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Finally Debt Free After 34 Years, But Still Need to Live Frugally

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  • beanielou
    beanielou Posts: 96,554 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Oh & good news on the PPI :j :j :j
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    beanielou wrote: »
    Glad that you had DS3 home for Mothers Day.
    Sorry that you are so tired today :(
    beanielou wrote: »
    Oh & good news on the PPI :j :j :j

    Thanks Beanie :).
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 3 April 2019 at 8:23AM
    I'm thinking that I need a new savings account for some of my PPI money. At the moment I have it in a savings account attached to my current account, but it's too easy to transfer money across and I'm worried that I'll be tempted to dip into it :o. Plus the interest rate is not great on that account as it's about 0.25% or something.

    So tomorrow I may try opening a Mr T online savings account that Martin recommends, which pays about 1.42% interest. Then I could put £2,000 in there and forget about it. It's instant access in case of emergencies, but I won't see the money every time I log into my current account and be tempted to spend some of it :o.

    Once I get my cheque from the H@lifax I'd like to save £2,000 of that too ideally, so I may put that in the Mr T account too and forget about it once it's cleared.

    We still need to pay our end of March VAT bill and get DH's glasses, but his cheque from the H@lifax has cleared so should cover those easily. We also may need to lend DS3 £3,000 :( but we'll cross that bridge when we come to it. Plus we need a new oven.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • daisy_1571
    daisy_1571 Posts: 2,258 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I thot his brother was lending him the £3000? Seems more sensible if he has a weighty surfeit of money and you guys have much less?

    Glad you are one step nearer getting the cheque :)
    22: 3🏅 4⭐ 23: 5🏅 6 ⭐ 24 1🏅 2⭐ 25 🏅 🥈⭐ Never save something for a special occasion. Every day is a special occasion. The diff between what you were yesterday and what you will be tomorrow is what you do today Well organised clutter is still clutter - Joshua Becker If you aren't already using something you won't start using it more by shoving it in a cupboard- AJMoney The barrier standing between you & what youre truly capable of isnt lack of info, ideas or techniques. The secret is 'do it'
  • Sun_Addict
    Sun_Addict Posts: 24,351 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Great news more PPI money is on its way :) Good idea to stash some in an easy access account for emergencies.

    Glad you got through yesterday xx
    I get knocked down but I get up again (Chumbawamba, Tubthumping)
  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    daisy_1571 wrote: »
    I thot his brother was lending him the £3000? Seems more sensible if he has a weighty surfeit of money and you guys have much less?

    Glad you are one step nearer getting the cheque :)

    Thanks Daisy :). DH thinks we should offer to lend it to DS3 as it's our responsibility as his parents. We would get it back but not until the autumn.
    Sun_Addict wrote: »
    Great news more PPI money is on its way :) Good idea to stash some in an easy access account for emergencies.

    Glad you got through yesterday xx


    Thanks SA :). I want to hide the PPI money away before I'm tempted to spend it all :o.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • Munchin
    Munchin Posts: 2,816 Forumite
    Part of the Furniture 1,000 Posts Photogenic Debt-free and Proud!
    Morning HHD,

    Great news on PPI. I hope you managed to get a bit more sleep last night.
  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Thanks Munchin :). I got ten hours sleep last night so I felt much better this morning.

    I put two laundry loads on to wash before I left for work and hung up one load. I also emptied the kitchen bins which were overflowing again.

    It was sunny when I left for work but started hailing when I was half way there :eek: so I regretted not taking my gloves. It definitely felt colder than yesterday. You never know what to wear when you're working outdoors :think:.

    This afternoon I plan to clean out the furry moron, do our Mr T order with DH and open an online savings account. I also need to tumble the second laundry load as I can't dry things outdoors today because it keeps showering :mad:.
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • HairyHandofDartmoor
    HairyHandofDartmoor Posts: 13,960 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    PPI UPDATE
    Guess what arrived this morning? My cheque from the H@lifax :T :beer:.

    I'm tempted to pop into town and pay it in, but I don't think I've got time and we're not desperate for the money at the moment (I never thought I'd say that :D) so I'll probably do it another day. I definitely need to open another savings account now :).
    Finally Debt Free After 34 Years, But Still Need to Live Frugally
    Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
    EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
    CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
    HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS
  • EssexHebridean
    EssexHebridean Posts: 24,619 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Thoroughly recommend the Tesco internet saver account HH - you do have to watch for the interest rate dropping when the bonus vanishes, but you can just open another one so that's easy enough!

    Delighted to hear that your PPI claims were so fruitful as well - see, we told you it was worth doing didn't we! :T
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
    Balance as at 31/08/25 = £ 95,450.00
    £100k barrier broken 1/4/25
    SOA CALCULATOR (for DFW newbies): SOA Calculator
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