Some sense please ... again

gallygirl

Spiggle wrote: »

I know us. To have that sort of money around would be an almost insurmountable temptation.

That's it then - you are doing exactly the right thing in OPing. Well done :T

Spiggle

gallygirl wrote: »

That's it then - you are doing exactly the right thing in OPing. Well done :T

Thanks gallygirl,

It really was quite cathartic writing it all down because truly I have been through all the thoughts of saving as opposed to paying down. But finally I think I may have grown up and accepted us for who we are rather than what we may fantasize to being!!!

Funny thing was, after I'd written it all down, OH came and had a read. Now, DVT notwthstanding, we have never done a long haul holiday together mainly because he's 6ft 4" and the cost for him to be comfortable on a long flight would be quite high. So, after he'd read it, I asked him if he really thought we'd ever be able to resist taking £9k in savings and blowing it on a first class long haul to say Canada or New Zealand. The answer was a resounding no! :rotfl:

I really do appreciate your comments, thank you.

Take care,
Spigs

Spiggle

Well I just thought I'd pop on to update really.

So far we seem to be on course. As this is the first full month with readjusted payment dates for DD, SO, OP and piggybanking it's interesting to see how the bank account balance is going. I'm logging on every day now, sometimes twice, just to see how its stacking up. And at the moment it seems fairly positive.

OH gets paid around the 18th each month and a lot of the regular payments are set up to go out between then and 20th so we have a positive balance in there now and my pay goes in on Friday. Then on the 1st the big payments go out £839 for mortgages (£800 OP), £230 on CC and £100 on the loan. These seem like huge amounts and a bit scary but this will still leave £500 net out of my pay. With the positive balnce from OH salary we should be fine through to his next salary on the 18th. (fingers firmly corssed!)

Btw, I just realised that the amount outstanding on the loan is not included in my total below due to the attitude of "forget it not costing anything and goes out regularly budgetted for". But the currently £2620 of CC outstanding is included. So will get well under £55k on the 1st November. Can't wait and will set myself targets at each £5k mark I think.

I just need to learn some patience as I have to wait until its worked out for another month or two to make sure that we're not stretching ourselves too far. Patience never been a good thing for me hence why we've always had debts!

Right I'm off and hope anyone reading is having a good Sunday.

Take care,
Spigs

[Deleted User]

hi spiggle!
another one here who doesnt have patience as a virtue! :rotlf: sounds like you have a plan in place though, and waiting a bit to see if its sustainable is a good idea I think as most of us are in this for several years minimum!
sometimes changing the habits that were costing so much money is easier than waiting I think! at least it has given me something to do anyway ... will look forward to catching up on your journey

Spiggle

Deleted_User wrote: »

hi spiggle!
another one here who doesnt have patience as a virtue! :rotlf: sounds like you have a plan in place though, and waiting a bit to see if its sustainable is a good idea I think as most of us are in this for several years minimum!
sometimes changing the habits that were costing so much money is easier than waiting I think! at least it has given me something to do anyway ... will look forward to catching up on your journey

Thanks Deleted_User,

I agree with you. I've been doing the grocery challenge sinced March and I hope that bad habits there are now cured. Another high and unecessary habit (some say addiction :rotfl:) was stockpiling toiletries and cosmetics but as I haven't bought anything I haven't actually run out of since February I think that one's under control.

Really it's been a 8 month realisation to get to this point and I couldn't have done it without MSE and the wonderful members of the forum. I've learnt so much. :T

But now I have to just let all the pieces of the plan play out and, as you say, see if it's sustainable. I hope you enjoy my journey and I'll look out yours.

Take care,
Spigs

Spiggle

So today the biggies went out of the bank - OPing £800 off the mortgages! :T

In addition, the £230 for the CC went out to OP that and keep on track for that being completely cleared by the time the 0% ends in about 11 months time. :T

The total now of the two mortgages is £51,968 and the CC £2390 giving me a total owing of £54,358. So beaten the 55k mark. :j

By my calculations the next time I'll be jumping for joy like this will be in about five months when I get below the £50k mark. Mind you that's assuming that it really is sustainable. And doesn't take account of the fact that I may be able to increase the OP which would be fantastic. :cool:

The piggybank accounts are continuing their rise too so will be fully covered for the car expenditure come April. The only fly in the ointment will be Christmas this year (piggybank is new so won't touch it this year) but it shouldn't be too much of a problem as we don't go mad and we still have a truly disposable balance in the monthly accounts at the moment which should well cover expenditure on the seasons spends.

Ok I'm off to have my supper. If you've read this far, thank you, you do have stamina!

All the best and take care,
Spigs

tootallulah

I am like you money in savings is a temptation but I am very good at paying the bills, I just see the mortgage as a humungous bill. It is great to see you doing so well, we are a similar age I wish I had had this goal much earlier!

XSpender

Hi Spiggle

Just read through your diary. I am with you and tootallulah on been tempted to spend what is in the savings. I have recently increased my mortgage dd so it comes out like a bill and save bits and pieces, a few quid here and there, to my overpayment pot that can't be missed.

Good luck with your journey

Spiggle

tootallulah wrote: »

I am like you money in savings is a temptation but I am very good at paying the bills, I just see the mortgage as a humungous bill. It is great to see you doing so well, we are a similar age I wish I had had this goal much earlier!

Hi tootallulah,

I know, if only we'd had the same sense ten or twenty years ago eh? That's a good way of looking at the mortgage, just a humungous bill!

So far I'm ok with saving in the piggy bank fashion as it's all then got a label (or bill) associated with it. But the temptation if I had large amounts stashed would just be toooooo great. Much better just paying off the big bill and looking forward to five years time when I really will be able to just be tempted and think "What the H***?!?!?". :rotfl: Good luck with your journey! :T

XSpender wrote: »

Hi Spiggle

Just read through your diary. I am with you and tootallulah on been tempted to spend what is in the savings. I have recently increased my mortgage dd so it comes out like a bill and save bits and pieces, a few quid here and there, to my overpayment pot that can't be missed.

Good luck with your journey

Thanks XSpender,

I'm not organised enough to save bits and pieces and find that putting it all on a DD every month is far better for me. It did take me about a week in August to go through every last detail of our outgoings - changing payment dates, etc - to get it all sorted out but it was really worth the time invested. As you know the GC was where I started with this and even though we're on a budget and we're using every penny that could be spent on luxuries (wasted), we're happier now than we've ever been about our financial circumstances.

It's strange really, even though I've been rubbish at thinking about getting rid of the mortgage earlier I've always paid for everything else by DD and been on top of it. It took MSE and the wonderful support and advice on here for me to finally see the light!

Thanks for your good wishes and I wish you all the best with your journey too. :T

All the best,
Spigs

tootallulah

Hi Spiggs,there is something good about being in control of your finances. I don't understand now why I used to be such a head in the sand, note I am not saying it makes you wise necessarily I still have splurges. Life for me is definitely more than work (and who knows how long that will last these days).

Getting rid of the mortgage will give freedom and some choices that I currently don't have. I will be hitting the mortgage big style from January when my home improvements are over. I will probably need 80 payments from January so I will have lost seven months from my original challenge. You will be mortgage free in less than 60 payments woo, hoo.