These posts were originally posted on the MoneySavingForums (a UK money management site), I am moving my journals across to WordPress to have them in chronological order. I’m not sure how much of other people’s words I’m allowed to copy across from one site to another, so in some sections I may summarise conversations.
I did a thought experiment this morning. It started when I was looking briefly at a Furlough Budget I have planned, just in case, and I thought – well if I can live on 80% salary for a little while, why don’t I do some calculations and see if I could live on that permanently? And then see if I can put that 20% towards debt and/or savings?
Unfortunately it didn’t take long to realise that the things I had cut in my Furlough budget are only really things you can forgo in the short term, not the long term – for example, clothes.
I also whipped up a quick Excel spreadsheet (I just find them fun, ok? 😛 ) and realised that currently (non-furloughed) I’m already saving about 25% of my money anyway. Much of that is for short term savings, to be used within a year (for example: Christmas Savings, this thing for my Dad’s birthday, Debt-Free Whiskey, some subscriptions…) but I still feel like 25% set aside for non-immediate gratification is pretty good. I’d like to shift that % more when I get the chance but there’s always something wanting money.
At the other end of the money spectrum, I’ve been looking to see if I can find wriggle in my budget for a guitar app. Pretty sure I can. Going to milk the free trial for all it’s worth first though, you get stage 1 free and I’m not a fast learner. As always, buying a year subscription is cheaper but I don’t know if I want to commit that much. I really should save up a chunk for Amazon Prime though so I can switch to a yearly subscription.