Mission: freedom!

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  • edited 3 October 2020 at 3:41PM
    PonyloverPonylover Forumite
    85 Posts
    10 Posts First Anniversary Name Dropper
    edited 3 October 2020 at 3:41PM
    You should Sarah... theres so many little spending was ignoring as they were only a pound or so and so I was thinking "oh that doesnt matter"  but as we all know the pounds add up. The diary certainly helps me see what I am spending far better than going through my bank statement.

    Miserable day out today. Decided to pop along to the local 'chazza' as my work wardrobe is a little stale...same few outfits in rotation. And coming into winter I need some less summery items.
    Took the kids along too for a leg stretch and a look in the books section.

    They only found one book of interest between them but I brought 3 new dresses which I'm quite pleased with. £15 spent but I'm happy with that.

    We did get a cheeky gingerbread man each on the way back though....ooops 🙊 but least we didnt stop for a coffee etc too. And we brought a 4 pack instead of individually- £2.50 so kind of mse?! 

    Got an essential job in the house that needs doing, quotes are all in as of today. They range from £400 to £1500 and everything in between for the same job. 😮. Think we're going to go for the cheapest, albeit with a bit of trepidation about the cheapness!
    January 2020- starting point! Update jan 2021
    Loan 1: £10798 £5637
    Loan 2 (DH)  £4586 £3280
    Credit card 1: £2496 £1755
    Credit card 2 (DH): approx £1000 £600
    Mortgage: £234,235 £227,746
    Total debt: £252,125  £239,018
    Savings approx £2k. Approx £9k




  • joedenisejoedenise Forumite
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    @Ponylover with such a range of quotes if you're going with the cheapest make sure it's a fixed price quote and not an estimate - it can make a huge difference if it's an estimate.  Been caught out like that before many years ago - once bitten twice shy!

    Well done on the spending diary.  It will certainly show where you are wasting money.

  • PonyloverPonylover Forumite
    85 Posts
    10 Posts First Anniversary Name Dropper
    joedenise said:
    @Ponylover with such a range of quotes if you're going with the cheapest make sure it's a fixed price quote and not an estimate - it can make a huge difference if it's an estimate.  Been caught out like that before many years ago - once bitten twice shy!

    Well done on the spending diary.  It will certainly show where you are wasting money.

    Thanks for the tip Joe....just been back and checked. It definitely says quote 🤔
    January 2020- starting point! Update jan 2021
    Loan 1: £10798 £5637
    Loan 2 (DH)  £4586 £3280
    Credit card 1: £2496 £1755
    Credit card 2 (DH): approx £1000 £600
    Mortgage: £234,235 £227,746
    Total debt: £252,125  £239,018
    Savings approx £2k. Approx £9k




  • PonyloverPonylover Forumite
    85 Posts
    10 Posts First Anniversary Name Dropper
    I am not sure whether it has been the physical diary making me more accountable or that we have just had a good month with no unexpected outlays (touch wood!). Less than 2 weeks til payday and the account is looking healthy. I am aiming to finish on £700 this month. 

    Now we just have to get on the same page about what to do with the excess. Me and DH still are not quite on the same page with regards to MSE. He has made some great leaps forward in his ways since I first met him (takes lunch to work, happy to do our shops in aldi etc) but some old ways still remain....He is keen to replace the cars within the next couple of years which would involve a loan. They dont need replacing...argh!!!! 

    I think I will talk him into rounding the mortgage up to 1k a month, so a 70 pound a month overpayment. 
    The rest into savings. Once the emergency fund gets to 10k (about 3k off now) I plan on directing everything else into overpaying. I would love to clear the tesco loan by this time next year, so 4 months early. 🤞🤞🤞
    January 2020- starting point! Update jan 2021
    Loan 1: £10798 £5637
    Loan 2 (DH)  £4586 £3280
    Credit card 1: £2496 £1755
    Credit card 2 (DH): approx £1000 £600
    Mortgage: £234,235 £227,746
    Total debt: £252,125  £239,018
    Savings approx £2k. Approx £9k




  • MidsHollieMidsHollie Forumite
    291 Posts
    100 Posts First Anniversary Name Dropper
    ✭✭
    Hi Ponylover! I am a huge advocate of writing down ALL spends. I have a spreadsheet where I add all my spends and categorise them out. My 'work food' category quickly adds up, even when I do take my lunch on the vast majority of days!

    https://forums.moneysavingexpert.com/discussion/6086606/debt-free-by-23/p1

    True LBM, December 2019 = £32934. Current Debt = £12762. 1% Challenge = 61.1%. #51 3-6 Month EF Challenge = £1200/£6000



  • PonyloverPonylover Forumite
    85 Posts
    10 Posts First Anniversary Name Dropper
    Well, I had the chat with DH about over paying the mortgage. He wasnt keen and felt uncomfortable locking the money away when we have expensive years ahead (both children will be going to uni within the next 10 years if they want to). Because of our incomes the children wont qualify for any extra loans/Grant's So I can see his point. 

     saving is still better than frittering i guess #thinkpositive . And will keep shoving every penny into savings. (Plus toppling the money over into overpayments once the savings pot /emergency fund reaches 10k) 
    January 2020- starting point! Update jan 2021
    Loan 1: £10798 £5637
    Loan 2 (DH)  £4586 £3280
    Credit card 1: £2496 £1755
    Credit card 2 (DH): approx £1000 £600
    Mortgage: £234,235 £227,746
    Total debt: £252,125  £239,018
    Savings approx £2k. Approx £9k




  • SarahwithloveSarahwithlove Forumite
    1.7K Posts
    1,000 Posts Third Anniversary Name Dropper
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    Is there any way you can do a calculator to work out how much you will need for the kids going to uni? Then if any left over overpay at that point. Even £50 a month makes a difference on interest and time and won't make that much difference on saving for uni funds. 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £3600
    Total debt *£3600* £11,416.71


    Emergency fund/Sinking Fund - £2500/£5000

    Mortgage Overpayment - £30.34/£1000
    Facing Reality - My Debt Free Diary
  • PonyloverPonylover Forumite
    85 Posts
    10 Posts First Anniversary Name Dropper
    Dont worry sarah. I am siphoning some off for overpayments! I have a 'savings' pot which is destined to pay off the tesco loan early (aiming for end of next summer, so approx 5 months early). When that is paid off it will make a huge difference of 415 a month, which can then be snowballed.

    But tbh I think the main thing is that we have both (me and DH-most of the time!) Have changed our general spending habits...whether the money is being saved or overpaid it's far better than what we were doing which was living beyond our means 🥳.

    We've had an excellent month savings-wise this month. It has been helped by no birthdays/ occasions to buy for and also my eldest having to self isolate for 2 weeks, so a fairly 'lazy' month. 

    I've put two thirds in savings. The other third has been set aside to decorate/recarpet my eldests room, which is definitely overdue. she has been asking for a while. I've managed to persuade DH that we shall decorate ourselves to save money (not an easy job....he hates doing things like that). Mr pony will be very grumpy the day of the painting 🤣. 

    Xmas shopping is now underway too. We have saved a xmas pot and are determined not to go over it. Decided on what I am getting most people already and am going to stick to those things and not give into temptation to keep buying 'little extras' that I see. 🎅




    January 2020- starting point! Update jan 2021
    Loan 1: £10798 £5637
    Loan 2 (DH)  £4586 £3280
    Credit card 1: £2496 £1755
    Credit card 2 (DH): approx £1000 £600
    Mortgage: £234,235 £227,746
    Total debt: £252,125  £239,018
    Savings approx £2k. Approx £9k




  • SarahwithloveSarahwithlove Forumite
    1.7K Posts
    1,000 Posts Third Anniversary Name Dropper
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    Sounds like you have a good plan in your head. I guess the habits you have had of moving little overpayments to cards and loans can then be followed on to your mortgage. 
    *RBS credit card - £1930.50* - £0.00
    *Tesco Credit card - £3604.30* - £0.00
    *Finance - £581.91 - £0.00
    *Dad loan - £5300 - £3600
    Total debt *£3600* £11,416.71


    Emergency fund/Sinking Fund - £2500/£5000

    Mortgage Overpayment - £30.34/£1000
    Facing Reality - My Debt Free Diary
  • PonyloverPonylover Forumite
    85 Posts
    10 Posts First Anniversary Name Dropper
    Well, the covid app has got me.... apparently I have had a contact (gawd knows who)so I am stuck inside.
    I am sooooo not a 'stuck inside' person and am climbing the wall and feeling quite sorry for myself.
    Due to the self isolation I am working from home but have things that I really need to be in the office for that I cant do from home, arggghh. Stressed 😵😵😵.

    On the plus side it will save afew pennies (the fuel mainly) however I feel that I am cancelling that put raiding the fridge every 20 mins. I'm gunna emerge a stone heavier 🤣.






    January 2020- starting point! Update jan 2021
    Loan 1: £10798 £5637
    Loan 2 (DH)  £4586 £3280
    Credit card 1: £2496 £1755
    Credit card 2 (DH): approx £1000 £600
    Mortgage: £234,235 £227,746
    Total debt: £252,125  £239,018
    Savings approx £2k. Approx £9k




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