Taxis back to basics...debt and mortgage free before 50(feb 2014)

ZTD

Lemon_Tree wrote: »

isn't it strange how sometimes you fear being debt free as much as you fear admitting to the size of your debt at the beginning. I know i still have another 18 months to go before i should reach my debt free date but i'm worried that i'm going to waste the money i free up and get back into debt.

Why do you think you're going to do that?

Karmacat

Good question .... just started me thinking again about my own money psychology ......

Lemon_Tree

probably because it took me 3 consolidation loans to learn my lesson. Plus i have a tendancy to still have 2 or 3 really good months then i spend silly money on my crafting habit and start kicking myself. Truth is i'm planning on overpaying the mortgage to the max i'm allowed to do once i'm in that position as we really want a proper house so it will all help.

mum2one

Lemon_Tree wrote: »

probably because it took me 3 consolidation loans to learn my lesson. Plus i have a tendancy to still have 2 or 3 really good months then i spend silly money on my crafting habit and start kicking myself. Truth is i'm planning on overpaying the mortgage to the max i'm allowed to do once i'm in that position as we really want a proper house so it will all help.

Maybe the difference if this time your sticking to it, and the incentive in your case the mortgage, in all honestly myself I had 3 lightbulb moments, like yourself had a consolidation loan (that was when I was working), have paid credit cards and then respent, but for some reason, I guess my last lighbulb failed, as I would of been debt free by next March (whch is my 40th), but I did the head in the sand, thought I know better, but then I took a consolidation loan last yr, sat down and worked out my figures, and really want it to work, I originally wanted to go to Las Vegas for my 40th, that was to coninside with deft free life, but I had a accident and had some compensation, so am now taking dd to Dom Rep, if I hadn't of had the accident I wouldn't of gone.
But now my loan ends Nov 2015, so I've added another 4 yrs to the total, my aim is to be debt free then save for a trip to America, now seen a better trip, 2 weeks of coach holiday taking in great wack of sites, and take dd with me.

Allow yourself little treats, even along the way, if you don't your go mad and resent the money going off debts, don't have to be expensive treats, noticed you like crafting, so say to urself right once I've paid xx off then I can have xx as a treat. That way your getting the best of both worlds, ok might not be as much as you would of spent on crafts, but the fun will be making that amount stretch to get the best bargains.

Don't worry about falling off the debt free ladder, you won't be the 1st nor the last xx

(Apologies Taxi - hjacking yr thread)

taxi73

I definitely will not be getting in debt ever again when I've shifted this lot.It is too much hard work/stress getting out of debt to do it again.
The only debt I can see me ever having is a car loan for a new taxi when needed but at the end of the day it's not personal debt it's business debt.
Funny enough DH and I had a conversation only about half hour ago where we both said that we don't want any debt and if we haven't got the money for something then we'll have to save for it.
Have been to work and it was okish so not too bad....
I didn't get my soak in the bath last night as popped to DSs house for a couple of hours.So aim to do it tonight instead.Not a lot to report again.

ZTD

Lemon_Tree wrote: »

probably because it took me 3 consolidation loans to learn my lesson. Plus i have a tendancy to still have 2 or 3 really good months then i spend silly money on my crafting habit and start kicking myself.

How much is "silly money"?

Do you have a "entertainment" entry in your budget?

ZTD

taxi73 wrote: »

Funny enough DH and I had a conversation only about half hour ago where we both said that we don't want any debt and if we haven't got the money for something then we'll have to save for it.

I wonder how many people in the country have decided that? Might make bank loans a bit redundant.

taxi73

ZTD wrote: »

I wonder how many people in the country have decided that? Might make bank loans a bit redundant.

That may not be a bad idea.I think we should live within our means as our parents had to.With the credit drying up it has made a fair few of us face up to our debts ...and I don't think that's a bad thing.

ZTD

taxi73 wrote: »

That may not be a bad idea.I think we should live within our means as our parents had to.With the credit drying up it has made a fair few of us face up to our debts ...and I don't think that's a bad thing.

I don't think it is either - but it will cause the "great and the good" to panic...

Something like "a recession is when banks refuse to lend - a depression is when people refuse to borrow"...

InaPickle

ZTD wrote: »

I don't think it is either - but it will cause the "great and the good" to panic...

Something like "a recession is when banks refuse to lend - a depression is when people refuse to borrow"...

:rotfl: Surely for many that will be 'depression is when banks refuse to lend...to me!'