We’re at our most financially stretched since starting this blog back in 2009. Our income is significantly lower and yet we now have two children and much higher living expenses plus a much larger mortgage! I wouldn’t swap it though. I love our home (unfinished though it is) and I really love having my two bubs. So, like everything else, we’ve just got to get on with it and do our best.
Here are the financial goals/resolutions for 2015 (following on from the 5 personal ones yesterday):
6. Replace at least two windows.
Our bedroom window is currently being held closed with duct tape. Plus the seal on he one on the landing has gone. We’ve had a quote of £500 to replace both though I’m going to have to get other quotes to see if this is the best price we can get. Ideally, we’d also replace the one in the bathroom as well but to be honest they are all on their way out and will need to be replaced in the next 5 years. But, taking one thing at a time, we need to save £500 for the most urgent replacements.
7. Get our ISA back to £3k.
I have one ISA left and prior to my maternity leave it had £3k in it to use if one of us lost a job. I had never dipped into this before. To me, it was like this money did not exist. But we didn’t have enough to manage on my maternity pay and then the week before Christmas the bloody washer-dryer broke. And my car, which passed its MoT in early December, has to go in to the garage tomorrow as it has started chugging like a tractor with a flashing engine light on the dashboard. Hmmm. Until I know the final amounts involved I won’t know how much needs to be replaced but my guess is it will be around £1k – a huge sum to replace on our tiny budget. This might take more than a year but I still want to make a respectable dent in this goal!
8. Set up a £500 Emergency Fund
That way when a major appliance or a car breaks we don’t have to touch the ISA. This was the plan for 2015 anyway… just didn’t realise we’d be replacing money in the ISA at the same time!
9. Stick to the budget and create more cash systems
I’ve written out a comprehensive financial plan for 2015. It accounts for just about every penny but there is also wriggle room to move things around and re-allocate funds if need be. The plan means that I can make an informed choice about where I can afford to take a bit out and where I can’t.
I’ve been using envelopes for short term cash savings with good effect for the last couple of months. Once Christmas is totally done and dusted I’ll be starting a few more so I can save in cash for things like school uniforms. More on this another day.
I’ve put work here because, after all, it accounts for a third of our household income! Juggling half of my working hours from home along with looking after a baby is hard work (I have to try and do it when he is napping in the day or asleep at night. Or see if my Dad is free for a couple of hours!). I need to keep working on our home routines so I can keep my eye on the ball with my work. It’s going to be a challenging year work wise and I want to do well.
Last batch of resolutions on their way soon!