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First Steps to Solvency
Comments
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If you do decide to be a one car household for a while you would probably want a bit of the saved finances to go into a budget for the occasional taxi/hire car for when both of you want to be mobile at the same time. Is there a car club parking stand anywhere near you?
But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
Also miffed about Tier 3. I haven’t been in a pub since February 😩I get knocked down but I get up again (Chumbawamba, Tubthumping)1
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Sun_Addict said:Also miffed about Tier 3. I haven’t been in a pub since February 😩
Not been in one since the middle of October though which is unheard of for us!!1 -
Tbh £400/m not going to make a massive difference either way
That thought process that got you where you are today.
That's £400 pm net, retained and geared into property what's that alternative, £25-£30k a year, that could be what swings a deal to something decent.
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Really feel for the pub/ restaurant trade right not. Went out for a meal for last day of freedom haha. Completely had enough of it all now.
Picked my son up from school today walked up and back with dog so at least got some exercise.
@RelievedSheff / @Sun_Addict don’t even think there’s too much in the city now either. Obviously more than where you are Sheff but it’s been falling. Not gonna lie completely fed up especially when London is going up but they don’t !!!!!! London’s local economy for it of course. I !!!!!! hate BoJo and Rishi think you’re getting a government who’ll put business first then get this complete shower of !!!!!!. CGT up, Corp tax likely up, Council Tax up. Doing well, trying to get by without the need for government to step in? Well !!!!!! you.
That’s my rant for the day over ha.
@theoretica yeah can see how that would work but don’t really want that tbh. I don’t think my life is that bad I can’t afford to run two cars.
@getmore4less very true tbf £400/500/m on car finance did turn into a couple of thousand, not great really. Bit of an eye opener thinking about it in that way too, hadn’t really considered it being the difference. Thing is I go down that route where does it stop? I could buy a house in smackheadville for sub £100k and run a 20 year old £5k RR and have a tonne of retained to pile into investment property but for me I have to have a life somewhere along the line imo or what’s the point in being in business? 100 I’m the problem do know that. I know a few LLs who do live like that and got massive portfolios / other business interests too that they put minimal effort into semi-retired I suppose. Thing is I’d be bored out of my brain without anything to aim for probably wind up doing smack or something equally as stupid just for something to do. Hate time off from my business as it is unless I’m going somewhere and don’t see the point tbh.
Suppose what I’m saying is how do you strike that balance? - know I need to or life is going to be the continuation of a perpetual cycle of stupid debt on stuff and cars no matter what I earn and as you rightly say impacts on growth of portfolio too.1 -
alt80 said:NG in tier 3 again FML. Rates been falling over this lockdown so don’t understand this at all. So !!!!!! fed up of these lockdowns now. Not gonna lie has been partially fuelling the self destructive stuff just want life to be back to normal, get out again, back to office firing on all 8, stuff to do on weekends.
Not even sure lockdown helping with spending did the first time but now all I want to do is go on a massive spending binge after this !!!!!! news.Rate rising in London - placed in tier 2. Falling in Nottingham - tier 3. 100 London / SE bias going on yet again.Feel your pain. We're tier 2 and have one of/if not the lowest rates in the country.Know what you mean on the sefl-destructive stuff, I'm dying for a proper night out but fortunately the work is so distracting the time is flying by...just need to try and avoid boozing on the weekend again as it killed me last week (didn't even drink that much). But also need it ha.
August 2019: £28.8k
November 2020: £0 (0% interest)
My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320
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It ridiculous mate.
Know what you mean re a proper night out would love one myself but also not tbh. Really don’t need to reintroduce the booze back into my life right now I don’t think ha. Missing seeing my staff tbh Teams isn’t the same at all.1 -
alt80 said:Really feel for the pub/ restaurant trade right not. Went out for a meal for last day of freedom haha. Completely had enough of it all now.
Picked my son up from school today walked up and back with dog so at least got some exercise.
@RelievedSheff / @Sun_Addict don’t even think there’s too much in the city now either. Obviously more than where you are Sheff but it’s been falling. Not gonna lie completely fed up especially when London is going up but they don’t !!!!!! London’s local economy for it of course. I !!!!!! hate BoJo and Rishi think you’re getting a government who’ll put business first then get this complete shower of !!!!!!. CGT up, Corp tax likely up, Council Tax up. Doing well, trying to get by without the need for government to step in? Well !!!!!! you.
That’s my rant for the day over ha.
@theoretica yeah can see how that would work but don’t really want that tbh. I don’t think my life is that bad I can’t afford to run two cars.
@getmore4less very true tbf £400/500/m on car finance did turn into a couple of thousand, not great really. Bit of an eye opener thinking about it in that way too, hadn’t really considered it being the difference. Thing is I go down that route where does it stop? I could buy a house in smackheadville for sub £100k and run a 20 year old £5k RR and have a tonne of retained to pile into investment property but for me I have to have a life somewhere along the line imo or what’s the point in being in business? 100 I’m the problem do know that. I know a few LLs who do live like that and got massive portfolios / other business interests too that they put minimal effort into semi-retired I suppose. Thing is I’d be bored out of my brain without anything to aim for probably wind up doing smack or something equally as stupid just for something to do. Hate time off from my business as it is unless I’m going somewhere and don’t see the point tbh.
Suppose what I’m saying is how do you strike that balance? - know I need to or life is going to be the continuation of a perpetual cycle of stupid debt on stuff and cars no matter what I earn and as you rightly say impacts on growth of portfolio too.I get the point about balance, only you can figure that one out...just make sure you're not making excuses to maintain a lifestyle you can't really afford. I get one nice fun car, I don't really get the need for a more expensive car than you need on finance for the wife to use, when it means making quite big sacrifices elsewhere. Especially if she'd be happier with something cheaper. But that's your choice. Personally I'd rather spend the money on other things, like holidays.It's about weighing up the things you wouldn't be able to have if you choose that second car on finance. Think you need to involve your wife in those decisions too. Could get something cheaper through the business and save yourself a chunk and sure it'd be a car the wife would be happy with. But I think what you consider balance depends on what makes you happier as a family in the long run.
August 2019: £28.8k
November 2020: £0 (0% interest)
My debt free diary: https://forums.moneysavingexpert.com/discussion/comment/77330320#Comment_77330320
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Striking the balance is hard.
I had to cut back and then became a single parent so cut back further.
At first I did cold turkey and paid off a lot of debt but left myself short unable to do anything so felt like I wasn't living. Then I'd have a huge blow out money wise. Then there's the guilt, shame frustration etc which triggers another blow out.
I now do 50/50 on my surplus cash. I can have things and do things but also paying debt off too. It stops my blows outs and also the awful feelings and demons coming in.
I'm also pleased to say after 2 1/2 years I got out of the Dacia.
The car was my biggest struggle but my daughter and I needed a roof over our heads. It wasn't really much of a consideration when I looked at it like that.
You'll find the balance that works but be prepared that it might not come instantly. It took me about 18 months to finally feel like I've got it to work.September 2017 Debt = £25330
Starting afresh.
You can do anything if you put your mind to it. x3 -
Suppose what I’m saying is how do you strike that balance? - know I need to or life is going to be the continuation of a perpetual cycle of stupid debt on stuff and cars no matter what I earn and as you rightly say impacts on growth of portfolio too.
Its going to be tough to start making choices you have never done before, no one can make them for you its a new skill you need to learn, I tried to use the things you value for those choices as they may evoke the right response
I think you are at a bit of a crossroads where the novelty of the changes made(very impressive they have been) is wearing off and reality is setting in you need to start making more difficult ones.
They get harder before they get easier.
you may not like this, I am with ryanm8665
Might be a good idea to talk to wife about the car she needs/wants this time round rather than imposing one on her.
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