Spendy Wendy to Saver Savvy

foxgloves

@Spendywendywoo - It's the psychology of it as much as anything, I think. Once you've been struck by the light that debt is a one-way ticket to financial insecurity, esp if you've been spendy for a long time, as we were, you really do just want it gone & to embrace a fresh clean slate.
I can really relate to that.
F

janb5

Spendywendywoo said:

Thanks @Suffolk_lass, I've had a long thought about it these last few days and I'll just be relieved to pay it off and have no debt (other than mortgage). I guess I could apply for a 0% card if any large unexpected bills come my way but I do have, and will still have a car maintenance EF (£300), home maintenance EF (£300), Christmas pot (£900) and EF (£1000) in the pot so not without any extra money at all. I have the car service and MOT next month but I've already got the monies for that saved too, again unless there are any major repairs needed, in which case I will dip into the car maintenance EF for the time being. I think I'm comfortable with the spend, I guess I'm kicking myself for having the debt in the first place, but we live and learn and I'm lucky to be in the position I am

Just wondering whether the Christmas budget needs to be so high @ £900?

Spendywendywoo

@foxgloves thank you, a clean slate will be a huge relief. 

@janb5, the Christmas budget includes Christmas Day meal out (we all go out as a family with extended family, and we all love every minute as it’s now a tradition), 2 events leading up to Xmas, presents for the kids in the family (we’re a big family but see each other all the time), we need a new tree this year as the one we have is circa 16 years old and the dog has fallen it a fair few times when he was a puppy. We’ve lasted as long as we can but we decided to throw it away in April when we cleared the attic out. We did look for a new one then but there wasn’t many on sale. Food and a few drinks over the festival period with family we don’t see on Xmas day and a date night for me and DH leading up to Xmas. I wasn’t sure if £900 was enough but that’s all I’m allocating this year so it will need to be 😀

Suffolk_lass

It sounds like plenty to me, but we are not too extravagant and buy a freshly cut Nordman Christmas Tree each year (and it gets used as kindling in the woodburner after drying out for a year

Spendywendywoo

Oh I love the idea of a fresh tree but we have the space to store an artificial and, for the time being, it's one less thing to buy at Xmas (usually), that said I can imagine me and DH will certainly get a fresh tree when DS is older and life is a little less chaotic

Spendywendywoo

Juts popping by with a quick update. We've had the car serviced and MOT'd today, £245 in total so not bad.  I had allocated £300 over the two categories so £55 into the car balloon payment fund

Dh and I were talking at the weekend and he complimented just how much our budget has changed this year, in only 10 months. We've put a loose plan together for next year but we are going to be even tighter with our budgets to really benefit from the savings we will make, and the additional investments we will start. So proud of this year's progress

jwil

You've done brilliantly.  Good news about the car too.

Spendywendywoo

I cannot believe I am writing this.... we have saved the full balloon payment amount!! 

This time tomorrow I will have the monies in the account and ready to pay off! I won't be paying it off until this month's interest has been accrued and paid out to us as it isn't due until November anyway. 

The final amount this month compiled of; monies left this month (we have been super tight with our budget for the past two months and spent much less than we normally would, the cupboards are bare and we've had quite a concoction of meals if I'm being honest but it's been interesting lol), DH overtime and an ad-hoc payment due once a year (which we would normally spend on rubbish), a few V1nt3d sales and a few local sales from the items I have decluttered from the house (win-win situation). 

I've been super quiet on here as we have been so focused on the 'doing' then the updating but it's all paid off. 

If nothing changes in terms of our earnings then we've got a plan for next year already to save 6 months of all expenses and also invest the money that we were spending on the car payment (potential to make £30,000 in 10 years!). The following year we will continue with the investments, maybe increasing slightly, start to save for a used car (so the monies are sat there when the time finally comes that it needs replacing) and further increase our emergency fund. 

I can't explain the weight that has been lifted.

Much love to all who have commented, giving insights and opinions and liked my boring updates. I couldn't have done it without your reassurances and cheering us on. 

Looking forward to the next chapter, and boring you all with my continuing updates,
Wendy x

jwil

That is amazing, huge congratulations!  I look forward to your next chapter

Rhyddid2026

Brilliant news!! Well done!!