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  • FIRST POST
    • Suffolk lass
    • By Suffolk lass 28th Jan 17, 12:18 PM
    • 1,951Posts
    • 20,901Thanks
    Suffolk lass
    Get a grip woman!
    • #1
    • 28th Jan 17, 12:18 PM
    Get a grip woman! 28th Jan 17 at 12:18 PM
    Having been reading a number of people's debt-free wannabe diaries for some time now, I have finally decided I will start my own.

    We are less than three years from wanting to stop work, and less than ten years from state retirement age. I manage our household finances and DH lets me get on with it. His attitude is more "live for today" so we are a good balance, I think. We have two holidays each year and sometimes more - and he has some boys toys - 2 Harley Davidson motorcycles in the garage, that seem to always need money spending on them. That said, there is more to be said in favour of a happy and contented DH than against them so I don't resent them in any way.

    So to debts - It seems a good time because I have recently finished the finance on my car, and as of yesterday, paid off the finance for DS's car (I borrowed from him 18 months ago and paid back by buying his car on finance and paying his insurance). I was paying 4.7% on that debt so it was my highest priority. I paid it off 10 months early using most of my HSBC Regular Saver that matured this week.

    The debts I have currently are:

    £110,621 - Mortgage - interest rate of 0.74% (0.5 above the BoEBR)
    £3,476 - DH's car - 0% credit card until Sept 17 - a £4000 cash advance with a £76 fee
    £8,755.54 - Barclays Finance for double glazing 0% over 2 years 2/24 paid

    Total £122,852.54

    It isn't that I can't afford to keep up payments, it is more that I want us to start our non-work phase without them hanging over us, if you know what I mean.

    I think that will do for a scene setter.

    SL
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
Page 15
    • Suffolk lass
    • By Suffolk lass 8th Feb 18, 10:14 PM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    Is the DC pot split between bonds/equities at the moment? Hopefully the market will stabilise before June.
    Originally posted by enthusiasticsaver
    It is, but I cannot recall the split. It is an old Clerical Medical Fund (taken over by Lloyds group a few years ago. They tend to be carefully conservative
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • enthusiasticsaver
    • By enthusiasticsaver 8th Feb 18, 11:40 PM
    • 6,614 Posts
    • 13,913 Thanks
    enthusiasticsaver
    If it is conservative it may not have gone down as much as you think then.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Suffolk lass
    • By Suffolk lass 10th Feb 18, 9:49 AM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    B****y password!

    Like so many others I just got a password expiry and have had to go through the rigmarole of retrieving and changing only to see no subscribed threads so apologies in advance if I drop people or their diaries - a warning saying I must change it in x days would have been nice!

    Anyhow. Good news is that our plus net bill was only £21.50 this month - because there are no work calls on it. Very happy with that!
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • Karmacat
    • By Karmacat 10th Feb 18, 10:15 AM
    • 29,312 Posts
    • 167,869 Thanks
    Karmacat
    Oh thats good! A big difference.
    Retired August 2016
    • Suffolk lass
    • By Suffolk lass 14th Feb 18, 1:45 PM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    just had a look in the bank account while taking a little work break and the money from DH's DC pension pot arrived, so I despatched it to the mortgage account immediately

    Our mortgage balance is just under £76k. Next stop under £75k. I might have to stretch my target for MFiT4 now!
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • Treadingonplaymobil
    • By Treadingonplaymobil 14th Feb 18, 1:48 PM
    • 1,602 Posts
    • 16,387 Thanks
    Treadingonplaymobil
    Wow, fantastic news! You must be so pleased to see those numbers coming down.
    £67,031.92 is a frightening number indeed... The debt free diary of one family and their enormous debt
    LBM debt on 12th Feb 2017: £38,608 unsecured debt/£20,000 parental loan/£173,282 mortgage = £231,890
    debt on 6th June 2018: £13,265 unsecured debt/£20,000 parental loan/£191,971 mortgage = £225,236
    • Suffolk lass
    • By Suffolk lass 14th Feb 18, 1:54 PM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    Yes, such a relief. We were going to wait until DH actually retired but as this is the "up to 25%" tax free portion we can take as a lump sum, and with the stock market a bit jittery, we thought we would do it now and reduce the amount of interest we are paying (it was just over £80 per month). I will update how much extra that frees up when they update it on the BS site (I never agree with their calculations when I do mine).
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • Karmacat
    • By Karmacat 14th Feb 18, 2:09 PM
    • 29,312 Posts
    • 167,869 Thanks
    Karmacat
    Brilliant news! Such a great feeling to lessen the outgoings and own more of the property you live in.
    Retired August 2016
    • Suffolk lass
    • By Suffolk lass 17th Feb 18, 9:23 AM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    Off to stretch our legs this afternoon - hope it isn't too muddy - near Leith Hill on the South Downs. I was pleased to see the scales recognise my efforts to shed the last bits of Christmas chocolate this morning, after being much stricter with myself this last week. I really need to treat weight-loss more seriously as it is a back-burner long-term aim to lose another two stone before I retire.

    Shopping is more under control this month and the freezer drawers are starting to run as a single drawer feature, rather than all pulling out together because they are so full (Queen of Tetris status passed on). Just the flour barn and the wine lake to think about...
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • boxofpaws
    • By boxofpaws 17th Feb 18, 6:25 PM
    • 471 Posts
    • 2,130 Thanks
    boxofpaws
    Oh gosh, am I one of the ostriches?
    Debt 03/01/17 = £42000
    Debt today = £27,819.22
    • Suffolk lass
    • By Suffolk lass 18th Feb 18, 3:12 PM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    Oh gosh, am I one of the ostriches?
    Originally posted by boxofpaws
    No you are not! It was a reference to people merely freeing up enough to make minimum payments and treating that as the complete journey. There is a moment for many of us when we realise that passing the monkey from one to the other, to keep it above the crocodiles' reach, is not the same as draining the swamp and killing the crocodiles, if you get my metaphor.

    It is about paying off the debt, not only managing the payments
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • Suffolk lass
    • By Suffolk lass 22nd Feb 18, 6:36 PM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    A rather large bill for the boiler repair has arrived. I am ignoring it until pay-day. My credit card is already just over £1100 next month with five weekly train tickets on it (£142.70 each), among other things

    On the up-side I have three delay-repays to do tomorrow and I won £25 on a premium bond. I don't suppose it's a mis-print... three zeroes left off. Maybe we will buy a euromillions ticket for tomorrow haha
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • Suffolk lass
    • By Suffolk lass 23rd Feb 18, 3:22 PM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    Oh bottoms! I was hoping DH would get paid today but it looks like Monday. This really is the longest month ever.

    I might just get fruit, stork and greek yogurt and make everything else stretch this week.

    I've planted my chili seeds and they are in a giant plastic bag on the back of the range so they germinate in the warm damp conditions
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • boxofpaws
    • By boxofpaws 23rd Feb 18, 11:41 PM
    • 471 Posts
    • 2,130 Thanks
    boxofpaws
    No you are not!
    Originally posted by Suffolk lass
    Phew!

    I won £25 on a premium bond. I don't suppose it's a mis-print... three zeroes left off. Maybe we will buy a euromillions ticket for tomorrow haha
    Originally posted by Suffolk lass
    Very good. I don't really know what premium bonds are. I'm guessing it would dangerous if I did.

    Oh bottoms! I was hoping DH would get paid today but it looks like Monday. This really is the longest month ever.

    I might just get fruit, stork and greek yogurt and make everything else stretch this week.

    I've planted my chili seeds and they are in a giant plastic bag on the back of the range so they germinate in the warm damp conditions
    Originally posted by Suffolk lass
    The longer this month is, the shorter next month is
    Debt 03/01/17 = £42000
    Debt today = £27,819.22
    • WannabeFree
    • By WannabeFree 23rd Feb 18, 11:51 PM
    • 1,625 Posts
    • 14,184 Thanks
    WannabeFree
    Have a lovely weekend

    x
    “Once you hit rock bottom, that's where you perfectly stand; That's your chance of restarting, but restarting the right way.”
    • Suffolk lass
    • By Suffolk lass 24th Feb 18, 7:47 AM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    Very good. I don't really know what premium bonds are. I'm guessing it would dangerous if I did.
    Originally posted by boxofpaws
    Premium bonds are a 1-number-for-one-pound enduring government lottery. Your bonds remain your money and you get back what you put in, but there is a monthly draw with a relatively low ratio of winners and winnings. If you buy a £100 bond you get a sequence of 100 numbers for the lottery. Basically, you are lending the government your money, interest free and they will pay you back when you want the money back

    The fact that your money is safe and intact is attractive on the surface. The problem is inflation. The smallest you can buy now as an adult is £100 (but if you win £25, you can reinvest this) - I think it is lower for children. My Mum's family used to buy a £1 premium bond for my sister and I when we were children, and I have never cashed mine in so have about £24 in singles, plus a couple of bigger ones. The point re inflation is that £1 was a stretch for my Grandad, now we might spend it on a chocolate bar (ahem, not me, of course).

    I'll check today to see which number won.

    If you want to know more, the National Savings and Investment web-pages will tell you. I know several people who sold their houses and put their capital equity in premium bonds for a few months until they bought their next house. One or two had a regular stream of small wins but if you are looking for return on investment, it probably isn't for you.
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • Suffolk lass
    • By Suffolk lass 24th Feb 18, 7:50 AM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    Have a lovely weekend

    x
    Originally posted by WannabeFree
    You too WannabeFree - good to see you over here! Tough times for you but regular positive progress. I hope your health is improving and the children are thriving x
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • Suffolk lass
    • By Suffolk lass 27th Feb 18, 10:10 PM
    • 1,951 Posts
    • 20,901 Thanks
    Suffolk lass
    End of Feb Update
    DEBTS
    The big news was the use of DH's Tax free lump sum from his DC pension pot that we drew down and used to pay down the mortgage - hence the slightly disproportionate reduction in debt and doubling of our efforts to pay off so far.

    Were it not for the now-booked trips at Easter and again in August, I would pay another thousand off but I know I still have the December boiler repair to shell out for, as soon as my pay hits the account tomorrow. And two pairs of glasses having new lenses. - £670, just for lenses. I know it is complicated but that is ridiculous

    Mortgage £110,621 75,939.14 (£34,681.86 paid so far)
    Barclays 0% Finance for double glazing £8,755.54 £3,183.84 (£5,571.70)
    DH's car - paid off on 21st Aug 17 £3,476 £0 (£3,476)

    Total £122,852.54 £79,122.98 - that is £43,729.56 or 35.6% paid off so far.


    SAVINGS
    £11,075.53 Emergency pot
    £12,342.66 S&S ISA with Fidelity International (original £10,000 some years ago, no further capital added)
    £7,130.74 DH's S&S ISA (with Charles Stanley Direct]
    £3,155.32 2 year Bond with Skipton BS @ 4% Finishes 31 Jan 2018 - This will be used to reduce the mortgage! all finished
    £11,330.58 7 year bond with Skipton BS - matures Oct 20
    £38,630.43 £41,730.85 Total actual cashable savings

    Shortfall -£37,392.13 (all debts)
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • Karmacat
    • By Karmacat 28th Feb 18, 8:39 AM
    • 29,312 Posts
    • 167,869 Thanks
    Karmacat
    All going in the right direction, SL, well done you. With holidays too, thats got to be good.
    Retired August 2016
    • boxofpaws
    • By boxofpaws 2nd Mar 18, 10:16 AM
    • 471 Posts
    • 2,130 Thanks
    boxofpaws
    I dream of being where you are
    Debt 03/01/17 = £42000
    Debt today = £27,819.22
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