It looks to me like you have got things well under control and your savings way exceed your debts. Well done
Thanks Dan. It is sort of managing the panic really. I used some of the little pots of cash-based savings to pay down some of the highest interest things and then really pushed us to pay off the 0% things when the period ends, rather than perpetually stopping from one 0% to another (and incurring the one-off fees).
I have been reading on the forums for a few years now but I am a bit of a slow learner. Our earnings are good and yet here we are, less than five years from the end of our working lives, with a liability in excess of £100k.
It was this, rather than unsecured debt that prompted me to try and get a grip. Some of the mortgage clearance achievements have been so inspirational and contain some top tips on these forum threads (and the mortgage free diaries) and I also follow lots of OldStyle Moneysaving threads too.
I don't think I was honest with myself when I started posting (years before this diary), rather arrogant and believing I had it in me to change - but you really do have to make changes, not just pay lip-service.
Much later than I stopped shopping I started to look at better deals on things, and taking a whole-life approach to purchases (e.g. a car that includes servicing in the purchase price reduces my monthly committed liabilities, allowing me to pay off the total loan that bit earlier).
I also try to stagger things - so a one-off VED for 6 months puts road tax at the other end of the year from motor insurance.
I had a quick flick through your diary too and I admire the way you are taking back control. If it is any help, when my husband and I first lived together his mortgage was £20k and our joint credit card, loans and overdrafts amounted to £80k. It took us just under four years to pay off the £80k but then we started buying bigger houses...
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
What a great diary! You seem to have a workable plan and by the time you retire you will be able to do so in a comfortable position.:j
I have been an avid reader of MSE forums for about 10 years. Back then with a new baby and a new mortgage and not much income I focused on saving little bits here and there but now my thoughts are turning to retirement planning. It's very much a big deal and so scarily complicated!!
I'm subscribing to your diary and will follow with interest (even if I don't post very often):)
I have the simplest tastes. I am always satisfied with the best.
I am absolutely in awe of your financial savvy. In terms of retirement, I just pay the maximum I can into my pension scheme and hope for the best. I don't understand any of it.
Your last post really resonated with me, when you said you were rather arrogant and believed you could change, and not just pay lip-service. I am quite concerned that I haven't yet changed at all, my spending habits are exactly the same but somehow I am absolved because I am posting about it afterwards. :cool:
Thanks ele. Wow Paws, and there's me in awe of your diary!
Mine often feels a bit rambly and self-indulgent but I will try and stay focussed.
Today's things (copied that idea from Paws!) - positives
1 Freezer dive for this week's meal plans
2 Top-up shopping for apples and some seasonal veg
3 Some of the clothes I ordered when I was feeling too flush are going back - admittedly because they make my chest look too "titty" but at least they are going back
4 Our Son's house has a working bathroom with a new bath and shower screen and replacement taps and tiles, after over a year of problems with it
Negatives
1. DH casually mentioned that we will have to pay for the bathroom works from our savings - ref our Son's slightly disastrous choices of housemates (see earlier in the diary)
2. More to come at DS's house as the boiler needs work too (next week) and no money in the pot for that either
3. Running late today due to an accident at a neighbour's
Ho hum, real life moments
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
Update since 13th Feb - It may never be this productive again!
[STRIKE]£7,644.81[/STRIKE] £8387.45 (aiming for £10,000) Emergency fund today -£1612.55
[STRIKE]£11,960.07[/STRIKE] £12073.67 S&S ISA with Fidelity International (original £10,000 4 years ago, no further capital added)
[STRIKE]£4,969.70[/STRIKE] £5022.49 DH's S&S ISA with Charles Stanley Direct
£3,108.33 2 year Bond with Skipton BS @ 4% (one year in)
£10,947.52 7 year bond with Skipton BS - matures Oct 20 [STRIKE]£38,630.43[/STRIKE]£39,539.46 Total actual savings
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
It's my payday. Thank goodness! For 28 days February sure took its time
The Sunday lunch for 70 people was a great success
My neighbour who had a fall at the weekend appears to be recovering well
I can just about cover the home insurance (see below) without raiding the savings pot but it does mean no extra overpayments on the mortgage this month
Negative things -
Buildings and contents renewal through £1448.72 - I had underestimated this by £150
Reading the policy renewal reminded me we need to get the thatch inspected this year
DH has got the bent bit of his Harley repaired and resprayed - £240 + all the replacement fixings from a different place.
Booked my girls on tour trip for May - more expensive than flying but Oh so much more pleasant by train
Waiting for my Sis to call re updating me on my Mum
One more thing - I am a bit twitchy about post-Article 50 invocation impact on the pound (tourist exchange rates really) so I contacted one of the places we are going to in August and asked them to take a €500 deposit at today's exchange rate so I am sort of hedging my bets. Using my Halifax Clarity card it is £422 so over 1.17 to the pound :money:
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
I actually took some clothes back and obtained a refund of £85
My expenses are visible as pending transactions for my bank account
Tilly Tidying, plus the £250 per month set aside to pay off the CC means I have saved over £800 this month, so far
Got a lunch out today - £2.50 and some good company
Negative things :doh:
Emergency dental repair required - £34 plus a round trip of 100 miles
My neighbour remains in hospital and they don't know why he is bright red
Still have not planted any seeds or reinstated the greenhouse roof
Frustrated at work
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
On the subject of my low sugar, low carb diet - I have been going for four weeks now and have lost 16 pounds and several inches. I am hoping my slightly baggy clothes don't look too awful as I don't want to buy more before the weather warms up
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
Replies
Thanks Dan. It is sort of managing the panic really. I used some of the little pots of cash-based savings to pay down some of the highest interest things and then really pushed us to pay off the 0% things when the period ends, rather than perpetually stopping from one 0% to another (and incurring the one-off fees).
I have been reading on the forums for a few years now but I am a bit of a slow learner. Our earnings are good and yet here we are, less than five years from the end of our working lives, with a liability in excess of £100k.
It was this, rather than unsecured debt that prompted me to try and get a grip. Some of the mortgage clearance achievements have been so inspirational and contain some top tips on these forum threads (and the mortgage free diaries) and I also follow lots of OldStyle Moneysaving threads too.
I don't think I was honest with myself when I started posting (years before this diary), rather arrogant and believing I had it in me to change - but you really do have to make changes, not just pay lip-service.
Much later than I stopped shopping I started to look at better deals on things, and taking a whole-life approach to purchases (e.g. a car that includes servicing in the purchase price reduces my monthly committed liabilities, allowing me to pay off the total loan that bit earlier).
I also try to stagger things - so a one-off VED for 6 months puts road tax at the other end of the year from motor insurance.
I had a quick flick through your diary too and I admire the way you are taking back control. If it is any help, when my husband and I first lived together his mortgage was £20k and our joint credit card, loans and overdrafts amounted to £80k. It took us just under four years to pay off the £80k but then we started buying bigger houses...
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
I have been an avid reader of MSE forums for about 10 years. Back then with a new baby and a new mortgage and not much income I focused on saving little bits here and there but now my thoughts are turning to retirement planning. It's very much a big deal and so scarily complicated!!
I'm subscribing to your diary and will follow with interest (even if I don't post very often):)
Oscar Wilde
Your last post really resonated with me, when you said you were rather arrogant and believed you could change, and not just pay lip-service. I am quite concerned that I haven't yet changed at all, my spending habits are exactly the same but somehow I am absolved because I am posting about it afterwards. :cool:
Anyway, keep posting please, it's very motivating
Mine often feels a bit rambly and self-indulgent but I will try and stay focussed.
Today's things (copied that idea from Paws!) - positives
1 Freezer dive for this week's meal plans
2 Top-up shopping for apples and some seasonal veg
3 Some of the clothes I ordered when I was feeling too flush are going back - admittedly because they make my chest look too "titty" but at least they are going back
4 Our Son's house has a working bathroom with a new bath and shower screen and replacement taps and tiles, after over a year of problems with it
Negatives
1. DH casually mentioned that we will have to pay for the bathroom works from our savings - ref our Son's slightly disastrous choices of housemates (see earlier in the diary)
2. More to come at DS's house as the boiler needs work too (next week) and no money in the pot for that either
3. Running late today due to an accident at a neighbour's
Ho hum, real life moments
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
[STRIKE]£7,644.81[/STRIKE] £8387.45 (aiming for £10,000) Emergency fund today -£1612.55
[STRIKE]£11,960.07[/STRIKE] £12073.67 S&S ISA with Fidelity International (original £10,000 4 years ago, no further capital added)
[STRIKE]£4,969.70[/STRIKE] £5022.49 DH's S&S ISA with Charles Stanley Direct
£3,108.33 2 year Bond with Skipton BS @ 4% (one year in)
£10,947.52 7 year bond with Skipton BS - matures Oct 20
[STRIKE]£38,630.43[/STRIKE]£39,539.46 Total actual savings
Shortfall [STRIKE]£71,990.57[/STRIKE] £66,960.54 (mortgage)
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
Negative things -
One more thing - I am a bit twitchy about post-Article 50 invocation impact on the pound (tourist exchange rates really) so I contacted one of the places we are going to in August and asked them to take a €500 deposit at today's exchange rate so I am sort of hedging my bets. Using my Halifax Clarity card it is £422 so over 1.17 to the pound :money:
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
Negative things :doh:
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
Save £12k in 2020 - #20 £2161.30/£5k 28.72% after Apr
OS Grocery Challenge 2020 target £863.93/£3k 28.8% so far at end of April
Mortgage Free Wannabes 2020 #37 £7,678.12/£15,000 51.9%
MFIT T5 No 2 £50,483/£59,998 or 84.14% paid after Q5
My Debt Free Diary is here
Debt neutral
Roadkill 17 £56.58 2016-£62.28 2015- £84.20)
RYSAW17 £1900 2016 £2,535.16 2015 £1027.20