How much debt you in ?

[Herr Tubthumper]

Not buying some funny old records from Harry are you?

Ha ha. No. I subscribe to Resident Records and Sacred Bones, and now Rough Trade EU, mailing lists and they make it too easy to buy things. I blame them.

 

[locksleybtn]

Probably about 27k atm but the good news is that in 2 years all of this debt will be gone!

 

[Brian Fantana]

Nothing, beyond a mortgage (which thankfully does have a fair bit of equity in my favour at current market valuation). Savings have taken a real hit over the past 18 months or so though, so I need to make a plan to boost those up again.

 

[Justice]

Ha ha. No. I subscribe to Resident Records and Sacred Bones, and now Rough Trade EU, mailing lists and they make it too easy to buy things. I blame them.

I’m like that with my tools terrible addiction

 

[mejonaNO12 aka riskit]

Savings have taken a real hit over the past 18 months or so though

What are these savings you speak of?

Joking aside, I have seen my ability to save completely stagnate over the years. As you alluded to, things keep coming up and impacting on that as well as rising costs etc.

I was setting myself idealistic targets of what to save monthly and then getting completely down about it when I was way behind where I thought I'd be or having to take money out of the savings.

I have my monthly spreadsheet, part of which gives me a monthly amount to save and my weekly spending money target.

I have tried a new tactic. I try and 'save' a slightly lower amount each month on the target and I give myself a much higher weekly 'spending money' budget. But I also have set up weekly standing orders to move a little bit of money into the savings as well. So I now sweep up any leftover spending money for that week into the savings as well as the Standing Orders.

I have no idea why but it seems to be working better. Yes every Monday I log on and see my balance has dropped by the value of the Standing Orders and think "ah, now I need to try have a more sensible week on the spending money" but it works. It shouldn't as all I'm doing is tricking myself....and I'm in on that trick.

I also try and keep my balance rounded. If I note the balance is 636 I'll then send maybe 6 or 16 or 36 quid to a pot that I don't track as part of my savings. It's managed to sneakily build up a few hundred over a couple of months that I wasn't planning on and I don't mind using in an emergency as I don't see it as savings.

 

[Colonel Mustard]

What are these savings you speak of?

Joking aside, I have seen my ability to save completely stagnate over the years. As you alluded to, things keep coming up and impacting on that as well as rising costs etc.

I was setting myself idealistic targets of what to save monthly and then getting completely down about it when I was way behind where I thought I'd be or having to take money out of the savings.

I have my monthly spreadsheet, part of which gives me a monthly amount to save and my weekly spending money target.

I have tried a new tactic. I try and 'save' a slightly lower amount each month on the target and I give myself a much higher weekly 'spending money' budget. But I also have set up weekly standing orders to move a little bit of money into the savings as well. So I now sweep up any leftover spending money for that week into the savings as well as the Standing Orders.

I have no idea why but it seems to be working better. Yes every Monday I log on and see my balance has dropped by the value of the Standing Orders and think "ah, now I need to try have a more sensible week on the spending money" but it works. It shouldn't as all I'm doing is tricking myself....and I'm in on that trick.

I also try and keep my balance rounded. If I note the balance is 636 I'll then send maybe 6 or 16 or 36 quid to a pot that I don't track as part of my savings. It's managed to sneakily build up a few hundred over a couple of months that I wasn't planning on and I don't mind using in an emergency as I don't see it as savings.

Tricking yourself in little ways can be weirdly effective. Do you keep a log of everything you spend? When I’ve been on a tight budget in the past, I’ve found it very helpful to track everything I spend over, say, 4 weeks. Not sure why it should make such a difference but it always seemed to reduce my spending, particularly on small unnecessary items like chocolate and magazines. That should help your savings. Works for losing weight too. Log everything you eat and the pounds will start to come off.

 

[Tim Over Whelmed]

Sure I heard or read somewhere a while back that quite a few folk retire whilst they still have debt - I think the average was £20k of debt.

Can't understand why anyone would choose to do this, surely better to keep working [assuming you can] to pay the debt off first rather than using pension income to service the debt?

Yes, I even made sure the mortgage was paid before taking the plunge; you've got to get yourself as future proof as you can .... shirley!

 

[mejonaNO12 aka riskit]

Tricking yourself in little ways can be weirdly effective. Do you keep a log of everything you spend? When I’ve been on a tight budget in the past, I’ve found it very helpful to track everything I spend over, say, 4 weeks. Not sure why it should make such a difference but it always seemed to reduce my spending, particularly on small unnecessary items like chocolate and magazines. That should help your savings. Works for losing weight too. Log everything you eat and the pounds will start to come off.

I don't track it specifically but we also noted that we were so much better off doing a much bigger weekly shop and avoiding little top up shops. I entered "tesco' into my app to see how often I was spending there (that's our nearest little shop) and it was scary how much it added up to.

 

[Clive Walker]

Minimal debt which is all locked at 0% which I could pay off if I wanted.

£300k mortgage

I have a little method I use to create savings. Each month £350 goes directly from my wage into savings. A further £100 goes into premium bonds just for fun. Whatever is left in my bank then gets deducted by my dd and standing orders and I set myself a tavern of say £500. I then divide the balance by the number of days in the month. I do track my spending each day but on average I am putting away an additional £1k into savings each month.

 

[Ding Dong !]

No debt
Well over 6 figures in savings
Two properties mortgage free ( 1 rented out )
Cushty

 

[nwgull]

Got quite a big mortgage, but also have savings and investments worth about 4x that, so net debt is negative

 

[theboybilly]

Nowt. Debt's for mugs.

Not necessarily, having a little debt on a CC can help your credit score (as long as you keep it modest and pay enough to avoid interest charges)

 

[chrisg]

No debt
Well over 6 figures in savings
Two properties mortgage free ( 1 rented out )
Cushty

Starbursts are on you at the next home game then.

 

[zefarelly]

I don't track it specifically but we also noted that we were so much better off doing a much bigger weekly shop and avoiding little top up shops. I entered "tesco' into my app to see how often I was spending there (that's our nearest little shop) and it was scary how much it added up to.

I agree, Now Mrs Zef is at home working and I'm at work, we both do little shops, when we used t do a big shop every week or two, we spend a lot more than necessary. Although don't go out much at the moment, and have a teenage son who consumes like a skip!

re debt, only mortgage fortunately, have a plan for it to be gone in around 5-6 years then a few years to get a pension up to speed therafter, health permitting, plan to wind down slowly . I like what I do and have lucked out at a really good Company, after years of crap Companies and self employment. . . .

 

[BLOCK F]

I agree, Now Mrs Zef is at home working and I'm at work, we both do little shops, when we used t do a big shop every week or two, we spend a lot more than necessary. Although don't go out much at the moment, and have a teenage son who consumes like a skip!

re debt, only mortgage fortunately, have a plan for it to be gone in around 5-6 years then a few years to get a pension up to speed therafter, health permitting, plan to wind down slowly . I like what I do and have lucked out at a really good Company, after years of crap Companies and self employment. . . .

Love the expression,‘consumes like a skip’

 

[Coldeanseagull]

Present day
No debt, no worries.
Go back thirty five years
Multiple jobs, mounting debts, afraid to answer the door, stressed, self inflicted cos we wanted it all at once

 

[portslade seagull]

No debt, mortgage paid off after taking redundancy just an expensive doris to look after who likes extravagant holidays.

 

[Zeberdi]

-£19.42 in current Bank account

But plenty of savings in fixed bonds and ISA - regular monthly income due in 8 days, Building Society easy access account with savings in and no mortgage.

Back to my late 20s in debt by thousands, defaulting on my Mortgage and hiding from the Bailiffs

 

[Herne Hill Seagull]

Small mortgage, shared with my missus - way smaller than it'd be if I were still in the UK, given property prices where I live now. No other debt. Haven't had a credit card for I don't know how many years - at least 15. If I can't afford something, I don't buy it. If I want to buy something expensive - my only real vice in that regard is watches - I put €100 per month in a little safe box until I've got enough, then buy it. If it takes months, or even years, so be it.

 

[Kosh]

God this thread is chock full of considerably richer than yowww ‘executive’ suite dicks…

In my experience people struggling along and carrying a bit of interest related debt tend to be FAR more likeable… not sure why that is… ? maybe its about living in the real world, not one inhabited by thoroughly unlikable rich people with sodding property portfolios.

I firmly believe, when the end comes and it’ll be soon… it’s the ones who ‘had’ debt who’ll be laughing loudest whilst the rich people futilely stuff cash into luggage cases whilst genuinely expecting it to be of of any use whatsoever