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  • FIRST POST
    • benten69
    • By benten69 19th Mar 18, 9:30 AM
    • 327Posts
    • 1,326Thanks
    benten69
    Keeping Myself On Track....
    • #1
    • 19th Mar 18, 9:30 AM
    Keeping Myself On Track.... 19th Mar 18 at 9:30 AM
    As per the title, this thread is just a little diary to keep myself on track. I have 2 medium term goals in mind. First I want to finish my emergency fund. This should take me to middle of the year, saving pretty much every spare penny I can get my hands on.

    Once that is done my next goal is to save up for a new touring / adventure motorbike and associated equipment. I have plans for a tour across mainland Europe for summer 2020 if I can keep myself on track financially.

    So far I am nearly 3/4 of the way towards my emergency fund goal and have not yet started saving for the motorbike / touring. Despite that I spent all weekend looking at motorbikes, accessories, planning my journey, etc, etc

    Better sooner rather than later I suppose! Anyway, feel free to join me if you wish, but this is mainly here to keep myself on track.
    Last edited by benten69; 29-03-2018 at 10:28 AM.
    Emergency Fund - 100% Complete | Motorcycle Fund - 2.2% Complete
    New Kit Fund - 0% Complete | Touring Fund - 0% Complete
    Mortgage Sept '15: -161,250 | Mar '18: -151,288.12

Page 2
    • pinknsparkly
    • By pinknsparkly 7th Apr 18, 3:24 PM
    • 83 Posts
    • 239 Thanks
    pinknsparkly
    Nicely done on the overtime, but I do have to ask: did you jinx yourself when you said it was quiet?? I work in a hospital and that rule is that if you are anywhere near the emergency department then UNDER NO CIRCUMSTANCES do you even think that it's a little quiet

    Kittkins, to answer your question: everyone has a different "rule of thumb" when it comes to emergency savings but for my husband and I, I aim to keep enough in savings to top up the lower earners salary to enable us to cover all our bills for 12 months with a reasonable standard of living (e.g. able to go out for meals/drinks with friends, but not holidays abroad), plus a couple of thousand to cover a genuine emergency such as a boiler breakdown or major car repair. We work in very different fields, so I feel happy with the assumption that only one of us would be likely to be made redundant at a time. That said, we are currently saving to buy a house so our savings are far higher than that at the moment but will probably all be used for the house purchase. But that is the minimum that I'd want to build our savings back up to.
    Plan: buy a house in summer 2018

    Realistic savings goal: 10% house deposit. DONE
    Super ambitious savings goal: 15% house deposit. DONE
    Currently on 13.2% (2nd Apr '18) | 14.1% (2nd Jul '18) | 15.6% (31st Jul '18) | 16.9% (1st Sep '18)
    • Kittikins
    • By Kittikins 7th Apr 18, 5:11 PM
    • 5,122 Posts
    • 44,200 Thanks
    Kittikins
    Gulp, I think we need to rethink our savings goals....just a tad! I need to stop spending money on carp, and keep on selling anything that I don't want to take with me to the new house. Found 2 old mobiles that are going to get me the grand sum of 10 today

    I think I'll have about 6 weeks' worth of bills available once we move, not sounding very good is it?!?! But, once I'm not spending goodness knows how much in petrol to get over to KW's 2x a week (he lives about 30 minutes' drive from me and doesn't have a car) and we're enjoying cooking and chilling out with my DD at our home, hopefully we'll both be able to save more of a buffer.
    Sealed tin and beach 2p saving - trying to put everything under 1 in my purse in tins each day
    Moved house with my beloved DD and KW - 29.6.18
    • pinknsparkly
    • By pinknsparkly 7th Apr 18, 7:26 PM
    • 83 Posts
    • 239 Thanks
    pinknsparkly
    Kittikins, in some circumstances that is a massive amount to save up, but we're in the unusual situation that I've just finished a PhD and so for the last year I have had zero income. As a result, we have a lodger (or rather, two lodgers for the majority of the time, now down to one) in our house to help with the bills etc and have been forced, through necessity, to live a life that we can afford on a little over my husbands salary (for the past year, once my stipend finished, we partially lived off money that I'd saved from the first three years when I was funded). This means that the difference between the lower earners income (my husband) and our total critical outgoings isn't too huge. Our current plan is to control our lifestyle inflation, which means a significant portion of my salary can go straight into savings for a house deposit. Once the two of you are moved in together, with the reduced petrol costs and two incomes to help out, hopefully you'll also be in a much stronger position too! We don't know if we want children yet, but factoring the cost of that into our life plans has also forced us to keep costs down as much as possible (for example, we're pretty much decided that we'll buy the house we currently live in from my parents, our landlords, even though it's in a pretty dire area and not very nice, because the cost of jumping up to a house with parking and in a slightly less crime-ridden area would stop any possibility of us being able to afford children [by which I mean childcare costs or reduction in salary to go part time])
    Plan: buy a house in summer 2018

    Realistic savings goal: 10% house deposit. DONE
    Super ambitious savings goal: 15% house deposit. DONE
    Currently on 13.2% (2nd Apr '18) | 14.1% (2nd Jul '18) | 15.6% (31st Jul '18) | 16.9% (1st Sep '18)
    • benten69
    • By benten69 7th Apr 18, 8:02 PM
    • 327 Posts
    • 1,326 Thanks
    benten69
    Hi all! So just a little update on last night....I did manage to stay awake, but the last 10-20 minutes were killer! Really just wanted to pass out. Went home and literally did pass out, but only managed 4-5 hours of sleep due to my body clock being like "what's going on, you should be awake now it's 1pm".

    Also....thankfully I didn't jinx myself last night....BUT....I am back on night shift AGAIN tonight!! It's only 8pm and I am already feeling tired. It's also already been busier than yesterday. However I am holding onto as much wood as I can for the rest of the night. haha

    As per yesterday, though, it's extra money, so I can't complain too much. Just got to keep my end goal in mind. I actually spent some time last night ogling motorbikes I want on the interwebz

    Time to grab a brew and settle down for another shift. I am already glad I booked Monday off in preparation for needing to recover after this. Thing is, I have done weeks of night shifts offshore in the past, no idea how I used to do it. I can barely get through 2 nights these days! Oh, how things change!

    Anyway, have a good evening all! I might pop back on here at silly 'o clock tonight if I haven't passed out at my desk by that point.
    Last edited by benten69; 07-04-2018 at 8:05 PM.
    Emergency Fund - 100% Complete | Motorcycle Fund - 2.2% Complete
    New Kit Fund - 0% Complete | Touring Fund - 0% Complete
    Mortgage Sept '15: -161,250 | Mar '18: -151,288.12

    • savingwannabe
    • By savingwannabe 8th Apr 18, 8:25 PM
    • 13,589 Posts
    • 47,063 Thanks
    savingwannabe
    Well done on thinking about the emergency fund Kittikins and pinknsparkly, your advice, was superb. The cost of my house was so high- I think I have spent over 60,000 doing it up since I moved in. As dear Firewalker used to save houses cost serious money and there is no landlord to fix things you have to pay for it yourself but in the long term it is a benefit. Renting out a room is something I have only started doing recently but it has been a godsend with regard to additional income.
    Christmas Fund 41.00 (Dec 1st 2018)
    Reminder: I HAVE EVERYTHING I COULD WANT so SAVE!!!!
    • benten69
    • By benten69 13th Apr 18, 9:59 AM
    • 327 Posts
    • 1,326 Thanks
    benten69
    So....yesterday I crunched some numbers and realised I am much further along than I originally thought!! I actually had to check 3 or 4 times incase I made a mistake. Seems like my original emergency fund plans would have been enough to tide me over quite comfortably for more like 15 months, not 9-12 as originally planned!

    I have scaled back my goals to a firm 12 months worth of expenses in savings and I am very glad (and surprised) to say that I should have reached my goal by pay day at the end of this month!!

    After that I can start to save for things I really want opposed to being sensible. lol
    Last edited by benten69; 13-04-2018 at 10:07 AM.
    Emergency Fund - 100% Complete | Motorcycle Fund - 2.2% Complete
    New Kit Fund - 0% Complete | Touring Fund - 0% Complete
    Mortgage Sept '15: -161,250 | Mar '18: -151,288.12

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