Pay off mortgage and start having fun!

Alchemilla

Good luck with your grocery challenge.

AlexLK

Alchemilla wrote: »

I would gladly be car free if it were practical here.

I could not imagine not having a car, since I passed my test at 17, I've never been without one.

newgirly wrote: »

The brakes was a suggestion from ahem as I said I didn't want the kids driving the mini.:) nice selection of cars Alex, must be costing shed loads to maintain :eek: I heard they are not going to make any more defenders, is that why you are getting a new one?

I don't add up the car costs.

Yes, this is the last year for Defender production. To be honest, I'm not buying the Defender, it's a very generous present from my mother. She's had Defenders and before that Series Land Rovers for her whole driving career, so I've lots of memories. She is very sad about the Defender and has bought three: one for herself, one for me and one which will be stored for my son. I will still keep the Discovery and share the mileage between the two Land Rovers when the car arrives. It's my first ever new car and I'm rather excited about it.

newgirly wrote: »

The clean eating is eating as least processed as possible, currently quite easy as its summer so lots of fruit and salad anyway, lost a couple of pounds this week with out trying (and had lots of curry last night!)

Budget thoroughly looked at today.:o its going to be tight, I can do it but will have to go back to being properly oldstyle on a day to day basis ,if we still want to
save for Xmas and the odd break.

So after all this is paid for:

Mortgage
Bills
Kids,mine and dhs pocket money
Oyster top up
Yearly car stuff and home ins
Credit cards 0%

Then we will have exactly £750 left pm

So grocery budget has been set at £320 pm (£10 animals pm, £310 us, or £10 a day in a long month, so £2 a day each really.

£80 Xmas savings
£50 birthdays
£70 holidays or nights away
£30 school dinner top ups
£80 petrol (cutting by £20 as will use van at weekends)
£120 float left per month - this will be for clothes \treats\school trips\meals out depending what we need on a monthly basis , I will prioritise as and when needed.

Biggest challenge is the food budget, ive done it before but its hardwork, conversely I put more effort in with less money and we often eat better for it. Started today by sticking the bread maker on for the first time in ages, stole a dozen eggs from mums chickens , scrambled eggs on toast tonight

Clean eating should be cheaper, too.

Your budget looks good but is it reasonable? Do you really get away with only putting £80 worth of fuel in your cars per month? Also £130 per month for birthday and Christmas presents seems a bit much?

getmore4less

You just had an eating out mess up this month, yet the budget does not have eating out in it.

if it was for an "event" then it comes out of that part of the budget.

Plans only work if they are realistic estimates of where you will be spending your money.

newgirly

Hi Alex, wow will your mum buy me one too I bet your ds's one will be worth a bit after being tucked away for a few years. I have reduced petrol costs a bit as I often go out with my best friend and she has just had a baby so she drives her car with the isofox. Plus I'm hoping to use the electric van a bit more.

Get more for less, i did state above £120 for clothes food, school bits and meals out etc. With limited money sometimes it means not spending on other stuff to accommodate unplanned things, ie. Meal out -raid the freezer and spend less on food that month.

I've rung the mortgage company again today and asked for an appointment after they sent me yet more stuff today saying I should be paying off my mortgage, would I like to extend the term or go repayment :cool: yet another advisor has said we may take your wages into account , I very much doubt it but its worth the 45min phone call on weds, you never know.

Dd is 18 today :j she loved her presents, has lots of tickets to see shows in London and I even managed to get tickets to the secret cinema that she wanted to go to.

We are off to London tonight to see the show she is putting on, beer in the Camden brewery pub beneath first :beer: my parents are coming over soon with presents and we are sitting in a sea of pink balloons eating chocolate.:) I love the kids birthdays :T

Patched

SmartRRRR wrote: »

My advice is always this - know the difference between what you WANT and what you NEED.

Think carefully about why you want something, and only buy what you need; you will spend less.

This right here:T
These words have probably helped me more than anything towards getting my personal finance on to the right track!

Alchemilla

Sounds fabulous.

Goldiegirl

I've been thinking a lot about your situation.

I'm all for keeping a balance between saving/MFW and spending, plus I think people should budget for some pleasures in life, as a regime that is too tough is doomed to failure.

However, if I was in your situation, knowing that I had 7 years to pay off a sizeable mortgage, I think I'd be drastically changing the balance towards reducing the mortgage ASAP, and would be making more compromises to do that.

I looked at your no compromise list. I fully understand why you'd want to have a holiday break with your children, as they won't be wanting to go away with you for much longer, so you want to enjoy this time while you can.

But I think I'd stop having the weekend away with DH for the next few years. As for the presents - I'd probably stop buying for friends. As you are on present buying terms with them, I imagine they are good friends, so I'd explain why I was stopping - as they are good friends I'm sure they'd understand.

You've mentioned doing up the house on a budget. I personally wouldn't have done this right now - I'd have chucked the £1000 or so straight into the mortgage.

Regarding eating out. You've always struck me as a family that like to socialise together, and personally I love to eat out. But I think it'd have to cut back on eating out, and plan eat out once every three months or so. Plus, I'd use my Nectar points to get Pizza Express vouchers or similar to cover some of the costs.

I don't think it's sustainable to rob other budgets to pay for ad hoc meals out. I've noticed that you sometimes say you've only got a few quid left out of your grocery budgets quite early in your month, so I'm not sure how realistic the grocery budget are to start with.

I'd be looking to reduce outgoings, with all the old favourite things like meal planning, batch cooking and next summer would start growing my own veg, and throwing all the savings into the mortgage.
Maybe I'd have the coffee with my friend round my house, and only go out for coffee once a month.

Plus raising more money, like hitting the survey sites, ebaying (with 5 of you in the house, there must be loads of unwanted stuff) - all the net proceeds would be paid into the mortgage. Not to mention the cash backs and Nectar points etc etc.

It is hard work to do all these things, and it takes disipline. But it can be done. Maybe the work could be shared out, so everyone in the house has a task to do.

I hope you don't mind me saying all this, but I really would like to see you get on top of the situation, and I would hate for there to be a real crisis 7 years down the line, when the mortgage term ends.

But do enjoy the 18th birthday celebrations tonight. 18th birthdays are one offs.

Alchemilla

Goldie that was a really good, and graceful post.

newgirly

Thank you Goldie, it is what I need to hear I am finding it hard at the moment and have tried to talk to dh in the last few weeks about my worries. We are living in an expensive area surrounded by rich friends and family, am still trying to continue with an outwood look of normality if that makes sense.

I know what we need to do, but I'm flipping dreading it dh came home last night and wanted to go to the local pub as it was a sunny night and I said no I'm too tired. I didn't want to spend any money though. The kids are not needy cash wise, they are not bothered about holidays - its me that wants a few days away a year with them.

Dh and I probably need the time together more since we started working together, it can get a bit much sometimes and we both have suffered from stress in different forms. But if we can't afford it we can't afford it.

I'm going to attempt to make savings to still try and have a few trips away,if we can do it we will if not then we won't I guess

I hear you on the surveys etc. I used to do them all but gave up, ive grown some tomatoes this year but everything else died except one courgette :rotfl:

You have given me lots to think about and I know you know your stuff thanks for taking g the time to post and I will stew it over

PS just about to drink champagne before we leave tonight ,a gift from my 40th I saved for DDS birthday , surely I get points for that being mse :money:

edinburgher

I have been catching up with recent chat in your thread with interest and it has been exciting stuff! Warning, that's often a bad thing in a forum where the focus is financial sustainability :eek:

You sound like a great Mum, you obviously work hard along with DH and I bet your family gatherings are fantastic fun! I believe that Goldie (and getmore4less with a bit less tact) have hit something that you're avoiding somewhat firmly and painfully on the head.

It strikes me that you are currently in the midst of a debt emergency!

A recent post where you were talking about some of the things that you would and wouldn't compromise on (I bet you're regretting that post already!) struck me as a little entitled. That's a strong statement, truly sorry if it upsets you. The sad fact of the matter is that almost everyone works hard and we all feel that we deserve some nice things for our trouble. If we can't afford them, it needs to be a case of 'tough titty' from time to time.

Why not start from scratch? The list of things that you *can not* compromise on are:

• A safe and warm home for your children
• Food on the table and enough of the necessities of life to survive
• Sufficient tools and cashflow to keep your business going (it is your livelihood after all)
• Protection for the future - it strikes me that you are missing this out almost entirely?

Why not budget based on that and then see what's left, prioritising everything else, which are wants, not needs? Be honest about what you spend as well, this is key. I am currently in the midst of a painful adjustment, apparently I spend way more than I assumed.

We are living in an expensive area surrounded by rich friends and family, am still trying to continue with an outwood look of normality if that makes sense.

You are keeping up with the Joneses. Last time I checked, that didn't do anything for your family's prosperity

I hope you aren't put off by what could easily be dismissed as a wodge of negativity. I know that you can juggle a lot of things at once, I have every confidence that you can improve your situation soon.