The Mortgage Free in Three - Take 4 challenge (MFiT-T4)

PennyJar

Glad you thought it useful...definately old fashioned, but according to research recently done your more likely to spend less, if it's in physical cash - as your more likely to realise it's worth, rather than virtually with quick card transactions etc.

I am interested in finding out more about the partner app Welshlassie mentioned - if I could allocate in pots online without opening strings of accounts I may consider it. Trying not to do so many at the moment not to affect my credit rating in case we did move etc.

It is more time consuming - but sometimes back to basics is good.

All the best all :beer:

PennyJar

hiddenshadow

PennyJar wrote: »

Glad you thought it useful...definately old fashioned, but according to research recently done your more likely to spend less, if it's in physical cash - as your more likely to realise it's worth, rather than virtually with quick card transactions etc.

It depends on the personality. I rarely carry cash to mentally view it as "spare" money and I tend to spend it on silly things that I wouldn't actually buy otherwise. If I put it on a card that has a transaction (that I will need to track) I think about it more. To each their own, though.

I am interested in finding out more about the partner app Welshlassie mentioned - if I could allocate in pots online without opening strings of accounts I may consider it. Trying not to do so many at the moment not to affect my credit rating in case we did move etc.

This is what I like best about YNAB - it doesn't matter where my money sits or how I spend it (credit/debit card, cash, etc). That way we can maximise our interest earned and cash back.

PennyJar

Hi Hiddenshadow,

Agree with you about if you have cash with you its likely that you be tempted to spend it all, but what I've had to do is only take out of the envelopes what I need, when I need to spend. It is hard mind - see how long I can keep going with it, but so far, so good. Me and DH are a nightmare with cards - strange a few people have said they couldn't do the cash, whereas we're the opposite.

Going to look into YNaB as sounds really good.

All the best,
PennyJar

:beer:



You

mrsp1987

If I have cash in my purse I'll fritter it away on useless everyday stuff I don't need - like a sandwich in a shop and stuff like that. I prefer using my card. But again, to each their own

tattycath

I prefer cash, it doesn't tend to feel like I'm spending money when it gets paid by debit card and I lose track.
I am going to try the cash budget for the week method, not tried that and I think it might work for me.

mummytummy

Have completed update form requesting change in my target from $100k to $50k, think I was being a bit ambitious, if I can achieve that or more I'll be happy

PennyJar

Hi Tattycath,

You'll have to tell me how you get on...

PC

FreedomGirl

Hi,


It's really interesting to see people's different approaches - cash/not cash.


I think what I'm going to do is to a spending diary for the next couple of months, could be that the act of writing things down might also help reduce spending. Get to the root cause.


I am taking my food in for lunch (and our canteen is an ok place to sit) so it's not that, but I really miss going outside and having a break. Going for a walk without a reason doesn't really do it for me...it's much nicer to break for lunch.


But Central London doesn't give you many opportunities though for a zero cost pause


For 2017 going forward, I've identified a few professional memberships - and expensive subscriptions - that I might drop


FG

Mortgage_Minimiser

Hi Trix - no 59 here.

I put my numbers in at the beginning of July, Might have been too early. Anyway I wont change it, the details were:

# 59 with the latest update.....

Those last three months went quick!

Mortgage balance - £228,493.52

Hope I'm in the green or thereabouts this time!

Thanks trix-a-belle

MM
x

tattycath

FreedomGirl wrote: »

Hi,


It's really interesting to see people's different approaches - cash/not cash.


I think what I'm going to do is to a spending diary for the next couple of months, could be that the act of writing things down might also help reduce spending. Get to the root cause.


I am taking my food in for lunch (and our canteen is an ok place to sit) so it's not that, but I really miss going outside and having a break. Going for a walk without a reason doesn't really do it for me...it's much nicer to break for lunch.


But Central London doesn't give you many opportunities though for a zero cost pause


For 2017 going forward, I've identified a few professional memberships - and expensive subscriptions - that I might drop


FG

I keep a spending diary every now and again. It works for me. As I have to write down every last penny I spend, it makes me really think harder about whether I want to make certain purchases.
I do it periodically to get my spending back in check when I have lapses.