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

taxi73

Thanks DT..I will look fror the thread and see what it's all about.
It's not sad wanting another star ..lol...hoping I get another one at 10000..lol.
I pay the Virgin each day over the internet ...£10 minimum..and today paid £47.80 to round down to the next £100.I guess rounding it gets it paid off a bit quicker as well.
I don't know whether people think I'm a bit silly for having savings in EGG whilst having debt...but I do that as I'm trying to cover a couple of angles doing that...having monebity in case of dire emergency,to pay the tax bill and any other big bills that may crop up that I don't have enough for in the main current account ...and lastly but most importantly as I'm trying to be debt and mortgage free I need to save money for that as well which is what the EGG account is really for ....I have an offset mortgage but if I leave it in there it's only 0.99% interest.....so I think this is the best way to do that

boredofbeingathome

Yep you do get one at 10000 posts. keep posting.

Way to go on the non smoking Taxi, and you are right in the midst of perfect weather for the illuminations..i reckon it signals winter.lol

Double_Trouble

taxi73 wrote: »

Thanks DT..I will look fror the thread and see what it's all about.
It's not sad wanting another star ..lol...hoping I get another one at 10000..lol.
I pay the Virgin each day over the internet ...£10 minimum..and today paid £47.80 to round down to the next £100.I guess rounding it gets it paid off a bit quicker as well.
I don't know whether people think I'm a bit silly for having savings in EGG whilst having debt...but I do that as I'm trying to cover a couple of angles doing that...having monebity in case of dire emergency,to pay the tax bill and any other big bills that may crop up that I don't have enough for in the main current account ...and lastly but most importantly as I'm trying to be debt and mortgage free I need to save money for that as well which is what the EGG account is really for ....I have an offset mortgage but if I leave it in there it's only 0.99% interest.....so I think this is the best way to do that

I dont think you are silly an emergency fund is good.
Good to see you have joined the PAD thread.
Mortgage free - there is always the new MFiT-T2 starting in Dec if you are interested?

DTxx

milann

Taxi, I think it's good to try and save a bit - something I hadn't done for a loooonnnngggg time . After having read a fair bit to inspire me - yesterday, I set up a couple of monthly transfers to accounts with coppers in that I used to save in but have lay empty for years (ISA and instant saver account) whilst in Abbey. I'm hoping not to touch them and use one for holiday fund !!! Christmas fund, the other to save towards loan that can't be overpaid has to be paid in full. But I know I can get at them in an emergency (hope there's not an emergency too soon only £25 in each at mo lol)

Milann

taxi73

Phew..just woke up.I fell asleep about 3pm(I think)!!!!.
Thanks BOB def feels like winter...can't be bothered going to switch on now as nice and warm here and it's freezing outside.
DT...I've not even spotted the MFIT..T2 thread but sounds good..what board is it on?..think it'll take me ages to read the PAD thread.
Milann....it 's a good idea to save some money as you never know when you need it..we got stung last year.We'd been paying loads and loads off the CCs and then the taxi got wrote off ..so no earnings and having no savings was a real struggle..luckily as it wasn't our fault we managed to get a replacement hire taxi..that is when we decided we really need to have some money for emergencies...it was a really stressful time and it was only by the skin of our teeth that we by....so savings are now a must to us....for many reasons.

Seaxwyn

Definitely a good idea to have an emergency savings fund - not having one has caused me lots of setbacks. And the fact that it is offset against the mortgage makes it debt-busting at the same time. You definitely have your head screwed on right!

Double_Trouble

http://forums.moneysavingexpert.com/showthread.html?t=1402631

Taxi hoping I have done this right in which case this is the MFiT - T2 thread.

DTxx

urg123

HI Taxi

Not been on here much recently. Just thought I'd come in to wave!

I agree with the others - the savings make sense. I am currently using a savings account to hold some money for my 0% card so that I can earn the interest. I also save a monthly amount to pay for my annual bills i.e. insurance, tv license etc. It helps to keep me on the straight and narrow!

urg x x

ZTD

taxi73 wrote: »

I don't know whether people think I'm a bit silly for having savings in EGG whilst having debt...but I do that as I'm trying to cover a couple of angles doing that...having monebity in case of dire emergency,to pay the tax bill and any other big bills that may crop up that I don't have enough for in the main current account ...and lastly but most importantly as I'm trying to be debt and mortgage free I need to save money for that as well which is what the EGG account is really for ....I have an offset mortgage but if I leave it in there it's only 0.99% interest.....so I think this is the best way to do that

Martin's doctrine is to pay off debt before having savings.

*However* that relies on perfect liquidity.

Liquidity is the ability to raise debt at a moment's notice - Martin being blessed in having Vice-Presidents answering the phone when he calls the bank. We mortals have less options... :rolleyes:

if you don't have perfect liquidity (and that's what did Northern Rock in - illiquidity) then a monetary cushion makes perfect sense. The trick is to make it the right size. It is far too tempting to make it bigger than is needed for your own feelings of security.

Dunno if that helps...

taxi73

Morning all...just paid another £80 to Virgin for my PAD.
ZTD ..that makes perfect sense...liquidity is key and after last year and the taxi fiasco...I never want to be in that position again!!!...getting the right balance is so hard.
Seawyn...nice to have you back...I know the feelings about tax as that and my accounts(still not done) are the bain of my life.
DT thanks for that ...I'll have a look at that later.
Urg...that's a good idea about the savings account for yearly bills....The TV licence I think you save £5 per year by paying it by DD ...might be worth checking..I pay my insurances in full every year as well..so will work out what the big yearly ones are and put that away.

Right must love you and leave you and get to work or else the masterplan won't work...LOL.
Have a good day xx