What would I change? What would I keep the same?

 Another month and another round of debt snowball repayments. We often sit down and talk about what we’d change. You know the conversation……’when we are debt free….’. There are things I wouldn’t change. I would never go back to wasting energy or money on energy. I would not own a tumble drier and I would still dry laundry on racks. I would still use Tesco Value cleaning products and toiletries. I would still buy clothes in Matalan and charity shops. I would still grow veg and sell items we don’t need on ebay.

I would still not heat the water and use shower water to flush the loo, I would continue to use washing machine water to water the garden. I would still go to bed early and use the electric blanket as my main source of winter heating. I would still batch cook, make homemade and reuse and recycle.

I would however be able to sell up, get a better mortgage deal and downsize. I would then be able to over the pay the already smaller mortgage and pay off my mortgage earlier. I would have a bigger ISA fund, a bigger savings fund,a bigger emergency fund and would be able to help my children more.

What would you keep the same and what would you change? We’ve got just under a year to go and we’re exploring our options. What would you suggest?

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15 thoughts on “What would I change? What would I keep the same?

  1. Gosh I have to say you have made a wonderful effort and I do agree about the redistribution – I wish I'd spent less and saved more hence sorting it out now.

    I think ISA saving, shares and a big contingency sum in instant access savings would be my goal.

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  2. im not a fan of retirement investments in monetary or share form, too easy for corrupt people to steal from you, including governments backing down on their promises. i have my rental flat, so someone else is funding the mortgage, one day it will be pure income for us, if we were debt free then we would look at buying another rental or 2. you have to look at it long term though its not a quick turnover game, although sometimes it can be.
    Having no personal debt and a small emergency fund. with money in the bank you have to consider the negative effects of inflation. I like fms idea of a decent holiday, doesnt have to be abroad, just a break from the routine.

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  3. I agree about having some sort of holiday and with paying the mortgage off early, that is my plan once the debts have gone. I think i would also think about my work and maybe changing/'downsizing' my work/job and trying to work less and live more, as hopefully you would need less money to live on x

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  4. 16 months before im debt free and 84 till mortgage free, i look forward to having money in savings so if something crops up we can pay for it.hubbie has spent £200 on stuff for work which wasnt accounted for, i won a night in a hotel with train travel but because of that money now gone not sure if we can afford to go as hotel is in the middle of nowhere so money will need to be spent.I dont want to be in that position anymore.

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  5. Funny you should ask! I have found that in my line of work I'm able to live at my usual frugal standard and pay off my mortgage early. With interest rates so low I bought a rental house (rent makes the base payment)and will pay it off early as well and have a source of income when I am older. Here, in the USA I can own two homes and get a tax break on the rental property.

    People say to put the extra money into retirement funds or stocks. I prefer to diversify my assets. Should I ever “retire” I will have at least sources of income.

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  6. I would do most of what I do already as it's green and I've come to enjoy all my frugal pursuits.

    However… once the mortgage is gone I want to work extremely part time and I want to enjoy some hobbies with the spare time and cash. I would like to join a Roller Derby team. I want to learn to dance something snazzy and modern. I want to learn to play tribal drums. Things that will make me laugh out loud.

    We hope to be paid off by 2013. I need to do the maths.

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  7. We aren't as frugal as you and are in a position to just wipe out all of our debt, but are not ready to do that. Mortgages can have their advantages and we also need some funds for home repairs so we can sell our house. We should get that money back once we sell, but we can't sell at a good price without the repairs.

    Once that is done, I think we'll try to live on one salary. And out of the two of us, I'd like it to be the smallest one. Then we will bank the rest (if we can). There is an interesting book that I've been meaning to read, “The Two Income Trap.” Salaries are comparatively lower than they used to be so we are all forced to have two incomes. I'd like to buck that trend!

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  8. As dog-walking conversation fodder a few weeks ago, we had a “what would we do if we won £1million?” talk and I realised that I'd change very little – we'd probably move to a house with more land, but certainly not much bigger house than the one we have now. In fact, we might end up living more frugally because I'd have more time to grow veg, cook, bake & make!

    Our washing would still get dried on the line no matter how much money we had, and I'd still prefer to wrap up under a warm blanket with a few animals as hot water bottles than turn on the heating unnecessarily. Living frugally & simply isn't just about the money for us – we do it because it seems bizarrely wasteful to be any other way.

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  9. We hope to be mortgage and debt-free in two years. I would maintain our frugal-life style as is, anything else now would seem wasteful. In the future we hope to be able to go on holiday once (or even twice) a year – not necessarily expensive holidays, just to visit more of our own country would be just fine. We hope to establish savings and we hope to have the chance to be creative.

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  10. After over fifty years of doing so, I do not think I could stop living the 'make do and mend' way. I would pay off the mortgage, and I hope I'd be able to give away more.

    John Wesley, founder of Methodism, said “Earn all you can, save all you can, give all you can”

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  11. Agreed on that one Angela, it will be great to have some more spare money to spend in charity shops and set up regular payments, I support water aid, and I would love to do more to help

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  12. We are already mortgage free (almost for a year, yeah !!!), we only have a debt for our solar panels that'll be paid in sept 2012, and after that I hope to be debt free forever 😀
    We never owned any credit cards, and the very few credits we had were for some much needed home improvements (like insulation and central heating)
    I don't have an electric dryer (never have), I have always grow a lot of what we eat, I belong to a CSA now so I don't need to do so much work in the yard…
    I sew a lot of our clothes, I mend, knit and crochet
    I love cooking and never buy any pre-packaged food, my main luxury is to buy mostly organic food !

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