How much have you saved?

;D 8) ::)

Firstly, let me point out that NOT ALL SAVINGS ARE FINANCIAL!!. The biggest savings I have made are in 'time' that I can now spend with my Wife and children (I have been running 2 small business's on top of a full time job - My life has been spent thinking 'if we don't have enough money I can always earn some more!' - One business is now closed and the other is a hobby with me in control of how much work I take on). This is worth more than any financial gain (Not that I haven't made some of that as well!!). Thanks to everyone for this site's success and to Martin for starting it and writing that incredible book - YOU HAVE NO IDEA HOW MUCH YOU HAVE CHANGED MY LIFE.

Now for what you wanted to hear:

Not been at this long but I have made some significant 'wise moves' already. Using Martin's superb book in conjunction with the website I am currently going through the process of switching mortgage that will save me around £150pm.

I have kept my CC's on 0% for the last couple of years anyway and have reduced the debt considerably. However, I now only pay the minumum payment each month and put the 'overpayment' into a high interest savings account and will pay this lump off the balance when I do a balance transfer - I'm actually earning money on the debt I have! Incredible!

Through Life Assurance, building & contents insurances, car insurance and purchases (like a brilliant unputdownable book called The Money Diet - bought from Play for £4.99 with free P&P) I have, so far, reduced my monthly outgoings by£184pm (This is without the mortgage).

I am planning some more moves for the new year (including getting a cashback CC to pay for our monthly bills, shopping etc.) but, in the meantime, I want to settle down (for the first time in years!) and spend some real quality time with my kids now that I don't have so much work to do.

So bring on the paints, pencils and sticky-back plastic. This EssexBoy is going to party for a change!!!

Oh, and, here's one I made earlier!!!

I'm not sure how much I've saved as I only joined in the summer and didn't think to record it anywhere.

From January I plan to make a note every time this site saves me money and out the equivilant amount away in a savings account(even if it's only pennies) the same if I do BOGOF at the shops.

That way I will see that it's all worthwhile and save money at the same time.

I do know that we have saved £500.00 worth of interest over 6 months by having an offset mortgage and offsetting our savings plus £4000.00 from Mint but how much of that is just don@t to the £4000 I don't know.

Am getting braver now and am about to SBT £10000 into offset account so that should make a BIG difference!!!

I'll keep you all posted.

Still got a long way to go to match Martins Love Child though!!LOL

Hi Martin

I am a subscriber to your newsletter and would like to thank you, firstly for making the world of finance less of a 'black art', and secondly, for helping people like myself find their feet after almost drowning in a sea of debt.

Why? Well...

I came out of university £18000 in debt (not unusual for a four year course in London) and managed to secure myself a relatively well paid job. I was, however, extremely poor at managing my money and thought of the 'available credit' on credit cards as my own money for spending. I rented a nice house, bought a nice car, had a nice holiday, bought some well-needed clothes and generally enjoyed life. At one point I even changed bank account (no more credit available from who I was with at the time) and fell for that awful 'consolidation loan' scam. At the time I could only see the reduced monthly repayments - what woe. I have since learned about net debt increase when you do this.

It came to a head one day when I found myself taking out cash on a credit card - tut tut I hear you say, but wait, it gets worse - to pay the bill for another credit card!! Thankfully I stopped myself and sought some help. I got in touch with the local Citizens Advice Bureau. That's where things started to get better. They contacted all the people I owed money to (and there were quite a few) and arranged for interest to be stopped on all outstanding money (at this point about £35000) while things were being resolved. They then detailed all my incomings (ok - just my salary) and outgoings (that took a while). After this they determined what money I had left over each month and divided it up between the creditors in proportion to the amount I owed. Without exception, my creditors accepted the new, revised, much lower repayments. I set up standing orders to each of them and honoured each payment as it became due. During this time I lived on £40 per week - hardship when compared to what I had spent in a week. Several defaults were placed on my credit record but no bankruptcy was declared, and no CCJ's either. Living on this amount of money was not easy for me as it meant careful budgeting, moving into cheaper rented property, no holidays, declining invitations to social events, shopping for only what I really needed, recycling things wherever possible, and shopping for own-brand groceries.

Four years later I was debt free!!! The feeling of looking at my payslip that month and realising it was all mine - well, you can imagine the emotions.

Since that time, I have really stayed on top of my money - as they say - once bitten, twice shy. I have saved into a 'cushion' account, saved into a 'holidays and presents' account and also saved into a 'deposit for house' account - each of which has been moved with your recommendations for best savings accounts. I have had no cause for going into debt, and have once again been able to enjoy my life to the full. The defaults have been cleared from my credit record too.

I then subscribed to your newsletter (a colleague put me on to it) and started to take some of your advice. As I'm sure you understand, I found it difficult to go for the 'Super Balance Transfer' tip, but have successfully taken the 'best cashback card tip' for use with business expenses (Accucard).

The reason I am posting this message today is because today is the day I have realised one of my dreams - I have taken possession of the keys to my new house.

Certainly, I will be keeping up to speed with the 'Best Buy Utilities', 'Best Buy Home Phone Providers', 'Best Buy House Insurance' and all the other fabulous tips you send through. Your advice will always be welcomed and I'll certainly make sure any children I may have in the future will be well versed in the merits of managing their money.

Thank You Martin
Please keep up the sterling work.

Sincere Regards
'StillWorking'

Martin, The biggest help you have been to me is with the Savings Fountain, I have followed it to the letter and have had a bumper year of interest. You are so right to stress the importance of maximising tax breaks and monitoring interest rates. I have also cut household expenses to the bone by changing providers and I use 18866 for every telephone call out of this house and also insist that companies with non-geographic phone numbers call me straight back. Finally I have moved all my current account banking away from a certain high street bank and manage all my financial business on-line.
Thank you very much for all your help and I wish you a Merry Christmas and a Happy, Prosperous and Money-Saving 2005 !