Money Saving Mojo 2

a_silver_lining · 21 November 2017 at 4:52PM

Since buying my flat in 2014 I have tried and failed to rebuild some savings and repay a family member's loan. I first had issues with my mental health in 2013, and since then have had a few episodes, which have greatly impacted on my finances. It's a stark difference from my early 20's of saving money and being career orientated.

In 2015 I started well and paid 1k off the mortgage and 2.5k off the loan. I actually had over a grand emergency fund.

In late 2015-2016 I then suffered with my mental health and experienced long term sick leave unpaid. I spent a lot of money trying to feel better and then focused my spending on doing up my home.

2016 I changed jobs to try and help my mental health. My wage dropped and I kept spending money on holidays and home.

Early 2017 I went from full-time to part-time with another gap with no money on sick pay. I changed career entirely and it seems to have been the best decision for me. This alongside help from services and more self care has helped me feel happier.

Presently I am on a much tighter budget with this new job and need to relearn how to manage my money. I have been paying £25 a month towards my family debt for a while, and so have paid off 2750/10,000k so far. I have £650 emergency fund, which I would like to increase to 3k before increasing my repayments to family. I am currently putting £250 aside (or plan to!)

Will sort out a SOA later in the week

Other plans this week are to put some items on ebay cheap just to shift them. I also want to return some crackers I bought and make my own Christmas cards this weekend.

Chrystal · 21 November 2017 at 5:23PM

Hi and welcome.

I'm sure you'll get lots of help and support on here.

a_silver_lining · 26 November 2017 at 9:59PM

Thanks Crystal

Right, payday so recalculating my savings.

£400 in a fixed saver (maturing March 2018)
£500 in my £250pm regular saver.
£740 left in my current account, which I guess counts as an 'emergency fund' for now.

I managed to put some items and sell them. The rest have been offered to friends or given to charity. I still need to return the Christmas crackers. Christmas cards I have decided to email to my work contacts and so save money making them!

Jobs this week are to sort out getting the best quote for building insurance. Post SOA. I want to double check my Christmas gift bag as I think I have now bought for everyone on my list. I have been buying them over the year and writing a note in my phone of the item and cost. It has helped me buy the right gifts when I see them, spread the cost and ensure I didn't over buy for one or two people.

a_silver_lining · 26 November 2017 at 10:01PM

SOA below.

Debt is a family debt loaned towards me buying my property. No interest charged.

Mortgage in my own name. Partner pays £300 rent and £110 towards bills (£220 total). Partner pays own phone and TV licence separately to this. I pay my own phone, pet insurance, boiler cover and building insurance (annually) separate to this as cat and property are my own.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1271.77 Pay will increase by £27 in March and I will ammend SOA then
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 410 £300 rent and £110 towards bills from partner.
Total monthly income.................... 1681.77

Monthly Expense Details
Mortgage................................ 453.3 5 year fix ending 12.19
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 110
Electricity............................. 22
Gas..................................... 19
Oil..................................... 0
Water rates............................. 42.41 Increased due to direct debit date change. On a meter and I feel that this is high!
Telephone (land line)................... 0
Mobile phone............................ 17.99 Contract as my sim only phone died after 5 years

I will go sim only after contract ends.
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 26
Groceries etc. ......................... 0
Clothing................................ 0
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 24.06 Senior cat lifetime policy
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 16.9 Boiler cover as keeps breaking down and as two women living along we kept being ripped off by plumbers!
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 300 £300pm in 5% monthly saver which will act as emergency fund. Maturing 01/19
Savings................................. 250 £250pm in 5% monthly
saver ending 08/18 this will then be paid off debt in lump sum.
Total monthly expenses.................. 1281.66

Assets
Cash.................................... 2342.3
House value (Gross)..................... 195000 Nextdoors sale price
04/17
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 197342.3

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 94489....(453.3)....0
Total secured & HP debts...... 94489.....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Family Debt....................7200......100.......0
Total unsecured debts..........7200......100.......-

Monthly Budget Summary
Total monthly income.................... 1,681.77
Expenses (including HP & secured debts). 1,281.66
Available for debt repayments........... 400.11
Monthly UNsecured debt repayments....... 100
Amount left after debt repayments....... 300.11

Personal Balance Sheet Summary
Total assets (things you own)........... 197,342.3
Total HP & Secured debt................. -94,489
Total Unsecured debt.................... -7,200
Net Assets.............................. 95,653.3

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

fay66 · 27 November 2017 at 12:00AM

I suffer with depression too, hence my erratic spending , its hard isnt it

a_silver_lining · 4 February 2018 at 12:42PM

Long time not checking in on here. I have been active on the 1% challenge though and am working hard to make a little more money.

Update
My mental health has been okayish this winter. It's better then normal and I think that's due to working more outdoors. I have struggled to motivate myself to exercise and get into my garden so I am hoping that will improve with the weather. I need to put a plan in place for next winter I think. Another positive is a promotion. I received a small pay increase but with the proviso that I can negotiate it up should I survive the busy season.

I need to redo my SOA, but am going to wait until next month as I have shifted all my direct debits dates to just after payday to help me 'see' my money and this has moved some payment amounts.

Cat insurance is also much more this month now he is a senior cat. My partner and I are going to reassess how much she contributes to bills so it is halved better.

I've had a small payrise of £27pm and am due another of the same in March.

Plan
I have committed to putting aside all my paypal money to then go off the family debt in chunks. I got all excited and thought I could save 10k this year and then realised I have debt to repay, so I'm back to thinking I should have an emergency fund and all else go on the debt.

Savings: Plan is that my new saver starting this week at £300pm will be my emergency fund. By the end of the year I should have £3300.

Debt: Family debt now repaid £2800, so 7200/10k remaining.
I have decided to up the repayments from £25pm to 100pm which will equal £1100 this year - Debt 6100/10k.
My £250pm saver maturing in August will go straight off the debt at £3085ish - Debt 3015/10k.
I can continue paying £250 off Sept-Dec - 2015/10k
May plan is to make £2018 extra money this year so in theory that will repay the last of the debt!

This plan leaves me £270pm to live on after bills, savings, debt. So for food, travel, fun, unexpected bills, course fees. It will go up to £297 in March.

I don't know how realistic that is as I tend to spend between £350-500pm when not watching my money. However, I do have £100-200 in my current account as a buffer and £400 in wealthify, £100 in Orbis, £400 in a switching account. So this could be used if needed.

a_silver_lining · 4 February 2018 at 12:53PM

Money available to spend:

I returned a Christmas gift I was given the gift receipt for. It was lovely, but for me a very expensive candle

£25.99 on a boots gift card. I never shop there so I need to remember I have the card.

I have £10 M+S voucher in my email from a pension provider. Again I need to remember I have it and use it.

My partner and I have £45ish of tesco clubcard points. We looked for holiday and travel bits but I think we need to find another use for them as topping up for a hotel seemed very expensive!

I have a £95! credit from a course I cancelled last year when I had my breakdown. I was very lucky they refunded me. I looked last year but couldn't find another course I wanted. I am going to look tonight and book anything, even if I give it as a gift to a friend as I don't know how long they will let me have credit for. It's already been a year. This is a great example of me being forgetful about money.

A goal today is to check the rest of my gift cards and see if I have more hidden money.

Money made:

My Quidco £10 transferred into my account. This is from last years pet insurance switch, a good example of me forgetting I have money in places!

I have one ebay parcel to post and listed 16 listings last night. I still have a lot more to put up.

I am going to sort through items which haven't sold and charity shop the rest. I can be terrible at hoarding and part of my goal this winter was to Marie Kondo and clear loads of room for me and my mental health to have room to stretch in.

a_silver_lining · 4 February 2018 at 4:26PM

fay66 wrote: »

I suffer with depression too, hence my erratic spending , its hard isnt it

Thank you Fay66 for your reply. It is really hard. I've been so lucky to have had a good 6 months or so, especially over the winter.

It has caused massive loss of income over the years. I kick myself sometimes for turning down promotions (I was offered two in my last job, and one in my earlier 20s) not going into the profession I trained for (instead I chose to work unqualified roles), all due to lack of confidence in myself and also the fear that my psychosis would impact on my work, and then my depression and anxiety causing me to have time off work unpaid, going part time etc... and the resulting impact on my finances.

But then I look at that list and realise that if someone else told me that had been the impact of their mental health on their finances (never mind the rest of their life!) I would realise they are unwell... so I need to appreciate that I am unwell and take care of myself. It is something I only accepted at 30.

I started a 5 year gratitude journal a few weeks ago and am trying to help myself realise the fantastic things I do despite my mental health. I'm hoping that it's one more way to support myself not to relapse.

I bought my flat after my first breakdown, despite my first breakdown. I changed job last year straight after my last breakdown and am earning, receiving and accepting promotions. I am passing exams and attending college and should have a related qualification by the end of this year. By the end of this year I want to also be able to add that I had the confidence to negotiate a proper pay rise and repaid my family debt

that would be fantastic :j

a_silver_lining · 6 February 2018 at 8:53AM

Update
Did really well the last two days. Both days I did an hour in the garden tidying. I cleared two bags for charity which my partner will take today.

Ebay selling going well, I have now sold 20 items and at over £130 made. Posting these today.

I have exams today, which is why I've been off for a few days in a row. I'm bringing a packed lunch and tea to be moneysaving, especially as I need to pay for a train after which I can only imagine will dent the budget.

I'm planning on heading back to town rather than home to encourage me to attend my evening course. Hopefully this will give me time to post my parcels and not to spend. It's the first time in weeks I will have been in a place with shops...

a_silver_lining · 6 February 2018 at 5:24PM

Update
Exams sat. I think, I hope, I passed.

Parcels posted. They came to slightly more than expected so tonight I need to review my listings and add a bit more on for postage maybe.

Apart from posting bits I had a bit to eat and then bought a £14.99 flower pot. So stunning but I went and sat in a cafe for free (cheeky charge of the mobile) and after ten minutes decided to return it. So refunded and took the money off my app off my phone. I feel really proud of myself. Normally want to spend loads in town!

Also bought myself a single bus ticket to force myself to walk part of the way back. I'm getting a lift but they are going to be late so I figure I'm better walking for an hour then busing and then standing for an hour. Money saving and good exercise for my mental health as I haven't been able to Garden today.

a_silver_lining · 7 February 2018 at 9:14PM

Update
Have carried on doing well. I realised today that I had not bought coffee (my weakness) or lunch at work this year so far

That said £41.50 of my £96.72 spending this month has been eating out!, so takeaways, coffee (out of work days) meals out. So this needs addressing.

I called and arranged for a £1.50ish cheque I received over a year ago from an energy company to be resent to me. It's money left on my account when I switched. So annoyed they don't just bank transfer you it, think how much unclaimed profit they must have from people like me not bothering to cash a cheque!

Came home to some more ebay sales and so now have 8% of my goal of made money sitting in my paypal account. So chuffed. This will be going off my debt at the end of the year

Made a fruit cake, my first time baking one and it's smelling delish. I've decided to use up store cupboard ingredients and the currents and alcohol was left over from my partners Christmas pudding baking.

To Do List
Goal tonight is to package up my parcels to post on my day off tomorrow and to list some more ebay bits. I have 35+ jewellery items to sell and they seem to be going well so fingers crossed!

Money Saving Mojo 2

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