Time to Face The Music

alt80

Sydney the little sh*thead lol. 

You’re doing brilliantly mate.

@warby68 If @RelievedSheff is going to build the additional cash reserve to pay all the 0% at the end of the term fair enough but surely your idea is just inviting further BT fees in the future? Realistically probably better throwing an unexpected large bill on a new 0% purchase card if need be with a longer term to pay off to allow some additional time rather than winding up with the bill paid for in cash but the looming 0% balances which will need to be dealt with or incur BT fees onto new 0% BT cards in the future? 

warby68

Sydney suits him to a tee

No @alt80. I'm talking more doomsday than that, the type of doomsday where you can't get another card. Just to have some free cash behind you. Its part of the balance/comfort/security equation not necessarily to the absolute penny on costs.

alt80

@warby68 you’re not one of those apocalyptic planners are you lol? 

Fwiw I think I see your point though as you know in reality there’s usually some form of financial product to fund the majority of eventualities - although not all products are cheap I’ll agree there and I’ll agree that 0% isn’t a guarantee in every economic circumstance. Bit of an interesting debate really as if I was in @RelievedSheff position I know I’d take a different approach to yours @warby68 and a different approach to @RelievedSheff too. Not saying any one of us is ‘right’. 

warby68

@alt80. You're right, everyone's approach can differ but its good to have food for thought. I am Mrs Middle of the Road all the way. Always borrowed for cars while still having money in the bank for example. Never been in debt beyond that though so a different perspective from most here. Taking on the school fees at the same time as setting up a new business was fairly risky though. Quite a few sleepless nights early on.

I just can't imagine not being able to lay my hands on a bit of my own cash if I need it. So whilst I'd keep debt low/reducing I'd still want my cash reserve that noone else has control over.

Let's face it, even the most debt laden people are advised to get an emergency fund together to break the credit habit and in case the credit dries up.

My planning for the apocalypse however is limited to a few spare loo rolls

alt80

I shouldn’t be up rn anyway. Can’t say I’ve considered my own position to be unusual but seems to be amongst those on here so I possibly have different views to many on here.  

Fwiw I think overall from what you’ve said on here you and I are probably in similar positions financially if we’re talking from a net worth perspective but ultimately where I differ from you is I’ve had to leverage to the max to get anywhere so have been, am still and will be into year dot much more reliant on credit. Granted from a personal perspective rather than overall you are likely in a much better position than I am with less reliance on credit/ bigger safety net/ more res home equity etc etc. I’ve also always had no personal savings and hefty amounts of personal debt and can honestly say I’m in a more solvent personal position than I’ve really ever been in. Lot of thanks to listening to those other perspectives including yours - I’ve a lot of time for you mate tbf.

That said I looked at the whole emergency fund idea and tbh if the difference is between having a personal emergency fund and paying my 0% within the time frame I’ll edge my bets and pay my 0% rather than incur further costs to keep a safety net for a problem that hasn’t and likely will not happen. My assessment of risk differs to yours and each of us on here will have a different perspective but I some find perspectives on here to be a bit baffling and so far into adverting risk that I’m not sure some are actually making the best of their finances though they are in perhaps a greater position of safety although I would also argue not necessarily. Not so long ago I ran my retained dry to refinance my portfolio at 75LTV 100% stand by that was the right thing to do but I’m not going to lie it was something I was very uncomfortable with; I had to rely on an overdraft to pay wages and a VAT bill but I knew it would work out in the end, was temporary and knew there was a lump sum coming in to kickstart building retained up again. Tbh something I’ve learned being on here and seeing those other perspectives has reinforced I do need to slowly work towards being less wholly reliant on accessibility to my lines of credit speaking both personal and business but I do stick by sometimes you just need to assess the real world risk of a scenario and not treat everything as if doomsday is just around the corner - you’ll go further, things might be a bit shakier but opportunities will be there that wouldn’t have been if you were less adverse to risk and not willing to stretch the money and lines of credit.

RelievedSheff

Definitely not a no spends day today. I have been to the dentists, filled up the car and done what should hopefully be the last food shop before Christmas.

Breakfast was crumpets, the other half has taken his packed lunch to work, I am having jacket potato and cheese for my lunch and dinner tonight is KFC after we have been to drop of the very last Christmas presents after work.

No more jobs for today. I have done enough running around this morning.

I called into the office while I was in Sheffield to pick up my hamper and a bottle of whiskey that a client has dropped off for me. Glad I am working from home for now. There have been quite a few Covid cases in the office the last week or so, plenty of people now isolating.

EssexHebridean

Lots of interesting chat about differing approaches there. When we were clearing the mortgage we took the view of having a small-ish EF in place but also saving lump sums to pay to the mortgage alongside the usual monthly OP that was added to the contractual payment. that worked well for us as it meant at any given time we generally had more than the base EF level - there was only a month here and there when we were down at the effective zero (base EF only) level. That worked well for us - especially as at a pinch we could also have cut right back on the regular OP's as well. 

RS not surprised you're pleased to be back working from home if your work have had a lot of cases. It's times like this my tiny office (Just 2 of us most of the time) feels like a far better bet - although I really wish we could say not to clients coming in, right now! 

Sun_Addict

I was also in Sheffield today for the first time in 25 years. Didn’t recognise anywhere it’s changed so much. Glad you’ve got your hamper and shopping all done, you can sit back and enjoy the Christmas break now.

RelievedSheff

Sun_Addict said:

I was also in Sheffield today for the first time in 25 years. Didn’t recognise anywhere it’s changed so much. Glad you’ve got your hamper and shopping all done, you can sit back and enjoy the Christmas break now.

We often don't recognise Sheffield 🤣🤣🤣

It changes so much.

We are officially done for Christmas now. 

RelievedSheff

Not a no spends day again. The other half has decided to pick another few cases of beer up while they are on offer and I forgot the eggs so he will pick some more of those up as well.

Breakfast, lunch and dinner will be from stores though. Breakfast was cereals, the other half has taken his packed lunch to work and dinner tonight is pheasant casserole in a Yorkshire pudding with vegetables.

Today's jobs include:

• working from home
• vacuuming the house
• dusting the house
• getting the Christmas food out of the garage freezer
• walking the dog x 2

The local church is having an outdoor carol service on the playing fields tonight. We have said that if the other half gets home on time we might have a wander across.