, (2 tyres instead of just the one that actually needed replacing). I understand that logic dictated that it made sense with the tyre fitting being there, but it has put pressure on your overdraft.
Good luck V x

vampirotoothus

Also, why not start with the one lodger and then do the other bed, sofa etc when you have made enough from the one rent to pay the costs for the second one? V x

MillQueen

@ArtyJ931, for sure, March has been a decade long 😂

@vampirotoothus those are good points you make about one lodger at a time. I tend to think of things in the more efficient and sequential way and was thinking to recruit both lodgers at the same time, as I have organised how to do so. Yes, I could get one lodger mattress and sleep on the floor in my room. I like your neat solution for that. It’s good to think more flexibly, thanks.

It’s been a hell of a day at work and I feel like I’ve been squashed by a steam roller, as we had a meeting that was more of a fight and I’m up to my eye balls in tasks. I ended up going to Lidl and buying some proper food, as I haven’t the energy for scratching around yellow sticker shopping or going out at 9.30pm for TGTG this week. I spent £44 and I’m not even sorry. This is what rebellion looks like now 😂

MillQueen

Having a quiet, low spend bank holiday weekend at home, possibly with some short walks. I’ve hurt my back (simply by bending over) and I’m optimistically seeing this as a good chance to save money since it's painful to move around. I’ve got a job interview next week, which will be a life changing pay rise if I can get it. Please pray for me, as this will really secure a better future for the rest of my life if I can get this role.

I had a look at my personal loan balance and glad to see it's gone below 11k now. Depressingly, I calculated that only £290 of the £1,253 I paid for my mortgage monthly payment has gone off the capital, leaving a scary amount that was interest. I likely won't have the money to overpay that this month, as I am trying to come back out of my overdraft by the end of the month. If there's anything left, I'll prioritise the EF.