100 months to turn the money situation round

hypno06

Well, like you say, at least you know now so that you can start making plans for the alternative. And you have the knowledge that you really HAVE paid that debt off - I hate the thought of marking a balance as reducing, and then having to mark it as increasing!

elantan

this is very true Hypno , tbh i am not that upset about it ... as soon as i found out the info i went straight into ok so what do i now need to do to put us in a good position? how do i intend on doing it ? etc ... that debt has now been paid never to return ... and paid off saving me quite a bit of interest so i am feeling quite good about that

i just need to figure out how i am going to get some savings for emergency money ... i didnt ever bother too much about interests rates before before as i was effectively saving at 6.25% ( mortgage rate plus tax) and couldnt find an instant access account anywhere ( ok it took a couple of days previously for the momney to hit my account ... but it wouldve done that if i was transferring from another account anyway) that paid the same or better and without the added hassel

now i will need to get anal about interest rates ... ah well i will learn some more about money along the way ... and that is always a good thing

taxi73

as Hypno says at least you know about it now and can come up with a new plan

elantan

Yep taxi forwarned is for armed ...

taxi73

elantan wrote: »

Yep taxi forwarned is for armed ...

So true:):):)

elantan

well its been a busy/non busy couple of weeks , i have had the cold so have had to phone in sick for work, sadly losing wages in the process, i have been researching interest rates for savings accounts but not really found anything of interest, so i am going to just put some money into my i.s.a till i find a suitable account for it to be in,

i watched the B.B.C programme about money the other week, the one about couples and their attitudes to money. it started many a conversation within the elantan household, very interesting conversations at that, i have also had some conversations with a few friends you know those right nitty gritty conversations where you tell all and some of it not so good? i have been concerned recently as i feel in alot of ways hubby and i appear to be struggling whilst friends etc have been not struggling ... might i add i have been very happy for them ... i just wanted to know how they managed to see if there was anything i could learn to help us

having these conversations with friends really does show me first hand ( as opposed to a t.v programme) that people really do view money differently, thats not to say ours is the right way and theirs the wrong way ... (infact i learned alot from talking to them about how my attitude can be very anal about money, debt repayment and savings)... but it is to say we are very different

so its pay day for hubby tomorrow and early pay day for me on friday i will be paying less to the debt and some into savings and we have decided to put £40 by for fun money ... this will be for swimming or the pictures or a meal or whatever we choose to spend it on

still no luck on the job front i know something will come up it will just take time and i need to be patient

skint_spice

Fun money - woohooo:cool:! Glad to see it, can't take it with you... I just watched the 40K programme on iplayer, was interesting, there was a woman who spent lots on cars and clothes but she had a wee mortgage and no debt so why not? each to their own...
Personally I have always spent money (not ridiculous amounts) on holidays, gym membership and meals out but shudder when folk say their sky package is £90 a month:rotfl::rotfl::rotfl:we all have different priorities:D

taxi73

I agree it's all about what makes you happy at the end of the day and there's no set way to do anything but ultimately you have to be comfortable with what you do.I bet it was really interesting to see how other people prioritise their spending.Mine is very similar to skint spice as above.
Mine are to enjoy life as you never know what's around the corner,live within my means,save for rainy days and holidays after paying bills..I am intending using my wage when I'm well enough/re trained to get a new job to clear my mortgage quicker so that we can never be homeless whatever happens.

elantan

skint_spice wrote: »

Fun money - woohooo:cool:! Glad to see it, can't take it with you... I just watched the 40K programme on iplayer, was interesting, there was a woman who spent lots on cars and clothes but she had a wee mortgage and no debt so why not? each to their own...
Personally I have always spent money (not ridiculous amounts) on holidays, gym membership and meals out but shudder when folk say their sky package is £90 a month:rotfl::rotfl::rotfl:we all have different priorities:D

oh i watched that one on catch up yesterday ... would love to know how the family with the kid at private school,3 cars, all those luxury holidays and eating out 3 times a week manage it all on 40k ...have to admit my heart went out to the family with the triplets ... those poor parents ... i think if i was a millionare i would help them out if they would accept it

the programme also made me look at both our spending and exactly how much we have coming in ... we fall way way short we have a joint income of £31,200 so that kinda helped me understand why we dont have loads of money floating about , our mortgage is a minimum of £526 a month as well so we paid a higher mortgage than some of the people on the show

dont get me wrong we do go out ... we do enjoy ourselves , this year alone we have been to the theatre more than 12 times ( saved a fortune through the a.t.g card) we did Florida and London, we did a couple of gigs and we eat out often ( cheap lunch deals) so we do try and enjoy ourselves as much as possible ... i just think it may be a good idea to budget for it rather than pay for it on a card then try and find the money :rotfl::rotfl::rotfl:

elantan

taxi73 wrote: »

I agree it's all about what makes you happy at the end of the day and there's no set way to do anything but ultimately you have to be comfortable with what you do.I bet it was really interesting to see how other people prioritise their spending.Mine is very similar to skint spice as above.
Mine are to enjoy life as you never know what's around the corner,live within my means,save for rainy days and holidays after paying bills..I am intending using my wage when I'm well enough/re trained to get a new job to clear my mortgage quicker so that we can never be homeless whatever happens.

totally taxi and you understand that more than most people ... i'm just so glad ( as i am sure many others including yourself is) that you are here and healthy enough to enjoy it ... hows the re-training planning going?

i'm the same as yourself, we are trying to pay out mortgage off faster, we have a long way to go but i can now feel it getting closer every month, and that feels good:) when we first took it out we took out a mortgage for 85K ( then promptly lost 25k per year income ) now its just less then half of that so it feels more manageable