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  • FIRST POST
    • mumofthetwins
    • By mumofthetwins 10th Apr 18, 8:41 AM
    • 983Posts
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    mumofthetwins
    Started so well but could do with some advice ..
    • #1
    • 10th Apr 18, 8:41 AM
    Started so well but could do with some advice .. 10th Apr 18 at 8:41 AM
    Hi Guys
    I have started so well since good Friday and have managed to pay a canny chunk off with ebaying and stuff but last night I was hit with a shock stick !


    At dinner the boys reminded me they had their big school history trip coming up and it needs paying so I was originally just planning to pay as and when but i've now decided to list as a debt so my total has took a bit of a hit .. I have included the cost and food for eats and spends.


    I then started thinking of all the things we have coming up for the rest of the year .. and the fact that my car has its MOT in a couple of months which I do need it for Job#2 so could do with an emergency fund ..
    yep I have been listening to Dave Ramsey lol .. Brutal but Honest


    so with the boys school trip and a couple of bits I am adding 2000 on my debt total .. but I would also like a 3000 emergency fund ...
    Question is do you guys think I am better building the EF or just keep plugging at Debt and putting any emergancys on CC ??


    Thanks a million Lisa x
    DFW April 1000.54/21843.54 STF 450/1500
    1% Challenge 5% NSD 16/10
    MFW OP 2018 200
    GC April 95.35/250
Page 1
    • fatrab
    • By fatrab 10th Apr 18, 9:55 AM
    • 739 Posts
    • 1,583 Thanks
    fatrab
    • #2
    • 10th Apr 18, 9:55 AM
    • #2
    • 10th Apr 18, 9:55 AM
    I have been bundling everything into what I'm calling an emergency fund but in reality it is a separate account that I'm contributing to each time I have "spare" cash, and will use it to pay big bills like car insurance, home insurance, road tax, essential repairs etc.


    If you could operate a similar system would that work for you? I'm not a fan of the emergency CC idea but I know it works for some folk.
    You can have results or excuses, but not both.
    Wannabe debt free by Dec 2022 - Wannalose 3st in the process - 1st 11lb lost so far
    April's Goals - 16/21 NSD - 16/20 Lunches - 22/28 AFD - 22/31 TAFD (take away free days)
    31 x 2 coins (#32)
    • mumofthetwins
    • By mumofthetwins 10th Apr 18, 10:07 AM
    • 983 Posts
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    mumofthetwins
    • #3
    • 10th Apr 18, 10:07 AM
    • #3
    • 10th Apr 18, 10:07 AM
    Thanks FR .. I was thinking of that method (just one big pot) .. it was just I wasn't sure if the back up CC was a better option .. I think I know deep down its not but im hooked on seeing the numbers come down lol
    Lisa
    DFW April 1000.54/21843.54 STF 450/1500
    1% Challenge 5% NSD 16/10
    MFW OP 2018 200
    GC April 95.35/250
    • fatrab
    • By fatrab 10th Apr 18, 11:01 AM
    • 739 Posts
    • 1,583 Thanks
    fatrab
    • #4
    • 10th Apr 18, 11:01 AM
    • #4
    • 10th Apr 18, 11:01 AM
    ..but im hooked on seeing the numbers come down lol
    Lisa
    Originally posted by mumofthetwins
    Yeah I'm the same, it becomes an obsession! Building up my safety fund and getting rid of my main credit card felt great to me, I've still got one on a 0% deal but it'll be paid off by the end of the 0% term.

    It's easy to end up in a panic when things pop up that you've forgotten about, just need to keep amending the budget to suit!

    Best wishes
    You can have results or excuses, but not both.
    Wannabe debt free by Dec 2022 - Wannalose 3st in the process - 1st 11lb lost so far
    April's Goals - 16/21 NSD - 16/20 Lunches - 22/28 AFD - 22/31 TAFD (take away free days)
    31 x 2 coins (#32)
    • mumofthetwins
    • By mumofthetwins 10th Apr 18, 12:15 PM
    • 983 Posts
    • 3,981 Thanks
    mumofthetwins
    • #5
    • 10th Apr 18, 12:15 PM
    • #5
    • 10th Apr 18, 12:15 PM
    Yeah I'm the same, it becomes an obsession! Building up my safety fund and getting rid of my main credit card felt great to me, I've still got one on a 0% deal but it'll be paid off by the end of the 0% term.

    It's easy to end up in a panic when things pop up that you've forgotten about, just need to keep amending the budget to suit!

    Best wishes
    Originally posted by fatrab

    Thanks FR .. you are so right I need to just amend as I go and try not to beat myself up


    lisa x
    DFW April 1000.54/21843.54 STF 450/1500
    1% Challenge 5% NSD 16/10
    MFW OP 2018 200
    GC April 95.35/250
    • elsien
    • By elsien 10th Apr 18, 12:20 PM
    • 16,178 Posts
    • 40,889 Thanks
    elsien
    • #6
    • 10th Apr 18, 12:20 PM
    • #6
    • 10th Apr 18, 12:20 PM
    Known expenses such as MOT, car service, insurance should be planned and budgetted for anyway. The emergency fund is more for the unexpected such as when something breaks down.
    Maybe you need to re-look at your budget, put in everything you know is coming up for the rest of the year and make sure you put aside the right amount each month towards it. Then build up a separate emergency fund and work out how much to chuck into that and how much towards debt repayments depending on your priorities.
    Have you done a full SOA - that can help jog the memory for everything you need to plan for and also helps things to feel a little more under control.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
    • mumofthetwins
    • By mumofthetwins 10th Apr 18, 1:05 PM
    • 983 Posts
    • 3,981 Thanks
    mumofthetwins
    • #7
    • 10th Apr 18, 1:05 PM
    • #7
    • 10th Apr 18, 1:05 PM
    Known expenses such as MOT, car service, insurance should be planned and budgetted for anyway. The emergency fund is more for the unexpected such as when something breaks down.
    Maybe you need to re-look at your budget, put in everything you know is coming up for the rest of the year and make sure you put aside the right amount each month towards it. Then build up a separate emergency fund and work out how much to chuck into that and how much towards debt repayments depending on your priorities.
    Have you done a full SOA - that can help jog the memory for everything you need to plan for and also helps things to feel a little more under control.
    Originally posted by elsien


    Thanks elsien
    I do have the money for the mot and some repairs which may be needed but im more thinking incase I ned a new car ... I bought this one last year with savings and its the first MOT on it for me Its a canny car .. not new but reliable just I think im a worrier.
    I have a pretty accurate monthly budget that I work off but the problem seems to be the extra things like festival trip, wedding we are going to etc .. (not annual stuff IYSWIM)


    I think im just gonna bite the bullet and start the savings .. my card is on 0% and if I save and I don't need it I can always pay it off CC later ..


    I think im just hooked on seeing the numbers drop lol
    DFW April 1000.54/21843.54 STF 450/1500
    1% Challenge 5% NSD 16/10
    MFW OP 2018 200
    GC April 95.35/250
    • blitzboy
    • By blitzboy 10th Apr 18, 2:33 PM
    • 449 Posts
    • 248 Thanks
    blitzboy
    • #8
    • 10th Apr 18, 2:33 PM
    • #8
    • 10th Apr 18, 2:33 PM


    I think im just hooked on seeing the numbers drop lol
    Originally posted by mumofthetwins


    Make yourself a little 'balance sheet' spreadsheet. List of debts in one section and then savings balance in another. Then on the bottom line you have your 'net assets', which is assets (savings) minus liabilities / debt (credit card etc).


    That way you can still see the overall number going down as everything you save will improve the 'net asset' figure in the same way that making a payment against the debt would
    • mumofthetwins
    • By mumofthetwins 10th Apr 18, 8:46 PM
    • 983 Posts
    • 3,981 Thanks
    mumofthetwins
    • #9
    • 10th Apr 18, 8:46 PM
    • #9
    • 10th Apr 18, 8:46 PM
    Make yourself a little 'balance sheet' spreadsheet. List of debts in one section and then savings balance in another. Then on the bottom line you have your 'net assets', which is assets (savings) minus liabilities / debt (credit card etc).


    That way you can still see the overall number going down as everything you save will improve the 'net asset' figure in the same way that making a payment against the debt would
    Originally posted by blitzboy
    Thanks BB .. I'm really sad and have a couple of excel spreadsheets on my phone lol
    But agreed that way I will see the numbers still going down

    Lisa x
    DFW April 1000.54/21843.54 STF 450/1500
    1% Challenge 5% NSD 16/10
    MFW OP 2018 200
    GC April 95.35/250
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