Taking charge of my debts!

BettyBones

Hmmm... interesting. 50% is a lot! This is what I can't make my mind up on. I'm on track to have a full state pension and I currently have a workplace pension but even combined they would probably only provide me with half of what I earn now. So a part of me says carry on working full time and save/invest as much as possible to top up the retirement fund but then the other part of me says why wait? Why not just drop down to a 3 or 4 day week or a 3.5 day week and be semi-retired and enjoying my money now? The trouble is, investments can go down as well as up so there's no guarantee that continuing to live frugally and stashing the cash will actually improve my retirement prospects. And who knows what's around the corner. Maybe I won't live to be retired anyway. So I'm thinking maybe I should just go for semi-retirement now? Or work hard to stash some serious cash for the next 3-5 years and then go semi-retired? Hmmm... decisions, decisions, decisions! Oh well... that will keep... for now it's just heads down and get on with this debt busting malarkey I suppose

copperman05

Yes it is, but equally if I retire at 60 and live for another 30 years (a guess) then it would provide a decent income over that period. Have you heard of Mr money mustache? He retired at 37 or something and promotes minimalist living with the aim to be financially independent well before the normal retirement age. I guess its alternative way to live ones life but I have to say it certainly has some aspects that are attractive to me.
I'm mindful that as I don't own my own house, having some sort of investment for the later years in addition to my pension needs to be instigated now or the boat will be missed.
Being committed to paying off my debts is also showing me that I could be committed to saving and investing too, its a mindset that's fairly easily transferred. Although its early days yet its still an interesting proposition.

copperman05

I love my slow cooker....

Started shopping for meat at Smithfields meat market again, we are lucky here in London to have such a great market selling at trade prices to the public, you have to get there early 3am-7am is best but the savings and quality of the meat is well worth it.
Last night/this morning I picked up 36 butchers sausages for £10, 2.25kg of smoked back bacon for £9 and a pork shoulder butt at 4.3kg for £12.36. The shoulder is for pulled pork, which is cheap, easy to make and tastes amazing. Makes buying meat from anywhere else redundant imo...

doingitanyway

Smithfields is a fab meat market. Have you ever been to Billingsgate for fish? Another bargain basement way of acquiring quality protein.

I have seen a few of your posts. You are like a Dave Ramsey disciple and the epitome of gazelle intense. Wishing you luck on your journey although in truth it isn't about luck is it? keep on keeping on...

copperman05

I have, although it's a bit harder for me to get to and since selling the car harder still. Other half keeps wanting me to take them there so may have to go one early morning.

Thanks for the support. It's still early days but I hope the momentum continues.

copperman05

Today is payday and I paid £1300 towards debt repayment, yay!

Bobarella

Wow that's really good!

copperman05

Thanks, admittedly £200 was saved from last month pay packet but its still pretty good and such a wonderfull feeling to be paying this sh*t off!

copperman05

Thrifty discoveries this week.

My local market in Wood Green does a whole 4kg bag of onions for £1!
Lidl has been a bit of an eye opener since Ive started using it as my main supermarket. Just goes to show less price doesnt always mean poorer quality, I'm a bit of a tea snob and usually drink Yorkshire Gold but after trying the Lidl Knightsbridge range I'm happy to drink their Gold or Breakfast brews, perhaps not quite as strong as YG but for the money its more than decent enough for daily drinking, and half the price.

Essentially most of my meat is now slow cooked, mostly pulled pork and pulled chicken, homemade coleslaw and homemade chipotle mayo, I even had a go at making some brioche buns, turned out very well actually! The chicken carcass gets boiled up to make stock for soup or cooking liquor for cabbage/greens (I braise my cabbage with pork or chicken fat which gives it a much better flavour than boiling).

copperman05

Been struggling to keep focused this last month, but now back on track again.

I've been paying my debts as planned but started drooling over a new motorbike I'd like to have, I ended up looking at delaying paying off the loan (once CC's are paid later this year) so I could start saving for the bike (as I wasn't about to get into more debt).

Luckily this idea has been put to rest and I'm back on track, if I do get a bike at some point its going to be a much cheaper used one, and not a brand new expensive thing.

Just goes to show how easy it can be to loose sight of one's financial goals over the long term, it can be easy to start justifying what you want and can afford.

My long term goal after paying of my debts is to start getting my money work for me (and obviously stop getting into debt), I want to start buying added pension to bump up my earnings in retirement as it seems a sensible thing to do and perhaps something I will thank myself for later.

I need to keep carrying on with this long term goal in mind, once my debts are paid I will allow myself some more room for enjoying life, such as buying a bike (I'm a complete petrol head) but until then these debts must remain my focus until they are gone...