Buffy and the Power of Ten

Buffythedebtslayer

Money news

I have moved all my savings into one account, I spent a lot over Christmas but know it is because I didn't plan and I didn't organise. I can afford it, I don't have any debt and the presents have made people happy and the day very funny plus I feel like I did a good if slightly excessive (!) job.

So after the financial lax management of the last 4 months I have

2907 pounds in savings.

A pay rise, not completely sure how much

no debts

My friend has recommended a financial adviser for me to go see as again I am considering a rental property up north. I have consistently keep my spending under control for the last year - as in no need for credit cards, or overdraft. I can't say I have been entirely sensible but I am a million times better than I was. It would obviously mean getting in debt. Possibly to the tune of 40,000??

I know I need more savings for a mortgage so it might be that I wait and get a mortgage or just take out a large personal loan - with the hal!fax I can over pay their loan and have flexible borrowing, so that has some advantages. A mortgage more than likely wouldn't have that but would have a lower monthly payment (tho that could go up) I have to say the loan appeals more. Just as I could pay it off more quickly.

I need to have a tooth removed or saved - the pain I am in I doubt it is can be saved and then I need to think about paying for dental treatment..........

Car insurance will come out of my savings. Must sort out the quote whilst I am off. ugh.

I am going to go back to using my barc!ays account as my main spending account, the hal!fax as my bills account and the T5B as my savings account.

I also have a virtual sealed pot to pay into each week.

I will go visit the financial advisor.

XXXX

I have been typing this for ages!

beanielou

Glad that you had a lovely time Buffster.
We weren't 'on' on boxing day either.
Came home earlier today.

beanielou

What ace pressies did you get?
I got £££'s towards my fence :eek: :rotfl:
Got it ages ago as you know.

Buffythedebtslayer

SO

I got a memory foam mattress, a huge Yankee candle, my favourite perfume(in a beautiful set) , series 10 and 11 of Supernatural, The Secret life of Pets on DVD, the Monty Don book I wanted, lots of chocolate, biscuits, some body shop stuff, bed socks (:)) Superman V Batman on DVD.

I know that to some people it would seem excessive. Thing is our family, not massively affectionate or open with feelings plus no small children so we all buy a lot, it sort of shows how much we care. I need really to make a proper list so I can thank people.



xxxx

hign10pines

Merry Christmas and Happy New Year! I Haven't been around much lately

Pooky

Glad you had a lovely Christmas. I love my memory foam, it does make for a far less achy body.

One thing I'd question about getting the loan (and forgive me if you've already thought about it) but what impact would that have on your affordability for your own mortgage/rent needs should anything happen to your current living arrangements? I still feel that your money would be better invested in buying out a portion of your Mums house to give you the stability and security.

Sun_Addict

Glad you had a good Christmas Buffy

Pooky's right about the loan, please give it some thought.

Buffythedebtslayer

Yeah, that was my one argument for a small buy to let mortgage. on a monthly basis that would be a lot cheaper and allow me to rent somewhere more expensive if it came to it.

I am trying to practise patience. I knew last year I still clicked too easily and built up a monthly credit card bill so I waited - also the prices up north seemed oddly expensive over the summer. I haven't had a surprise credit card bill for a few months. Was proud that I paid for the bathroom and didn't over spend. I think realistically the flats I looked at the other day - they would be a property to buy with cash and immediately have the rental income and the asset, not something to get into debt for. you'd barely "make" enough to cover the interest.

IF I cut back massively (which would be difficult) I could save more, now the bathroom is done and that expense is sorted, most of our white goods are insured and I do have an emergency fund..............I could add to that.

Would it be impossible to simply (!) carry on saving??

I mean that option would be a lot less stressful in terms of nothing to pay back. Not having a property to manage and more flexibility in terms of cash.........

I wrote my goals down - one of those self help exercises, I suppose I should call it a self improvement exercise You are supposed to write them down every day from memory... I always forget the house one!

I just wonder. I mean I would love it, but am so not keen to get into debt. I talk about it a lot but my actions say save?

XX

Sun_Addict

Personally I would save. But that's just my opinion, I've never been a risk taker. If you had inherited a large sum of money or were doing it as a business it may be worth the risk. It just seems more trouble than it's worth to me. In the end only you can decide what's best xx

Pooky

Saving gives you options and you will need to think about your housing situation, one way or another at some point. Having the money behind you for a deposit or to be able to buy something outright will take one less stress out of the situation.