Well done, not a sexy part of prepping but a really practical one. We're still a work in progress on that front.Prepping_Al wrote: ↑Wed Jul 04, 2018 1:50 pm A minor victory for us today we've cleared off all our debts apart from the mortgage using our savings.
Paid off the car loans a year early glad that is gone.
Cleared our credit cards apart from what work owes me - there is never enough in the petty cash a real bug bare that it can take up to 2 months to get it back
We still have a bit of savings left but I don't like having debt hanging over me so used what I had to get clear and she did the same. I normally like to have 2-3 months wages in my savings as a cushion for job loss or any other issues so a little worried with less than 1 now but I have reduced my out goings so not too much of a worry.
We feel skint but next month we will be loaded without all the direct debits coming out but have set up a standing order to put that money in to our savings other wise it would be too easy to spend it lol
I found out a few years ago that my parents were paying an interest only mortgage while having enough to pay the mortgage off outright sat in their savings account. After a bit of a debate (they liked the idea of having that big nest egg) they shifted the mortgage and started rebuilding the nest egg.
We've debated debt on here before and while I wouldn't say I like it, its good to have a bit of flexibility Because I've had the same credit card for years, its now at a stupidly high amount, I still like the ability to have access to that money in an emergency. Its whatever works for you, or whatever works for you 'at that time' I should say. People take on debt to speculate too, if they can make it work then its a good thing, if they take out a massive debt to splurge on lots of shiny shiny then that's on them. Still can't wait to shift ours, its one step forward and two back sometimes though.