Mr and Mrs K's New Journey to a Debt Free Life.

AlexLK

EchoDelta wrote: »

Sounds like a good night! Just wanted to say that it's pretty hardcore to save 12k and not dip into it. Goes to show that you do have the soul of a saver after all!

Yes a very good night, paying for it now though.

:rotfl: I've actually saved in the past too (house deposit, for things I collect which mostly have actually appreciated), just spend a lot too.

LannieDuck

AlexLK wrote: »

I guess you are and I'll bow to your clear superiority (Cambridge reject here, looks like I never did get over that).

Are you going to be sending your children to a state school, then?

Oh gosh, not superior at all. I hope I don't come across that way in my posts.

I plan to do with my children what my parents did for me - find a 'good' state school and send them there, see how they go, and be prepared to consider private school if state school doesn't work out. Although I see no reason to think it shouldn't.

We're definitely not doing private school for pre-prep or the equivalent of infant/junior education (is that prep school?).

AlexLK

LannieDuck wrote: »

Oh gosh, not superior at all. I hope I don't come across that way in my posts.

It was a joke, my dear.

LannieDuck wrote: »

I plan to do with my children what my parents did for me - find a 'good' state school and send them there, see how they go, and be prepared to consider private school if state school doesn't work out. Although I see no reason to think it shouldn't.

This is what my wife would like to do. We have a very small village school. The local senior schools couldn't be more different from one and other though: one is a very traditional school with a history dating back the 17th century, designated as a specialist music college (not sure if you need to play an instrument to get in though), attains high levels of achievement and has a fantastic school orchestra but the other is in special measures and by all accounts doesn't serve pupils very well at all.

LannieDuck wrote: »

We're definitely not doing private school for pre-prep or the equivalent of infant/junior education (is that prep school?).

Pre-prep = ages 4 - 7. Prep = ages 7 - 13.

LannieDuck

AlexLK wrote: »

This is what my wife would like to do. We have a very small village school. The local senior schools couldn't be more different from one and other though: one is a very traditional school with a history dating back the 17th century, designated as a specialist music college (not sure if you need to play an instrument to get in though), attains high levels of achievement and has a fantastic school orchestra but the other is in special measures and by all accounts doesn't serve pupils very well at all.

I can absolutely understand you not wanting to send Little K to a school in special measures. When the time comes I'll be having a very close look at the various secondary schools in my area. (Just because I'm fine with 'state schools' generally doesn't mean I'm not going to be picky :P) Will also consider state grammar schools.

However, the other state school sounds very interesting, esp with your musical background. I guess it depends whether Little K inherits your interest in music...

Incidentally, not sure I've said that my OH went to a private all-male boarding school. He does not have very good things to say about it. I think the quality of the school is pretty independent of their state/private status. If you have poor state schools in your area, but good private schools, I could see why you were keen on going private. But otherwise, I'm not sure you're really gaining a much advantage for Little K for the cost.

Something else to bear in mind - with all this saving for secondary education, are you going to be able to help Little K through uni when the time comes? While I'm not putting money aside for private education, I am starting to save for a 'university fund', should DD wish to go when she's old enough.

AlexLK

LannieDuck wrote: »

I can absolutely understand you not wanting to send Little K to a school in special measures. When the time comes I'll be having a very close look at the various secondary schools in my area. (Just because I'm fine with 'state schools' generally doesn't mean I'm not going to be picky :P) Will also consider state grammar schools.

However, the other state school sounds very interesting, esp with your musical background. I guess it depends whether Little K inherits your interest in music...

I must say I do see where you are coming from, it would be much less of a financial burden for us to send our son to a state school, even just for the younger years. However, I have certain views and also worry he would fall behind in a state school environment, perhaps not being able to pass entrance exams at an older age. Perhaps, I just have too much time to worry too much.

I'm not sure there are any state grammar schools in my county.

He is already showing a lot of interest in music, we do quite a lot together, of course it's far too early to be doing anything serious and we do not know if he will carry on with it when he gets older.

LannieDuck wrote: »

Incidentally, not sure I've said that my OH went to a private all-male boarding school. He does not have very good things to say about it. I think the quality of the school is pretty independent of their state/private status. If you have poor state schools in your area, but good private schools, I could see why you were keen on going private. But otherwise, I'm not sure you're really gaining a much advantage for Little K for the cost.

Something else to bear in mind - with all this saving for secondary education, are you going to be able to help Little K through uni when the time comes? While I'm not putting money aside for private education, I am starting to save for a 'university fund', should DD wish to go when she's old enough.

If I'm honest, I suppose I'm so hung up on schools because it was perhaps the only place I ever felt like I "fitted in" and was happy. Without a doubt my school days were the best of my life. I would like my son to have fond memories of school too.

I doubt I'll be able to help him through uni, not if we remain in our current situation. However, that is a lot of years from now.

slowlyfading

Happy new year Alex :beer: well done on the 2nd F & F, great start to the year. The two cards you have left, what are the balances on them and what's the APR?

LannieDuck

AlexLK wrote: »

I doubt I'll be able to help him through uni, not if we remain in our current situation. However, that is a lot of years from now.

It is a lot of years... of compound interest

AlexLK

slowlyfading wrote: »

Happy new year Alex :beer: well done on the 2nd F & F, great start to the year. The two cards you have left, what are the balances on them and what's the APR?

Cheers. :beer:

The cards currently have had their interest frozen until the end of March, so are 0% until then. If I cannot secure interest frozen for any longer the APRs stand at 17% for one and 15% for the other. The current balances are (to the nearest £50) £6750 and £3200.

I also have a bank loan which I have not missed a payment on, then there is the dreaded mortgage which I'd rather not think about as very little capital gets paid each month, I'll be an old man by the time the thing is paid off and I have little equity in my currently leaky house.

slowlyfading

AlexLK wrote: »

The cards currently have had their interest frozen until the end of March, so are 0% until then. If I cannot secure interest frozen for any longer the APRs stand at 17% for one and 15% for the other. The current balances are (to the nearest £50) £6750 and £3200.

So, focus on getting them paid off ASAP? I'm sure you could clear them in no time!

I also have a bank loan which I have not missed a payment on, then there is the dreaded mortgage which I'd rather not think about as very little capital gets paid each month, I'll be an old man by the time the thing is paid off and I have little equity in my currently leaky house.

How much is the bank loan for? How much longer has that got to run?

Most people have mortgages, don't worry about this, for now

AlexLK

It would be great if I could get the cards cleared by the end of March, will certainly aim to get the £3200 one paid off. Mrs. K. has printed a spec and finance calculation for the new car she's after, I can't help but feel rather disappointed she's choosing to get into more debt with her money.

The bank loan was for £15,000 but there's only a year left to run on this now.

I'm only really worried about the mortgage because we chose a house which needed work when we moved in, the work has still not been done and the house is slowly getting into a state of disrepair. On the positive side when we do finally get round to sorting the place out, there is a lot of value to be added to the property.