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  • FIRST POST
    • Jigglebiz
    • By Jigglebiz 27th Jan 18, 12:54 PM
    • 36Posts
    • 41Thanks
    Jigglebiz
    Geeking out with YNAB
    • #1
    • 27th Jan 18, 12:54 PM
    Geeking out with YNAB 27th Jan 18 at 12:54 PM
    Hello all

    I'm a long time lurker but thought it was time to start my own DFD and get these numbers out of my head. It's exhausting trying to calculate things constantly and helps so much to get it down.


    The level of my debt is small compared to many, and for that I'm grateful. At the moment it stands at:


    £1000 - family debt, have committed to repaying £167 per month for six months from Feb
    £813 - student overdraft - now graduate and still at 0%. Reverts to 18.9% in September 18.
    TOTAL = £1813

    The problem lies in our ability to pay it back as we have a low income. My income is highly variable and my partner's is fixed but low. We are both working on increasing income but due to study alongside this work we will likely stay on the income for the next 3+ years. I promise I will post a full SOA as soon as I am able to clarify things.


    I have been using YNAB this month as it has dawned on me that we should really be having a better hold on the finances. I used it a year or two ago for at least 18 months and made great progress, but dropped off it when I took time out to study (am mid career change hence the low and variable salary right now). I know that I could have used YNAB while a student, but there was guilt at play because I was using savings to pay for my living costs (planned, but most of the money originated from an inheritance from a close relative and that money has now pretty much gone). Hence the guilt.


    I'm learning to save and have a £1000 emergency fund so now I'm prioritising reducing the debt. Unfortunately we have already committed to a 2 week but modest holiday in April - if flights and accommodation hadn't already been booked I would be cancelling, but if we do so now we will lose the lot. I need to save £400 £300 spending money and £100 towards car rental and petrol.


    The family debt is my priority because the person that lent it to me needs it urgently. So I will try and throw any spare cash at this first - my original plan was to pay £167 to the family debt for 6 months and £100ish to the student overdraft every month. However, the advice seems to be that it's more motivating to eliminate one debt at a time.



    Unfortunately living costs and the commitment to the holiday in April now mean spare cash is low. I also am forseeing an income shortfall in July-September of around £950 a month due to my job ceasing at that time. I have made enough to get by writing on freelancing sites before so my plan of action is to address those. My income is likely to be higher in March, April, and June so I will be skimming off anything above a certain level to put towards the 'lean' Summer months.



    Any other ideas for topping up income over the summer? I would be limited to evenings due to holiday childcare. I can earn £25-40 ph writing as it is a specialist area but perhaps a more regular evening job on top could help things along? I struggle with the idea of £7.50 for bar work etc. simply as it is so much less and involves more expenses (travel, food) than the higher rate I can earn from writing. However, this is very variable and I would like to have a plan in place that means I don't risk increasing the debt.



    A big impetus for getting back into reading MSE forums and starting again with YNAB was the feeling that we were risking falling deeper into debt, so we are budgeting carefully at the moment.

    So my priorities are in this order:

    1. Emergency fund of £1000 to try and limit immediate debt (DONE Jan 18)
    2. Repay family debt at £167 per month for 6 months (Started Feb 18)
    3. Save £250 per month for holiday in April (£232 saved Feb 18)
    4. Pay off student overdraft

    5. Contribute to rainy day funds
    5. Save up a larger emergency fund to cover 3-6 months expenses

    I am looking forward to being paid over the next few days so I can geek out with YNAB!




    Last edited by Jigglebiz; 31-01-2018 at 10:07 AM.
Page 1
    • Drawingaline
    • By Drawingaline 27th Jan 18, 12:59 PM
    • 426 Posts
    • 1,442 Thanks
    Drawingaline
    • #2
    • 27th Jan 18, 12:59 PM
    • #2
    • 27th Jan 18, 12:59 PM
    I too am a massive YNAB geek, I adore it. Have subscribed to follow the journey and cheer you on
    • Jigglebiz
    • By Jigglebiz 27th Jan 18, 4:25 PM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    • #3
    • 27th Jan 18, 4:25 PM
    • #3
    • 27th Jan 18, 4:25 PM
    Thanks drawingaline! Is it geeky to look forward to filling up my YNAB categories?! I have probably over complicated it by having far too many categories covering every conceivable rainy day! But I find it reassuring to have a plan.

    Paid off my tax bill today, c. £1300.

    Was planned for but still painful. Itís mainly been accrued against rental income. When the rent gets paid in this month, my aim is to save back all Ďprofití above our costs to build up a cushion for when we hope to sell it later this year. Since we currently rent our home in a different part of the country, the aim is to sell our rental property to buy a house here. We are fortunate not to have a mortgage on the property we rent out, so hope to find somewhere to buy that means we do not need to take a mortgage out. I donít think we would qualify for much borrowing anyway due to the low income currently anyway.

    In any case, there are various service charges and other costs that would total about £300 a month while it is sitting vacant. Not to mention any redecoration or repairs required. We aim to save up around £5k for this period.

    Have been reasonably successful in getting my partner on board but he is not as admin savvy as I am / buries head in the sand / lacks financial education. Slowly but surely he is coming round to my way

    Waiting for about £2800 to come in from our salaries and the rental income before I can fill up my categories !
    • Jigglebiz
    • By Jigglebiz 28th Jan 18, 9:09 AM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    • #4
    • 28th Jan 18, 9:09 AM
    • #4
    • 28th Jan 18, 9:09 AM
    Still waiting on the rent to be paid in. Every month I get to this date and panic that the tenants wonít pay. I hate being so dependent on this income while having commitments to all the services etc plus the rent that we pay ourselves. Looking forward to owning our own place and living in it, with no management companies or estate agents to manage. Fingers crossed that this process will be underway this time next year!

    I am concentrating on preparing for important interviews that could drastically increase my income over the medium to long term. So budget obsession will have to hold off for a few days.

    Should get paid from our jobs plus the rent on Monday and can see how much is left for payments towards debts.

    Cheap weekend so far with £10 spent at car boot sale (mornings entertainment! plus some excellent bargains) and £2.55 on a top up shop. Ordered the food shop from T*sco to arrive on Monday.
    • Jigglebiz
    • By Jigglebiz 28th Jan 18, 7:35 PM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    • #5
    • 28th Jan 18, 7:35 PM
    • #5
    • 28th Jan 18, 7:35 PM
    This weekend included some good family time that cost us little - pizza, homemade popcorn and a movie on Friday night, and car boot sale on Saturday. Spent today working toward the interviews I have coming up.

    Listed several ite,s on eBay to hopefully bring in a few quid this week. However had to pay £12.99 to my mobile provider today as my data had ran out - have been using mobile tethering for my work while working in areas without wifi access. Amazing I've ripped through 5gb in 3 weeks! Have to suck it up and plan better when my data refreshes on e 7th Feb.
    • Jigglebiz
    • By Jigglebiz 29th Jan 18, 4:34 PM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    • #6
    • 29th Jan 18, 4:34 PM
    • #6
    • 29th Jan 18, 4:34 PM
    Still waiting on the rent to be paid in... getting nervous now as we rely on that to meet our essential running costs ourselves. This was a reasonable solution before when we relocated across the country, but now that we are settled we really cannot go on with the amount of stress this causes.

    I've gone through the expenses and seen that we can allocate around £460 this month to either debt/savings/holidays.

    Since I've got my payslip I know my pay for this month. Very annoyed that I have been taxed as high as I have as I have certainly not even reached my personal allowance this tax year as I was a FT student for much of it. I know this needs a call to HMRC but I can't face it right now.. either way I should be due a rebate if I end up paying too much.

    As we have committed to this holiday in April I know that some of the £460 needs to be put aside for that, not ideal as it slows down progress on the debts. I have however repurposed £60 I'd categorised for tax on self employed earnings from January and put this towards the family debt. Due to low earnings this tax year, I am very unlikely to owe anything.

    My plan for the debt this month is to put:

    £167 towards family loan, leaving a balance of £833
    £102 towards student overdraft, leaving a balance of £711

    Add £200 to savings for the holiday, and the remaining £50 towards car tax that is due in March. Once the holiday has passed I will be repurposing this saving towards rainy day funds as right now I do not feel secure about income covering costs. Fortunately with a £1k emergency fund we have some leeway but it feels a bit like a house of cards that could collapse. I have consequently applied for a 0% credit card just as back up but will not be using this for regular spending that I do not pay off each month. The main reason for applying was to be able to hire a car on holiday.

    Have chased the agent about the rent now being a couple of days late as if that isn't paid ASAP, there'll be nothing going towards debt this month

    Hopefully things will start to look up again at the start of the month.
    • Drawingaline
    • By Drawingaline 29th Jan 18, 7:54 PM
    • 426 Posts
    • 1,442 Thanks
    Drawingaline
    • #7
    • 29th Jan 18, 7:54 PM
    • #7
    • 29th Jan 18, 7:54 PM
    Is the rent paid via standing order? Maybe being due on a Saturday it should come in today and it's just the banks needing to clear it maybe? Either way I hope it comes in soon.

    You do sound organised, I know the savings for the holiday are really eating into your budget, but go, enjoy, don't spend too much and then crack on when you get back. W have just booked a weekend away which, although saved for, is a massive amount of money (for us anyway!) But we will enjoy it and see if it prompts is to save to do something similar again.
    • Jigglebiz
    • By Jigglebiz 31st Jan 18, 9:57 AM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    • #8
    • 31st Jan 18, 9:57 AM
    • #8
    • 31st Jan 18, 9:57 AM
    Thank you drawingaline you were right about the standing order, it came through on Monday evening. Guess I need to stop panicking and trust the tenants (they really are very nice). Fortuntely my panic every month is received by the managing agents rather than the tenants themselves.

    And thank you for saying we should just go and enjoy the holiday - we certainly will! One of the useful aspects of having a diary on MSE is that I can offload my money worries without my family hearing them. Instead, we are talking about how fun the holiday is going to be, what we're going to eat etc. Fortunately it's self-catering but there will be meals out too. I never take enough spending money on holidays and end up counting out individual pennies by the end. Does not make me popular with the family

    We've been paid - hurrah! But we have been taxed despite earning under the thresholds This was due to the tax accrued against the rental income in the previous tax year attempting to be collected via PAYE - but a quick call to HMRC and I've been told this will be refunded to the next pay slip
    Means we can look forward to £300-ish coming in on February's pay that I can put towards the student overdraft debt. Nothing can go towards that in the meantime, and it's interest free until Sept so that's fine. I just like to have a plan in place!

    After all essential expenses have been covered, I've allocated the following to my YNAB categories:

    Debt repayments
    Family loan: £167 (now at -£833)
    TOTAL: £167

    • I'm glad to be able to send this first debt repayment to my family member


    Saving towards sale of property:
    Redecoration, Maintenance, Cleaning: £56
    Repairs: £55
    Service charges: £93
    Utilities and Council tax: £80
    TOTAL: £284

    • I'm grateful to be able to start saving towards selling our property. I had planned to also save towards the agent and solicitors fees, but that was a stretch too far this month.
    • My goal is to save for a period of it being vacant for 6 months while being sold. However, I'm aware that it could take longer than this. The service charge alone is £140 a month


    Rainy Day funds:
    Road Tax: £65 (now at £130)
    Opticians: £14 (now at £36)
    TOTAL: £79

    • I'd have liked to put more in here towards future car repairs/MOT, but it's not quite possible this month
    • We've had a massive dent on our car for 4 years that is going to cost £450 to replace, but don't think it's worth it!
    • Due to a potential change in my work circumstances in September, I am preparing for needing to buy a second car. I don't know how we would afford this.


    Holidays:
    Car hire and petrol: £55 (now at £95.85)
    Spending money: £177
    TOTAL: £232

    • Throwing what I can at this so that I can sort out the car rental once my new credit card arrives and find a good deal on this
    • I'm aiming for £300 spending money for two weeks. It's an inexpensive area and we're staying SC with lots to do that costs nothing, but family will want pizzas, ice creams and beers all the time!! A daily budget of around £20 should be enough for a meal out every other day and the odd ice cream. More would be better.
    ---
    I've cut down variable spending as low as I think I can - we have literally a couple of quid each per week to have 'fun' with this month we'll be trying to get the grocery bill in under £220, which should be manageable for 2 adults and a small child.

    We used to shop at Aldi but due to more hours worked and additional commitments at the moment we've been using online delivery, think I will buy me a delivery saver as the cost for a month at T*sco is less than I've already paid for 2 midweek deliveries. When you cut out the impulse spends from shopping in-person, petrol, and time taken to get to the shop - not to mention the stress of it - grocery delivery doesn't seem so bad.

    On top of the above, I have:
    • been saving up pennies and a couple of foreign coins I've found
    • lowered the price of my eBay BIN prices in an attempt to shift them ASAP
    • been walking to or from work every day, only saves £1 each time but it means I get a bit more exercise in and improves my mood
    Later this month I'm going to:
    • Go to the computer place and get them to wipe the data on my old (broken) laptop. They said they'd do this for free.
    • List said laptop on eBay - should fetch £150ish just for parts.
    • Stick a couple of other items online
    • Allocate £60 I've earned through business insurance with Quidco towards the student O/D
    • NOT book the hotel I was tempted to book the night before my 2nd important interview coming up. I've already booked a 7am train that day and while staying in a hotel might mean I arrive a little fresher, the £60 for the room plus dinner and breakfast feels a bit of a luxury right now TBH.


    Not bad considering our incomes were 20% less than anticipated this month due to the tax mess up! Onwards and upwards.
    Last edited by Jigglebiz; 31-01-2018 at 10:25 AM.
    • Drawingaline
    • By Drawingaline 2nd Feb 18, 7:02 PM
    • 426 Posts
    • 1,442 Thanks
    Drawingaline
    • #9
    • 2nd Feb 18, 7:02 PM
    • #9
    • 2nd Feb 18, 7:02 PM
    Sounds all organised. When it comes to selling the property do you need to get a certain price to cover mortgage etc, or can you price it a bit lower to sell asap?

    Out grocery bill has been a bit increased this month. We have changed supermarket, again, (I used to work for one of the big ones and got discount, then my department was sold off and lost it, so I defected in protest lol!) Hubby finally has his discount card through for the one he now works for and we are getting to grips with it all now, but I haven't set up online delivery yet so made the mistake of going shopping with him, easily spent an additional £50 because he was there . We have £300 set aside for groceries, with an additional £50 for the milkman, we get milk and bread delivered three times a week. Costs more, but we don't tend to run out and then dash to the supermarket and spend £15 on other stuff. Then hubby sometimes picks bits and pieces up but we do tend to come in or just over budget. But I use one of our benefits which is paid four weekly which helps massively, no 5wk months with food in this house
    • Jigglebiz
    • By Jigglebiz 2nd Feb 18, 8:51 PM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    We don't have a mortgage on that property, which means that once it's sold the ideal is to buy something where we live now without a mortgage also. We own it outright because of a combination of inheritance (from sudden and traumatic losses of close family members) and aggressively paying down the small mortgage when we earned more and worked full time. The value is around 220-250k - we paid £178k 4 years ago so it has done quite well as an investment.

    I have calculated that once fees, stamp duty etc is paid we should just about be able to buy outright in our new area but it would be a smaller property than we currently rent, but still in the same area and perfectly big enough. Actually it's my other half who always wants more of everything - bigger home, more space, more stuff! I aspire to have a neat and tidy home just big enough for us and with not too much to have to clean! I find we struggle to keep up with the home and garden maintenance on a bigger property, not to mention the additional heating bills, council tax etc.

    Indeed we might be able to achieve a quicker sale if we are more competitive on price, thanks as I hadn't thought about it like that. Ultimately we are fairly flexible. If pushed,we could probably get a small mortgage to buy a place here but it would only be on one low salary so only £20-30k I would expect. While I would love to be totally mortgage free (with no service charges - wow!) I can see the benefits in stretching to a better property or one that needs some renovation in order to maximise the growth potential for the future. On the other hand, I am on track to retrain in a well paid field that means in 3-4 years we may be able to buy a second property, or have enough income to plough into extensions or renovations etc. Food for thought...

    That milkman is pricey, I can see the benefit though. I started buying full fat milk (tip on the Old MSE boards) as it lasts longer and goes further than semi skimmed. I buy 2 large 4 pints and that seems to do us for the week. We use a fair bit on porridge etc.

    I'm about to switch to Sainsbury's as my CC has arrived and there's some incentive with nectar points etc. I feel less fearful now I'm using YNAB consistently that I'll just go crazy with the card. I'm amazed they've put a high credit limit on there, which I find a bit terrifying actually. Anyway, I will try and take the bait rather than the hook, as YNAB advice on CCs puts it.

    Anyway, progress so far:
    - sold 2 items on eBay after dropping the prices, bringing in £9.98 to go towards holiday
    - walked to work almost every day

    However, after some research I've found we need to put more towards our holiday than expected as airport parking and car hire have shot up massively since I last checked, adding £150 to my estimate !!

    There's also negative news on the work front as my income will drop next week due to its variable nature - totally out of my control and very frustrating. I am only doing this job to get me to the next (and final) stage of my career change, must hold on to the thought that it will be all worth it when I'm earning 5x my current salary !! with the possibility to raise in seniority up to 10x and in a great profession
    Last edited by Jigglebiz; 02-02-2018 at 10:24 PM.
    • Jigglebiz
    • By Jigglebiz 6th Feb 18, 6:04 PM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    Quick update:
    - sold another item on eBay bringing in £8.99 - allocated to health and beauty category
    - needed new headlight bulb but was relieved to have car repairs category fully funded
    - electrical issue at our rented property and a leak, got news of this and my first thought was not panic. Unusual for me as that!!!8217;s been the source of a lot of stress over the past year - now that YNAB money management is in place that fear is reduced
    - got an enquiry about some freelance work in March that should bring in an extra £200-300
    - not been able to fund anything towards to student overdraft this month but will use the above plus PAYE refunds to try and clear it quicker and be done with it
    • Jigglebiz
    • By Jigglebiz 11th Feb 18, 7:16 PM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    It's been a good weekend, mainly been cleaning and tidying for family visit next weekend, and buying a few bits for the little one.
    Had an £18 budget at Primarni but near doubled that as the little one spotted lots of things and to be fair, basics like knickers and vests have been running low for some time. Pleased with the re-stock and shouldn't need anything new for a while now.
    Also found a couple of very cheap household bits and a reduced fleece dressing gown which have been needed for some time, so happy with what we got.
    Caught a movie in the morning for £2.50 as part of a family deal - little one loved that. Wanted popcorn etc but of course I brought a bag full of homemade sandwiches and snacks
    Spent today giving the upstairs a deep clean, vacuum seems so much lighter now that the bag has been changed. Seriously, the bag must have been in there for a year at least. Grim
    We've bother with our tenanted flat. Moral of the story is it needs selling as soon as we are out of contract as I am ready to be free of the stress of being an accidental landlord. And the cost
    Pleased with a few moneysaving DIY jobs this weekend - upholstered a stool with leftover fabric and wadding and a staple gun to use at my dressing table. Also dyed a pair of Boden jeans bought for £1 at a charity shop, and an old Tesco cashmere jumper in a shade of beige to a nice mid-grey. Proud!
    Budget-wise, YNAB is working well. Had to borrow £65 from the road tax category - bill is due in March - but plan to re-stock this when child benefit comes in later this month. The shortfall was due to overspending on kids clothes and extra £30 towards groceries due to said family visit. Planned cheap meals but will need to do at least one pricier (meat) dish and buy a bottle of wine. Coop seems the best and cheapest supermarket wine I can find. Used to be a regular part of our weekly shop but now it's strictly for treats.
    • Drawingaline
    • By Drawingaline 12th Feb 18, 8:22 PM
    • 426 Posts
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    Drawingaline
    Glad YNAB is working well. All my categories are low and I am only left with the ones I can't really move money from. I haven't been paid yet as the clients haven't paid my boss yet, which is so frustrating. Luckily the mortgage isn't due until the 25th, but I do need to fill a few other categories.
    • Jigglebiz
    • By Jigglebiz 14th Feb 18, 7:45 AM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    That!!!8217;s tough about waiting for payment as there is a delay even for your boss to be paid... what are your essential categories looking like (food etc)?

    I recommend the YNAB webinar called Budgeting when Money!!!8217;s Tight- really useful. As are those on managing a variable income. For me, though, using YNAB with a low and variable income made me realise how much I resent the present situation and that I need something more stable and better paid ASAP! Budgeting carefully helps in the meantime, as I!!!8217;m doing this job as a step to something else.

    Hoping your client pulls their finger out and pays up!
    • Drawingaline
    • By Drawingaline 17th Feb 18, 7:35 PM
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    Drawingaline
    My budget is odd in that I get money 5 times a month. So my wages cover the mortgage, loan payment and my spends,. DH sends the bulk of his wages for the bills, 'true expenses' (Xmas, clothing car maintenance etc) and debt overpayment, tax credits are for my petrol, child benefit pays the council tax, milk bill and kids hobbies and I receive DLA for my 9yr old which covers our food bill! It's all quite complicated, but I never have a five week month with food and petrol (as benefits are paid four weekly). But I can't wait to get our loan paid off as then I can start saving for other things. It's just been a long hard month since Xmas I think. Things seem a bit better this week.

    And the clients paid after a stern email from my boss lol!
    • savingholmes
    • By savingholmes 17th Feb 18, 11:23 PM
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    savingholmes
    Just popped along to wish you good luck on your journey
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • Jigglebiz
    • By Jigglebiz 18th Feb 18, 8:01 PM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    Drawingaline Glad the clients coughed up! I suppose irregular or variable payments are where YNAB comes into its own. I admire your allocating of each income stream to different bills, that's a good way to look at things. Because we don't have much spare 'fun' money right now, when we sell bits and pieces on Ebay I tend to put the income towards nice treats rather than the debt snowball. Definitely need motivation to keep going. For instance, we sold some old dunagrees online this weekend so had £15 to spend at the pub on Saturday night. Lovely ! <this is a rare treat for us>

    We have actually made £45.23 from selling old kids clothes this month which is pretty good

    savingholmes Thanks for popping by! Need all the luck we can get

    Right now I'm between interviews and finding out the outcome will be take at least a month more. To distract myself, I'm working additional days (increasing monthly income by £600!), doing extra freelance work (c.£250) and on days off and weekends will be getting started on the gardening for the year. Got to stay out of garden centres and do everything on the cheap. I bought a couple of large pots from the BandQ site as they all seem to be going around half price. We have a good garden here but as it's a rental I will not be investing my hard earned cash in anything that isn't coming with us when we move

    So its pots and cheap seeds for us this year (always is, to be honest...). I need to do all the drudge work of cleaning up all the dead stuff and brown leaves all over the front and back gardens. This costs nothing but always makes it look loads better. I prefer looking at pretty flowers but must stop myself.

    As for the budget, things are pretty much on track. My other half has sold an old phone for £45 and specified this was going straight into the holiday fund. He's not as interested in paying off the debt.

    I notice from writing all this out that any of our extra income this month has gone towards fun stuff .. so the plan for Feb pay is to put the following towards debts:

    £167 to family loan (reducing it to £666)
    £204 to student overdraft (reducing it to £612.13)
    • savingholmes
    • By savingholmes 19th Feb 18, 8:29 AM
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    savingholmes
    [ We have a good garden here but as it's a rental I will not be investing my hard earned cash in anything that isn't coming with us when we move
    Originally posted by Jigglebiz
    I did that for years even when we were in "owned" homes - as I wanted to take my best stuff with me. Even now I have about 10 large pots and we've lived in this house over 10 years.

    [ I notice from writing all this out that any of our extra income this month has gone towards fun stuff .. so the plan for Feb pay is to put the following towards debts:

    £167 to family loan (reducing it to £666)
    £204 to student overdraft (reducing it to £612.13)
    Originally posted by Jigglebiz
    Congrats on all the extra income and work. When I first joined MSE I set out to earn £10 a day extra which I then used to fund hobbies, eating out and various other treats - even extra clothes. It's a good way of creating some guilt free spends so don't beat yourself up.

    At the same time - it is good if you can repay debt quicker and get it off your plate - so as you are already trying to do - just find a balance.
    Today is a new day £93/310 £10 a day Mar Challenge DFD August 2021
    • Drawingaline
    • By Drawingaline 19th Feb 18, 7:48 PM
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    Drawingaline
    It's definitely about balance. I found I had £14 extra in a hobby category, I could have paid it towards the loan, but my spends were looking low after a heavy week so I transferred them there.
    • Jigglebiz
    • By Jigglebiz 20th Feb 18, 7:31 PM
    • 36 Posts
    • 41 Thanks
    Jigglebiz
    savingholmes I love the idea of an extra £10 a day ! I feel like I have to work with my motivation... Iím far more likely to photograph and list a bunch of old kids clothes on eBay if I know the proceeds will be spent on family days out. Right now paying off the debt feels pretty abstract and I guess Iím procrastinating on it a bit.

    Drawlingaline for sure, I am constantly doing this. I donít find myself moving any extra towards the debt during the month though now. Iím going to try and put as much as I can towards the debt when Iím paid and then rely on extra income for luxuries.

    Although this month my income should be up a little on last month, Iíve calculated I can take a Ďbaseí salary of £940 and the rest should go to a variable income fund. That way I know that I wonít be short over Uni vacation periods (is semester time only). Even so, Iíve now got the following additional income on the horizon:

    1 extra day per week at main job = £150 per week extra - March to May
    2 freelance jobs = £200-400 (need to negotiate details still) - March
    Additional project = £250 - March and then ongoing but variable amounts

    Pretty pleased with that!
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