Day 3: Financial planning

One quick bit of organising I did earlier was this:

I have a habit of stashing articles that have caught my eye; I find them stuffed in notebooks, the back of drawers…all over the place. I had some A4 plastic envelopes left over from when I was reorganising my paperwork and so I’ve sorted the articles by category (Interiors, Books etc). This means I can find them easily and know exactly where to put any articles I come across in the future. Okay, it was hardly urgent but it helps! 

I’ve also sat down and gone through our joint finances. I only tend to talk about my ‘own’ finances on this blog – not so much our joint finances. When I started this blog in 2009 I had not long finished paying off my last bit of personal debt (a small loan) and was gearing up to save. However, we did have an overdraft on our joint account at the time. It wasn’t huge at £1000 but I did want it to go. We’d tried paying it off before but somehow the overpayments ended up getting swallowed by the account and we’d be back, fully overdrawn again. However, through 2009 we ‘overpaid’ the joint account each month and the overdraft got smaller and smaller until, by the end of the year, it had gone. During 2010 we continued to overpay the account and it meant we suddenly had a nice little fund for smaller emergencies – we could pay for the car to be fixed etc without having to try and scrape and squeeze the money out of another fund for example.

Now we’re in 2011 we are planning to continue overpaying the account. We already have a savings account put aside for car tax but are hoping we can add a bit in for car maintenance (which would otherwise come out of our monthly pay). We are also able to put a small amount aside in our ‘House’ account. The ‘House’ account is where we keep the funds for our home improvements. Once we’ve got it all done (should be sooner rather than later) we’ll continue saving and use this towards putting a larger desposit down when we – hopefully! – buy our next home.

I mention this because, when I do a post on my personal budget, it will be a bit ‘light’ on the saving side. Not because I don’t want to save but because a) I’ll be putting more in the joint account to go towards the ‘House’ savings and b) because I’m not going to have much left over. I’ll be doing a post on this once I know by exact take home pay, but I know I’m not going to have a lot to play with. I suspect some ‘living on less’ posts will be appearing here soon!

So that’s two things ‘done’ today – organising my articles and preparing a strategy for our joint finances. Nice.

Categories: Decluttering, Getting organised, Money Management | Leave a comment

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