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  • FIRST POST
    • Debtnomoreplease
    • By Debtnomoreplease 7th Aug 18, 5:12 PM
    • 131Posts
    • 298Thanks
    Debtnomoreplease
    Savings Plan
    • #1
    • 7th Aug 18, 5:12 PM
    Savings Plan 7th Aug 18 at 5:12 PM
    Need to keep focussed on some serious saving plans now.

    I'm taking the mother out to a restaurant tonight (her b-day treat) so will get some ideas down when I get back. If it's written down, I will be more focussed!

    However, so lovely to be able to treat the mother to tea and not have to stress that I'm in my overdraft-huge leap from this time last year!!

    Will update more later after some yummy food!
Page 1
    • Debtnomoreplease
    • By Debtnomoreplease 7th Aug 18, 5:14 PM
    • 131 Posts
    • 298 Thanks
    Debtnomoreplease
    • #2
    • 7th Aug 18, 5:14 PM
    • #2
    • 7th Aug 18, 5:14 PM
    Sorry, I've posted in the wrong section. Please could someone move it to debt free diaries? I would, if I knew how to! Oops.

    Thank you
    • Debtnomoreplease
    • By Debtnomoreplease 9th Aug 18, 6:42 PM
    • 131 Posts
    • 298 Thanks
    Debtnomoreplease
    • #3
    • 9th Aug 18, 6:42 PM
    • #3
    • 9th Aug 18, 6:42 PM
    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.
    • Mnd
    • By Mnd 9th Aug 18, 7:30 PM
    • 646 Posts
    • 753 Thanks
    Mnd
    • #4
    • 9th Aug 18, 7:30 PM
    • #4
    • 9th Aug 18, 7:30 PM
    Good for you, sounds very exciting
    • Willing2Learn
    • By Willing2Learn 9th Aug 18, 7:39 PM
    • 858 Posts
    • 655 Thanks
    Willing2Learn
    • #5
    • 9th Aug 18, 7:39 PM
    • #5
    • 9th Aug 18, 7:39 PM
    Feel free to chip in if you think his is all wrong and I should plan to save for other things etc.
    Originally posted by Debtnomoreplease
    Why don't you try doing a savings snowball? Instead of debt snowballs, why not list all of your savings goals in order of priority, then just start a snowball...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Debtnomoreplease
    • By Debtnomoreplease 9th Aug 18, 8:03 PM
    • 131 Posts
    • 298 Thanks
    Debtnomoreplease
    • #6
    • 9th Aug 18, 8:03 PM
    • #6
    • 9th Aug 18, 8:03 PM
    Thank you Mnd.

    Willing2learn....what a blooming fabulous idea!!! That's exactly what I'm going to do! Treat it as 'debt' in my head, but it's actually savings! Thank you!
    • Debtnomoreplease
    • By Debtnomoreplease 19th Aug 18, 10:15 AM
    • 131 Posts
    • 298 Thanks
    Debtnomoreplease
    • #7
    • 19th Aug 18, 10:15 AM
    • #7
    • 19th Aug 18, 10:15 AM
    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.
    • pidge04
    • By pidge04 20th Aug 18, 12:04 AM
    • 291 Posts
    • 581 Thanks
    pidge04
    • #8
    • 20th Aug 18, 12:04 AM
    • #8
    • 20th Aug 18, 12:04 AM
    Wow! That emergency fund is growing and growing.
    CC1 2400/549 CC2 3000/2299 CC3 600/448 LOAN 13,000/5462
    • MovingForwards
    • By MovingForwards 20th Aug 18, 10:38 AM
    • 221 Posts
    • 284 Thanks
    MovingForwards
    • #9
    • 20th Aug 18, 10:38 AM
    • #9
    • 20th Aug 18, 10:38 AM
    Not sure if you have used the 1p a day and 52 week savings challenges? I have been using them the last two years and have been able to build up cash pots (I am also getting out of debt and saving for a deposit).
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