Tuesday, 11 February 2014

Wishing I had a Contingency Fund

We have just been informed the house we had hoped to buy needs £15k worth of urgent work, when you are used to spending most of what you earn making ends meet you suddenly realise now would be the perfect time to have a contingency fund in place!  But you cannot make one appear out of fresh air, you have to work hard saving, cutting back and living on less. 

It is hard finding the motivation to do all those things, if you have had a stressful week, the kids are arguing, your full of cold and the house is a mess.  You do not think there is any harm having the odd Chinese takeaway and cheeky glass of wine, but it’s those costs that sadly add up! 

Using the Leeds Building Society kick your habits tool you can easily see how much a difference those cut backs will make.  It does help spur you on and encourage you to give up some of your luxuries.  I mean we can quite easy chuck some vegetables, chicken and noodles in a pan and have our own tasty meal in and save lots in the process.  I need to think of the end game, rather than living week to week!  As nice as a takeaway is the happiness it provides is gone after the last mouthful, whereas a contingency fund would leave me feeling financially more secure for much longer.

Thankfully according to the tool I do spend less than the average £9.12 a week on alcohol.  I buy the occasional bottle of wine every few weeks (if not monthly) for about £4.99, so I feel a little more virtuous about that.  Although back when I was in university I think I would have easily spent 10 times the average a week!  I have a feeling some of my friends though are trying to get me to spend more… one friend in particular pours very generous glasses of wine when your back is turned!

£21.30 is the average weekly spend on cigarettes, phew I am glad I do not smoke, that would be quite a hard habit to fund on our spare change.  Hubbie gave up smoking pretty soon after we got together and I count my blessings seeing how much of your money can literally go up in smoke!

Takeaways, bottles of wine and lazy lunches if I ruled them out I would soon have money being squirreled away for a rainy day and then I would not have such a panic attack over my builders quotes!

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