Savings Plan

Got distracted with savings plans!

So first of all I really need a good emergency fund behind me. I want £2000 as an emergency fund (minimum this year) before Christmas! I currently have £1000 emergency fund...£1000 to go. I've worked overtime this month, so that will go towards my emergency fund. I'm hoping to throw at least £400/£500 minimum at the end of this month. so hopefully by the end of Aug, I should have £1400/1500 out of £2000 emergency fund.

Secondly, I need a healthy car fund of ideally £1500 minimum. Reached by Christmas too. Nothing for this yet, but I do have my emergency fund-but I really want a seperate fund for car.

Thirdly, small Xmas fund-luckily I don't go over the top for Xmas so £400 will cover gifts, works do, drinks out etc. I will try and add £100 each month from Aug to Nov for this.

Once those are saved for and started 2019. I want to save for a deposit for a house. I need to look at this in more detail etc.

Also in 2019 savings plan will be a holiday fund.

I don't want any of these funds to go below, so if I use some out of one fund I will look to replace it the month after-if that makes sense.

After living for so long in debt, I need to feel secure more money wise, as I never intend to get back into debt!!!

Feel free to chip in if you think his is all wrong and I should plan to save for other things etc.

So after my small melt down the other day-I've got a savings plan in place for my wage at the end of this month.

I've carried on doing overtime and working second job (yes, I currently have no life!) ha ha. But want to be able to relax a little more money wise, so these savings plans will help me do that.

Emergency fund is currently at £1000, I will add another £500 this month bringing it to £1500/2000. (£500 to go next month then target met.)

Xmas fund-I will add £100/400 (300 to go) Sep-100, Oct-100, Nov will meet my target. Next year I will be much more organised, as will put money away every month. Luckily, I buy gifts during the year, so £400 will be plenty for gifts and works do etc.

Car fund-already got £400, so will try and add £500 which will bring total to £900/£1500.

Hopefully all these will go to plan!

Next month I will look at adding another £500 to emergency fund which will meet my target of £2000.

Add another £100 to Xmas month making me half way there £200/400.

Car find will aim for £300-£500 (depends how much work I can get)

When these saving goals have been met, I will relax a little more.

The melt down the other day I think is through fear of not having a large emergency back up, as I will never go back in debt again-spent far too long in it!

Next month may be a little tighter, as unsure of how much extra work I'm able to get.

So I have spent the morning with my Monopoly money and sorting budget for when I get paid next week.

The emergency will stand at £1500 out of the £2000 I would feel comfortable at. So budgeted to allocate another £500 to that'll pay (already at £1000)

My £1000 parcel took at dip so restarting that as (my car fund) but will keep it as £1000 parcel. That will stand at £270.

I will aim for some wiggle room towards some more being paid to £1000 parcel.

Got a few nights out planned in Sep, so won't be putting away as much as I intended to do, but I've told myself that is ok. I've missed out on tons of things, so it's ok. I'm putting £700+ into savings so it's ok. I'm not in debt, so can go out for birthdays etc without going over the top.

I haven't budgeted for Xmas fund in this months wage, but will do in Sep and add more.

Aug will see emergency fund at £1500.
Car fund-£270, maybe more.

Not 100% happy with this, as I could add more if it wasn't for the nights out etc but think I've punished myself enough with missing out on things.

Sep will be, emergency £2000 out of £2000-target met.

Car-not 100% sure yet will have to re-budget.

I know it may seem I'm repeating myself, but need to get clear in my head where money is being allocated. Not 100% focussed these last couple of days and seem too much money wasted!! No more slipping! Targets need to be met, then I can relax.