Time to Face The Music

RelievedSheff

Why is it that is doesn't matter how big your fridge is that it is never big enough come Christmas time?

I don't know how we ever used to manage with our little skinny Hotpoint fridge!!

Sun_Addict

I used to have one of those huge American fridge freezers and still managed to fill it to capacity. The one I've got now is quite slimline so I can't get that much in it, although I have an extra freezer now.

There are some good offers on beer at the moment £10 a crate in most places, good idea to stock up before the price goes back up.

RelievedSheff

We have just had our annual review of the year email from work which was quite upbeat this year. They certainly seem more optimistic about future workloads.

They have also given us all a 4.6% pay rise from the 1st January. 

We were expecting a much smaller rise so that was a nice surprise this morning. 

warby68

Ooh well done on the inflation matching payrise. Sounds a very decent company that you work for.

RelievedSheff

warby68 said:

Ooh well done on the inflation matching payrise. Sounds a very decent company that you work for.

They are a very good company to work for.

EssexHebridean

Great news on the payrise! As for fridges/freezers - we now have two freezers and can easily fill both to capacity! We struggled like mad last year because the cottage in the Hebrides only has a little fridge with freezer compartment and at the time they were urging people to minimise shopping trips - we REALLY struggled to get Christmas food plus regular stuff for the first half of our stay in it!  This year should be easier because we'll buy the basics when we arrive, plus main meals for the first few days, and can then pop in every few days to pick up stuff needed for the following days. 

Sun_Addict

That’s brilliant news about the pay rise 🥳

enthusiasticsaver

warby68 said:

@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

You have a similar approach to me.  I cannot imagine not having a savings buffer somewhere although like you we never really did debt apart from low rate personal loans for cars and the mortgage/interest free furniture loans. 

I think it is a good idea to save the £250 a month after February so it does not get lost in general spending.  Most people tend to spend up to their income so sifting it away to build up some cash reserves is a good idea.  

@alt80 I do get that building up cash savings rather  than addressing expiring deals sounds counter intuitive but RS deals have a way to go yet and no one knows when lines of credit will disappear.  I have a feeling that with inflation rising and possibly interest rates rising and budgets squeezed we are coming up to a perfect storm with maybe banks being less inclined to lend over the coming few years. Unless the BTs are going to run  into hundreds having a backup plan for emergency spends is no bad idea. 

RelievedSheff

@enthusiasticsaver the £250 is definitely getting saved every month after the last car loan repayment in February. Although the van tax, insurance, MOT, and service will all be due around the same time so it will go towards those costs first. 

I need to decide what to do with the extra money we will get from the end of January from my pay rise now because it works out at a not inconsiderable amount and I would prefer that had a purpose rather than just getting lost in general spending as well.

In fact in the next 6 months or so we will need to have a general review of what is happening with money because we have a few accounts that will be paid off so we need to review what money is going towards additional payments on the remaining credit cards and what is going into savings and general spending. 

enthusiasticsaver

RelievedSheff said:

@enthusiasticsaver the £250 is definitely getting saved every month after the last car loan repayment in February. Although the van tax, insurance, MOT, and service will all be due around the same time so it will go towards those costs first. 

I need to decide what to do with the extra money we will get from the end of January from my pay rise now because it works out at a not inconsiderable amount and I would prefer that had a purpose rather than just getting lost in general spending as well.

In fact in the next 6 months or so we will need to have a general review of what is happening with money because we have a few accounts that will be paid off so we need to review what money is going towards additional payments on the remaining credit cards and what is going into savings and general spending. 

That is a pretty good problem to have.  You presumably have lots of options other than saving for van expenses like  mortgage or pension overpayments (given I guess that early retirement is probably an aim for you) or a holiday fund for your trips or replacement car if needed.  Having a balance is a good objective.  To be honest with the financial discipline you have now it is difficult to see how your personal debt got as high as it did unless you have had a massive change of spending behaviour.