Cutting it Fine - the challenge is on!

SandyShores

Hi savingholmes, oh yes it really has been a rocky few years.  Mr Shores is a spender and has absolutely no money sense whatsoever.  But, by the time I realised this about 15 years ago, it was all a tangled mess.  Anyway, I eventually put my foot down and several years later we've come out the other side.  Its sad to think that if I'd taken the reins years ago we'd be in a great position now, but life is what makes you and we have our health, family, a lovely home and two good incomes.  We've time to make a go of this

Apologies to everyone who drops in on this thread and reads my ramblings - especially about pensions and so on at the moment.  I never paid any attention to them until last year when an old DB pension paid out - honestly if only I knew years ago what I know now.  Anyhow, we've now made the decision for Mr Shores to pay as much as he can into his work DC pension (thanks savingholmes for your nudges) - apparently its throwing money away not to as his employer contributes an equal amount.  We are keeping his private DC pension going - aim is to be able to draw down the 25% tax free (about £20k atm) after he reaches 55.   We have a help to buy loan we will need to add on to the mortgage in five years, so the aim is to get the mortgage down as low as possible with a good LTV (possibly 40%) and get the best mortgage rate possible.  It will all depend on what happens with house prices, mortgages and jobs though but its good to plan

savingholmes

My DH was useless at managing our £ - but at the time I was the big over-spender - now I manage the £ it's all heading in the right direction... We can justify anything though - so rarely dare go shopping together. Once we went mooching around a car showroom and came out with a £24K car loan - that was our worst ever!! We handed the car back part way through its lease - when you reach a point where you are allowed to. In the meantime though I had added to it by getting a car for me for £16K.... Oops!!!! Oh and DS started uni and needed at least £400 pcm. We've had a rough ride - but thankfully had good jobs and are in a much better place now.

SandyShores

savingholmes, your message really made me smile.  I'm glad we weren't the only ones.  I've spent more time deliberating over £2 supermarket bargains than DH has buying a car - I've got to say though that there is something bewitching about those car salesrooms.

I'm glad you are in a better place now too

SandyShores

No signature updates today apart from a couple of quid to the fund for next Xmas - so I haven't bothered to update yet (seems very odd to be saving for next Xmas before this one has gone, but it makes perfect sense).  I spent some time battling around the shops - wind, rain, people - but just looked at my 'to do' list and nothing to cross off.  Not sure what's going on there as I'd hoped to have lots to cross off - the wet weather didn't help.

We're on the way to sorting Mr Shores pension.  I'm not sure if I said earlier but we have decided to pay the max into his work DC pension.  It will make it harder to find the money to overpay the mortgage so that £1k comes off the capital each time, but its very do-able.  It will be good to have that stretch and its all in a good cause.

The budget plan is all set, for now.  I know things can happen at the drop of a hat, but it feels good to have a plan that can be amended if necessary.  Finally getting there

All this talk of budgeting and I have also been thinking about two sort of frivolous purchases.  In one of the MSE diaries someone mentioned having eyeliner tattoos - quite fancy that and doing away with mascara.  Also someone else mentioned a robo vac - I've been thinking about that too and must look into the best ones.  I'm not saying I will definitely buy, but it feels good to be able to have a choice. 

savingholmes

Good to up pensions.
Can't stand needles so no tattoos for me. Now robo vac could be appealing

SandyShores

I can't see me letting anyone near my eyes with a needle either, and I could probably purchase a lifetime of eyeliner for the cost - so that's more than likely a no.  But yes, the robo vac sounds really good and they seem to start at around £150.  I need to look into those a bit more.  Anything that would help me out on a daily basis has got to be worth it.  

SandyShores

Strange day today.  Popped to the shops to pick up a couple of bits - still seems very busy and there were queues outside TK Maxx, but I managed a little trip into Primarni with no queue outside or at the tills.  Still nothing crossed off the 'to do' list - I can definitely do at least one thing this week, but I'm waiting for the weather to be a bit nicer.  It feels like things are in limbo at the moment for everyone.

My financial targets are well on the way - DH got paid so I'll be able to transfer some more to the EF soon.  Some extra cash has been put into the pots, including towards the January mortgage OP, and we are raising DH's pension contributions so that the maximum benefit is achieved from his employer.  Feeling pretty organised atm.

Personal targets are also ongoing - exercising, career, and healthy eating (well that's on damage limitation until the new year now).  I read a quote the other day along the lines of if you can't see the direction you are going in just take the first step.  That's really good advice for me as I tend to freeze and go nowhere.  Definitely feeling that I am moving very slowly forward, its good to feel positive

savingholmes

Just keep taking the next step gets the job done and reduces anxiety along the way

SandyShores

Payday so I've updated my figures early always a nice feeling.

The next couple of weeks will be about regrouping, taking baby steps, planning and finding support.  Its really difficult to move forward sometimes - can be uncomfortable and put you out of your comfort zone - but I want to keep moving forward and be able to look back on this time in 6 months and see how far I've come.

SandyShores

Just logged into the mortgage account, and was surprised to find it was £100+ over the balance it was the other day.  Doh, of course they've added daily interest - I'm still getting used to this .  Slightly irked me cos I thought I'd rounded it down to £304k, so to find it over has prompted me pay it back down.  Interest is calculated daily so I will see what the balance is each day and pay that down too  (I know interest is calculated daily but not sure if the balance is updated so I will check that).  My plan is that when I pay the regular payment on 1st Jan I will then keep an eye on the balance and make sure its kept under £303k by the following 1st - top up payments will be about £90 over the month to round it back down.

To do List is a bit static, so I need to use the xmas break to get that moving, but I'm pleased that the emergency fund is healthier.  I'm doing the Xmas saver again as it was so useful this year - all I do is collect £1 a day - using mainly store points and reward cards so its not missed at all and I end up with £366 in December .  Credit card is 0% so I'm paying it off monthly - I could pay it out of the emergency fund but I might as well earn 0.01% interest on it.  Weight loss, well lets skip over that one until New Year