26, no savings feel stuck

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  • KxMx
    KxMx Posts: 10,617 Forumite
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    Hey what ever works best for you.

    The first year I decided to sign up although I wouldn't "make it pay", as i'd find it hard to suddenly come up with the money for a prescription. I think I was projected to be 3-4 short on repeats.

    I did end up needing extras that year with infections & medication changes, but even without those I would have been happy at the £2 week cost for peace of mind.

    That may not be the mindset of anyone else though, I appreciate that :)
  • Blibble
    Blibble Posts: 503 Forumite
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    Hi!

    So, I've just spent a good quarter hour reading this from start to finish, and even in that time it's easy to see how far you've come.

    To be honest, I think a lot of the problem you're having is a mental one (this isn't meant negatively at all ... read on). You seem quite stressed / frazzled a lot of the time, and it's very hard to live on a little and not give in to temptation when you're like that. Things like a cheeky ice cream, or a pair of shoes; it all adds up, which is why people recommend the spending diary.

    Put your overtime money toward getting yourself neutral, if you can (i.e., £0 overdraft). That'll make you feel so much better. Once you get there, once you're not swimming against the tide, you'll feel so much better & ready to make cutbacks.
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
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    Houseplant26 wrote: »
    More accurate S.O.A/proposed budget for when overdraft paid off, starting from September payday.

    Income after tax
    £1,100

    Outgoings
    Household
    £550 to joint account for rent and bills, OH pays £650 we end up with a surplus of £49.52 in our account each month I believe now and then £5 from Halifax. So as a pair we are in theory saving £50 each month as a buffer for unexpected bills.

    My individual contributions specific contributions without overpayment are:
    Rent - £387.50
    Council tax - £76.50
    Electric - £23
    Water - £12.20
    Internet - £11.50
    Tv license - £14.55

    Personal
    Savings - £100 into savings account
    - £10 into sealed pot
    Food - £80
    Mobile - £27
    Entertainment - £60
    Toiletries - £20
    Medicines - £10
    (Dentist - £5)

    Total outgoings
    £835

    Thoughts? Now seems like my outgoings are loads less even with savings!

    I've been trying to do £50 cash out the bank a week for all personal expenses (which I think equates to a bit over this budgets budgeted amount) which currently includes my half of food shopping. This has been doable but felt tight at times.

    Should I plan to stick more into a savings account? Should we start putting food money into our joint account or another purely groceries account?

    Not sure which part of the country you are but nearly £400 for rent is an awful lot. Plus you're in a high council tax area too. Are there no cheaper accomodation nearby?
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • Houseplant26
    Houseplant26 Posts: 473 Forumite
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    dawyldthing wrote: »
    Not sure which part of the country you are but nearly £400 for rent is an awful lot. Plus you're in a high council tax area too. Are there no cheaper accomodation nearby?

    I'm in the south west. It's about that in all of the central parts of my city. I could move further out but I'd have travel costs. It used to take me over an hour to commute from one end of my city to the other on two different buses when I didn't live near my old job. I didn't have a car because I couldn't afford one but even with one transport is a real issue where I live. I moved and got a new job and means no travel costs.

    Around my area everyone pays what I pay. Some parts are a bit cheaper but not a lot.
  • Dird
    Dird Posts: 2,703 Forumite
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    dawyldthing wrote: »
    Not sure which part of the country you are but nearly £400 for rent is an awful lot.
    This comment was so strange until I re-read about it being 50% of total cost
    Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
    Cashback sites: £900 | £30k in 2016: £30,300 (101%)
  • Houseplant26
    Houseplant26 Posts: 473 Forumite
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    Dird wrote: »
    This comment was so strange until I re-read about it being 50% of total cost

    Our rent is nearly £900 a month between two people.....

    I guess that is a lot for a one bedroom flat with one electric heater!!

    It's not something I am going to be able to change very easily apart from maybe eventually moving city or out of the city.

    Spending wise I'm doing a bit rubbish. I took he shoes back but came out with more clothes for work etc as I got an impressive discount due to have happened to be in town on a discount event day. Probably need to take some back but I hadn't bought anything clothes wise apart from a top for a wedding in a long time. I got a lot for my money but I technically cannot afford it and used overdraft to do so.

    Need to mull it over and decide if I need to return some.
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
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    It makes my eyes water seeing £900 a month paid to be honest. You could rent a 5 bedroomed house or there abouts in the Midlands. When I first started my mortgage I was paying £220 a month. It's a lot of money but if your happy fair enough.

    The other thing is give yourself a target for your treats. I saw you said you spent £100 on makeup I think it was. If you put £20 aside each month and save it in bits or buy a piece a month it will prob help pay the overdraft off quicker. Plus keep an eye on hotukdeals as its surprising what offers come up
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • Houseplant26
    Houseplant26 Posts: 473 Forumite
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    dawyldthing wrote: »
    It makes my eyes water seeing £900 a month paid to be honest. You could rent a 5 bedroomed house or there abouts in the Midlands. When I first started my mortgage I was paying £220 a month. It's a lot of money but if your happy fair enough.

    The other thing is give yourself a target for your treats. I saw you said you spent £100 on makeup I think it was. If you put £20 aside each month and save it in bits or buy a piece a month it will prob help pay the overdraft off quicker. Plus keep an eye on hotukdeals as its surprising what offers come up

    I know it's pretty horrendous my renting situation. I wouldn't rule out moving if the right job came up. My partners career makes it easy for him to move jobs if he needed or wanted to. He's got a solid background in his industry. Mines a bit harder, and generally less secure. Bigger cities would be where I would need to go but there would be roles up north once I'm more established! Definitely somethi to consider. It's hard as both our families are near by so they imagine we'd buy where we are eventually, but we'd be stuck in a flat as a starter home once we did manage to get together a deposit. I don't mind this but part of my would love to live somewhere cheaper and have more financial freedom to travel, even if we bought a flat.

    I think I'm deciding in my head I should consider getting an aditional 1day a week Christmas temp role. I want something totally mindless and low stress behind the scenes like sorting for the post office or working in a warehouse.
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
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    Also look into support work, a lot is literally just supporting people out and about. Depends who you work for mind
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • Houseplant26
    Houseplant26 Posts: 473 Forumite
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    Hi diary.

    So I kind of gave up on this went a bit awol. Work got very frantic and I got a bit overwhelmed. I think I also felt a bit guilty because my spending went a bit erratic. Then I got ill with flu and I've been off work which is a bit of a financial stress as I almost eaten through my whole years sick leave, which is only about 4 days entitlement paid.

    I finished my pay to pay month today overdrawn by £250 and £25 in savings which wasn't great. However I've just been paid and was for overtime so this month should be easier.

    I earnt about 1,300 this month. Once my money was transferred to my bills and rent account and overdraft paid back off I had £540ish. I've just put £50 into my savings and I'd like to try for £100 next month if I can but I have next to no overtime to do so might be hard unless I save some more ready this month.

    Plan for rest of the money (£490):
    £80 - out the bank and straight in an envelope for my share of food shopping, hopefully with have some left if I'm careful and meal plan well this month.
    £27 - will go on phone bill
    £40 - will go into a separate account I might open just to get ready for Christmas. I will look to do all of my gifts and cards for £140 as I have some bits and bobs already. I'd love to do no gifts but my parents will get me things I need such as new jeans and I know my partner would be sad if we didn't do at least some gifts.
    £50 - socialising I'd like to have date night with OH but I may try and have some friends over and do on a real budget. I've not done much socialising lately.

    That should, in theory leave £290. It might be great if I could save some more money for Christmas or my savings account which I see as a bit of a holiday fund at the moment.

    Being ill lately has made me realise I do need a break next year.

    Any suggestions?
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