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Giving every £ a job
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We have a car savings pot here too, Blackcats. Neither of us want to go down the car finance plan route. Last time we bought a car, we saved a big chunk towards it then borrowed the rest just as a straightforward bank loan. I actually borrowed more than we needed so as to get the much lower interest rate. We part-ex'd too & spent within our intended amount. I then paid the extra loan money back in as an overpayment plus some exra we'd saved. At the end of it all, that car was 100% ours, with no 'surplus mileage' penalty to pay. I have seen finance schemes which allow as little as 5 or 6 thousand miles per year. That would be hopeless for us.... it wouldn't even get Mr F to work!
F
2026's challenges: 1) To rebuild our Emergency Fund to at least £5k.
2) To read 50 books (12/50) 3) The Re-Shrinking of Foxgloves 8.1kg/30kg
Remember....if you have to put it on a credit card, extend your overdraft or take out a loan to buy whatever it is, you probably can't afford it, as that's not your money, it's somebody else's!2 -
Glad thing are working out well with your car. We too fell for the car fleece trap in the past. We don't intend to do so again. We bought a banger in 2019 for £750 - and it is still going strong. We've had to buy new tyres and maybe brakes and do something with the steering rod ends - but nothing compared to the cost of buying new... We bought a just under new car for me in 2016 which we kept - but just buying it pre-registered knocked at least £4K off the price. I managed to transfer the car loan to 0% CCs so that worked out well. In 2015 we fell for a £24K car straight out the showroom for DH - we'd only gone to look. It was a beautiful car though... We gave it back at the break lease point and vowed never again...Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £2.4K Net savings after CCs March 26 (but owed £1.1K) so £3.5K
3) Mortgage neutral by 06/30 (AVC £36.2K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 42.1£127.5K target 33% 27/2/26 (If took bigger lump sum = 64K or 50.1%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.2K updated 16/1/262 -
Yes indeed Foxgloves and Saving Holmes - I think the car leasing route is certainly designed to get the maximum out of people's pockets. I've never gone down that route but not because of financial wisdom - it sounds like just the sort of thing I would have done. I always used to get loans when I wanted a new car. I remember feeling elated when a loan was approved - always for a bit more than the car would cost so I could treat myself - good grief what was I thinking of???No spending day today. I'm doing a Bo*ts online order at the moment - working from a list but the checkout process is sooo annoying. Trying to reset my password 🤯. I'll try again tomorrow.3
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Good luck with you order. I got some good bargains from there last week on things I wanted to buy anyway so was happy.
We borrowed more than we needed on the mortgage for the same reason - DOH!Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £2.4K Net savings after CCs March 26 (but owed £1.1K) so £3.5K
3) Mortgage neutral by 06/30 (AVC £36.2K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 42.1£127.5K target 33% 27/2/26 (If took bigger lump sum = 64K or 50.1%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.2K updated 16/1/261 -
Agree, Savingholmes that there are good new car deals to be had from buying pre-reg, simply because the dealership needs to get them shifted.
F2026's challenges: 1) To rebuild our Emergency Fund to at least £5k.
2) To read 50 books (12/50) 3) The Re-Shrinking of Foxgloves 8.1kg/30kg
Remember....if you have to put it on a credit card, extend your overdraft or take out a loan to buy whatever it is, you probably can't afford it, as that's not your money, it's somebody else's!2 -
I was tempted to buy a new car recently but the moment has passed and I'm happy with my reliable and cheap to run car.
I had a day off today and enjoyed a lovely walk in the beautiful sunshine at a local national trust gardens. Then home for a cosy afternoon watching Inspector Frost with cups of tea.I'm super excited to do my month end figures tomorrow when the credit card statement updates. I think I'm on track for a record low spend. I'd aimed to reduce spending by 21% as we are in 2021. I think I've beaten that target 🤞. Obviously I've been locked down for a long time to be getting so excited about my month end figures - but it feels like the frugal month will really help with retirement planning.5 -
I hear you on the excitement levels... I was like that clearing debt this month. Hope you meet your challenge.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £2.4K Net savings after CCs March 26 (but owed £1.1K) so £3.5K
3) Mortgage neutral by 06/30 (AVC £36.2K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 42.1£127.5K target 33% 27/2/26 (If took bigger lump sum = 64K or 50.1%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.2K updated 16/1/263 -
Funny how the normally mundane things seem exciting right now. I’ve spent loads less in lockdown, no temptation to just nip into shops on the way home from work or on my lunch break.I get knocked down but I get up again (Chumbawamba, Tubthumping)3
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Yes SavingHolmes - you've really smashed the debt busting this month - well done! SA I actually prefer not to go to shops now - I used to like to mooch around shops (often buying "stuff" that seemed inexpensive but all added up). I also spent a lot of money in coffee shops which is ironic as I don't like coffee so was really buying a very over-priced tea bag and teeny jug of milk.I'm really enjoying a glass of Friday night Prosecco but judging by the way the cats are circling me like sharks I need to get out of my comfy chair to feed them. Bracing myself for snow over the weekend. I like looking at it but I'm nervous of driving in it. I have to go to my elderly relative's on Sunday so I'm hoping that the snow waits til I've done that.3
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Thanks. I am with you on it being great to avoid any fritter spendAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £2.4K Net savings after CCs March 26 (but owed £1.1K) so £3.5K
3) Mortgage neutral by 06/30 (AVC £36.2K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 42.1£127.5K target 33% 27/2/26 (If took bigger lump sum = 64K or 50.1%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.2K updated 16/1/261
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