Getting FIREd up 😀

South_coast

Ooh, good work! Now, just how small was the flannel....🤔😳???

South_coast

So I've been having a good old think about the current and future tone of this diary, given the current economic climate (I'm not going to call it a crisis, as I think that's the most over-used word in the English language at the moment and will probably be announced as the word of the year at Christmas. That's not me trying to belittle things, I absolutely understand that some people are in dire financial straits right now, but equally there are a lot of people who are not). With even contributors on MFW (who one would assume are comfortably-off enough to be thinking about overpaying their mortgages) posting about making cutbacks and reducing their utility usage, it doesn't feel right to be continuing to post about high savings rates and stock market performance. 

I'm in what feels like a completely ridiculous position whereby the £400 energy bills contribution will see me in credit each month. Add that to the fact that my account is already in credit, and I probably won't be paying anything for electricity until around May next year. Heating and hot water are paid for as part of my block management charge, so I pay the same fixed amount whether I use them or not. Clearly, I'll still be using them. Petrol has gone down, my income went up recently, and if our new PM implements her promised reversal of the NI increase, it'll be going up again shortly. Savings interest is increasing - and of course I don't have a mortgage any more....😳 In my financial situation, I can't call this a crisis, and I would feel like a hypocrite if I treated it as such.

I already increased my charitable contributions earlier in the year, and I'm not sure doing so again is the answer. I've thought long and hard about this and I think my current plan is to continue to spend as normal. If that sounds crass, hear me out. If I go out for dinner, not only do I enjoy a lovely meal, but I support a local business and the people that work in it. The same when I get my hair cut or take a taxi. If I can continue to spend as normal, I can help everyone to keep the lights on. If I make cutbacks that I don't need to and those businesses are forced to close, well that would make me very sad.

So where does this leave my diary? Well, I've already scaled back posting about my financial targets, commenting just on the plan to rustle up £1000 in free money by the end of next year. I also didn't post my first of the month round-up, and may not for a while. That might mean I'm a little quiet on here (although of course I am always up for some detective drama chat), but I'll continue to pop into everyone else's diaries with my usual irreverent/annoying input in the meantime 😀

Moneyfordreams

I "get you" SC  
I think we all have a personal tipping point - or building point - yours and others fortunate position now is due to your hard work and diligence at the early prioritisation of your mortgage. This community recognises this and aspire to reach it. Working in percentages of income or savings target can balance the view that is shown, but your contribution of posting your progress shows how small changes help you reach the target  

  

LadyWithAPlan

Completely understand where you are coming from - the £400 will I think  nearly cover my bills - so I am planning to help my parents and increase my giving to food banks.

You  are just proving again a long term steady hand at the FIRE helm looking at budgeting, saving and spending can really help with economic shocks and also home emergencies. 

Of course things can happen, relationships break up, job losses, medical issues and for some it is much more difficult to start to be FIRE due to education, systemic racism and even having kids and having no support 

so I am glad you are spending as normal to help the economy  

astrocytic_kitten

This is a great way of looking at it SC - the economy really needs those who can continue to spend to do so, and small independent businesses are going to need all the help they can get

South_coast

Thank you all 😍 If you can't be honest on MFW, where can you be, eh? 

QueenJess

For some reason your post makes me sad, but I think it says more about what is happening at the moment than anything else.

I have a slightly similar but different dilemma where I need to cut down if I have any chance of working part time or maybe taking a career break, but at the same time it probably doesn’t need to be right to the bone whilst I’m still working at least. I’m trying to limit boring bills etc and save my money for experiences, eating out etc with the kids. Hopefully it gives a balance, but I guess time will tell.

Have you been watching Van der Valk?

savingholmes

We still want to hear about FI though and your savings rate makes us consider what may be possible for us... 

I think you should post as normal. People choose which diaries to follow....

killerpeaty

While I do think that the situation is a crisis for many, obviously some of us are in more fortunate positions. (I count myself in this). You should not feel bad for it or feel the need to scale back on your diary. If someone feels that your fortunate circumstances are a direct attack on their own then that person is not your friend.

My completely unwarranted opinion is that you should write about your goals and your progress. I love seeing it and love that you are achieving so much.

Merlin's_Beard

I think your spending plan is absolutely fine.

If I can give an unsolicited opinion - your diary is a reminder of why I'm OPing. While I'm not struggling, I am doing the pension/savings/mortgage/bills juggle and it's nice to see the payoff from other people further ahead than me. It doesn't feel crass (we're all here to talk about money), it just feels like a glimpse of what I'm working towards.