Sinking Funds Update May 2024 | Single Mum Budget
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- čas přidán 8. 05. 2024
- In today's video, I share my sinking funds update for May 204, however, I've changed them again. I am hoping that this system will make it clearer in my mind what I'm doing with them. Remember, personal finance is a personal journey and can be ever evolving - like I'm showing! Links below :)
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I have commented here quite a few times and it's always been encouraging so this is not easy for me to say. Tough love I hope. I would not go to Disney if I were you. The reality is that you can not afford it. Use that money to put in your envelopes and create stability in your finances that you can build on and take the mental pressure off yourself. Disney is a couple of days wonder. Your boys are still young. This is reality. I know things have been horrendous for you and I give you a big virtual hug. I would tell the boys the truth if the matter and explain its like that for many people but in years to come you still hope to do it. I think you would actually feel a great sense of relief because I think your inner instinct may be warning you that now is not the time. Who knows what gifts the future brings. Financial stability and sensible planning is far more important. That's the key to your cgannel isn't it? If you do stil decide to go then enjoy it otherwise it's a waste. Sent with love.
Thank you for your comment 💜
That's a kind meaningful comment x
When we went we took a sandwich box to breakfast, put ham,cheese, croissants and bread in it and made a game out of making our own lunch. Kids thought we were being so naughty and sneaky but really it saved us so much money. 😂 we also took alot of little snacks that we could carry in our suitcase and let our boys eat those. We also bought autograph books before we went so all the character's could sign them. Disney is amazing just so bloomin expensive! We did it on a budget and it didn't spoil any of it. X
I love this idea about the sandwich box! Totally going to do that 🥰 where did you get autograph books from?
Personally I wouldn't take food away like this. It's really frowned upon to do this and some hotels are strict with this
We did the same! Amazon / eBay / Etsy we looked at for autograph books
Ponchos to take for the rain is such a good idea! And water bottles for the water fountains, we did all this. .. food is so expensive over there for snack,drinks/ foods.. and we have said if we go again we would have breakfast booked with hotel (we did) and have evening meal booked with hotel too.. disneyland paris was so magical. Enjoy x❤
Thank you 💜
33 weeks to Xmas put present money in Disney to reduce the stress. You can tackle presents later xx
Oh is it? For some reason I thought it was sooner. I might just do that…. 🤔
Take the Christmas money to Disney as a little buffer and if you don’t need to spend it you can bring it back and put it in that envelope - tell the boys on the way that they can choose 1 big present each at the end of the trip from the things they see during the 4 days - they may enjoy picking out their very favourite thing - it will cut out the number of ‘Nos’ too so you can enjoy the experience and the rides, rather than being under pressure to buy things from all the shops
I like this idea of one thing - thank you for sharing ☺️
I don't think people with a different opinion are necessarily being negative. Just a different take and trying to be honest and helpful. Mind you one of them was harsh I agree.
I know, I understand.
You’re doing so well!
I have regrets over some of the junk we bought when we went to Disneyland (in the states) lol.
I’m sure you will do this anyway but we did have a chat with our son before we went that we had a budget to stick with and we weren’t going to buy everything. If things are super tight maybe let them know how much they can each spend and have a think about what that money can be used for before you go into Disneyland so it’s fresh in their minds.
Focus on what you can get (even if it’s just one or two meals out) rather than what you can’t.
Lots of parents have to say no to things in Disneyland so it’s not just your boys (let your boys know that) because there’s so much you can buy there.
We did try focus on taking lots of photos, watching the parades/shows and going on the rides rather than looking in the stores as much as possible. All the best ❤
Thank you 💜
Love the cards and wrap design. Have a wonderful time at Disneyland.
Thank you 💜 and it’s so cute, right!?
Couldn’t resist just ordered the Christmas sinking funds inserts. X
When we were struggling financially I used Iceland at Christmas. Saved on the bonus card for every twenty pounds you save they add a Pound. Complete Christmas meal bought and their turkey crowns are lovely.
Thank you so much for your order 💜 I will have a look in Iceland neater the time ☺️
I think it was off etsy, then we made that into another game, getting the character's autographs, and we also got photos at the same time. X
Nicola ignore the negs they don't matter. Enjoy your holiday. You work hard & your budgeting is brilliant. Your videos have certainly helped me stay out of debt. Wishing you the best 😊❤
Thank you 💜
Love your Xmas binder ❤ I hope you have a wonderful time in Disneyland xx
Thank you 💜
Christmas binder is so lovely 😍
Thank you 🥰
There’s a lot of ‘Disneyland Paris on a budget’ videos on you tube you could get some tips from those. Also near Christmas time there are a lot of make your own Christmas decorations videos. Im not talkin egg boxes etc. Sometimes it’s buy a £1land decoration and up cycle it. I’m sure your boys would love to do some of those. Then you have the memories of making it too. People are getting very clever while budgeting now.Good luck xxx
Thank you 💜
Hi Nicola.
Please don't feel disappointed. You've done really well under the circumstances.
Regarding Disney land. Every day make a packed lunch for all of you. That will save you a small fortune.
Fresh rolls, ham & cheese plus fruit from a local supermarket won't cost much. Save your money for ice creams.
Go in the gift shop on your last day. Remember to treat yourself too..
You'll all have a fantastic experience making memories together knowing that you've saved up for this trip.
Don't forget to have fun!
Plus stop worrying that you won't have enough money, you will. 🎉🥳 ❤ xx
Thank you 💜
I hope you all have a great time at Disneyland it's the time you spend together kids remember they never remember the thing's you buy them. Worrying about the cost has always put me off going. The Christmas envelopes are so cute. They are all beautiful but the blue gonks are my favourite.
Thank you 💜
❤ this! I’m finally on board with cash envelope system! Bought a cash wallet! I used to have ‘pots’ as accounts which I have kept for the car and holiday but other spends are now cash envelopes! ❤. Love these vlogs as they motivate me! Here’s to a good month!
Love this 💜
I was a single parent many many years ago, and it was difficult. But there was no youtube or fundme apps. I just budgeted and meal planned. Even had a part-time job besides my regular job.
Your budget for the time you are staying there is low but make it work the best you can and you will. Its a great place to visit and you and your kids will love it
I hope so!
The fact that you are taking your boys to Disneyland given what you all have been going through is incredible and they will be over the moon. The bigger memories will be the experiences vs the things you won’t be able to buy them. Also regarding your job, could you look elsewhere or try to get a raise? Even looking closer to where you live could save you money. It sounds like long term, you will need to find a way to earn more. But you’ve come so far and you’ve got this 😊
I’ve got a video coming but there are some decisions to make 😕
Hi Nicola, just thinking about your situation. on one hand i think you really need some emergency savings and Disneyland seems extravagant . on the other hand i understand how much you want to go away and although perhaps not most sensible you really should go. Keep costs down by taking pot noodles or jar of hot dogs etc I don’t know what cooking facilities you will have but realistically you can make noodles and warm up hot dogs with hotel kettle only. im nit recommending cooking steak with an iron but you ca. get inventive- lots of hilarious videos on YT about cooking in hotel rooms. would make packed lunches and use water bottles like you said. Not sure how long you are going for but what my mum would do is work out daily budget. if you have main meals covered then its easy from there. on one self catering holiday my mums purse was stolen and we survived on very little. it was a lovely break and my mum made sticking to budget into a game and my and my sister still had so much fun.❤
Thank you for sharing 💜
you're not alone, Nicola. I had to take in a lodger for the last two years, to cover normal expenses, and he has just told me he is moving out. So my budget now covers - only just - mortgage, property tax, electric, internet, insurance and food. Nothing left over for clothes, doctor, house repairs, savings - any funding of those has to come from side income, and the truth is that people are just not spending at the moment. It's really hard for most people, and there doesn't seem to be much relief in sight.
I hope you’re ok 💜
@@NicolaatTheFrugalCottage thanks, I am - after a brief period of utter panic lol.
My mum never had a huge amount of money when we were growing up. She had us at 19 & my sibling is my twin so all the milestones to fund at the same time. My dad wasnt around from the age of 4. We were exceptionally lucky that my great grandparents let us live with them & really helped my mum. When my grandad passed from cancer when i was 11, my nan paid for us to go to Disney World Florida. We had a hotel room with a kitchen & i only remember having snacks & drinks in the park. We went to a supermarket & stocked up which was fun in itself because so different to home. We had breakfast before going to the parks & had dinner when we got back.
My mum saved to take us to Paris when we were 13. This time we had a hotel that included buffet breakfast. I dont remember even snacking in the parks as we filled up on breakfast. We had one evening meal at Planet Hollywood & it was awful the rest we ate outside of the parks. Im 33 now & the bits i remember are the rides & the characters & how much fun that was! I was obviously older than your boys both times but wouldnt have cared about having toys if it meant going to the parks & just enjoying that atmosphere. It really is magical & that will be what you all remember.
Defo take an autograph book with you. You will probably spend more time getting autographs & on rides that you wont have much time for souvenir shopping anyway!
Thank you for sharing your memories 💜
I budget for Christmas & boxing dinner (cooking research at the library/google print/pdf recipes.) Each person 3 or 4 course of a lavish roast dinner for main and also brunch/ breakfast. So whatever meat joint/s determines the final costs. Cheese board? Gateau/ Christmas pudding?, condiments. Salad, Fresh fruit & nuts? Chocolate. I start shopping for most things from around august/September - reduced joints from Easter & bank holidays for the freezer. Make pickles & jam in summer mths. (this can be a two birds with one stone affair). Pick your own days out with the kids/ family to gain the fruit & veg for the pickle & jams and the kids are occupied with the picking (one day down for the school holidays entertainment). Also check out the car boots for the garden/allotment surplus. Of course grow your own where possible? Great christmases are just well planned dinners. I try to prep things so they go in the freezer and all you have to do is warn through or cook from the freezer. Doing this months or week in advance of the day: prep ready to cook veg or sides, mince pies. Try cook for scratch as much as possible this will save you pennies in the long game. then all is done, it's just 30 mins here and there cooking off the food for the days itself the work is done. Then I just freeze all the left over and eat that by incorporating it in meals weeks after. It's as stressful as you want to make it 😉
Thank you for so many tips 💜
@@NicolaatTheFrugalCottage sorry it was a bit of a brainf**t my dyslexic brain was in overdrive 🤪
Maybe give the children a small amount of money each to spend in Disney shops ?when its gone its gone? Might work. When we went years ago with our 3 we avoided the shops as much as poss - they had their own spending money and made it work for them and there is so much else to do and see - shops should be your last stop. Yes the food is expensive but if you can take some bits from home in your bags then it could help. Biscuits, crisps, Kit Kats - from home it all helps for sure.
Disney is very expensive from what I remember when I went with my mum 17 years ago.. I'd use Xmas towards Disney and start Xmas again. I'd even consider postponing Disney for a year to give you more time to save up. Xx
I've watched some of your videos since what happened and to buy a place on your own move and do up the house etc you've done fab. ❤
Thank you 💜
Its so nice to see a realistic video of the Struggles between savi g for all the monthly bills that will always be there but prioritising making memories with your kids. So glad im not alone
You really are not alone 💜
Have a great time at Disney .🎉
Thank you 🥰
Hopefully family members might give the kids some spending money for their holiday.🤞
That’s so true, that the money never really goes very far anymore. But at least you have some saved. I need to learn how to hold onto my money as well as make it last longer.
Is it me, but don’t you think schools should pay for the kids uniforms; when I think of how many we needed growing up and all the schools kids go to as well and they can be very expensive. I guess I was lucky that my mum gave us hand-me-down uniforms and we were all similar ages.
I budgeted last Christmas and just managed to afford Christmas food last year. It does help to plan in advance, but I think it creates more stress sometimes.
Just saying but your boys are so lucky they have you that you make the sacrifice to save for Disney. I wish my mum did that. I’ve never been. Instead of “I can’t afford it”, you could say ok “we have a budget for food today for $20, let’s figure out what we can get”…make it a game?!
Is there a dollar tree nearby? Or a restaurant like applebees or the Cheesecake Factory/ mcDonalds etc. You could see if there are coupons to get online before you leave?
Christmas decorations can be made from things in the house. Toilet rolls can be sliced up and made into napkin rings, stars if you glue them right (there are videos) for the tree, if you have a pine tree outside you can chop some stems and add it to a vase with red ribbon.
😮Christmas jumpers are expensive! Schools have changed!
The Christmas planner is so cute 🥰
I am grateful for what we have 💜 coupons is a good suggestion - thank you for that!
I don't think schools should pay for uniforms. Primary school ones especially as they are pretty affordable. What they need to do is make uniforms alot more affordable for families and be more flexible if parts of a uniform are missing depending on circumstances e.g blazerx
An idea for xmas gifts.. if you live on a cash budget, you could save all your change. Here in Canada 🇨🇦 we have loonies ($1) and toonies ($2) so it adds up fast, i’ve been saving all my change since November and will count it all in November of this year and that will be my Christmas budget! Have fun at Disney with your boys, I say pack lunches & snacks, let your boys choose *one* treat and leave it at that so you come in under budget! Enjoy!
I need to do this next year!
Im really sorry Nicola but you are gonna hate this comment but it is my option, just watched your video and from beginning to end it was like " look at poor me" basically asking people to buy you a coffee and things of your amazon wish list i understand you want to treat your boys but you could cash some of your shares build a good sinking fund for things then perhaps buy shares again when you can. Im on a very liw income but would not dream of asking stangers to buy me a coffee or things from Amazon
I don’t hate you - that’s how you’ve perceived a video on the internet. I’m just sharing my journey and appreciate it’s not for everyone 💜 it’s more that I’m disappointed in myself that I’m not doing it better. I appreciate the feedback.
I don’t agree, Nicola has a platform where she can accept these things from her viewers.
There are CZcamsrs on here who earn millions and still have Amazon Wishlist for their kids, buy me a coffee links and paid memberships for extra content (more $ for them). It allows people who want to and have the means to give back to their favourite CZcamsrs.
It’s just an easy way for her fans to do be able to do that if they want to ❤
💜
@NicolaatTheFrugalCottage I appreciate your honesty and transparency. It must be hard going through what you're doing and also sharing those hard decisions. You are teaching your kids some valuable lessons and working for a better future. Do you girl. Appreciate your videos. Don't stress about money, they will be too busy enjoying themselves to care. They will be talking about this holiday for years. And when you're a millionaire you won't care that you didn't have a coffee in May 2024!
Hi, Nicola. I love using cash and sinking funds. However, I use savings accounts that earn interest instead of physical cash in physical envelopes. Would that be an option for you? The interest is low but every cent counts.
Also, after your Disney trip you'll have a little more cash for other things. Keep going. You're doing an amazing job under very trying circumstances.
Do you have multiple savings accounts for different things? I would worry I couldn’t keep track of what is for where, if that makes sense 😕
@NicolaatTheFrugalCottage My bank allows up to 10(?) savings accounts that are fed by one transaction account. One of those accounts has a bonus interest rate if you can meet certain conditions each month. (Minimum deposit amount, 5 card transactions etc). The set up works well for me but everyone has different needs and circumstances.
Also, you can give each savings account a name - emergency fund, school expenses, insurances etc.
It’s definitely something to consider ☺️
My daughter has a Monzo account. This is where you save into different pots. I'm thinking of getting one.
Could you use a little of your food budget to eat there? If you talk to the kids about money and show them it depleting that will help? You know why you havent got much in the envelopes- a new house! I hope you are getting payments from the kids' dad as that should help fund life, plus you really need to reconsider your job. 80minutes travel a day is not cheap petrol or car wise and if ypu arent earning enough maybe the time is all now to look at a job with less travel cost as it closer and/or more money.
I know, I need to make some more decisions.
I know your dissapointed with your cash stuff Nicola but your doing the best you can for your situation £60 is better than nothing maybe think about reducing your envolopes a little bit and prioritize a few if u can just keep going though your getting there slowly and the main thing is your thinking of your boys which is the important thing now.❤ xx
Thank you 💜
Good morning Nicola. I had to
watch this video a second time because I was half asleep when I watched it the first time😂
You've done incredibly well to go through all you have over the last few years. I did leave a comment saying the amount you've saved for Disney is low and it is, but if the holiday is booked and kids know about it you have to make ot work. I know how important it is for yourself and the kids to go but I think you should have given yourself another year. The kids could have held out but I think your mum guilt kicked in and you booked for this year. And lets not forget you needed something to look forward too as well. But the reality is you've really stretched yourself and you will spend half your time saying no to the kids so prepare yourself. Did you say you're going for 3 days? Thats just over would make £30 a day per person (I think you have 2 boys). I really wanted to go DLP last year (we've been before) but I knew I couldnt afford it so didn't and delayed it by a year. There's nothing wrong with that.
The good thing about DLP is the park tickets include everything bar food and stuff in shops so you and kids will have a fab time. But I think you will worry about money but chalk it up to experience. I'm just making these points because alot of us parents will feel like this and I want them to give themselves grace and trust their instincts if they think something is too much of a stress.
*practical points*
Not sure which hotel you are staying at but..
*train will probably be the cheapest way to get from airport to your hotel.
*the supermarket will be your best friend at Val d'europe shopping centre if you want to cut food prices down and Paris/Disney souvenirs.
*eating in the parks everyday on your budget will be impossible but double check prices even if you eat once or twice snacks because prices have just gone up the last fortnight on some of them.
*children's meals are decent in size which in some places would fill an adult or even 2 adult meals shared between you all can do.
*it will be the little things that add up so make sure you ve costed them...getting to and from airport. Travelling into Paris if you were planning to.
Good luck❤
Thank you 💜
Do you have a home repair envelope? Home repairs are inevitable and expensive.
Ooh, no I don’t 🤦♀️ it didn’t even occur to me. I have a repairs one but not house specifically… I need to make one asap!
@NicolaatTheFrugalCottage Never ending envelopes needed these days :). You are doing fantastic.
I'm sorry but you have thousands of pounds in shares you own your own house and your taking your kids to Disney and you are asking people to feel sorry for and buy stuff off your wishlist. Get a grip you are so much more fortunate than the bulk of this country at the moment if you need money sell your shares 😡😡😡
What a delightful person you are 🙃
Why for pointing out the truth I currently work with people who can't can afford their food bills and energy costs spending day after day filling out grant applications and you are asking people to pay for items for your "Disney Trip" when you have thousands in investments. I noticed on your dividend video you never disclosed the value of your shares so you can keep playing pauper. While there is people in this country so below the breadline that £275 in savings never mind to blow in Disneyland is completely unachievable so please stop with the pity party and realise how fortunate you really are.
It’s not a pity party - the wish list was set up as people wanted to help. If you really wanted to, you could have worked out how much I have invested as I said how many shares I hold. Not hiding anything there either ☺️ I’m just happy to be finally taking them somewhere after the difficult time we’ve had. Which, if you’d watched my channel before, you would have realised. Happy Thursday 🙂
I think these comments are unfair because Nicola has, in the past, worked really hard for what she has as part of a 2 parent household and now since her world has been turned upside down she is having to learn to live on a much tighter budget and as a single parent - that is a big adjustment and so no wonder she is worried and anxious. I am sure that the Disney holiday is one special treat, which as she says she has been saving for for 3 years, and which she is determined to take her boys on because it has been promised for 3 years before their life changed so much. I think she is doing really well. Should she be on the breadlines even though she works full time? I don’t think so. She is clearly feeling the pinch compared to a few years ago so cut her some slack.
Thanks lovely 💜