Freedom At 50!

edinburgher

Matched betting. That is all

HelenDaveKids

Welcome back SD, we've kept your seat warm.

Hdk xx

southerndave

Blimey. Long day already, and the last job is updating here, before I take some R&R!

This month looks to be another in the trend where we have spent to our income, so not good and why I am back here to refocus our efforts on getting the mortgage paid down. Had to take a bit of stock and make some tough decisions.

Essentially, as in line with previous entries we are 'keeping it simple'. I really thought the book RMIB* was superb and pretty much all you need to know to manage and grow your money, so we are putting it into modern practice. At the end of each month now I am shifting 10% of my earnings into savings and the interest is to be re-invested in them to grow the pot. We will continue to live off the rest as usual. My OH will be doing the same with her earnings, but these are mainly cash so will continue to set aside 10% and every so often add into the savings account. This money is untouchable, it is there to grow and earn an income.

Next change is living strictly within what's left, so keeping an eye on shopping more now, getting good deals etc. However this isn't always cheapest, as over the last year a lot of cheap deals proved to be not as good as thought, so we are prepared to pay a little for quality we are happy with.

Moving forward definately looking again at other income streams and increasing the in-flow rather than trying to hard on the out-flow. I think we are pretty much controlling what we use on a day to day basis, its the frivolous things that I have bought mainly in the recent months that have caused the damage....

...and so to the hard part. My gorgeous Jag has to go. Its a lovely car, best I've owned and I have had no problems with it, but running costs fuel wise are high and furutre servicing, tax etc are all high. So I have to be sensible here and move on. Looking to replace with newer car same as our other one, so will take a chunk out of our bank to start BUT fuel alone pays for this over four years compared with the Jag. We did toy with going back to one car, but the opportunities to earn more come with two and I have to be honest and say it is easier all round.

So that's where we are now. Back on board, undoing the recent spending and getting back on track!

sweetdaisy

All the best with your new plans. It's a shame you are having to get rid of the Jag, but I can see why you are doing this. Maybe you'll be able to get another one once you become MF

gallygirl

OK, give in, what's RMIB?

With regards to the car - how long would it add to your mortgage free date? Would you prefer to be mortgage free in x with a nice car, or mortgage free in x+y, and be driving a Jag the whole time? You obviously love it, so maybe it's literally a price worth paying?

southerndave

sweetdaisy wrote: »

All the best with your new plans. It's a shame you are having to get rid of the Jag, but I can see why you are doing this. Maybe you'll be able to get another one once you become MF

I'd certainly like to! A brand new XKR would be nice and by the time we are MF maybe even affordable?!

southerndave

gallygirl wrote: »

OK, give in, what's RMIB?

With regards to the car - how long would it add to your mortgage free date? Would you prefer to be mortgage free in x with a nice car, or mortgage free in x+y, and be driving a Jag the whole time? You obviously love it, so maybe it's literally a price worth paying?

I would like to, but its the unknowns in future costs, as well as fuel. I think we'd be right, get the mortgage gone, then have nice cars. At least now I can say I have owned, not one but two Jags so I have still ticked some boxes of the bucket list! And RMIB is Richest Man In Babylon, EVERYONE should read it.

Watty1

Years ago I read the 10% advice and made a note of it - then - failed to do anything about it which 10 years on I rather regret. Hey ho. I've woken up now


Pre starting my diary I thought about one car as a way to save money - then we had a car off the road for 9 days - eeekkk - dreadful. The Watty household couldn't manage with one car, it is so much easier with two. Well done for at least considering the idea but totally get why anyone would consider and swiftly move on

southerndave

We did have only one car for a long time. I work for a travel company so I get free travel BUT for two days a week I cannot take advantage of it due to my start/finish times, so I was using the car and my wife/son were cycling. However, my wife's business has picked up and as my boy gets older he carries more and more to and from school which is fair way away and it was getting too much for them, especially in winter.

Since December when I got the first Jag, it has allowed my wife to get a little more work as she can be more flexible and likewise I can work more hours on overtime and or do my self-employed work easier, merely because we have separate transport. I think nowadays it is more of a need than a want and unlocks earnings, so pays for itself. I am now grappling with what to get next, all options will involve taking a large chunk out of our bank up front but over the next couple of years will re-coup and then start profiting from lower running cost/insurance/fuel etc.

The 10% thing is brilliant, so simple and so obvious. I sympathise Watty as I also read a little book on goal setting way back in 1988. I have just found a copy and re-read it and am putting into practice and its working. I chastise myself when I think what I could have achieved by now if I had put it into practice nearly THIRTY bloody years ago!!! Ah well, you cannot go back only forward.

Secret_Saving_Squirrel

Quite right, and it is good to see you back. I think once you have stopped frittering, it is very hard to go back to it for long! As they also say, you can't change the beginning, but you can make sure you get the ending you want.

All the best,

Squirrel x