Aligning the Stars

Starmummy

I spent some time looking on the savings and investments forum last night. One of the sticky posts started in 2007 and was talking about regular savings accounts with rates of 8,10 and 12% :eek:
No wonder the rich just got richer and the economy crashed

[Deleted User]

Wow that is insane!

Lucifa73

It would be interesting to compare that to loan and mortgage rates...

Starmummy

That is a very valid point Luc.
A quick search gives me an article by the BBC that states the average mortgage rate was 6.56%. Equally :eek:

redofromstart

Yep, when scoring 5.99% as a fixed rate mortgage deal was a great result. Our monthly payment now is 75% of what it was then. I don't remember the 15% rates, other than noting that food was relatively scarce for a while as a child.

Starmummy

redofromstart wrote: »

Yep, when scoring 5.99% as a fixed rate mortgage deal was a great result. Our monthly payment now is 75% of what it was then. I don't remember the 15% rates, other than noting that food was relatively scarce for a while as a child.

I remember those rates as a kid. It nearly broke my parents. Our TV was locked in a cupboard for the year as we couldn't afford the TV licence. Packed lunches were cheap white tesco value bread sandwiches with tesco value crisps and a home made bun. we could only afford frozen sausages and long life milk. My dad worked 3 jobs.

Determined to have enough of a financial cushion behind me to be able to ride those kind of storms.

Starmummy

"If something costs £1,000, and it's on sale for £750 and therefore you decide to buy it, you didn't save £250, you spent £750".

kittykatneedscash

Hi Starmummy just wanted to pop in and say you're doing great yours is one of the diaries I read but I'm rubbish at posting on other peoples diaries. Love the quote above I am a sucker for that as it makes it easier to justify buying something although not like I spend £1000 on anything maybe £10 on sale at £7.50:p

In regards your savings accounts like redo said can you keep your EF in a regular saver I think with most you can access your cash at anytime but when you do the rate just drops down to that of an easy access saver 0.2% ish if that's all you're getting anyway there's nothing to lose and if you don't end up needed the EF the interest is a bonus. I have 3 regular savers one at £300 and two at £250/m month max contribution so I am in the process of transferring £800 each month from lower paying accounts.

Lucifa73

Starmummy wrote: »

"If something costs £1,000, and it's on sale for £750 and therefore you decide to buy it, you didn't save £250, you spent £750".

Yes but if you had planned to spend £1,000 on something you need then the £250 saving is a good result!


I also remember the impact of the high mortgage rates. My parents had to choose between eating and buying us new school shoes. I remember my Dad doing a monthly food shop and found out later he did it in the small period between wages being paid and bills coming out and paid by cheque. I remember knowing money was short and not telling them if things were too small so they didn't get stressed. I too am determined my kids will grow up in a financially secure environment.

Starmummy

So Folks I guess this means I've actually managed to stick to a plan for an entire year. Go me.

The most noticeable difference is my mindset. I no longer feel 'broke' or 'broken'.
I know I am in control and on my way out.

My debts are totally in control and reducing nicely. Having an EF is such a weight off my mind. My earning potential is increasing (maybe the less stress of money worries has left me with more brain power to push in my career)

I had my last exam last week. It was a tough one...I think I may have to resit it. I am totally cool with that. It's my career, I'd rather really know the subject that scrape a pass. Either way I am still in line for being fully qualified by summer.

I've been thinking about next steps. I have a couple of other qualifications I'd like to achieve by 35.
I've also decided I want to start my own business that allows me to use everything I know. I think I'll work away at that for a year at least before it is ready to launch though. I need to research content and learn how to set up a really good website and stuff.

I have started reading more. Motivational stuff, financial stuff, mindfulness. I've also started to listen to podcasts on my commute to work. It really feeds the desire to really make the most of my potential.

I feel so strong at the moment.

Long may it continue.

I have been a bit spendy this week ( I really need to buy shares in Amazon) I have bought nearly a dozen books....but that should keep me busy for a couple of months at least. I also (finally) got around to buying a decent trouser suit for work. RE*SS had a sale on and I couldn't resist a half price suit.
It is all part of my capsule wardrobe though. When I look smart I work harder. Having a solid capsule wardrobe also gives me so much time. I barely think about what to wear for work now as I know everything fits and makes me look and feel good. More brain space for growth.

I've also started up G0usto boxes again. I used my work email to get the new customer offers again. I love cooking and it is really easy meal planning for me.

Things to think about this month
*Update starchild's passport
*no more books or clothes
*do one qualification task every day.
*read every day
*book spin class every Monday lunch
*speak to Mr Star about double booking of a trip we have planned
*make Mr Star a birthday cake.
*Pack bag for this weekends sleepover at the Natural History Museum.
*spend 2-3 hours a week brainstorming/researching ideas for business