I had a money setback – and that’s absolutely okay

If you’ve been a reader of my blog for a while, you’ll likely have read all about my (quite ambitious) saving plan from the start of the year. My partner Richard and I really want to buy our ‘forever home’ next year so saving money has quickly become the most important thing on our agenda. With this said, I do have a bit of a habit of getting a little bit debit card happy when I’m feeling a little bit down so sticking to my plan has been much harder than I anticipated. We’ve set an initial goal of £5000 to get us going – by no means will this be enough money for the house we’ve been envisioning, but it’s a start and it’s much less intimidating to focus on than a £10,000 goal!

I’ve had a setback – and I’m here to tell you that it’s absolutely okay.

In May, Richard and I went on holiday to Ibiza – it’s been a whole year since our last trip abroad and the holiday was much due. We were lucky enough to not have to pay for accommodation, staying in the flat his parents have out there and we’d booked our flights in October. We decided to take £700 for the week for spending money and that was just about enough – with enough left over to get ourselves a Burger King at the airport on the way home. I treated myself at Liverpool Airport to a Jo Malone perfume – making a saving on the cost of buying it in store in Chester, so a justified purchase. I’ve also booked and paid for a trip to Malta in March next year so the money I intended on saving has gone towards the above.
My goal is still very much achievable in the time period we’ve given ourselves to save – I’m just going to have to put a few processes in place to ensure that I’m being as sensible and proactive as possible when it comes to saving. It’s fair to say that the processes I have been using are working – I’ve managed to save the money I intended to pay for other things that we’ve wanted to do so I’m not worried about my approach to saving, rather my approach to being spontaneous and not focusing on one goal. With my goals realigned and focused on -that single goal-, I’ve made a few changes to what I’m doing and I’m even more motivated to achieve my £5000 end goal.

Take advantage of renowned saving tips

For years and years, people have been telling me to get on board with Cashback websites and I’ve just kind of scoffed at them – what a naive young adult I was! It seems like a bit of a no brainer to earn a small percentage back on the money you intended on spending anyway. Whilst it might only be a small saving, every little helps. Something I came across more recently is an app called Airtime Rewards which operates in a similar way to cashback websites except instead of cashing out your money to your bank account, it pays for a portion of your monthly phone bill. With retailers like Boots, Topshop and Cafe Nero all on their list of collaborative companies, it’s never been easier to save a little bit from your phone bill. I’ve vowed to transfer the money I’d normally pay as extra into my savings account.

Listen to other people’s savings advice

The blogs that I read on the daily are full of advice from people who have already done what I’m looking to do, on similar wages in a similar time frame. There are also so many people doing exactly the same thing right now- I’ve been particularly impressed by Rhianna’s honesty with regards to her own savings and it made me feel a little bit better knowing that it wasn’t just me feeling a little deflated by their progress. I was also able to take advice from her update post, particularly on the titbits she’s provided on her successes of using Monzo. I use Monzo for our business accounts but have opted to do similarly to Rhianna and transfer over my spends for the month to my Monzo account on payday and use the functions on Monzo to help me stick to my budget.

Setbacks and unexpected costs happen- and they don’t have to affect your saving plan.

Knowing that by this time next year we will hopefully have a massive portion of the savings we’d like is exciting but sometimes the worst happens. Boilers break and need to be replaced, unexpected bills arise and house repairs need to be made. If this were to happen, knowing that there are reputable loans out there available for me to take out if need be is reassuring – allowing me to continue on with my savings plan and not have to withdraw money from it. Lenders like CashLady.com offer a reputable loans service for short term loans, meaning that should the worst happen, there’re options out there for the taking.

How do you deal with blips like this to your savings pot? Let me know!