I really really want to be........mortgage free!

MissionMoney · 7 December 2014 at 7:20AM

Hi ourcornercottage!

Could you do OH and sons hair yourself? Depends on their style I guess but I do my OH's hair at home to save money. I also cut my own:rotfl: Have done this for the last 3 years! I am planning on visiting a hairdresser before my wedding next year though, just incase! :rotfl:

Love your idea with the chocolate moulds! :T

enjoyyourshoes · 7 December 2014 at 9:34AM

Hi

'with livestock you get dead stock'

Chickens are good, get specific breed for purposes as they will be more cost effective. If layers put light on in Winter giving them 12 hours of 'daylight' as they originate from Tropics and need the 12 hours to lay eggs through out the year.

Insurances-don't pay monthly, pay annually. Monthly they charge you credit !

Save for all annual, 1/2 yearly and 1/4 ly bills monthly and put in savings account with highest interest (maybe TSB current account 5%)
Then your benefiting from compound interest. I put in equivalent of what I was charged monthly, so I save more. Don't put money in 'sealed pot', piggy bank or envelopes as many suggest, no interest there.

For comparison sites, money supermarket, go compare, confused, compare the market. Some insurers don't go on Comp sites so check them out after you have done the Comp sites, Direct line, Aviva, Zuric

Don't go to BIG supermarkets, buy online and delivered. Have list in kitchen you update when you have run out of something. Have basic list for consumable's and get best price per weight.

Don't go for branded generally. Use Liddel et al for items that are cheaper than BIG supermarket. Generally don't buy Brands.

Use freezer as 'savings account', bread/milk etc (saves the distressed purchase from local corner shop and then tempted to buy things don't need)

Use inexpensive protein alternatives (big tin tuna (asda) then cook freeze tuna pasta/quiche etc. Use dehydrated quorn mince (Tesco) and replace %'age mince in lasagnes etc (pre soak in juice from toms and add in oxo) I use 30% substitution and no one can tell !

Haircuts ! I use a electric dog clippers (didn't use 'em on the dog as he was frightened!) 3 Boys haircuts a month saved !

As mentioned earlier 3 stage process (manual or Excel, your choice)
1. Annual budget + cash flow (ascertain monthly saving meets timing of annual/1/2 & 1/4 ly bills)

2. Sub saving account... to have one account (highest interest) account but subdivided into named accounts where you account for savings and spending against that item/category

3. Daily reconciliation of current account etc (include daily spend by ATM, CC, switch, cheque) plus all DD, SO , bank transfers, saving for bills and savings for savings.

Need to have a clear strategy on what you want to achieve (currently its pay off mtge, but also talk about pension retirements etc) Family gets behind strategy and you implement this with their full support.

Pension, need to get your head around savings in stocks and shares. SIPP etc , start investigating, learning and working out attitude to risk.

ourcornercottage · 7 December 2014 at 6:03PM

Thanks for all the advise, I wouldn't dare touch their hair they would look like the 2 in dumb and dumber! I'll get them to stretch it out a bit. As I'm recording all costs down now I'll get a more accurate idea of spending.

I'll start paying bills annually, I keep bills money in a seperate account currently but am looking into higher interest ones to store any surplus in.

I'm veggie and so is son. Bf occasionally eats meat so we have only veggie good at home. I don't know how people afford meat it is so expensive compared to a veggie diet.

Generally I'm not bothered by brands as I work in this world and am not suckered in by it! Generally do shopping at Aldi. We've halfed our shopping over the last 6 months by shopping around and not wasting anything.

We are slowly getting there, into the money saving philosophy, we both work really hard so have to have the odd treat sometimes to perk us up.

ourcornercottage · 8 December 2014 at 9:15PM

I'm really well recording all our daily expenditure in a iPad app. Bf is really on board with this and we are going to use this to review were we are wasting money on a daily basis. Also it makes you think before you spend so helps in that way too.

greent · 9 December 2014 at 11:56AM

Just to add that whilst others may think your costs are high - that's high in their opinion and doesn't necessarily mean you should get things cheaper. Stretching out haircuts is better (every 10 weeks instead of 8/ every 8 instead of 6) in our household than home haircuts. You don't have to hive everything back to the bone - it's a long journey and it needs to bearable - you need to find what's right for you and yours.
If you're happy to be super frugal and never go out and give up activities which cost, then so be it. However, my family has costs for drama lessons (now halved to £95/ term thankfully!), subs and uniforms and activity costs for beavers, cubs and cadets, barbershop haircuts for the (4) males @ £10 each every 6-10 weeks (depending upon who it is), gas & elec costs of £170+/ mth - and other things which people would consider non-essential or high. It's about balance, choice and whether you can afford it in the first place x

One comment on your SOA, though - I don't see anything for dentist/ prescriptions etc - it's very rare that a family of 3 would not require any sort of charge in a year, even NHS dentists seem to charge something for most adults I believe

Good luck with your journey!

greent x

ourcornercottage · 9 December 2014 at 9:49PM

greent wrote: »

Just to add that whilst others may think your costs are high - that's high in their opinion and doesn't necessarily mean you should get things cheaper. Stretching out haircuts is better (every 10 weeks instead of 8/ every 8 instead of 6) in our household than home haircuts. You don't have to hive everything back to the bone - it's a long journey and it needs to bearable - you need to find what's right for you and yours.
If you're happy to be super frugal and never go out and give up activities which cost, then so be it. However, my family has costs for drama lessons (now halved to £95/ term thankfully!), subs and uniforms and activity costs for beavers, cubs and cadets, barbershop haircuts for the (4) males @ £10 each every 6-10 weeks (depending upon who it is), gas & elec costs of £170+/ mth - and other things which people would consider non-essential or high. It's about balance, choice and whether you can afford it in the first place x

One comment on your SOA, though - I don't see anything for dentist/ prescriptions etc - it's very rare that a family of 3 would not require any sort of charge in a year, even NHS dentists seem to charge something for most adults I believe

Good luck with your journey!

greent x

Thanks that's really the approach I need to take, we both work really hard in stressful jobs with long so do need to splurge sometimes if not we could go mad.

I missed destristry, I'd better put that in. I actually just had. A 30 second check up that took cost about 18 pounds. Son is 6 so he's free but that's still about 40 per year destristry min. I can't remember the last. Time we had a prescription, nothing for stl east. 5 years! Must be the veggie living! Will add in. The budget though of £5 per month though so that should cover it all.

My costs might be a little high but I live in a fairly expensive area and you just have to suck up the prices. I think people who live in London are ripped off compared to us but I suppose its all relative.

I've made more chocolate Christmas presents in my moulds. I'm well chuffed with them and very happy with sons presents I've collected over the year. He's going to be very spoiled!

Elsbells21 · 9 December 2014 at 9:53PM

ourcornercottage wrote: »

I'm really well recording all our daily expenditure in a iPad app. Bf is really on board with this and we are going to use this to review were we are wasting money on a daily basis. Also it makes you think before you spend so helps in that way too.

which app do you use ourcornercottage? Enjoying the start of your adventure!

ourcornercottage · 9 December 2014 at 9:57PM

It's called home budget. It is a free app and seems to be doing everything I want so far.im using it for day to day spending but it does regular payments and budgets too.

ourcornercottage · 10 December 2014 at 1:27PM

overpaid mortgage this month by £106.24, better than nothing and not bad for christmas!

Mortgage is 139500 in total :0)

jodles16 · 10 December 2014 at 2:26PM

Great overpayment! And I agree with the needing a splurge, we are overpaying and saving to go to Vegas! Paying down the mortgage is important but so is enjoying money too!

Jodles

I really really want to be........mortgage free!

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