Madalice takes the plunge

madalice

Thank you all for your warm welcomes and to think I was really nervous about making my first post. I shall be dipping into your threads for ideas and inspiration, gotta stay motivated somehow.

madalice

kingster2069 wrote: »

Also are you using cash back sites for those essential purchases?

Erm, I used Quidco, once in the past, does that count?

goobergirl

We use Top Cash Back (TCB) regularly. We buy nothing on the internet without checking if you can get it through TCB.

mooomin

madalice wrote: »

Hiya Stedwell, thanks for the welcome. One thing I really need to get a grip on is all these acronyms. What's a DD1? I can tell it's your eldest, but what does it stand for? My equivalent of a DD1 would be EDOF (Eldest Drain on Finances) and YDOFWPMT (Youngest Drain on Finances with PMT)

DD1 - Darling Daughter 1 (add numbers as number of children increases!)
DS1 - As above, but son
DH - Darling husband
DP - darling partner

There's a lot of darlings in these acronyms

Former_E.ON_Company_Representative:_Malc

madalice wrote: »

Thanks Nora, I know I have to tackle the shopping bill but I'm a rubbish cook so that'll be my greatest challenge. On the plus side, I have ordered a free energy monitoring device from eon (my kids are going to love that..................not). On a personal level, I have started walking into rooms and after switching the light on, thinking do I really need that light on to which the answer is usually no.

Hi madalice

Well done in your efforts to cut down on your energy usage. I'm sure the monitor will help.

We may also be able to help. Have a chat with our Energy Efficiency team. Give them a list of your appliances and they will be happy to suggest ways you might cut back.

Ask for a copy of a booklet called '100 ways to save money by saving energy.' It's free and contains lots of good advice to help you save energy.

Checkout our website, too; particularly the Interactive House and the free energy survey. More good tips here. :cool:

Hope this helps madalice and good luck with the savings. Give me a shout if you need any more info as always happy to help.

Malc

uzubairu

Welcome aboard madalice and good luck on your journey.

It took a while for my OH to get with the program.
Initially, it was me making all the effort, using cashback sites, changing utility suppliers, scrapping daily baths for 4 minute showers and eBaying every bit of junk that wasn't screwed down.
With the just the savings made on the utilities (gas, electricity and water), I was able to increase the monthly overpayments by £55.
It took my OH to be laid up in bed after an operationin 2009 (with nothing to do) before he started to think about what we could save in interest if we paid of the mortgage more quickly.
It also gave him ideas about what we could spend the money when it wasn't paying off the mortgage.

A redundancy scare last summer gave him the motivation to get this monkey off our backs ASAP.
He does lapse now and again, but that is with his own money (after he has given a nice slice for the joint account), so it doesn't really matter that much. You should treat yourself now and again because at times it can get a bit boring/depressing.

We set aside money for a meal out each month, and bigger treats when we reach milestones.

I control all the household spending and he is happy with that.

You'll get lots of info and support from the many posters on this forum, and it's nice to read the stories of those who have achieved their goal.
I don't think that I would have made as much progress with the mortgage, if I hadn't been using this forum, as it is a great motivator.

atush

I enjoyed reading your post, and am in about the same position. One at y2 in Uni, twins due to go in 2012.

When we orignally went debt free apt from mortgage, we saved and saved mostly thru monthly reg savers, and into investment trusts. Overpaid mtg about 550 a month once the rates dropped (am on a low tracker too). Have shaved a whole lot of time, interest and balance so far.

Have cash in the bank, but with Uni expenses coming up x2, I reduced our overpayments to 300 a month so as to pay for son1 Uni expenses from income instead of savings, so as to keep the savings going for the other 2. Probsbly backsliding by MF standards, but Uni is expensive and hopefully we can get rid of it when the twins are done.

I wonder if it is age, but we too are getting more frugal (even though we too like our holidays). We always ate Sat Lunch, Sun Brkfst, Lunch and dinner together but I have started trying to do more family meals in the week as it works out cheaper. Hard to do as hubby is so late home every day but each time I do I am saving money.

My biggest problem is I want to buy a rental property for buy to let, that would mean a new mortgage lol.

Oh and I have only bought 3 items since Jan of clothing lol. And two were tshirts I got at M & S with my store vouchers so only paid for one item. I guess now i'll try not to buy any more til January sales again lol.

madalice

E.ON_Company_Representative:_Malc wrote: »

Ask for a copy of a booklet called '100 ways to save money by saving energy.' It's free and contains lots of good advice to help you save energy.

Thanks Malc, I'll do that.

Checkout our website, too; particularly the Interactive House and the free energy survey. More good tips here. :cool:

Yes, I did that the other night when I ordered the monitor. Just got to train the rest of the household now which will be something of a challenge. It was bad enough when I started swapping the light bulbs for energy saving ones, my son said we might as well go back to candles for the amount of light they give out but he's got used to them now.:D

Hope this helps madalice and good luck with the savings. Give me a shout if you need any more info as always happy to help.

Malc

Thank you, I will.

madalice

atush wrote: »

My biggest problem is I want to buy a rental property for buy to let, that would mean a new mortgage lol.

This is exactly what we did. Our original mortgage was taken out in July 1992 and if we'd left it at that we'd be nearly done by now. In December 2006, poor timing as it turned out, we borrowed an additional £100,000 against our house over a 20 year term and bought a buy to let property. On the bright side, that property has never been empty but it's value has fallen by quite a bit. We console ourselves with the fact that it was always intended to be a long term investment and somehow it feels better to know that we own that property outright and the mortgage is on our own home. Probably not very logical but there you go. With hindsight, I'm not sure I'd do it again but that's only because of the minor aggravations of being a landlord such as being called out if things break down or fence panels get blown out.

madalice

uzubairu wrote: »

Welcome aboard madalice and good luck on your journey.

Thanks, I'm going to need it. Eldest just hit me with a request to go on an upcoming college trip to Thailand in Feb for a mere £1492.:eek: