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F.I.R.E. Starter, the journey begins
in Debt free diaries
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A busy day at work after a week off and hopefully one of many more no spend days at work. Otherwise no news. Xx
We started preparedness training in the hospital. I’ve worked as a specialist nurse for the last year so was pleased to be refreshed ready to be drafted to the wards when needed. I’m very keen to do my part and work on the ward so as soon as I’m needed but I am very tearful and anxious. DH has asthma and my DD has been started on an inhaler at the beginning of the month so my fear is that they are at risk. Although DD is young only a toddler and DH is 35 works outdoors in a physical job so 🤞🤞
DH and I are both slightly overweight but active and eat a moderate diet. Dh goes on mountain biking weekend all year and I love to walk but this outbreak has given us a kick up the back side and I’ve taken my running back up (haven’t run with regularity since I was pregnant with dd) just want to be as fit and health as possible.
I’m so pleased we’ve got a EF together this year, thank goodness with everything going on and DH being self employed without it we’d have had a terrible time this year. We think we will be around the 3k mark with saving, annual payment savings and EF by the end of the month so we can use each of those pots to get through this outbreak. Ideally we won’t need to use annual payment or savings but these are exceptional times.
I won’t be out of work so that money needs to cover DH if he has to stop work at some point during the outbreak. Work (he’s a subcontractor with the council doing round works) tell him there’s no need for work to stop as the office staff can work remotely and he works outdoors. I however think non essential work could be stopped and am trying to prepare. We could suspend saving and have obviously stopped socialising etc. so 3k will allow DH to have 2.5 months out of work.
We have also planned when DH work stops I can take overtime on to increase how long I our money will last. Then I’m hoping after the outbreak work will resume as normal quickly.
I hope everyone is well and looking after each other. We have sent letters with our contact details to the older people I know on the street. We’ve had nice responses back but no takers yet.
Stay well xxx
As planned we have taken our small amount of money out of premium bonds to prepare for the loss of work.
We were modelling our our plan on Dave Ramseys ‘baby steps’ we have completed step one £1000 EF and we’re working on step two - pay debt, when the outbreak has forced us to rethink and have decided to skip to step three - save a 3-6 months worth of outgoings in emergency fund. Now we won’t get to complete that yet but we thought we should increase our fund to 3 months of dh portion of the outgoings as he’s the one to worry about work wise. Then we’ll hurry back to paying debt off.
Both DS and DD have had a cough and a temp. this week so DH has been at home in quarantine with us - no work ☹️ It’s been really idyllic but it’s only week one 😂 I’ve managed to work from home answering patients calls and responding to emails so I am quite pleased I’m still able to help and this is a revelation working from home. Definitely pushing me to get on with my course and get to some work life balance.
I hope you're all well
The cough and temperature ended up being chicken pox for DS and two weeks to the day later DD has it now too.
I hope everyone else is well and staying safe. Xx
Rental property savings £1,500
Annual payments pot £1,264
Bonds £40 - I think, I need to check
peer 2 peer £138
What I owe the world - what I have = £21,067
We made a 5 year plan. We decided our debt is so overwhelming that we need to let that do it’s thing and go down over the four years it is scheduled to while we have made a 5 year plan to buy a small rental property. We are saving £500 pm which is in income bonds which will give us £30,000 plus interest. This idea was born of the fear if we pay off debt faster but dh loses his job due to pandemic and the aftermath we would regret not having more savings. So no overpaying debt but saving all we can for now. I know this is backward as our interest on the loan is greater than our interest on the savings but for security at the money we’re going this way.
Annual outgoings pot £300
Rental savings £3000
bonds £40 - still unconfirmed!
what we owe the world = £19,172
the rental savings have steadily gone but by £500pm however the outgoings have gone up with our daughter starting preschool but not entitled to the 30 hours free childcare until January so 4 x expensive months. Our son started school so we no longer get 30 free hours for childcare we had. That also compounded by the fact I cut my hours in October has meant we have had to nip into various savings pots.
Ill have a look at a more detailed plan before the heat is out.
total debt £17,439
Currently we knock off £1,032 a month so we need to find an extra £553 a month. We have a holiday booked which is £417 payment a month for the first 5 months of the year so I think the second half will be easier to reach the extra £553.
(Extra £4 and hour) if you do overtime and my husband is on call over the winter - gritting so there is a little extra money coming in the next two months. Because of husbands on call I won’t get much overtime in but it will all count.