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  • FIRST POST
    • Needhelpsaving
    • By Needhelpsaving 14th Nov 16, 5:58 PM
    • 701Posts
    • 2,847Thanks
    Needhelpsaving
    Getting back on the MFW Wagon
    • #1
    • 14th Nov 16, 5:58 PM
    Getting back on the MFW Wagon 14th Nov 16 at 5:58 PM
    Hi

    I have attempted this MFW wannabe journey before, with little success and after reading so many threads on the forum, would like to try again.

    Looking back, trying to start a MFW challenge with a newborn was possibly not the best time for me as I had made grand plans, just when our income was decreasing.

    A little bit about us, I am 29, have an OH 34 and a LO aged 3. We bought our home 8 years ago and have a mortgage of 80,000, a family loan of 7,000 and 0 in savings

    Our first goal is to save a 1500 Emergency Fund by the end of February, whilst staying on track to pay off family loan (on target to pay off in June 2017).

    I have finished all my Christmas shopping, except 1 gift, so should be on track to save a decent chunk of my salary next month (I work part-time).

    I need to stay accountable in this journey and what better way than to publish it on the internet?!
Page 2
    • Kittenkirst
    • By Kittenkirst 27th Nov 16, 9:28 PM
    • 1,892 Posts
    • 10,153 Thanks
    Kittenkirst
    Hiya Needhelpsaving! Yes I've got a diary- completed on my house on 30th September and just made my first very very small overpayment- I'm a little bit addicted already I must say
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • Needhelpsaving
    • By Needhelpsaving 28th Nov 16, 10:01 PM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    Another NSD 4 out of 5 so far - I don't think I have ever managed that!

    Managed to scoop another 10 into savings from some expenses, bringing me to 120/1500.

    I have stuck to the meal plan so far, so the food is stretching as planned, I just need to keep going on the straight and narrow.
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Needhelpsaving
    • By Needhelpsaving 30th Nov 16, 8:27 AM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    Moving into a period of budgeted spends over the next few days, but will endeavor to stay under the budgeted amounts.

    Taking LO to sealife centre today - free entry from vouchers I saved from a newspaper in the summer, only cost will be parking (I forgot I had booked this!). Planning to be home in time for lunch. Then LO is due to have hair trimmed this afternoon to tidy it up before all of the xmas visits - budgeted 20 from personal spends for both. Actual Spend 25.50 (This included picking up some birthday cards and two stocking fillers for LO).

    I have a hair cut and colour booked for tomorrow - haven't had it done since early summer and its getting a bit - budgeted a max of 40 Actual Spend 40 inc tip

    Trip to a local xmas fete booked for Saturday to meet up with a friend before xmas - went last year, LO enjoyed it and it had the potential to be a frugal day out. Instead of purchasing lunch while we are out this year, I will be doing lunch for all of us at home, using items from the pantry. Actual Spend - 3 for LO to have face painted

    On the home front, we have stuck to the meal plans and have utilised the blanket instead of the gas fire, so I am pleased with this, but I must get ebaying this week to keep the decluttering moving.

    Have a great week x
    Last edited by Needhelpsaving; 03-12-2016 at 6:21 PM.
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Needhelpsaving
    • By Needhelpsaving 3rd Dec 16, 6:27 PM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    This week has gone well, grocery shopping has been done for the week ahead, planned spends complete and aiming for 4 NSD's next week.

    Mortgage piggy has been topped up with odd pennies that have been found lurking around the house or have been left over from planned spends. Not huge amounts, but hopefully it will all add up in the end.

    Tomorrow will be spent catching up on ironing, ebay listings and some work needed for the week ahead.

    ETA - 5/6 Ebay items listed
    Last edited by Needhelpsaving; 04-12-2016 at 3:58 PM.
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Needhelpsaving
    • By Needhelpsaving 5th Dec 16, 7:18 PM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    NSD yesterday, also managed to list 5 lots on eBay, 3 of which have bids on already. They aren't expensive items, but it will all help with the money saving.

    A busy day at work meant that I succumbed to the lunch run - 4.20 spent, but I enjoyed the treat. NSDs planned for tomorrow and Wednesday.

    Thursday is our xmas family day out, with LO seeing father xmas. This was paid for a couple of months ago, but we will have lunch out to celebrate OH birthday.

    I hope everyone had a good start to the week x
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Needhelpsaving
    • By Needhelpsaving 7th Dec 16, 5:33 AM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    Not able to sleep, so it was an early start for me. I have put the time to good use though and have rounded down my budgets, sweeping 22.25 into savings.

    10 was saved from my fuel budget - had 30 left in the budget, but I still have half a tank and with the xmas break coming I won't be using the car as much.

    2.25 moved from grocery budget, just to round it down to an even number.

    10 expenses moved to savings account.
    Last edited by Needhelpsaving; 07-12-2016 at 7:46 PM.
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Needhelpsaving
    • By Needhelpsaving 10th Dec 16, 10:54 AM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    I hope everyone's week has gone well x

    This week has been a whirlwind to say the least. We went on our family day out on thursday and instead of eating out, we grabbed a hot chocolate as we were all cold at the end of the santa trip, then decided to eat at home.

    Not done very well with NSD's this week, I joined in the work lunch on Monday, Tuesday was an NSD, Wednesday I went shopping to grab some xmas bits while the shop was quiet (got turkey etc for xmas day and some buffet items for when we have family over xmas eve), Thursday was the family day out and yesterday I got collared by a work collection and raffle.

    I am still on budget and received some money owed for an xmas present I picked up for my mum. That 20 is going straight into savings, now at 184.03.

    Today's tasks - housework and meal planning, some work I have had to bring home and packaging eBay items that have bids on ready to post on Monday.
    Last edited by Needhelpsaving; 11-12-2016 at 1:15 PM.
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Needhelpsaving
    • By Needhelpsaving 13th Dec 16, 7:30 PM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    Blimey! - where did the weekend go? I can't seem to keep up with all the goings on at the moment, but am looking forward to the xmas break

    On the plus side, all ebay parcels were sent today and 1 item was re-listed. I am sticking to the meal plan and am on track with my budget.

    I have been tinkering with my budget for 2017 and given the ups and downs in my monthly spending which are dictated by car services, insurance, birthdays etc, I have decided to set up savings funds for a number of headings to spread the cost of planned spends each month. This will be a work in progress over the next week or so
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Kittenkirst
    • By Kittenkirst 13th Dec 16, 9:24 PM
    • 1,892 Posts
    • 10,153 Thanks
    Kittenkirst
    Hi Needhelpsaving, I do my budgets in a similar fashion as I have a bills account which I overpay to each month based on my rough calculations. This then means that when the big expenses of car insurance, mot etc come up there is already enough to cover it without going short one month.
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • gallygirl
    • By gallygirl 13th Dec 16, 9:48 PM
    • 16,589 Posts
    • 109,553 Thanks
    gallygirl
    This is what I used to do. I had around 10 virtual pots with their own columns on a spreadsheet and at various stages some would be 'overdrawn' but I usually ended up with a small surplus. Always found my spreadsheet clunky though
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = 0
    "Do what others won't early in life so you can do what others can't later in life"
    • Needhelpsaving
    • By Needhelpsaving 15th Dec 16, 5:28 AM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    Thanks for the feedback KittenKirst and Gally Girl - I was in two minds about whether i was over-complicating things, but am glad that your experience of a similar budgeting method has worked.

    So far I have categories for birthdays, xmas, clothing (inc school uniform), Car (Insurance, tax etc), Holidays/Days out, Hair cuts, School Photo and professional subscriptions.

    I have tried to think about everything that I would need to cover this year, including LO first school uniform for September

    I would be grateful to hear whether anyone has any other categories that they find useful that has not already been included above.

    Happy Thursday!
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • gallygirl
    • By gallygirl 15th Dec 16, 6:52 AM
    • 16,589 Posts
    • 109,553 Thanks
    gallygirl
    I would be grateful to hear whether anyone has any other categories that they find useful that has not already been included above.
    Originally posted by Needhelpsaving
    Dentist? Optician? House (domestic appliances?)
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = 0
    "Do what others won't early in life so you can do what others can't later in life"
    • Kittenkirst
    • By Kittenkirst 15th Dec 16, 9:44 AM
    • 1,892 Posts
    • 10,153 Thanks
    Kittenkirst
    Like Gallygirl, I have opticians/healthcare as a category to cover dentistry, glasses/contact lenses.

    The rest sound the same as yours, oh but i also have house insurance in a pot so that I don't feel the sting at renewal (or pay any cheeky interest for monthly instalments).
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • Needhelpsaving
    • By Needhelpsaving 16th Dec 16, 5:59 PM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    Thanks for the feedback! - I am ashamed to say that I hadn't even considered dentist/healthcare and home. The ironic thing is that I have to put on glasses before I get out of bed!

    I have bulked dentist/opticians and prescriptions together. Thankfully, we are all fairly healthly, so costs on this front tend to be fairly minimal, with only my eye care expenses (i.e. replacement glasses every 2 years) being the biggest cost. I have done 20 a month into this.


    I have done the same for home appliances - 20 a month to begin with, but will review once I have funded my first part of the emergency fund (1500). We have replaced both our washing machine and oven within the last 18 months, but worst case scenario is that we use part of the emergency fund to cover the difference between the replacement fund and the actual cost; then replenish the EF.

    I have only been at this for a month, but on reflection, I always thought I was 'beating' the system by picking up loads of 'bargains' - the penny has dropped that the only thing being beaten was my purse.
    Last edited by Needhelpsaving; 17-12-2016 at 6:31 AM.
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Needhelpsaving
    • By Needhelpsaving 21st Dec 16, 6:43 AM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    It's Payday!

    Early payday for December, which has perked me up. I was starting to loose my way again a little over the last week, spent more than I had planned on food and personal money, but in spite of this the figures are looking pretty healthy (for me) this morning.

    Money shuffles have been completed this morning - 496.41 moved to emergency savings and 408.39 moved to fund various savings pots so they are ready for 2017

    Money Aims for this week are;

    - Claim 14 expenses from work (I put some in yesterday, but managed to forget one).
    - Keep grocery spends to no more than 50 (to cover a week, including visiting rellies).

    Thanks to the great advice and inspiration on this board, I have managed to save much more than I usually would and i'm feeling pretty chuffed.

    I hope you all have a great Christmas!
    Last edited by Needhelpsaving; 21-12-2016 at 6:45 AM.
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Needhelpsaving
    • By Needhelpsaving 22nd Dec 16, 7:45 PM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    As the end of the year is nearing, we have decided to take some time to set our financial goals for 2017;

    The agreed goals are;
    - Save 1500 emergency fund by 28/02/2017
    - Pay off Family Loan by 31/07/2017
    - Overpay Mortgage by 5% (4000)

    How are we planning to achieve this?
    - Living on a budget
    - Saving money from both salaries
    - Earning money from secondary sources (market research, Swagbucks, Quidco, Topcashback, Onepoll and overtime).
    - Using Birthday and Xmas money towards clothing and Haircut sinking funds to minimise monthly outgoings.
    - Selling on Ebay

    Tonight, I have applied for two market research projects taking place in January 2017 - fingers crossed that I am accepted as they could bring in a combined 170
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Needhelpsaving
    • By Needhelpsaving 25th Dec 16, 7:25 PM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    Merry Christmas!

    A lovely day has been had by all in our household, this year we opted to stay in as a family (just the 3 of us) and it was a nice change of pace being able to decide when we wanted to do things as opposed to rushing around between rellies.

    LO has had a great time, at 3 years old, this is the first year that she has really understood what is going on and it was brilliant to see the excitement on her little face.

    I was gifted some money from my parents, but as I don't need anything at the minute, I have added this to my clothes saving fund so that it is available for when I do need to replace something.

    It's weird, this time last year, I was hitting a few internet sales going in search of a 'bargain' - this year I am not bothered whatsoever and the cancelling of my Next account in the autumn has meant that I have not been enticed by their sale emails.

    I feel that the tide is turning money wise in our house - I still have a long way to go and areas that still need to be cut back, but this is a journey and I am reading diaries regularly to pick up hints, tips and inspiration in preparation for the road ahead
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • CathT
    • By CathT 26th Dec 16, 7:12 AM
    • 5,552 Posts
    • 38,674 Thanks
    CathT
    Just popping in to say hello, good luck with your goals
    May 2018 -
    part 1 - 77,906
    part 2 - 45,391
    Total - 123,297
    • Needhelpsaving
    • By Needhelpsaving 27th Dec 16, 10:18 AM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    Thanks for popping in CathT - it's nice to *meet* you

    Now that I have started to follow a budget, I have started to consider the value of things more.

    LO has shot up like a weed and needs a new car seat. I have also concluded that I need to invest more in my oral care in terms of the quality of products I use, hopefully this will pay off in the long run with any dentist bills.

    I will see if I can get a car seat via quidco for LO, as her safety is priority - this will come from the car sinking fund - and I have just used the Healthcare and Electrical goods sinking funds to purchase electric toothbrushes for both myself and LO.

    Worked 4 hours overtime yesterday, so that's more money for the savings pot in my Jan pay and I am hoping to pick up more OT throughout the month.
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • Needhelpsaving
    • By Needhelpsaving 28th Dec 16, 8:40 PM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    Evening all

    I have had a lazy day today, reading diaries and plodding along with some basic housework. I must admit that reading about other MFW journeys is inspiring (and possibly a little addictive).

    I have found a car seat for LO which has good reviews and is on offer (reduced to 50). Will order this from Halfords via Quidco and pick up on Saturday.

    The xmas food has almost run out as I kept the shop quite simple this year (plus half of my freezer was taken up by food for xmas eve family gathering).
    We made the turkey stretch to 3 days meals and everyone has been on board with using up the leftovers Have ordered a larger grocery shop than usual to be delivered Friday, this contains extra meat that will be used to fill the freezer. 110 spend.

    Personal spends will take a hit tomorrow as taking LO to see a live adaptation of a favourite children's book, followed by a meal deal lunch in town, but I feel this will be money well spent on mummy/daughter time

    Hope everyone's week is going well.
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
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