Friday, 1 April 2016

#23 Other Savings / Investments

I have some other savings accounts which should probably be tracked in the monthly updates.

So from next month will include in month summary.

Savings account to pay for bills

I put aside £60 each month into an account to be used for bills including Car Insurance / Tax, Home Insurance etc. £60 figure was calculated by adding up the total cost of these bills and spreading the cost over 12 months.

Current balance = £124

Emergency savings to cover costs for 1 month 

Target is to have £2629.29 saved and to be used only in emergencies.

Current balance = £219.84

Savings for Family France holiday

Target is to pay in £56 per month, this will cover the remaining balance for accommodation and ferry costs. Once these are covered this will become the savings for 'fun'.

Current balance = £0


I currently pay in £161.92 net each month.

With employer contributions this totals £558.33 gross per month.

This is invested in shares through a work scheme.

Current value = £7,463.18

Investment Portfolio

4 shares in PaddyPowerBetfair = £386.40

#22 March '16 Summary

So, did we stick to the budget?

No. For the 10th month running.

If not, why not?

One off spends totaled £731. Booking flights and accommodation for Mr friends Stag do and Mrs trip with friends were £145 and £114 respectively. Deposit for France family holiday was £131, car MOT was £60 and new fence for the front of the house (one of our aims for 2016) was £281.

I also spent over £100 on buying lunch at work. Normally just take sandwiches but when forget buy lunch. Just shows how quickly this can add up.

Any positives?

Excluding payments for the holidays and fence we would have been in budget.

Grocery shopping was only £11 over budget, and was our lowest on groceries since Dec '15.

Lessons / thoughts?

Having decided in post #21 to save up for the remainder of the France holiday with monthly payments shouldn't have any large payments similar to our holiday payments this month for the rest of the year.

Aim is to spend less than £20 on work lunches next month.

Expectations for next month?

Only expected increase next month will be my birthday. Probably just slightly extra in day out / treat costs.

Without any big expenses planned hoping April can be our first month where we hit the budget.

Effect on overall finances?

S    Student loan – £336 was paid off direct from payslip. Total remaining now is £7,131
·         House loan – £298 was paid off direct debit. Total remaining now is £8,335
·         Credit Card -  £128.47 was paid off. Total remaining now is £5,581.33

Total Debt = £21,047 (Student Loan is £7,131; House loan is £8,335 ; Credit Card loan is £5,581.33)