Recently I’ve come to realise that we (my husband and I), spend more money than we need to. We want to go on the holiday of a lifetime to the Maldives as a very belated honeymoon. Plus there are more travel plans in our future. So time to sort out finances!
Actually saving for our holiday. It’s going to come close to £4000. That’s a fair wack of money. We were lucky enough to get some money from our friends and family as wedding presents and a large majority of it was put in savings. We still have just over half to save up.
We want to go travelling around the start of 2016. More than just a holiday. Proper long term travelling. We may work along the way but we’d rather not for as long as we can manage. Side note I’m considering starting a travel blog…more on this later.
We both have debts, mine are that bit bigger then my husbands and I’m determined to have them paid off. I have £4596 all in. Although that’s not counting my student loan! I’m annoyed with myself for not sorting it out sooner but I have started to make some progress and I’m hoping that by admitting it in public it will help me work on reducing it.
How we’re gonna do it!
After a good month of thinking and talking about it, we decided to cut our TV package, we only end up watching trash that we don’t particularly enjoy and waste hours! We’ve managed to increase our broadband speed, remove TV from our Virgin package and still save just over £20 a month! We should notice the difference to our bill from next month on!
I’ve cancelled my gym membership. I wasn’t going very much any more. I have a new shiny gym at work with a PT that comes in twice a month. I’m dancing more during the week and I’ve started jogging on a regular basis with my sister-in-law outside! Throw in youtube channels like Blogilates and Fitness Blender I don’t need a gym membership. Saving another £20 a month.
I am going through my wardrobe and handbag collections and I’m decluttering! Anything still in good condition will get sold on ebay/depop and any money made will go straight into our savings or paying off a bit more debt. I’m also trying to sort a staple wardrobe and I think I’m all sorted for the next few months to be honest. So I don’t need any new clothing items or accessories for a while! I’ve a blogpost all about style on a budget planned so keep your eyes open. In future I will hunt for a bargain, including a bit of thrifting!
Although it’s not the done thing, we will be saving each month while also paying off debts. As I said, we want to go travelling. We want to go debt free so we’re not worried about monthly bills. So we’re doing the double! We’re paying off more debts than we’re saving, eventually it will all be savings! I will of course be paying off the higher interest debts first. I will set myself a small budget to spend on bits I fancy. It will only be about £50 at the most and if I really want something that is more than £50, I will have to save it for a month and then add it to the next month’s budget and get it. If I don’t spend it, I will use it to pay off more debt or save depending on the mood!
We’ve picked up some brochures and I will be cutting out various images and sticking them up to remind us why we’re saving and help us stop and think before just buying something we fancy at the time. I’m using the Money Dashboard to help give me an overview of my financial situation. Graphs and charts really drive home how much money I was spending on random bits without realising!
I’ve also started following some money saving blogs, for example A Thrifty Mrs, and I’m following some money saving pinterest boards. Anything that will help keep me motivated.
I am going to hold myself accountable by doing a monthly post on tips that have helped me save each month, or something budget related and I will update you on our progress. If nothing else than to help me continue on the saving route!
Have you any hints or tips that I could use? Any advice welcome! I have a few more ideas I might implement but I’ll let you know how I get on in future. I’m taking baby steps.