After Advice Please

ellenvan

https://forums.moneysavingexpert.com/discussion/comment/82056360#Comment_82056360

https://forums.moneysavingexpert.com/discussion/comment/82056360#Comment_82056360

Poster gave details of contract and paying for handset but it's back a page on 1st July

Smudgeismydog

Apologies, missed that

onarollsaver

https://forums.moneysavingexpert.com/discussion/comment/82056360#Comment_82056360

my wife is on a contract where she had a new handset

onarollsaver

what do you suggest then? its mainly been on fans for girls rooms and things like that this month

ellenvan

My suggestion would be to overpay the loans every month if that is possible.

You also need to have an emergency savings fund.

If you do transfer to savings and loan straight after payday, then you know how much spending money you have left.

I also make a note of all spends( even small amounts) so I know what I am spending my money on. Otherwise it can just fritter away.

onarollsaver

https://forums.moneysavingexpert.com/discussion/comment/82056888#Comment_82056888

yes good idea. how much do people usually have as emergency funds?

ellenvan

The suggested amount to aim for is 3 months worth of earnings.

However while that amount takes a while to get to, any amount is good.

If your washing machine or similar breaks down , if you even have enough to cover a new one it saves having to borrow.

Set a regular payment to savings on pay day and then the temptation to spend it is less.

For you maybe £250 a month would be doable?

onarollsaver

https://forums.moneysavingexpert.com/discussion/comment/82057036#Comment_82057036

yes definetely.

one thing i didnt update was a dog walker so updated my SOA accordingly

onarollsaver

UPDATE

So i have cancelled the dog walker which was £16 per walk. instead i advertised and a 20 yr old locally said she will walk my dog for £7 for an hour - which is a big saving over the month.

I have cancelled the cleaners.

my wife has took out a loan to pay off her phone - so instead paying 85 per month - she is paying a personal loan of £49 and is on a sim only plan with Lebara which is £4 for 3 months then goes up to £8 - so thats a big saving

ellenvan

Well done some good savings there.

Over a year that will add up to a substantial amount.

Update the SOA maybe.