well saving this month isn’t going to happen despite me still being (roughly) on target for saving £5000 by the end of this year (half way, WOO HOO!!).
why? cos i spent some money on my interest free overdraft thinking i had another year on the ‘interest free’ part, it was a student account that gave you 3yrs post-graduation interest free but they’ve just changed their mind (prob due to the credit crunch!) and now its 2yrs!! thus, i have to put £600 into it NOW to clear it or i get 16% (!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!) interest a month….starting next month! the reason am pissed about this – when were they gonna tell me? i must be pyschic or something cos i was in the bank today and just flippantly asked when exactly it ends and wasn’t expecting the bank teller to say ‘next month’. s**t.
anyhoo, i decided that rather than dip into my above named emergency fund then i’d just not put £300 into this month and put it into the overdraft. i also keep a little fund for gifts for people and i reckon there’s enough to cover the rest…........oh well, at least i won’t have to pay the 16% interest. will just have to be disciplined and put back to the ‘gift fund’ what i took out – preferably before christmas!
bloody banks, they so wouldn’t have told me! huh…
I thought I’d have reached my target of £2000 by the new tax year. I’m about £300 shy of that. Mainly because after christmas I racked up £400 on my free overdraft for a new tv and then put some money aside for my holiday next week. So I’ve been drip feeding that debt and the hol is now paid for. I guess the outlook is still good – at least the overdraft is free, but only for another 6mths. My main target is the end of the year – £5000, guess I’ll just have to be ultra good for the rest of the year as I need an emergency fund given the current financial climate.
I finally paid off all my credit cards so now I can really save! I’ve just found out that I’m having my work contract extended in january for 3mths, then I start a new 2yr project!! This was the main reason that I decided to finacially ‘buck up my ideas’, being in debt with no emergency fund left me feeling very overwhelmed and stressed (lack of sleep and bad skin type of stressed!).
Now a huge weight has been lifted between no debt (except a small student loan, considered ‘good debt’ by these financial gurus) and now, more work. I have £1000 in saving, I want to get to £5000 by this time next year which will be my emergency fund should I be outta work between projects in the future. After that I wanna save for a house deposit and general rainy day! Lets start with the short term goal…. :o)
I haven’t put savings away (yet) this month despite being paid…which goes against my ‘pay yourself first rule of saving’, but there’s a valid reason. I decided to switch current accounts two months ago and it’s taken the buggers this long to switch all direct debits/credits!!! After phoning them last week to ask whats going on, within 24hrs the direct debits switched to the new account, but the credits (salary) went into old account on pay day!! Urgh! Then, rather frustratingly, my old account wouldn’t let me make a transfer of funds so I had to actually go to the bank, take out an obscene amount of cash (thankfully all in same building, cos, scary!!) and deposit into new account so I wouldn’t go beyond the already agreed overdraft!!!! Bastards. My boss wasn’t impressed I had to sort it out in work time cos banks never stay open that late.
Anyways, I know there is £200 that I can potentially deposit into savings account already, but am going to be disciplined and leave it til end of month JUST IN CASE the banks feck up again or something!! Just means I won’t get interest on that money :o(
I have a new goal(s): one, to reach my emergency buffer of £4500 by next christmas; and two, to reach £10000 in 2 years after that (separate from buffer). There’s something comforting in the emergency fund idea that makes me think everytime I pick something up in the shops that I don’t REALLY need….then I put it down. It’s not like I deny myself stuff, but I’m losing the ‘must have it now’ reaction!
Just got paid last week and decided to put £200 onto credit card bill and only a measly £60 into savings. This might sound mad but its psychological for me. That £60 lets me hit the £1000 savings mark which makes me feel good, and the credit card bill is now £200 less than that….so the balance is tipping in my favour! I think it’ll take me a few months to pay that pesky bill and save properly. I’d love to have £5000 saved as an emergency fund, that is my goal. However, at the moment I’m very aware that my work contract ends in 3mths and I have nothing after that :o(. Need to sort that too, which is why I really really want an emergency fund for the future in case of being outta work.
I was doing so well for the last few months, putting away savings every month. But in the last month I seemed to have whacked just about the same about of money onto credit cards! So technically, I don’t have anything really – no savings, no credit card debt. But, I think I’m gonna transfer the credit card debt onto a 0% for 9-12mths card, leave my savings where they are and slowly each month pay half of what I’d normally save onto the credit card and half into savings. That way I’ll feel good that am saving and feel good that the credit card debt is decreasing with no interest to pay on it! That’s the plan, watch this space….oh, and am hiding the credit cards!!! Pesky things.