saving money

Did I Achieve My Goals for November 2018?

November 26, 2018

We have reach the end of another month and it is time for me to look back at the goals I set and reflect on how I have done. So did I achieve my goals in November 2018? I feel like I could write the a very short answer here. No. No I didn’t achieve all of my goals. I have made some progress none the less.

My goals for November 2018 were as follows:

Boost my side income
Begin a sinking fund for next year
Clear another £500 of my second credit card
Finish saving my tax payment

Boost my side income.

My intention, my hope, was to make an extra £200 this month from side hustles in order to combat the lower amount of freelance work that I always get during the winter months. Well I am pleased to say that on the 24th I smashed this goal and I am still adding to it. Considering this has been quite an unsuccessful month goals wise I am so pleased that this one has gone well.

If you have debt yourself, or you have had debt in the past, you will know the stress of limited funds at Christmas. This £200, although it is not a huge amount of money, will cover my Christmas shopping and ensure that I can still pay my bills without even having to think about using my credit card. That is priceless. Both Ebay and Prolific Academic have played big roles in my success with this goal. I highly recommend both if you’re trying to boost your income!

Begin a sinking fund for next year.

With the help of my extra income total, I have also been able to add a small amount of money to my savings in preparation for next year. With our wedding, honeymoon, my hen do, a friend’s wedding and hen do, two big birthdays and many other things along the way I’m sure, there will be a lot to pay for.

Saving a small amount of money each month now is going to make such a difference to my debt progress and my bank balance. It also ensures that I won’t be panicking and scraping together money at the last minute. So far I have put away £50 which is a good start.

Clear another £500 of my second credit card.

Unfortunately I was nowhere near reaching this goal in November. In fact, I was only able to pay £100 towards my credit card this month. I’m definitely disappointed as I was hoping to clear the majority of my card before the new year. With £2277 still left on it, this won’t be happening.

On the plus side, I paid in more than the minimum amount and I was able to make the payments towards both of my loans comfortably too. This is a world away from the way I handled my finances when I began my debt free journey. At that time I was scraping together the pennies and pounds and in a constant state of panic. That difference alone is something to celebrate!

Finish saving my tax payment.

It hasn’t been possible for me to complete my tax payment goal either. My earnings just weren’t high enough. Thankfully I have been able to add a small amount to savings and don’t have too much further to go now. Another £250 in the pot and I’ll be ready to process my tax return, so this will be the focus of December. Once that’s completed I’m sure I’ll feel a big weight lifted as of course there is a deadline. Then I can return my attention fully to my debt free journey.

I’ll be setting my goals for December on the first of the month so keep an eye out for that post!

Preparing for Christmas | Five Frugal Things for November 2018

November 23, 2018

In an effort to pay off my debt as quickly as possible, I’m looking beyond simply making extra money. I have been assessing all of my spending habits, adopting a more frugal lifestyle wherever I can. Each month I will be sharing Five Frugal Things that I have done to help improve my finances and ensure I can reach my goal of becoming debt free as soon as possible.

One

Low cost Christmas. If you have read any of my posts about preparing for Christmas you will know that I am cutting right back this year in order to help my debt total come down further, even over the festive period. We won’t be hosting Christmas Day this year and that will save us a lot of money alone. We have also suggested a pot luck style dinner and drinks at ours with friends on the 23rd, saving us the expense of a night in town.

Gifts do tend to take up most of the budget though. Secret Santa’s, lots of price comparisons, cashback and affordable hampers are all going towards my efforts for a frugal Christmas. Doing a secret Santa with siblings in both of our families has been particularly helpful in reducing the number of presents we will be buying this year. It will save us all a lot of money and it actually means that we will all receive something that is more thoughtful instead of something cheaper and silly.

Two

Ditching the coupons. HUH?! Aren’t coupons supposed to save you money? Well yes…if you are planning on spending money in the first place. For a while we ordered our weekly shop online from Tesco and it worked really well. We’d have it delivered on a Monday ready for the new week and the new meal plan. It would stop us from picking up things we didn’t need. We would even get regular coupons through the door saving us a lot of money.

The catch was that we had to spend £40 in order to get free delivery with many of the coupons having an even higher minimum purchase requirement. On the way home one day my better half decided to try Aldi, our old favourite. As he had no set total to reach he ended up spending a lot less than we would online.

Now that Christmas is on its way the high value coupons are coming through the door. The latest one was £10 off when you spend £70 or more. That’s great if you have a big shop planned but they won’t be enticing us. The fancy catalogue looks beautiful, don’t get me wrong. This year however, we’ll be sticking with Aldi and spending on just what we need and not a penny more.

Three

Drawing the curtains. As the nights drawn in and it gets colder and colder we’ve been closing the curtains in the evenings. I’ve just checked the temperature outside today and it is 1 degree. Brrrrrrr! Normally we would just close the blinds for some privacy but the living room feels so much cosier when the curtains are closed as well. Of course, this has the added benefit of keeping the room warmer too. I’ve written a post about saving money on your heating bills and I’m sure you know this already, but even pulling that small bit of fabric over your windows can make all the difference.

Four

Buying soft drinks. This month I’m making a lot of effort to be healthy, both to help my weight and in preparation for an indulgent Christmas. As part of this I’ve not been drinking alcohol at all in November. Honestly, I thought this would be a bigger deal in terms of the old FOMO and struggling with having a soft drink whilst friends were enjoying some wine. Honestly, the impact it has on my waist line AND my pocket has been a much bigger shock.

If, like me, you’re in the habit of having several drinks over an afternoon and evening spent with friends you will know how quickly that bar bill adds up. Often I’ll come home on a Saturday at least £50 lighter and that’s with both myself and my better half contributing. This month however, I’ve been opting for water mostly. This past Saturday alone I saved around £30 as a result. In ONE day. Whilst I will be drinking again in December the quantities will be a lot smaller than usual and I know my health and my bank account will thank me for that!

Five

Simple and affordable home decor. For a while now I’ve felt like we needed to do something with our living room. It was decorated last year a few months after we moved into the house, frugally of course, but it has always felt a bit unfinished. The cushions we had on the sofa were a bit of a mish-mash and the amazing 50s unit we have in the corner just looked a bit empty. We took a quick trip to Ikea, predictable but reliable, to look for some inspiration.

One hour, lots of walking and two portions of Swedish meatballs later and we had our answer. We came home with five cushions in a mix of dark grey and a really deep green colour which finish off our sofa and chair perfectly. We also picked up an ivy and a fern, both in simple pots which match the decor. They add a bit of life to the room and tie it together so nicely. The cherry on the cake? We spent no more than £25.

There they are, my Five Frugal Things for the month of November. You can read last month’s post here.

I’m linking up with Cass, Emma and Becky in this week’s Five Fabulously Frugal things I’ve done this week linky.

A Frugal Autumn | Five Frugal Things for October 2018

October 26, 2018

One

Pumpkin soup and pumpkin pie. Off the back of a very autumnal weekend we spent pumpkin picking with friends earlier in October we wanted to make the most of our orange friends. The tendency is of course to carve up your pumpkins and leave them on the front step of course, but after a very quiet Halloween last year we wanted to put them to better use.

We decided to try out some new recipes, one sweet and one savoury. Both were delicious and the ultimate comfort food for the season. Of course the added bonus is they cost us very little, having spent just a few pounds on the pumpkins themselves. Everything else we needed was already in the cupboards!

Two

Walks instead of taxi fares. As the nights get colder and darker drinks in the garden are no longer an option. Instead, we’ve been favouring the pub quiz down at our local with friends. The distance from our house to the pub is just long enough to warrant a taxi if you’re not feeling energetic. With the drinks themselves being quite affordable, or at least cheaper than your standard city prices, it’s always easy to try and justify throwing money at a black cab.

Of course it is healthier and cheaper to just walk. We give ourselves plenty of time to get ready so we’re not in a hurry and force ourselves to do the walk. It never takes too long in the end. That’s a tenner saved each night!

Three

Shopping my cupboards. At the beginning of the month I had a long shopping list of several toiletries and household things I thought I needed. Everything from cleaners to toothpaste. Minutes before going leaving to go to the shops I thought I should quickly check my laundry cupboard, just in case.

I soon realised that I had bought duplicates of most things last time I was at the shops and forgotten about them. Money saved and I got to avoid some of the busy shops I had planned to visit. In fact, I actually had multiples of some things and should be set until the new year. Make sure to always check your stash before giving money to the shops!

Four

Lunch leftovers. For years and years sandwiches were my go to lunch. Now that I live with my fiance however, we rarely buy lunch food. He is the cook in our house and when I first saw the amount of food he was cooking for just the two of us I panicked, what a waste!

In fact, it became quite a handy trick instead. Most of our dinners can be split into four portions, if not more. Two become dinner that evening, the rest becomes lunch for the next day. It means we always have something filling to eat and it saves the effort of having to make another meal which is great on a really busy day.

Five

A week in the countryside. Frugality isn’t just about pinching every penny. Sometimes it is about affordable treats. If you read my other blog, Sunshine and Rain, you will know that I have been enjoying the quiet of the countryside this week. To celebrate my Mother in Law’s birthday we have taken a trip to the Yorkshire Dales as a family.

Whilst I am on my my debt free journey holidays aren’t really an option. However, time away from work and life in general is important for all of us. We found the perfect compromise here, staying in a big house in a tiny village for just £480. For a five night stay and with ten of use here, we were really happy with that price. We have been making all of our own meals and spending a lot of time outside so costs have been kept low but the enjoyment hasn’t been compromised. It’s the perfect frugal week away!

There they are, my Five Frugal Things for the month of October. You can read last month’s post here.

I’m linking up with Cass, Emma and Becky in this week’s Five Fabulously Frugal things I’ve done this week linky.

Saving money in a piggy bank isn’t just for kids

October 22, 2018

In a previous post I spoke about a method of saving called skimming. This is the process of checking your bank balance each day and moving the small change from your current account over to your savings account. Each day only a small amount is saved but over time this can really add up. Of course, this method doesn’t work for everyone. For those who prefer to use cash, a more tactile method can be much more effective. Saving money in a piggy bank isn’t just for kids after all.

Saving money in a piggy bank isn’t just for kids

Many people who choose to take control of their finances like to use cash envelopes to pay for things. This is for a couple of reasons. Firstly it helps with sticking to a budget. The money attributed to each expense is physically placed in a named envelope making it difficult to go over budget.

Secondly it makes spending money more intentional as you are physically handing over the cash and therefore become more aware of how much is being spent at any one time. If you are left with an empty envelope before the end of the month you are required to physically withdraw more cash in order to over spend.

All going well however, you will have money left in your cash envelopes at the end of the week or month. We often end up with loose change in our pockets when paying with cash too. Whether it’s a little or a lot, having money to spare is always a good feeling! But where does it all go?!

If you are not strict with your spending, it disappears. Honestly, if I didn’t know better I would swear it was magic and I know many of you will relate to this. You have £10 in your purse or wallet. You spend £5.20 on a few things at the shops. That should leave you with £4.80. Of course, you pick up something small here and another thing there and suddenly it’s gone. All of it.

Now £4.80 is not a lot of money. It won’t cover any of your bills. It probably wouldn’t even get you a full lunch nowadays. So why worry about it? Well, if £4.80 of your spare change is disappearing once a month, that comes to £57.60. If that amount disappears each week? That means that a whopping £249.60 is vanishing from your pockets.

As the old adage goes that I’m sure all of your grandparents have repeated to you many times before, look after the pennies and the pounds will look after themselves. Keeping track of your money makes such a huge difference to your financial health. Even the tiny amounts.

Keeping something as simple as a piggy bank in your house could be the difference between watching your spare change disappear on unnecessary “things” or becoming a holiday for your family. It could mean having a worry free Christmas, or of course it could mean becoming debt free sooner!

Of course, you don’t need to use a novelty pig shaped bank. Use an old coffee jar, a vase or anything else that comes to hand. Place it next to the spot where you’d usually put your handbag or empty out your pockets. Then get into the habit of throwing any spare change in each day. You may choose to add small coins only or go as far as to adding everything other than notes. Figure out what works for you.

As with any habit, this can take a while to become the norm but be persistent and make it a normal daily practice. Importantly, try to avoid dipping into it throughout the week when you’re short for change. Remember, if you’re using cash everything should already be budgeted for. If you need to, put a lid on your jar which is hard to get off to discourage any spending.

When we were kids, being handed a pound coin was the most exciting thing. Heck, 10p was amazing. Yes as adults we need a little bit more to survive now, but I think that it’s so important that we revive our excitement in those small amounts of money. Throw all of those pennies in your piggy bank and watch how fast they grow!

Emergency Fund Saving | My Progress

July 18, 2018

I’m currently in the process of building a pot of money which I call my Emergency Fund. Not sure what that means? I have a post here that will explain all! Charlotte from charlottemusha.couk has also written this great post that explains the emergency fund really well.

Today I wanted to share my emergency fund saving progress with you. These are the things that have worked for me personally over the last month or so.

Emergency Fund Saving Method

In this post from last week I discussed using survey sites and selling on eBay to make money. Even making small amounts from these can add up very quickly. As work has been so quiet recently these have actually been my main methods for building my emergency fund.

A wardrobe clear out was my golden ticket when it came to eBay. I made sure to be thorough and take out anything I hadn’t worn in a while, including a number of items that still had tags on! I’ve been photographing the items a couple at a time and listing them when I’m watching telly in the evening. I have been averaging around £38 each week in sales. Selling your unwanted items is a great way to find that extra bit of money.

Survey sites are something that I have mentioned over and over again, but I will bring them up once more as I think they’re great. Everyone has their own preferences. I personally love Prolific Academic. The surveys pay well and you never get thrown out. If you click here you can use my referral link.

Another favourite money saving method of mine is skimming. Put simply, it’s the process of checking your bank account each day and moving the extra pennies or pounds over to savings. Say I have £117.39 in my account, I might move 39p over to my savings and leave £117 in my current account. If things are going well with my income I might choose to move £2.39, leaving £115 in my current account. Either way, the money can really add up!

My Emergency Fund

My emergency fund target is £500. This is a comfortable amount for me to save at my current income level. It is also an ideal amount for me as it is just over the total of my bills and debt payments for one month. This means that if I have another particularly quiet period with work I know I will be covered.

My emergency fund total is currently £257.59. I’m just over half way to my goal! This has taken me roughly three weeks to pull together so far. I’ll be sure to share another update once I have completed it.

I hope you have found this short post useful and you are able to use them to get started on saving your own emergency fund if you don’t already have one. As I discussed in my previous post, I truly believe that everyone should have a safety net like this in their bank. We just don’t know what life is going to throw at us!

Laura from the Thrifty Londoner has written a great post on 20 Ways to Make Money with a variety of great ideas!