£67,031.92 is a frightening number indeed....

Goingroundincircles

Thanks TOPM, I might have to steal the idea.

And I agree with Chrystal, if I added our mortgage to the debt figure I'd pretty much think 'sod it' and give up altogether!

Courgette

If it makes you feel any better TOPM, with our home and BTL mortgages we owe over £160,000 on a joint annual salary of around £15,000.

I think you're doing really well but I know very well the feeling of questioning yourself about the kids and what they're getting out of it all.

Keep at it, you're doing fab

enthusiasticsaver

Encouraging kids to buy tat in charity shops sounds as if that would go against all your principles, and mine come to that.

My daughters were brought up to save, they were given pocket money and allowances later and they learnt to manage money from their early teens. Now I don't think yours are there yet but when they do I strongly suggest you consider this.

If my DDs were given a certain amount of money at the beginning of the month they were told that they needed to save a certain amount towards expensive school trips but we would pay for uniform, shoes and school materials. All entertainment, unless family entertainment would have to come out of their allowance along with clothes, toys, books etc etc. If it ran out they needed to wait until next month before they could buy or do things. It gave them a sense of having to wait for things. It also meant that at 16 they could not wait to get out and earn their own money to increase the income at their disposal. We could afford to dole it out to them as and when but did not think this was a good lesson to send them that they got whatever they wished for immediately.

The only exception to this was shoes as we thought it important they have well fitted shoes. They had to be approved by us though first so something suitable for school/sports etc.

I do think that you have really learnt some important lessons over the last year and would suggest you pass these on to your DC but from the sound of it you already are.

wishingthemortgaheaway

Treadingonplaymobil wrote: »

The mortgage payment has gone through, so now it's an even more untidy £192,301.19 .

That didn't bug me as much on first look, but now I'm looking closer.. any chance of a £1.19 over payment?

Treadingonplaymobil

mfmaybe wrote: »

That's a lovely cheerleading post from Wishing!

You are providing way more fundamentals to your children than many can manage or even (sadly) care about. Home cooked, nutritious meals; camping holidays as a family; days out; activities, generous birthday and Christmas gifts. And in addition, you are teaching them that money doesn't grow on trees, and that anything nice comes at a price. If they learn that saving for things they want is the norm, then that's a huge leg up for their future wealth and happiness. Plus you are concerned about the environment and waste, so it's important they learn that buying well matters - sometimes an organic fairtrade cotton t-shirt will cost a lot more than the primark version, and that means more planning and saving, less immediate gratification.

Thank you, that's lovely of you to say. It feels like such a different way of doing things to so many other people, and that's a bit uncomfortable at times.

Treadingonplaymobil

Chrystal wrote: »

To help you stay more positive about things maybe you could stop looking at your mortgage as a debt. and more as an investment? If you weren't buying your house you'd have to rent, which would cost more, and you'd have nothing to show for it at the end.

If you concentrate on the £33,974.93 Total, and give yourself credit for paying off over £5000 pounds in 14 months ( whereas before LBM you would not only not reduced that but would have added to it)

Yes the mortgage is going to go up, but the value of your investment is also going up, and when the £33000, is paid you can start to overpay on the mortgage. Looking at things in a different light can make a big difference to our outlook/well being.

Not sure if I've expressed myself very well - I know what I mean

The change in your attitude, from the beginning, is amazing and I really admire the way you've progressed.

Goingroundincircles wrote: »

Thanks TOPM, I might have to steal the idea.

And I agree with Chrystal, if I added our mortgage to the debt figure I'd pretty much think 'sod it' and give up altogether!

Courgette wrote: »

If it makes you feel any better TOPM, with our home and BTL mortgages we owe over £160,000 on a joint annual salary of around £15,000.

I think you're doing really well but I know very well the feeling of questioning yourself about the kids and what they're getting out of it all.

Keep at it, you're doing fab

I didn't used to add the mortgage in, but once I added £20k of the unsecured debt onto it, it felt like much more a part of the 'true' debt number. It's not something I return to frequently, but I think it's good to have it in there as an occasional reminder where the debt has gone.

ellen_vannin

I agree that you should show the whole debt figures inc the mortgage, if not it is unrealistic.

Well done on the turnround in your attitude and spending patterns.

If the children are all on board it makes it much easier. Also sensible lesson in real life money planning for the future.

MatyMoo

Have you looked at the rate your debt as increasing monthly prior to your light bulb moment?

In addition to your debt reduction you have stopped increasing debt and now have savings......that sounds like a win win to me!

Treadingonplaymobil

enthusiasticsaver wrote: »

Encouraging kids to buy tat in charity shops sounds as if that would go against all your principles, and mine come to that.

My daughters were brought up to save, they were given pocket money and allowances later and they learnt to manage money from their early teens. Now I don't think yours are there yet but when they do I strongly suggest you consider this.

If my DDs were given a certain amount of money at the beginning of the month they were told that they needed to save a certain amount towards expensive school trips but we would pay for uniform, shoes and school materials. All entertainment, unless family entertainment would have to come out of their allowance along with clothes, toys, books etc etc. If it ran out they needed to wait until next month before they could buy or do things. It gave them a sense of having to wait for things. It also meant that at 16 they could not wait to get out and earn their own money to increase the income at their disposal. We could afford to dole it out to them as and when but did not think this was a good lesson to send them that they got whatever they wished for immediately.

The only exception to this was shoes as we thought it important they have well fitted shoes. They had to be approved by us though first so something suitable for school/sports etc.

I do think that you have really learnt some important lessons over the last year and would suggest you pass these on to your DC but from the sound of it you already are.

This sounds like a really sensible approach, thank you for sharing. :T

Treadingonplaymobil

MatyMoo wrote: »

Have you looked at the rate your debt as increasing monthly prior to your light bulb moment?

In addition to your debt reduction you have stopped increasing debt and now have savings......that sounds like a win win to me!

I think I did work it out once, but I've forgotten what it was! I think it was at least a couple of hundred a month until October '16.