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  • FIRST POST
    • Chandelier.
    • By Chandelier. 24th Jun 18, 1:15 PM
    • 930Posts
    • 2,476Thanks
    Chandelier.
    Savings for the Boy & Me
    • #1
    • 24th Jun 18, 1:15 PM
    Savings for the Boy & Me 24th Jun 18 at 1:15 PM
    Hello,

    I've only just stumbled across this board but I've decided it is a more suitable place for me to post. I'll start with a bit of a background,. My life consists of the boy (who is 7) and me. We currently live at home with my mum and I've no plans to move out anytime soon. This way I am able to save as much money as possible.
    I also have bipolar disorder and ADHD so life can be tricky at times and I need routine, structure and stability.

    Over the last few years I've been saving as much as possible into several accounts for numerous different things. I was also given a substantial amount of money as inheritance off a family member which enabled me to pay the off my car. So as life stands currently I have zero debt and a good amount of savings behind me.

    I have different bank accounts for different things such as yearly expenses that creep up, so I'm always one step ahead. I pay a set amount of money into these each month and must have around 10 different bank accounts but they all serve their own purpose.

    This year especially is a expensive year with everything we have going on. This includes a trip to Dublin, two hen dos, a caravan weekend away, a week in Cornwall and a two week Caribbean cruise. This is all within the next three months so obviously it's going to be spendy spendy.

    I want to save as much money as possible but I've come to accept this year I'll have to be less harsh on myself when it comes to reaching goals. The idea will be that once this is all over, next year I can focus harder on saving as much as possible and in the future I'll get myself onto the property ladder when I feel ready. I could currently do it now but with so much going on and with my mental health being up and down, it isn't the right time.

    So for now that's it and I'll go further into details in other posts to make it easier to read.
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
Page 1
    • savingwannabe
    • By savingwannabe 24th Jun 18, 1:33 PM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    • #2
    • 24th Jun 18, 1:33 PM
    • #2
    • 24th Jun 18, 1:33 PM
    Hello and welcome. It sounds like you are a good saver. Fab we can learn from you. Everyone is friendly here. All those hols sound exciting too.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Chandelier.
    • By Chandelier. 2nd Jul 18, 8:16 PM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    • #3
    • 2nd Jul 18, 8:16 PM
    • #3
    • 2nd Jul 18, 8:16 PM
    Hello again,

    So today I've been updating my debt free wannabe diary with all my budgets for the upcoming months. I've been moving savings and everything around to different categories to even things out and see where I stand. I've overestimated these costs in many areas but I'd rather have more money to spend then less if you see what I mean when it comes to things.

    So the upcoming budgets are:-

    The Boys birthday: 210. (210/210 saved in an account).
    Mablethorpe Holiday: 200. (200/200 saved in an account).
    Cornwall Holiday: 800. (800/800 saved in an account).
    Caribbean Cruise: 2260. (1151.90/2260 saved in an account).

    So I've currently got to find 1108.10 by September for our last holiday of the year! This works out at roughly 550 per month savings. I'm up for the challenge though. I'll cut back in other areas of my current budget to fund this.
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • Chandelier.
    • By Chandelier. 2nd Jul 18, 8:31 PM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    • #4
    • 2nd Jul 18, 8:31 PM
    • #4
    • 2nd Jul 18, 8:31 PM
    I've also been keeping on top of my current savings that I have in other accounts.

    By the end of the year I should have as followed:

    3600 in a FD account.
    7762.69 in a HTB Isa.
    10000 in another savings account.

    So my total for the end of the year should be 21362.79 which I think is quite good considering all the costs we have for this year. Ideally I'd like to aim to get it to 22000 but we will see.
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • savingwannabe
    • By savingwannabe 3rd Jul 18, 3:25 PM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    • #5
    • 3rd Jul 18, 3:25 PM
    • #5
    • 3rd Jul 18, 3:25 PM
    Really well done. Excellent savings.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Chandelier.
    • By Chandelier. 4th Jul 18, 5:57 PM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    • #6
    • 4th Jul 18, 5:57 PM
    • #6
    • 4th Jul 18, 5:57 PM
    So today has been a bit interesting. I phoned up my bank to close an account that I was no longer using and they suggested I can sign up to one which is 0.5% interest which is a better rate than the one I was using before. I think I'll use this account to save any extra money into and allow it to build up over time.

    Whilst on the phone I also decided to take out a 0% purchases card with them which is for 17 months. I think I'll use this to put some of the big holiday expenses onto such as excursions etc and I'll set up a direct debit to pay back either within the time frame or before that.

    I'm not necessarily getting into debt as such but rather utilising promotions and gaining interest on my savings elsewhere
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • savingwannabe
    • By savingwannabe 4th Jul 18, 6:23 PM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    • #7
    • 4th Jul 18, 6:23 PM
    • #7
    • 4th Jul 18, 6:23 PM
    Well done on bank account and higher interest and the 0% cc.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Chandelier.
    • By Chandelier. 8th Jul 18, 5:55 PM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    • #8
    • 8th Jul 18, 5:55 PM
    • #8
    • 8th Jul 18, 5:55 PM
    Evening!

    I've just come back from the last of my sisters hen dos and have had an amazing weekend. I'm all chilled out and relaxed but I'm definitely ready for my bed. My sister has had a total of two hen dos now of which I budgeted for and came under budget for both. I've noted the actual savings in my diary on the DFW section if anyone wants to have a look at the savings I made.

    I've been moving some money around within my bank accounts through savings in different areas/made elsewhere. I have also rounded them all until they reached a zero and have siphoned off the extra pennies/virtual loose change into a separate account. This account is known as my "other" account and any of the "spare change" added into it will just build up until I find a purpose for it.

    I've moved some extra funds across into the fund for our Caribbean cruise so that is now up to 1200/2260. Only 1060 left to find now over these next couple of months .

    It feels so good to be sticking to budgets and allocating all my money for the month towards different saving accounts. The best bit is that although I set a realistic budget for each fund
    I always manage to hit target or come under which feels like a massive accomplishment. I'd rather overbudget then underbudget and it just makes me even more determined to save where possible.

    I might have around ten different accounts for different things but it makes me feel organised and this way works for me. The more complicated, the simpler it seems in my head .
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • savingwannabe
    • By savingwannabe 9th Jul 18, 6:38 AM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    • #9
    • 9th Jul 18, 6:38 AM
    • #9
    • 9th Jul 18, 6:38 AM
    Hurrah for the hen do. Gosh you lead a very glamorous life and you are vvv organised too. How cool is that?

    You still have a visit to the Caribbean planned. That sounds amazing. I am spending the holiday here in the UK but love hearing about people's travels.

    Keep saving and hope you enjoy the weather here too.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
  • archived user
    Evening!

    I've just come back from the last of my sisters hen dos and have had an amazing weekend. I'm all chilled out and relaxed but I'm definitely ready for my bed. My sister has had a total of two hen dos now of which I budgeted for and came under budget for both. I've noted the actual savings in my diary on the DFW section if anyone wants to have a look at the savings I made.

    I've been moving some money around within my bank accounts through savings in different areas/made elsewhere. I have also rounded them all until they reached a zero and have siphoned off the extra pennies/virtual loose change into a separate account. This account is known as my "other" account and any of the "spare change" added into it will just build up until I find a purpose for it.

    I've moved some extra funds across into the fund for our Caribbean cruise so that is now up to 1200/2260. Only 1060 left to find now over these next couple of months .

    It feels so good to be sticking to budgets and allocating all my money for the month towards different saving accounts. The best bit is that although I set a realistic budget for each fund
    I always manage to hit target or come under which feels like a massive accomplishment. I'd rather overbudget then underbudget and it just makes me even more determined to save where possible.

    I might have around ten different accounts for different things but it makes me feel organised and this way works for me. The more complicated, the simpler it seems in my head .
    Originally posted by Chandelier.

    Hey lovely. I also have a 'spare change' account where I let the pence build for a purpose too. I currently do this on my monzo card (which ive designated the purpose for petty cash), ive spent once to pay for sending something I sold in the post office.


    Great idea which I agree with obviously. Do you know how much you want it to build to? Or just building til you find a purpose for like you've said?


    Like you I have a few accounts for different things, intrigued to hear what each of your accounts is for? love talking about this and sometimes getting ideas from others too hehe.
    • Chandelier.
    • By Chandelier. 9th Jul 18, 6:01 PM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    Thanks for the replies guys!

    Savingwannabe, I'll keep you updated about my travels. Life isn't that glamorous, it is just a busy year. Next year I plan on travelling Europe for around 3 1/2 weeks with the boy so I'll start saving for that from October onwards and start planning late this year/early next year.

    Sweetcake, I have nineteen different accounts. I know it sounds mental but it works for me and I can see where I'm at each month. They are as follows..

    1) Main bank account. (All my bills/direct debits come out of here).
    2) 5% Interest account. (I pay 300 a month to here, due to mature in January).
    3) HTB Isa. (I save 200 a month into here).
    4) 0.5% Interest account. (For any other savings).
    5) Extra curricular fund for the boy.
    6) Petrol fund.
    7) Car fund.
    8) Childcare fund.
    9) Wedding Fund.
    10) Union fees fund.
    11) Birthday fund.
    12) Christmas fund.
    13) Emergency fund.
    14) Entertainment fund.
    15) Mablethorpe Fund.
    16) Cornwall fund.
    17) Caribbean cruise fund.
    18) Other fund. (Fund I use to round up the pennies).
    19) Income fund. (All my income goes into this for the month, ready for next months budget).

    I can't believe how many I have but this system works for me. Each month I pay a set amount of money into each account and work things out over the month from there. Once things such as holidays/weddings are over, I'll either rename the accounts for other things or I'll close them.

    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • savingwannabe
    • By savingwannabe 9th Jul 18, 6:25 PM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    Dave Ramsay calls this sinking funds (each account for a different purpose) they are supposed to be v motivating.

    Well done you. Im going to see if I can find your diary.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
    • Chandelier.
    • By Chandelier. 9th Jul 18, 7:11 PM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    It is motivating for me and much easier to see what I'm budgeting for. Sometimes when theres money left over in an account I'll either move it to a savings account or just let it build up incase I need more one month then another.
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • Chandelier.
    • By Chandelier. 10th Jul 18, 12:52 PM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    Afternoon!

    So I've had a great day so far. I woke up early and met my friend as we decided we would take her dog for a walk along the sanddunes local to us. In the end we ended up doing an eight mile walk barefoot across the beach. I haven't been this relaxed in a while and it was nice to get out in the cool open air with the sun shining down on us. It's been much cooler today.

    I've decided I'm going to walk to school to pick the boy up and have a nice stroll back where we can catch up and talk about his day. I may even take him to the park for a while.

    I have decided that I'm going to cut back on car journeys and walk where possible. This will save on my petrol and also help increase my fitness! I really need to get back into the gym too. That's another priority on my to do list as with all these recent breaks, I've put on about half a stone. I need to get back into the game.

    I've took some meatballs out of the freezer to defrost and I'm going to make spaghetti meatballs for tea for us all tonight, packed out with vegetables! Last night I invited my uncle round who recently lost his wife and I cooked him chicken in a chicken and mushroom sauce with mash potato and vegetables. I do quite enjoy cooking but I have to be in the mood for it or else I'm useless. I'm trying to use up the stores we have in our freezer so we are able to start defrosting them one by one and be able to keep track of what we've got. I'm doing a rough meal plan and have decided I'm going to start doing the weekly food shop to stick to a budget. There is only three of us now as our lodger is currently away for a period of time due to ill health. Whatever leftovers we have will go straight into the freezer for quick meals in the future.

    I'm going to try and limit my entertainment fund this month to make way for further savings. I budget 200 a month for this but don't always use the full amount so I need to work out an average. This covers any meals out/trips/days out etc and is yet another area that I can be flexible upon each month.

    I need to pay for the boy's childcare so will do that in a minute.

    I also need to collect the final sums for expenses that went on my credit card for both recent hen dos. I'll be relieved when that's all done and out the way. I'll be planning a third for the end of September that all our family can attend but that shouldn't be too expensive!
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • Chandelier.
    • By Chandelier. 10th Jul 18, 1:11 PM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    I thought I'd write down what I pay into my accounts each month so you can see my budgets.

    1) Main bank account.!(300 per month. All my bills/direct debits come out of here).
    2) 5% Interest account.!(I pay 300 a month to here, due to mature in January).
    3) HTB Isa.!(I save 200 a month into here).
    4) 0.5% Interest account.!(Will be various and used for any other savings).
    5) Extra curricular fund for the boy. (300 per month).
    6) Petrol fund.!(80 per month).
    7) Car fund.!(125 per month).
    8) Childcare fund. (70 per month).
    9) Wedding Fund. (125 per month until October to cover all areas).
    10) Union fees fund.!(15 per month).
    11) Birthday fund.!(35 per month).
    12) Christmas fund.!(55 per month).
    13) Emergency fund. (100 per month).
    14) Entertainment fund.!(200 per month).
    15) Mablethorpe Fund. (All budgeted for).
    16) Cornwall fund.!(All budgeted for).
    17) Caribbean cruise fund.!(100 per month plus extras).
    18) Other fund.!(Fund I use to round up the pennies).
    19) Income fund.!(All my income goes into this for the month, ready for next months budget).
    20) Food budget. (80 per month. Myself and my mum shop alternate weeks).
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • Chandelier.
    • By Chandelier. 10th Jul 18, 1:17 PM
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    • 2,476 Thanks
    Chandelier.
    That's my budget up above until October where I will then reevaluate all payments and be able to reduce some/allocate savings to elsewhere. I'll probably reduce the amount of accounts I currently have or rename them for other things!

    My plans for next year holiday wise is to go travelling around Europe for 3 weeks with the boy and hopefully a trip to New York later on in the year with my best friend. I shall set up budgets for these once all other holidays are over!

    I'm loving being all organised, budget savvy and saving money where possible.

    I shall still be saving money each month to fund our further house purchase but I'll just allow my HTB isa to fill up as it has been doing. Once I hit the 10k mark I'll start looking. I'm going to get a rough idea at some point of how much I can potentially borrow as a single person on one income.
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • Chandelier.
    • By Chandelier. 10th Jul 18, 1:30 PM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    So I've also wrote up a budget for the rest of expenses for my sisters wedding. I haven't actual expenses but I'm putting enough aside to cover all areas.

    Wedding Budget

    - Hair/Makeup:!100.00. (It will more then likely be less then this but we will see).
    - Shoes:!50.00. (I'm hoping just to buy a pair of flats so should come under budget).
    - Hotel:!140.00. (Another cost I'm unsure of. I'm paying one night, my mum the other as we are sharing a family room).
    - Drinks:!40.00. (I'll stuck to soft drinks but this will cover more then enough for the boy and me plus a drink for the bride and groom).
    - Gift:!50.00. (I was hoping to give more but the wedding has cost me enough already so I'm sure they'll understand).

    Total:!380.00.

    So for the next three months I'll be putting away roughly 125 a month to cover all this or until I reach the target.

    Expensive times!
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • Chandelier.
    • By Chandelier. 11th Jul 18, 9:54 AM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    So I've been thinking about some of my budgets/savings.

    I currently have been paying 55 per month into the Christmas fund to cover all costs/expenses. By December, I should have approximately 660 saved up.

    It's only five months off and I'm determined to be prepared again this year. However I've also decided it's going to be less about the presents and more to do with the time we spend together and the memories that can be made.

    So I've come up with a budget of whom I am to buy for and how much I'll aim to spend on them.

    Christmas 2018 Budget.

    - The Boy: 150.00
    - Mum: 60.00
    - Sister/Brother in law: 30.00
    - Brother/Sister in law: 20.00
    - Nephew: 15.00
    - Niece: 15.00
    - My Boss: 15.00
    - Boys Dad/Partner: 15.00
    - Boys Grandparents: 15.00
    - Boys Teacher: 10.00
    - Godson: 15.00
    - Friend: 10.00
    - Secret Santa: 10.00
    - Other: 20.00

    Total: 400.00

    I aim to stick within this budget but I'm aware how much costs can escalate. I think for some of the people, I'm going to do more personal stuff for i.e. the boys dad/partner and grandparents and for my own family. I have a few ideas up my sleeve but will be open to new ones!

    Christmas can just be so expensive and is very commercialised. I want it to be less about the presents and more about the time we spend together. I'll be looking out for good deals over the next few months with many things.
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • Chandelier.
    • By Chandelier. 13th Jul 18, 9:13 AM
    • 930 Posts
    • 2,476 Thanks
    Chandelier.
    Morning!

    I've been thinking a lot about the boys birthday.

    The theme is camping/festival and the plan is for the boys to camp out in the garden and have a BBQ. However I'm aware this is weather dependent and I'll have a backup plan in place. I'm doing a lot of things myself.

    Originally I had a budget set for it to cover all areas but I've revised this now and I'm starting to get myself organised with things. The costs may seem expensive but for a few things, things can be reused again i.e. the tent I've bought. I've decided not to include the tent in the birthday budget and will find the funds from elsewhere in my many bank accounts .

    Instead of party bags, I've seen an idea of buying those jam jar type of cups and filling them with sweets. I expect this to be much enjoyed by three/four active boys and if plans are changed they can have them on the night whilst watching a movie.

    I'm keeping track of all spends so far and will continue to do so. The budget so far is as follows;

    ---

    The Boys Birthday Budget


    - Food: 30.00. (This will be for either BBQ food or party type food/snacks for three/four hungry boys. I'll also use this to cover costs of any other food type items).

    - Activities: 75.00. (I may take the boys out the next day dependent on what time they are picked up so have added this in, just in case. It will either be something like a trampoline place, bowling/cinema etc. I'm also going to buy some water guns/water balloons and other garden games if the weather holds out).

    - Invites/Decs: 15.00. (I just need to buy some balloons now for this category and those jam jar type of cups).

    - Cake: 10.00. (I'll just buy a store bought cake as there is no point of having one hand made as they are so expensive and most of the time alot of it can be wasted).

    - Presents: 50.00. (I think I'll just give the boy money then I can take him shopping and he can choose what to buy/save some).

    Total Budgeted: 180.00.

    ---

    I'm quite excited for this even if our original plans change! I like planning and organising things like this and the most important part is that the boy is happy and enjoys himself. That's all I want and for him to be able to look back and remember the great lengths I went to, to ensure he had a good birthday!
    Last edited by Chandelier.; 20-07-2018 at 5:10 AM.
    Chandelier.
    Current Debt Repaid:
    104/619.

    Check out my Diary
    • savingwannabe
    • By savingwannabe 13th Jul 18, 9:43 AM
    • 13,983 Posts
    • 47,484 Thanks
    savingwannabe
    This sounds like a lovely well thought out birthday party. I am sure that your son will really appreciate it.
    Christmas Fund 148
    Reminder: June Spending on fleabay 6.99
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