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  • FIRST POST
    • edinburgher
    • By edinburgher 30th Oct 17, 5:22 PM
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    edinburgher
    The Edcawber Principle
    • #1
    • 30th Oct 17, 5:22 PM
    The Edcawber Principle 30th Oct 17 at 5:22 PM
    I think I promised a new and improved positive diary earlier on in the summer

    I'll try my best to keep it short and sweet, (unlike my credit card statements). Cutting a long story short, after renovating the house and an accidental car purchase (hey, it could've been a house!) we are probably better candidates for DFW

    We're now left with a much more relaxing house (we just finished our bedroom), a new car and £20,000 in credit card debt

    The new job goes fairly well, all things considered and our budget is starting to balance on a month-to-month basis. Basically I've said yes to everything, which is lovely, but immature. Mrs E realises the lie of the land and is supporting efforts to get back on an even keel. I'm eb@ying, saving cashback and making overpayments every Monday.

    DD and Mrs E are doing fabby, DD is the apple of our eye and remains chatty, affectionate and madcap
Page 12
    • edinburgher
    • By edinburgher 10th Jan 18, 10:00 AM
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    edinburgher
    A princely £0.71 paid off a CC.

    I picked up more Amazon vouchers last night and ended up in the unique position of hitting the maximum possible points in a month (100,000). Was up until 11 adding the vouchers to my account

    We spend roughly £1k a year with them, so will pick up more if Mrs E can get a temporary card. It's a bit surreal spending so much at once, but it's basically a 6.25% discount on Amazon which is the seller who gets most of our money after supermarkets and don't typically offer % off. We'll have to withdraw money from 3% and 5% savings accounts to pay for them, but I'm ok with that as the discount was worth more than the interest.
    • Karmacat
    • By Karmacat 10th Jan 18, 1:03 PM
    • 28,368 Posts
    • 158,040 Thanks
    Karmacat
    I picked up more Amazon vouchers last night and ended up in the unique position of hitting the maximum possible points in a month (100,000). Was up until 11 adding the vouchers to my account
    Originally posted by edinburgher
    Rats, is that the Morrison thing? I'm feeling cheated

    Lovely convo on here, thank you all
    Retired August 2016
    • edinburgher
    • By edinburgher 10th Jan 18, 1:13 PM
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    edinburgher
    Why cheated?
    • Karmacat
    • By Karmacat 10th Jan 18, 1:15 PM
    • 28,368 Posts
    • 158,040 Thanks
    Karmacat
    Oops, not seriously ... if it *is* the Morrisons offer, I don't have one near enough to go for it, thats all!
    Retired August 2016
    • greent
    • By greent 10th Jan 18, 1:32 PM
    • 6,669 Posts
    • 67,839 Thanks
    greent
    I picked up more Amazon vouchers last night and ended up in the unique position of hitting the maximum possible points in a month (100,000). Was up until 11 adding the vouchers to my account

    We spend roughly £1k a year with them, so will pick up more if Mrs E can get a temporary card. It's a bit surreal spending so much at once, but it's basically a 6.25% discount on Amazon which is the seller who gets most of our money after supermarkets and don't typically offer % off. We'll have to withdraw money from 3% and 5% savings accounts to pay for them, but I'm ok with that as the discount was worth more than the interest.
    Originally posted by edinburgher
    Good discount We never shop at M's though -have to pass T, A & S (and A & L discount ones) before we get to M, so not usually worth our time. We fund most of our Amaz0n shopping through tcb/ quidc0 withdrawals (so 'free' money of sorts + small bonus rate) and any extra required through vouchers purchased at a discount of 3% through perkb0x - where we also get Sainz at 5% and Tesc0 4% discount. We purchased a chunk of smkt ones last year on 0% CC and then drip fed it back to the CC as we used the cards. Means I have to plan my shopping a bit more (as I also still like using A1di, but no discounted cards available for them, sadly ) but it's financially worth it
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £0/£4000
    Net sales 2018 £20.45/£1000 PAYDOX18 £991.65/£17044.10 Decluttered 151/2018 items
    • edinburgher
    • By edinburgher 10th Jan 18, 2:00 PM
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    • 57,015 Thanks
    edinburgher
    Great shout re. TCB bonus rate greent, that's as good as a decent savings account these days

    I have used the extra Mr T's points reward in the past as these get converted into V1rgin Miles (I am a whisker away from two return flights to Florida)

    We're a mix of Mr L, M and S (mostly for the YS bargains).


    Managed to pick up some cracking bargains for Mrs E's 2018 stocking on my lunchbreak - a nice box of bath melts (we'll see how these look by - £14.99 to £4.50) and what looks like popcorn on the cob? Bung it in the microwave, looks quite jolly and I figured it would make for a fun movie night on the couch I'm trying to move to less waste this year (50% reduction would be nice). To that end, I'm trying to only buy things that are consumable within a realistic period, or that will last forever and be used frequently in the house (fun stuff, not ironing boards)...

    Edit: although we do need a new iron
    • ZTD
    • By ZTD 10th Jan 18, 8:31 PM
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    • 41,384 Thanks
    ZTD
    1. As in provide a floor for her investments? Definitely not, because a) !!!! happens and b) I don't see how I'd even calculate that - never let the amount fall below its maximum value?
    Originally posted by edinburgher
    No, I meant that if you did decide to give her an "Interest Rate" instead of an investment rate - would you implement some kind of "impairment" if there was a stock market crash (Instead of the bull market you're concerned about). It would be the other side of the coin...

    2. I meant a magical super bull market on top of the one we're already experiencing! I think this bull has legs for now.
    Originally posted by edinburgher
    You not concerned about the cracks appearing around PCHs?

    3. I think that would be unfair to her as there are no guarantees in life bar the love of your parents, death and taxes.
    Originally posted by edinburgher
    I meant "Risk Free" in the same way that gilts are "Risk Free". I probably should have put "quotes" around it.

    I fully expect to see multiple recessions before she comes of age, it's part of life in our economic system. I am confident that investing is the right route.
    Originally posted by edinburgher
    Would anything cause you to doubt that?

    No fixed age for DD to get her nest egg. Various factors such as reaching the age of majority/choosing a career or education/wanting or not wanting a house/relationship status will be considered. Choosing differently to what we might like will at no point preclude her from getting the money, we just want to see what direction her life is taking before throwing her a pile of money.
    Originally posted by edinburgher
    And whether she gets it as a house, a car, Amazon vouchers or you blow it all on hats...
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."
    OMD 'Julia's Song'
    • beanielou
    • By beanielou 10th Jan 18, 9:10 PM
    • 49,569 Posts
    • 186,542 Thanks
    beanielou
    So sorry to read about the death of your mentor.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • edinburgher
    • By edinburgher 10th Jan 18, 10:23 PM
    • 10,807 Posts
    • 57,015 Thanks
    edinburgher
    1. You not concerned about the cracks appearing around PCHs?
    2. Would anything cause you to doubt that?
    Originally posted by ZTD
    Numbers as my quote button is playing silly !!!!!!s.

    1. Not really, I suspect that some sort of awesome misselling dealy will come along and had huge checks to anyone who ever had a car lease As indicative of a wider malaise? Again, not really.

    2. Your suggestion re. guaranteed savings rate for DD seemed that way inclined? But then again it was late and while I always enjoy your well thought out contributions, you do make me think of this section from 'Keep the Aspidistra Flying' rather a lot:

    'Many happy returns,' said Gordon.

    'Your birthday today, sir?'

    'Only metaphorically. My re-birthday, so to speak.'

    'I never had much education,' said the taximan.

    'I was speaking in parables,' said Gordon.

    'English is good enough for me,' said the taximan.

    'It was the tongue of Shakespeare,' said Gordon.

    'Literary gentleman, are you, sir, by any chance?'
    • AlexLK
    • By AlexLK 10th Jan 18, 10:45 PM
    • 5,923 Posts
    • 31,030 Thanks
    AlexLK
    The reason they wouldn't is because their parents (as in both sets of) taught them the value of money, it's uses & what could go wrong. Would either of you, knowing what you know, give an 18 yr old unrestricted/undifined access to £250k? I certainly wouldn't. At least not unless I could provide that every year ad infinitum. Any parent should know this is just asking for trouble.
    Originally posted by badmemory
    Thanks, badmemory. I hope I manage to teach my son about the value of money, its uses and what could go wrong by the time he goes to university. If I can do that, I'll feel I've done one job as a parent well.

    I don't think my parents ever quite understood parenting, to be honest.

    The job sounds great Alex - you're working with something that you are obviously passionate about - there is no shame that teaching wasn't for you. I think you have taken the best bits of your parents' obvious desire to create a human legacy and combined that with the obvious importance that you attach to our historical 'legacy' to pick up a career that you could be very happy with Do you think that teaching was perhaps something you felt that you 'had' to do in an attempt to 'give something back'? Because everyone contributes differently
    Originally posted by edinburgher
    Thanks Ed, certainly enjoying it so far.

    Re. teaching, I think you're right. I wanted to give something back. Selfishly I suppose I thought I may start to like myself a bit more for being a "good" person completely transformed from the arrogant and selfish individual whose photo I have to see every day in my sitting room as my wife insists on displaying one of our wedding photos. That's a recent thing, for quite a few years I asked she display a photograph of just herself because I spent a lot of years really loathing myself. I realised as I left the teaching course is that everything I've done in my life had led to that moment: I wouldn't have my son if I hadn't taken Mrs. K. for dinner because her old car was faster than my old car, I wouldn't have changed my outlook in life had I not wanted to end the life I had and I would still believe money grew on trees had I not navigated through a few financially difficult times.

    Ps. Buying a house might avoid paying interest to a bank, but there's an opportunity cost to tying up a large sum of capital in the property that could potentially be invested more profitably elsewhere. So unless you find a property that is a great investment (for example, one that you renovate with sweat equity), you may just be trading one cost for another
    Originally posted by edinburgher
    That's very true. Always good to hear another perspective to make me think about how I view things and if it is necessarily the right way. Always attempt to take comments on board. Fortunately, this house has proven to be a good investment. However, there is no opportunity to see a profit at the moment because we are living here. You have given me some not so helpful thoughts about making more from other opportunities rather than overpaying the mortgage, though.

    I wouldn't! It's also worth remembering (sorry Alex), that this was quite a while ago, it would probably be a lot more than £250k now
    Originally posted by edinburgher
    Not sure if you're apologising due to the shame of it or because you're reminding me I'm getting past my prime.
    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • edinburgher
    • By edinburgher 11th Jan 18, 9:35 AM
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    edinburgher
    It's hard to forgive ourselves for who we were, eh Alex?

    I was only talking about the shame, not saying you're past your prime. Anyway, I thought we were a similar age? I'm knocking on the door of 35.
    • Brodiebobs
    • By Brodiebobs 11th Jan 18, 11:28 AM
    • 755 Posts
    • 3,223 Thanks
    Brodiebobs


    Thanks Brodiebobs - DD is a star

    I would do the same if we had 2. My little sister has had the dilemma of what to do for the younger of her children, as big brother has a head start on his pot. How did you address that, or do you have twins/children very close in age?
    Originally posted by edinburgher
    When I transferred their govt child trust funds to ISA's the eldest had slightly more as got two payments from the Govt (think this was income based and stopped this in 2006?) so i topped up the younger so they both had the same at that point, then contribute same monthly now, give or take a couple of pounds they are on par now but obviously one will cash out first so depends on the markets, but i will explain it to them.

    And Alex £250,000 wowsers. That would set me up for life now.
    Addicted to MSE.
    Overpaying mortgage for a better debt free life!
    • edinburgher
    • By edinburgher 11th Jan 18, 3:10 PM
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    edinburgher
    I know Brodiebobs, would take us within 5 years of retirement
    • misscousinitt
    • By misscousinitt 11th Jan 18, 7:03 PM
    • 3,572 Posts
    • 20,640 Thanks
    misscousinitt
    OMG! New diary and so much to catch up on.

    I am finding debt again for the first time in about 20 years - it's a hard pill to swallow, but trying my best to keep it under control.

    Hoping you are well.

    Need to Read lol

    MCI
    Mortgage Free x 1 03.11.2012 - House rented out Feb 2016
    Mortgage No 2: £91,471.25 (11.01.2018)
    OP's to Date £5500

    Renovation Fund:£736.95;
    Nectar Points Balance: approx £2.50 (after microwave purchase
    • AlexLK
    • By AlexLK 11th Jan 18, 7:32 PM
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    AlexLK
    Don't think I'll ever completely forgive myself for my past. Can't let it consume me any longer though.

    We are a similar age; I'm 37. My wife must be very close in age to you as she's 35 in April. Never have liked getting older since reaching adulthood but I think a few months of over indulgence hasn't helped. Feel incredibly unfit at the moment.
    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • ZTD
    • By ZTD 11th Jan 18, 8:41 PM
    • 23,488 Posts
    • 41,384 Thanks
    ZTD
    Don't think I'll ever completely forgive myself for my past. Can't let it consume me any longer though.
    Originally posted by AlexLK
    The past is dead and gone. Good source of knowledge and logical lessons for the future - a poor source for anything emotional.
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."
    OMD 'Julia's Song'
    • AlexLK
    • By AlexLK 11th Jan 18, 10:02 PM
    • 5,923 Posts
    • 31,030 Thanks
    AlexLK
    Thanks ZTD. I've just written that in my diary.
    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • misscousinitt
    • By misscousinitt 13th Jan 18, 10:22 AM
    • 3,572 Posts
    • 20,640 Thanks
    misscousinitt
    So, I have caught up with the diary from the beginning!

    I have totally got wrapping paper box envy - the one I saw was £55 and I am afraid I can not justify that - going to look round for an alternative as I think it's a great idea.

    You have totally inspired me about my debt, paying a little bit here and a little bit there. Most of mine is related to my new business and I know that a lot of this will get paid down when I sell more gifts and use the packaging up. But I do have a little personal debt and I think I will be selling stuff and paying down...

    The debate about plastic was interesting - our charity was the first organisation to recycle plastic in our home town back in the mid 00s - the 'scrap' went to a processing plant that made garden furniture and gave jobs to disadvantaged youngsters - a win win situation until the council rolled out their scheme 18 months later.

    Now I am in business I feel a responsibility to do my bit for the environment. I recycle all I can - kitchen waste and a lot of cardboard and paper (egg boxes and flour packaging). I also package my baked goods in paper bags on the stall (which if you buy in bulk are not that expensive) and I give out paper carriers - small and large (though I do need to look at something a little stronger this Christmas - just a few...). Most of my gift packaging with the exception of shrink wrap bags is reusable or recyclable. I know it's only a small contribution - but I have always tried to do my bit in whatever way I can.

    I love square sausage! Each time I've been to Scotland I have absolutely loved it...occasionally we can get it here in the Midlands too and it's a lovely treat. Yum yum - hungry now.

    When did you drive from Glasgow to Broadstairs? Broadstairs was our holiday place where I was a child (grandma had a house down there so free holidays) - been back a couple of times as an adult and I still love it. I have a relative down there. It's become quite a nice foodie place now (well it had last time I went) with some lovely restaurants...maybe time for another visit.

    I am so pleased that you DD gives you so much joy and glad that she is now fit and well after her couple of episodes before Christmas.

    Will endeavour to keep up to date and take inspiration where I can.

    MCI
    Last edited by misscousinitt; 13-01-2018 at 10:25 AM.
    Mortgage Free x 1 03.11.2012 - House rented out Feb 2016
    Mortgage No 2: £91,471.25 (11.01.2018)
    OP's to Date £5500

    Renovation Fund:£736.95;
    Nectar Points Balance: approx £2.50 (after microwave purchase
    • ZTD
    • By ZTD 13th Jan 18, 1:26 PM
    • 23,488 Posts
    • 41,384 Thanks
    ZTD
    So, I have caught up with the diary from the beginning!

    I have totally got wrapping paper box envy - the one I saw was £55 and I am afraid I can not justify that
    Originally posted by misscousinitt
    Is that the 77l one on Amazon? What about this one?
    http://www.hobbycraft.co.uk/really-useful-clear-wrapping-paper-box-22-litres/571746-1000

    Wrapping box envy? What? Me?

    - going to look round for an alternative as I think it's a great idea.
    Originally posted by misscousinitt
    It is.

    The debate about plastic was interesting - our charity was the first organisation to recycle plastic in our home town back in the mid 00s - the 'scrap' went to a processing plant that made garden furniture and gave jobs to disadvantaged youngsters - a win win situation
    Originally posted by misscousinitt
    That's great and I'm 100% behind things like that. When they make money and create wealth - they're worth doing.

    until the council rolled out their scheme 18 months later.
    Originally posted by misscousinitt
    And I'm against things like that, as what happens is that if the council can't make a go of it (which is quite often the case), then they divert money in from other sources to keep it going as they "can't be seen to be failing". It then destroys wealth at a vast rate of knots.

    Now I am in business I feel a responsibility to do my bit for the environment.
    Originally posted by misscousinitt
    Dealing with waste in a business is a whole new can of worms...

    https://www.gov.uk/browse/business/waste-environment

    Maybe I should devise a quiz...
    "Follow the money!" - Deepthroat (AKA William Mark Felt Sr - Associate Director of the FBI)
    "We were born and raised in a summer haze." Adele 'Someone like you.'
    "Blowing your mind, 'cause you know what you'll find, when you're looking for things in the sky."
    OMD 'Julia's Song'
    • smallholdingsister
    • By smallholdingsister 13th Jan 18, 5:19 PM
    • 3,630 Posts
    • 29,005 Thanks
    smallholdingsister
    Ed you ancient thing, you. 35!!

    Loved the reference to the Aspidistra Novel. I found it painfully, bleakly funny reading.
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