Get a grip woman!

enthusiasticsaver

I have noticed a few ostriches on the diary forum too. I don’t have any issue with people trying to manage their debt and try and live too. It is the ones with debt increasing who are still spending which are difficult and frustrating to read.

Good idea to use the 25% TFLS to reduce the mortgage.

Suffolk_lass

redofromstart wrote: »

There are worse ways to be remembered

Interests points which helped me reflect on my own behaviour. I'm trying really really hard not to get sucked into 'sales' and spending but reading my diary back I bought jumpers and boots this month that I wanted, not needed, even if I justify to myself that it was with my Christmas present money. That's money that have gone to emergency savings or the ginormous great debt that is the mortgage. It does make you think when you read back. I think if you go looking you will always find unmissable bargains and I guess the trick is not to look in the first place.

You are right - it is a different journey for everyone. Yours has been particularly remarkable so far. Your articulate open discussions really do inspire others to emulate you. I think it is great that you have a copy - when you have got back in the black you should read it from start to finish - as you go along, you don't realise the ground-shift that is happening

Suffolk_lass

Monthly update

DEBTS

Mortgage [STRIKE]£110,621[/STRIKE] £93,665,54 (£16,955.46 paid so far)
Barclays 0% Finance for double glazing [STRIKE]£8,755.54[/STRIKE] £3,581.82 (£5,173.72 paid)
DH's car - paid off on 21st Aug 17 [STRIKE]£3,476[/STRIKE] £0 (£3,476 paid)

Total [STRIKE]£122,852.54[/STRIKE] £97,247.36 - that is £25,605.18 or 20.84% paid off so far.


SAVINGS
£10,868.60 Emergency pot
£12,511.62 S&S ISA with Fidelity International (original £10,000 some years ago, no further capital added)
£7,020.05 DH's S&S ISA (with Charles Stanley Direct] (increase of £2,050.35 this year
£3,164.92 2 year Bond with Skipton BS @ 4% Finished 31 Jan 2018 - This is being used to reduce the mortgage!
£11,330.58 7 year bond with Skipton BS - matures Oct 20
[STRIKE]£38,630.43[/STRIKE] £41,595.54 Total actual cashable savings

Shortfall -£55,651.82 (all debts)

We have just had the call with the pensions pot holder to go through the legal process of drawing down DH's 25% tax free lump sum. It should help with the mortgage payments in February. I wonder if this is why I need to go and have a little lie down and a snooze?!

enthusiasticsaver

Once the 25% TFLS has come off the mortgage it will be in the £70ks. Coming down nicely.

redofromstart

Thanks - what a lovely thing to say, made me smile. I've been lucky that I have had work since I started the diary but its going to get very tight in a few weeks.

We will have the option to draw down a small pension of OHs in a few weeks but I need to look into the tax situation if he does. Might be best to save it for a famine year. We have both potentially lost some final salary pension as it was with Carillon and now in limbo so a bit anti pensions generally at the moment.

Suffolk_lass

We are obviously to blame for the massive shift-downwards in stock-market values - it happened the first working day after the conversation with the pension-fund advisers that we had to have before drawing down 25% tax free lump sum. At this rate it will be a thousand or more down :eek:

enthusiasticsaver

Yes, unfortunately when Wall St sneezes the whole world catches a cold as they say. We have investments too but luckily don't need access to it for the next few years. The downward shift is annoying at its least but particularly if you intended to access your DHs pension this year. Is it a DC or DB pension?

I have not looked at ours yet but we are 40% in bonds so I don't think they are quite as volatile. It has been anticipated for the last year or so though and I am guessing if US interest rates are predicted to go up as suggested then the UK rates may well follow shortly depending on Brexit fallout.

Suffolk_lass

It is the 25% tax free lump sum he is permitted to take from his DC Pot that we want to draw down, in order to pay down the mortgage. We will be moving the other 75% into a retirement account that is 40% equities and 60% bonds as we intend drawing down the rest within the next 5 years.

enthusiasticsaver

Is the DC pot split between bonds/equities at the moment? Hopefully the market will stabilise before June.

Suffolk_lass

enthusiasticsaver wrote: »

Is the DC pot split between bonds/equities at the moment? Hopefully the market will stabilise before June.

It is, but I cannot recall the split. It is an old Clerical Medical Fund (taken over by Lloyds group a few years ago. They tend to be carefully conservative