Monday, 18 May 2015

Working The Baby Steps in 2015

I have had a great week and kept to my cash budget!! 
This is a great success for me as I have been struggling with keeping to my spending plan.
Last week I cancelled my current account overdraft and for the first time in months, my current account has been in credit for the whole week. I need to do this until August and then I can send copies of my bank accounts to my potential mortgage company without being embarrassed.
I have completed baby step 1 and saved £1000 in my Emergency Fund. To this I have added a further £200 and added it to my Expenses Account as part 1 of my complete Emergency Fund
Now I'm saving for the rest of the Emergency Fund which will take some time and I don't expect to complete this until some time next year. Basing it on my income rather than expenses I estimate I will need another £5500 to cover three months of income.
This is not the first time I have gotten to Baby Step 3 but unlike the last time when I was very half heart'd about saving, I now understand just how important it is to do this - to success long term. 
Sticking to my budget will get me to my goal and this will get closer to my dreams.

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