Nikadi's Saving Diary

A question about : Nikadi's Saving Diary

I wasn't really too sure whether to start this or not, but I need a running commentary of where my savings are going!

I'm 24, work as a nanny part time and have limited earning capabilities due to health issues so I need to utilise what I can earn well! I was made redundant from one of my positions a few weeks ago and that ends early September, so I'm looking for a role that works with my other job at the moment to replace it. I have a second interview on Tuesday for a job I like, first one went well so fingers crossed!

I live with my partner in a house share in Brighton, we share finances for the most part. He's a mature student, we still have another four years of him studying though two of those will be salaried (sandwich year from next August and a research masters from September 2016 if he gets it).

Partner works part time too, he's hoping to start up a business fixing electronics in his spare time, do some tutoring in his subjects and write articles online. I'm starting up a knitting business on etsy and babysit when I get the jobs. I've recently started doing online bits and am hoping to write articles/reviews too. We're both going to start selling antiques too though half of the profits will go to my parents who provided the antiques (my Dad is an antiques dealer!)

Things we are actively putting money aside for:
Car insurance
Nanny costs (insurance, Ofsted, first aid courses, FE courses, etc, between Ј500(min)-1500 a year depending on what courses I do!)
A new car, ours is an 11 year old astra eco which won't last forever unfortunately.
A camping holiday in Devon/Cornwall next summer.

The big saving goals:
Ј644/2000 Generic savings by next June
Ј200/6000 Wedding mid-2015
Ј241/10,000 towards house deposit (It'll be a lot more but a smaller chunk is an easier goal for now!)

Debt:
Student Grant Overpayment: Ј644
Student Loan: Ј2761.60

Best answers:

• Hi Nikadi - and good luck with your quest.
  Have you had a good look at your budget? Extra income is obviously good but as you mentioned you need to utilise your income. Have a good look on this site if you haven't already.
  By going through what you need to spend from your basic income on bills/expenses etc - making sure you are getting the best deal on everything. To (my personal favourite) cutting down your shopping bill. This was always my biggest overspend! I now set an amount that is managable each week and that is it.
  Any extra income can easily be gobbled up so making a note or transferring extras money can be a good idea.
• Hi Daven, thank you!
  Our budget has been budgeted We've both been on MSE for a couple of years just lurking and picking up tips! We have YNAB and use it religiously now, our shopping budget does need lowering so we're doing that on a month-by-month basis so that we don't end up losing heart at it being so much lower!
• Time for an update.
  I got a new job (the one I had a second, and third and fourth interview with!) though my hours have decresed in my other job even more than planned.
  Savings have been eaten into. We bought an engagement ring which took a chunk out but was part of the wedding expense really. The rest is going to have to go on getting my tooth fixed as that's been needing a complicated root canal which can't be done via NHS for a couple of months now so is a pressing matter!
  So we're starting from scratch with our savings again! But we're positive about it
  I have more time on my hands thanks to the timings of my new job, so I'm able to get much more home-based work done during the day now.
  I'm starting by aiming to make an extra Ј50 in October for saving. We might be able to save from our base income, I'm not sure yet as we have yet to experiment with it!
• & for another update. I've been made redundant again and have to pay for a root canal and car insurance very soon. So whilst I'm earning more than I have in a long while right now, I'm losing Ј1400 in the space of 8 weeks for my tooth and car insurance so I've wiped the savings and from January we're starting from scratch and hopefully I'll have a new job that fits with the job I'm staying in too!
  But we are budgeting more for rent to build up an excess and we're managing to do it this month, so I'm quite chuffed with that!