Haven’t been here for a while but I’m back ...

mumofthetwins

Hi guys

I just wanted to jump on to say I’ve been missing a while but I’ve been sticking to it
I’ve became a Dave Ramsey fan girl and managed to pay off £18,000 last year, as well as cash flowing a few things.
I have around £11,000 left to pay then I’m adding myremaining mortgage to BS2 which is just over £25,000 ... this means 2020 is the year to knuckle down :j:j:j

This is one of the reasons I’ve dug the house out to find my password and get back on here

So does anyone else follow Dave and any tips to help keep me sane as I was intense last year and this year it’s going up a notch

Lisa x

Moneyminded

Hey Lisa,

Happy New Year! Just wanted to say congrats on your achievement, £18k paid off in 1 year is fantastic!

I've become a bit hooked on watching Dave on youtube, it's fascinating and motivating to hear some of the stories.

I just wondered why you are lumping your mortgage in to BS2 when it is BS6? If you managed £18k last year you will definitely be able to clear the remaining 11k this year. If you already have BS3 covered then fair enough but they are in an order for a reason.

You're doing amazing, just imagine how you will feel this time next year

Keep up the good work and good luck

JayRitchie

Hi

Why not post an SOA to show what you live on and how you have repaid so much and plan to repay more?

I think its good to read forums with people in similar positions to get a feeling of community and mutual support. Do you have much free time (through cutting down on social activities) or are you paying back debt through long hours at work? I think these circumstances make a difference to how to deal with the challenges ahead.

mumofthetwins

Moneyminded wrote: »

Hey Lisa,

Happy New Year! Just wanted to say congrats on your achievement, £18k paid off in 1 year is fantastic!

I've become a bit hooked on watching Dave on youtube, it's fascinating and motivating to hear some of the stories.

I just wondered why you are lumping your mortgage in to BS2 when it is BS6? If you managed £18k last year you will definitely be able to clear the remaining 11k this year. If you already have BS3 covered then fair enough but they are in an order for a reason.

You're doing amazing, just imagine how you will feel this time next year

Keep up the good work and good luck

Thanks Hun .. I’ve decided to add it to BS2 as it is very small and I know from watching and listening to Dave that he has said it’s ok to do this in the past. I’m planning on 18 months to clear everything then I’m planning a trip to Nashville in 2021 :D

enthusiasticsaver

Congrats on your progress so far. Do you have a pension? Many say you are better overpaying on that rather than the mortgage although I know Dave Ramsey doesn't advocate that.

mumofthetwins

JayRitchie wrote: »

Hi

Why not post an SOA to show what you live on and how you have repaid so much and plan to repay more?

I think its good to read forums with people in similar positions to get a feeling of community and mutual support. Do you have much free time (through cutting down on social activities) or are you paying back debt through long hours at work? I think these circumstances make a difference to how to deal with the challenges ahead.

Hi Jay .. I’ve cut my budget to minimum but I don’t earn a fortune as only me .. thankfully I live in the north so slightly cheaper

I do have 2 jobs both of which I absolutely love, I’m a research scientist at my local university and I’m also a WW coach (this isn’t even like a job it’s just so rewarding) I also ebay like a crazy woman so I don’t have much free time. With work and my boys I’m constantly busy but I did also manage to train and run a marathon last year (I listened to Dave every training run and for most of the race itself lol)

My hope is to clear all debt and be completely debt free by April/May 2021

mumofthetwins

enthusiasticsaver wrote: »

Congrats on your progress so far. Do you have a pension? Many say you are better overpaying on that rather than the mortgage although I know Dave Ramsey doesn't advocate that.

I do have pensions .. I have one from my old job and one for each of the jobs I have. I am hoping that next year after I’ve cleared everything I can get some advice on the best way to go with pensions etc as at the minute I’m just keeping them ticking over.

enthusiasticsaver

Depending on what type of old pensions you have you might be best transferring them into a SIPP when you are ready to look at them if they are small. If they are defined benefit or have any guarantees though you are normally best leaving them.

JayRitchie

mumofthetwins wrote: »

Hi Jay .. I’ve cut my budget to minimum but I don’t earn a fortune as only me .. thankfully I live in the north so slightly cheaper

I do have 2 jobs both of which I absolutely love, I’m a research scientist at my local university and I’m also a WW coach (this isn’t even like a job it’s just so rewarding) I also ebay like a crazy woman so I don’t have much free time. With work and my boys I’m constantly busy but I did also manage to train and run a marathon last year (I listened to Dave every training run and for most of the race itself lol)

My hope is to clear all debt and be completely debt free by April/May 2021

Wow - you sound incredible! You'll be in a great place when you've cleared the debt with such a low mortgage.