Economy drive

[Morganna]

Well done, Lily!

I have spent a fortune this month on wills and LPAs. I've been very aware that they needed doing for years, but the virus made me force Mr M's hand. What started out at a headline rate of £150 has turned into over £1500, which is a lot to pay for something that I never want to use.

Hey ho. I have also splashed out a bit on cheery-up items, such as some lovely cashmere knitting yarn, a leather refillable notebook and a new pen, and some (gimmicky but quite good) writing prompt books from the Literary Gift Company. I need to stop buying more yarn, as I have so much already that it is beyond unnecessary. I forgive myself the writing stuff, as I have an assignment deadline on Thursday, and feel like I deserve a treat for getting it (nearly) done, given the number of cancelled classes we have had.

I could cancel the order for the yarn, as it won't be processed until Monday. I should do that, shouldn't I?

[sally maclennane]

Well done, Lily!

I have spent a fortune this month on wills and LPAs. I've been very aware that they needed doing for years, but the virus made me force Mr M's hand. What started out at a headline rate of £150 has turned into over £1500, which is a lot to pay for something that I never want to use.

I know you never want to use it but can I just say that I hugely appreciated my dad having a proper will when I was dealing with his estate. I was so glad that he had done it, it made a difficult time a little bit easier.

[H1ppychick]

Morgs, if you can afford the yarn, why not get it?

[Morganna]

Because I seriously have so much stash that I'd have to live to be 100 to knit it all up. I moved all of it to S's room a while ago, and there is a whole alcove (shelved) of it, plus a cupboard in the other alcove (also shelved) that is about 2/3 full, plus 2 shelves of pattern books. It's madness, and happened because I couldn't resist buying it when I saw something I liked, or was on special offer and 'too good to miss'. There will always be something new and pretty to buy, though, and obviously it takes time to knit the stuff up.

There will be no yarn festivals this year, which will cut down on the opportunities to be tempted, so I should be knitting down, not buying more. I know the theory, but it is just so hard to resist. Plus, I have spent a lot already this month, so shouldn't be looking for unnecessary things to buy.

[Ella77]

Also I think now is not a good time to be placing orders and then cancelling them again if it can be avoided. The same goes for trying to avoid making too many returns.

[Morganna]

I know you never want to use it but can I just say that I hugely appreciated my dad having a proper will when I was dealing with his estate. I was so glad that he had done it, it made a difficult time a little bit easier.

I know, Sal. Everyone should have one, and as we have kids we should have had one years ago. Mr M just had a mental block, and we let it slide. I'm pleased we did it - it's just that it's a bit like paying for a boiler or a washing machine. You know you have to do it, and it's nice to have it sorted out, but it's not a fun way to spend money, is it?

[Morganna]

Also I think now is not a good time to be placing orders and then cancelling them again if it can be avoided. The same goes for trying to avoid making too many returns.

I can just cancel it online, if I decide to do it. The system is that it stays in the basket until the next working day, and you can order more, or add other items/services such as twisting or skeining, whatever until it is processed, at which point you get an email and that option is no longer available. Nobody will even see that the order was made until Monday. If I 'put it back' I will see the number available go back up.

[Skips]

We are doing ok, we are spending more on garden things rather than paying off the debt but we talked about it and we're happy to do that if it means we get to have a nice space to spend time. We are, of course, making minimum payments and the debt is going down so we arent adding to it.

[Roma]

That’s great Lily! I think just breaking the pattern for a month is a massive achievement and shows that you can get it under control.

I’ve still spending a bit online but have been saving a lot as I’ve not been out obviously and also saving money on work lunches, coffees, treats out etc. I’ve also got my refund through for my annual travel card, so that was nice although I’ve got to spend it again once I’m going back to work of course.

[Lily]

Also I think now is not a good time to be placing orders and then cancelling them again if it can be avoided. The same goes for trying to avoid making too many returns.

This is very true. A good thought to hold onto.

We are doing ok, we are spending more on garden things rather than paying off the debt but we talked about it and we're happy to do that if it means we get to have a nice space to spend time. We are, of course, making minimum payments and the debt is going down so we arent adding to it.

This sounds very healthy Skips.

I'm still paying for entertainment as I'm donating to Hay Festival and other performers who are doing online stuff, but not extortionate amounts.

If I broke the habit once I can do it again, I just need that willpower!

Morgs, will that yarn be used? Can you make a pact with yourself to use it or use the stuff you've got first?

Well done! Send the stuff back and feel the freedom (like Braveheart without the anomalous blue paint)

Problem is I really do need some summer sandals as I don't have any! But if I like a pair I'll ask for them as an early birthday present.

[Skips]

How is everyone getting on? I've made myself some more pots with my Monzo account and we now have an emergency pot due to back to back washing machine breakdowns. I saved £100 on my car insurance so I paid that off my loan. I have everything in a spreadsheet now for the debt so I can easily see what we have left to pay.

[Marth]

I like the Monzo pots, Skips. I've got one for holidays and one for Christmas/birthdays.

I've just cancelled my Spotify account, as I realised that I mainly used it out and about, especially at work. I can't remember the last time I used it!

I've just realised that I have a lease issue with my flat which may cost 10k to fix, and I need to do this soon as I want to move next year. This is really bloody depressing, so I need to save my pennies. I've got a few things I was going to take to the charity shop but will now Ebay and I'm really going to tighten my belt elsewhere. I am not one of these people who have saved lots due to lockdown :(

[nineseven]

I've just realised that I have a lease issue with my flat which may cost 10k to fix, and I need to do this soon as I want to move next year.

Oof, I feel your pain. Extending the lease, I assume? I had to do that last year.

[Marth]

I've just realised that I have a lease issue with my flat which may cost 10k to fix, and I need to do this soon as I want to move next year.

Oof, I feel your pain. Extending the lease, I assume? I had to do that last year.

It's worse than that. It was extended before I moved in, so really I shouldn't have to do anything. However the person I bought from got a doubling ground rent which are now very toxic. So I bought the place because it had a good lease, but now face extending to get rid of the ground rent. The neighbour wants me to do the freehold with him, but that could be problematic, or he wants me to give him the freehold to my flat (but doesn't want to change my lease, so no) . I thought the lease was all good, but now it's a massive issue.

[nineseven]

Oh no, what a nightmare! How did your solicitor miss that when you bought it? Presumably the previous owner didn't extend it using the statutory route, as that reduces ground rent to a peppercorn.

The lease system desperately needs reform.

[Marth]

Oh no, what a nightmare! How did your solicitor miss that when you bought it? Presumably the previous owner didn't extend it using the statutory route, as that reduces ground rent to a peppercorn.

The lease system desperately needs reform.

I think that it wasn't picked up as an issue back in 2008 when she did it, though I could be wrong. I don't think she went the statutory route.

I'm meeting a friend I met at labour party meetings today who runs a leasehold advice Facebook group, so I'm hoping she can get me started on understand my options. I need to save save save

[nineseven]

But your solicitor should have noticed the ground rent when you bought it. I'd be furious.

[Marth]

But your solicitor should have noticed the ground rent when you bought it. I'd be furious.

Yes, I think that's something I need to look into. I've got a feeling the office is no more.

[Lily]

I'm sorry to read this Marth; I really hope you can get it sorted.

You've done brilliantly Skips!

I've started properly budgeting. Mr & Mrs Bruv have gone through all my incomings & outgoings using a spreadsheet which calculates my daily spend allowance, and sit down with me each PayDay Eve to go through what I need to spend, what I want to spend, and what to pay off my c/card. Suddenly, despite only being on 1 income, I wound up "only" £100 overdrawn (I'm normally £250 o/d at the end of the month with 3 incomes!) and have paid off £300 from my cards without putting any more on them. This means since November I've paid off £2k and am under £3k in debt for the first time in years. I'm looking at potentially buying somewhere in a year or so, and should be debt-free by March, if not sooner. It's a complete mindset change and it's mindblowing but I am absolutely loving being in control of myself for the first time in ooh about 25 years. I think about every single purchase I make and it makes me really value the occasional thing I allow myself to buy.

I'm not saving at the moment, but The Bruvs have my savings which are about £4.5k. I will continue save as soon as my cards are paid off.

[Skips]

That's excellent Lily! Originally my debt free date was December 2023, but with the chipping away I've done I should be able to bring it forward to July 2023. One of the debts is 0% (sofa) so I may just leave that to run it's course depending on what else we have going on. I've also got some bits I can stick on eBay so I'm going to look at getting stuff listed and hopefully out the door. We've spent all the money we had earmarked for DIY and still have tons to do so now it will be done piecemeal as we save up. Apart from flooring, most of the big ticket things are done so really it's just cosmetic decorating.